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The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested directors of the","page_number":2,"box":{"x":81,"y":788,"width":800,"height":9}},{"id":"b8744966-ee2b-4b3f-8b65-a0129bc60d56","block_type":"box","text":"Corporation or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":798,"width":501,"height":10}},{"id":"404b8221-9fc4-42ea-af06-f722352d4f7a","block_type":"box","text":"4","page_number":2,"box":{"x":60,"y":811,"width":4,"height":4}},{"id":"34021500-fb6f-4c8d-81bc-07a8161a637b","block_type":"box","text":"For cer tain share classes, the Total Annual Fund Operating Expenses and Other Expenses do not correlate to the ratios of expenses to average","page_number":2,"box":{"x":81,"y":811,"width":841,"height":10}},{"id":"71993367-3dde-4d6d-9166-70b0ebd1ef7e","block_type":"box","text":"net assets given in the Fund’s most recent Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and","page_number":2,"box":{"x":81,"y":822,"width":854,"height":9}},{"id":"980ddd17-baaf-4864-b047-7550671e34c8","block_type":"box","text":"Expenses.","page_number":2,"box":{"x":82,"y":832,"width":58,"height":9}},{"id":"02332b09-26af-4c54-9538-ca1e41068f4a","block_type":"box","text":"5","page_number":2,"box":{"x":61,"y":845,"width":3,"height":4}},{"id":"1ee9302c-afb2-4925-a152-0eee0f29aa9a","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 40, BlackRock has contractually agreed to","page_number":2,"box":{"x":81,"y":845,"width":837,"height":9}},{"id":"157cbc0f-cfc7-441c-8cfa-b010ab459c36","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":855,"width":771,"height":9}},{"id":"5602adea-ae94-48ac-b31a-1fd5dcb376be","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) to 0.73%","page_number":2,"box":{"x":81,"y":866,"width":844,"height":9}},{"id":"01bb09d7-d527-4c82-9a44-8047b9a784be","block_type":"box","text":"(for Investor A Shares), 1.48% (for Investor C Shares), 0.48% (for Institutional Shares) and 0.98% (for Class R Shares) of average daily net","page_number":2,"box":{"x":81,"y":876,"width":814,"height":9}},{"id":"0e30eb4e-3da8-4e89-b003-81d9253c6c63","block_type":"box","text":"assets through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors","page_number":2,"box":{"x":81,"y":886,"width":847,"height":9}},{"id":"07506b3f-c40e-4270-9444-76c428f777d6","block_type":"box","text":"of the Corporation or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":896,"width":539,"height":10}},{"id":"f41f68cb-1efe-4d63-8ca2-3c3d704a8025","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"9e863e51-bda2-4c1b-abfa-1f7cac33cf1c","block_type":"box","text":"NM0926U-5977665-2/12","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"1322cee3-bcd7-44ed-b29b-8a42aeaf57c2","block_type":"box","text":"Example:","page_number":3,"box":{"x":61,"y":42,"width":74,"height":13}},{"id":"7b8d8d56-86f6-41ad-a274-04ae4ab7a3e9","block_type":"box","text":"This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other","page_number":3,"box":{"x":60,"y":59,"width":830,"height":11}},{"id":"cf3a0fac-eecd-4b03-848c-a1c7c9201bc1","block_type":"box","text":"mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then","page_number":3,"box":{"x":61,"y":73,"width":832,"height":12}},{"id":"03404b86-865f-400a-8069-6bf1d46cd920","block_type":"box","text":"redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5%","page_number":3,"box":{"x":61,"y":88,"width":832,"height":12}},{"id":"e1bd39b4-f52d-4d66-9c4f-68c04388daed","block_type":"box","text":"return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher","page_number":3,"box":{"x":61,"y":103,"width":859,"height":12}},{"id":"7ae90388-5d44-417e-b022-b65b65ab7d0d","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":3,"box":{"x":61,"y":118,"width":436,"height":11}},{"id":"e05191e7-3a80-43a4-891c-fc1f971360d6","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":147,"width":292,"height":8}},{"id":"68276d3f-2e09-44f5-8211-02f27dc6fb5f","block_type":"box","text":"Investor A Shares $596 $773 $965 $1,519","page_number":3,"box":{"x":70,"y":164,"width":848,"height":10}},{"id":"de2c166b-1ca3-419f-ac75-40de65e9f690","block_type":"box","text":"Investor C Shares $251 $510 $894 $1,752","page_number":3,"box":{"x":70,"y":182,"width":848,"height":10}},{"id":"64f2a659-ab52-4ad2-b708-40f783368c65","block_type":"box","text":"Institutional Shares $ 49 $180 $323 $ 739","page_number":3,"box":{"x":70,"y":200,"width":848,"height":10}},{"id":"1470b4e2-2a19-4870-8167-2ef7ed4dc39f","block_type":"box","text":"Class R Shares $100 $359 $638 $1,435","page_number":3,"box":{"x":69,"y":218,"width":849,"height":10}},{"id":"7e5ba96d-b3e2-468a-99c8-3bbe5979b135","block_type":"box","text":"You would pay the following expenses if you did not redeem your shares:","page_number":3,"box":{"x":60,"y":251,"width":532,"height":11}},{"id":"76734d48-026e-4a43-ad7f-74bbf3bba9cc","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":279,"width":292,"height":9}},{"id":"58f2c6db-4355-44ac-a84f-451db92dfe83","block_type":"box","text":"Investor C Shares $151 $510 $894 $1,752","page_number":3,"box":{"x":70,"y":297,"width":848,"height":10}},{"id":"ae090ab6-abc1-4893-b5ff-65a5027e1725","block_type":"box","text":"Portfolio Turnover:","page_number":3,"box":{"x":61,"y":322,"width":151,"height":10}},{"id":"3bc351da-6368-4482-99de-68e30bd742b0","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":3,"box":{"x":60,"y":339,"width":800,"height":11}},{"id":"5cbaa21b-5550-4ef7-8365-97af43f2d6d6","block_type":"box","text":"por tfolio). A higher por tfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":3,"box":{"x":62,"y":353,"width":850,"height":12}},{"id":"139583e3-db15-4349-8dfd-dd2e5d211ecc","block_type":"box","text":"shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the","page_number":3,"box":{"x":61,"y":368,"width":870,"height":11}},{"id":"628da8bd-7f23-46ae-8db8-4509b67250a7","block_type":"box","text":"Example, affect the Fund’s per formance. During the most recent fiscal year, the Fund’s por tfolio turnover rate was","page_number":3,"box":{"x":62,"y":383,"width":839,"height":11}},{"id":"499b10ef-c100-4128-9943-7ffab87baa07","block_type":"box","text":"106% of the average value of its por tfolio.","page_number":3,"box":{"x":62,"y":398,"width":307,"height":11}},{"id":"dd39da40-1114-47e7-a320-8ad185e505b5","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":3,"box":{"x":61,"y":436,"width":394,"height":14}},{"id":"770fbbb8-decd-4ae0-95b1-e578569b4c5b","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":463,"width":798,"height":11}},{"id":"72bf9221-3a14-484f-84bf-d6e7bf826ccc","block_type":"box","text":"borrowings for investment purposes in large cap equity securities and derivatives that have similar economic","page_number":3,"box":{"x":61,"y":477,"width":798,"height":12}},{"id":"01949538-a11a-42e3-b741-7197bd5ac844","block_type":"box","text":"characteristics to such securities. Investments in derivatives are counted toward the Fund’s 80% policy to the extent","page_number":3,"box":{"x":61,"y":492,"width":856,"height":12}},{"id":"8333c530-6f66-4459-8fa3-0c13e9f93c33","block_type":"box","text":"that they provide investment exposure to the securities included within that policy or to one or more market risk factors","page_number":3,"box":{"x":60,"y":507,"width":876,"height":12}},{"id":"745f4e03-a4fe-46d1-9588-d277860b35be","block_type":"box","text":"associated with such securities. For purposes of the Fund’s 80% policy, large cap equity securities are equity","page_number":3,"box":{"x":61,"y":522,"width":801,"height":12}},{"id":"cfd6c134-b94f-4b1f-8a27-c7c9ba72ce4c","block_type":"box","text":"securities that at the time of purchase have a market capitalization within the range of companies included in the","page_number":3,"box":{"x":61,"y":537,"width":832,"height":11}},{"id":"50bf46fa-70b8-4dce-a1d1-eb3863fc772e","block_type":"box","text":"Russell 1000 Index (the “Russell 1000 Index”). The Fund primarily intends to invest in equity securities, which include","page_number":3,"box":{"x":62,"y":552,"width":867,"height":11}},{"id":"7946b4f5-60a7-45c2-8341-a9c6ba0bb43e","block_type":"box","text":"common stock and preferred stock or other financial instruments that are components of, or have characteristics","page_number":3,"box":{"x":61,"y":566,"width":832,"height":12}},{"id":"8bbb1b0d-bb4d-4e11-ab0a-d7e543978914","block_type":"box","text":"similar to, the securities included in the Russell 1000 Index. The Russell 1000 Index is a capitalization-weighted index","page_number":3,"box":{"x":61,"y":581,"width":871,"height":12}},{"id":"d71256fe-acdb-4a91-88d9-39392a82f27f","block_type":"box","text":"from a broad range of industries chosen for market size, liquidity and industry group representation. The Fund primarily","page_number":3,"box":{"x":60,"y":596,"width":875,"height":12}},{"id":"53bf3cc5-4686-45cb-8c91-111da5e9589c","block_type":"box","text":"seeks to buy common stock and may also invest in preferred stock. From time to time, the Fund may invest in shares","page_number":3,"box":{"x":61,"y":611,"width":864,"height":11}},{"id":"0fd4d190-197e-4fcb-9a4e-69c04f2670e4","block_type":"box","text":"of companies through “new issues” or initial public offerings (“IPOs”). The Fund may also purchase conver tible","page_number":3,"box":{"x":61,"y":626,"width":815,"height":11}},{"id":"e6fd8a05-e886-499e-97a5-353ce7645e8b","block_type":"box","text":"securities. The Fund may use derivatives, including options, futures, swaps, (including, but not limited to, total return","page_number":3,"box":{"x":61,"y":641,"width":858,"height":11}},{"id":"1a27c416-17bf-49de-9502-2dcb28bf859c","block_type":"box","text":"swaps, some of which may be referred to as contracts for difference) and forward contracts, both to seek to increase","page_number":3,"box":{"x":61,"y":655,"width":864,"height":12}},{"id":"65b9495d-db4c-4dea-a0d4-0dd9294f8c08","block_type":"box","text":"the return of the Fund and to hedge (or protect) the value of its assets against adverse movements in currency","page_number":3,"box":{"x":60,"y":670,"width":815,"height":12}},{"id":"5d617f21-9114-429a-8bd4-6c5093798c79","block_type":"box","text":"exchange rates, interest rates and movements in the securities markets. In order to manage cash flows into or out of","page_number":3,"box":{"x":61,"y":685,"width":864,"height":12}},{"id":"28eaeab1-bbd3-4c88-ac54-90aa7e49e69e","block_type":"box","text":"the Fund effectively, the Fund may buy and sell financial futures contracts or options on such contracts. Derivatives are","page_number":3,"box":{"x":60,"y":700,"width":876,"height":11}},{"id":"f993b08b-f1b6-4948-89f5-de64aaced5b1","block_type":"box","text":"financial instruments whose value is derived from another security, a currency or an index, including but not limited to","page_number":3,"box":{"x":60,"y":715,"width":865,"height":11}},{"id":"72e49fc4-6319-4291-a726-979996773c12","block_type":"box","text":"the Russell 1000 Index. The use of options, futures, swaps and forward contracts can be effective in protecting or","page_number":3,"box":{"x":60,"y":730,"width":843,"height":11}},{"id":"1b54ac58-d0e0-49f0-aa6f-720f03b66005","block_type":"box","text":"enhancing the value of the Fund’s assets.","page_number":3,"box":{"x":61,"y":744,"width":306,"height":12}},{"id":"458640b4-2c4c-4fe5-9f55-e57eac8f5cb8","block_type":"box","text":"The Fund may seek to provide exposure to the investment returns of real assets that trade in the commodity markets","page_number":3,"box":{"x":60,"y":767,"width":863,"height":11}},{"id":"e45079cf-a5b9-484e-bec0-23c0e57b84c7","block_type":"box","text":"through investment in commodity-linked derivative instruments and investment vehicles such as ETFs that invest","page_number":3,"box":{"x":60,"y":782,"width":828,"height":11}},{"id":"5563d2dc-166b-4165-92c7-cc7a75436ed8","block_type":"box","text":"exclusively in commodities and are designed to provide this exposure without direct investment in physical","page_number":3,"box":{"x":61,"y":797,"width":781,"height":11}},{"id":"e8e55f95-a6fd-4fa7-9232-4e3fe341695b","block_type":"box","text":"commodities.","page_number":3,"box":{"x":61,"y":812,"width":97,"height":9}},{"id":"77fb7043-6e52-4105-8f3c-dc6a45274bea","block_type":"box","text":"The Fund seeks to pursue its investment objective by investing in large cap securities in a disciplined manner, by using","page_number":3,"box":{"x":60,"y":834,"width":875,"height":12}},{"id":"e88dddf9-66db-448c-820e-5de15596736f","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":849,"width":826,"height":11}},{"id":"6db60629-9c55-44da-a3b8-ba3f560492b1","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":864,"width":874,"height":11}},{"id":"cf17de33-d66c-4c70-b456-c0dfedc65a3d","block_type":"box","text":"equities while seeking to control incremental risk.","page_number":3,"box":{"x":61,"y":879,"width":363,"height":11}},{"id":"0cbb1cff-77a6-4a13-8ad8-ac1aa4e6ff04","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"119b8360-2a9f-44ea-a6fa-1e610844f3c6","block_type":"box","text":"NM0926U-5977665-3/12","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"3be159d9-c860-4757-b62b-f4321fbe6abc","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":4,"box":{"x":61,"y":43,"width":354,"height":13}},{"id":"cb40ee32-fe62-4485-b1ea-40abd2370006","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":69,"width":860,"height":11}},{"id":"c8d3d9f1-a6bd-46c9-9b59-d7c8c8116e09","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":84,"width":802,"height":11}},{"id":"d0f9d487-2006-422b-b044-b714b7d45739","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":98,"width":866,"height":12}},{"id":"3fe394c7-7810-490b-a332-80cb88db5d3e","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":113,"width":869,"height":12}},{"id":"3761df0e-ed87-4ec7-a4bf-5f335139feaa","block_type":"box","text":"government agency. The following is a summary description of the principal risks of investing in the Fund. The relative","page_number":4,"box":{"x":60,"y":128,"width":864,"height":12}},{"id":"60b187e6-4e62-4703-8b3a-4772cbbec5e1","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":143,"width":793,"height":12}},{"id":"78c26249-658e-4303-85a3-b1d8c4ead9bd","block_type":"box","text":"Equity Securities Risk","page_number":4,"box":{"x":81,"y":163,"width":166,"height":11}},{"id":"163b4661-f417-44d4-a8d7-1ed2bf25c80e","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":163,"width":685,"height":12}},{"id":"20a68808-21ba-487f-b4af-1f9a7fe62b1a","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":4,"box":{"x":81,"y":178,"width":550,"height":11}},{"id":"3d817bda-9af2-4a1b-b444-bfd597f5c5ec","block_type":"box","text":"Investment Style Risk","page_number":4,"box":{"x":81,"y":198,"width":166,"height":11}},{"id":"71c99230-4a52-4c9f-9d40-90cc4566ad82","block_type":"box","text":"—","page_number":4,"box":{"x":252,"y":203,"width":17,"height":1}},{"id":"efc2f2f3-f511-4736-b0fa-2f1e18802d04","block_type":"box","text":"Under cer tain market conditions, growth investments have per formed better during the","page_number":4,"box":{"x":274,"y":198,"width":637,"height":11}},{"id":"81e66199-282c-42cb-8a9b-5711558de96c","block_type":"box","text":"later stages of economic expansion and value investments have per formed better during periods of economic","page_number":4,"box":{"x":82,"y":213,"width":804,"height":11}},{"id":"75973a88-3b58-43c1-b4f7-f46904c2b900","block_type":"box","text":"recovery. Therefore, these investment styles may over time go in and out of favor. At times when the investment","page_number":4,"box":{"x":82,"y":227,"width":823,"height":12}},{"id":"13d535f0-aa55-43e3-b7e4-2e2d6d4baac9","block_type":"box","text":"style used by the Fund is out of favor, the Fund may underper form other equity funds that use different investment","page_number":4,"box":{"x":81,"y":242,"width":842,"height":12}},{"id":"fd9ec958-5357-4acb-8ef0-47537177e406","block_type":"box","text":"styles.","page_number":4,"box":{"x":81,"y":257,"width":46,"height":11}},{"id":"2a1f64b1-53ce-4ff3-8b84-ec5b0bfcbdee","block_type":"box","text":"Model Risk","page_number":4,"box":{"x":81,"y":277,"width":85,"height":9}},{"id":"c78ce2a2-1ec2-41ab-9aa1-d17c6eac28e2","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":277,"width":722,"height":12}},{"id":"61b703cc-4f35-4ebb-80bc-9b5019cdafec","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":292,"width":840,"height":11}},{"id":"9f250a95-0c26-4376-a047-1b0e3fa15b3f","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":307,"width":807,"height":11}},{"id":"ab5897cd-a568-4003-8cbf-048f75ca0f1f","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":321,"width":842,"height":12}},{"id":"875176fa-247d-44a0-bea7-38f8c83a03c1","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":336,"width":841,"height":12}},{"id":"288ee367-107a-44f7-bbcf-201ed704d151","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":351,"width":777,"height":12}},{"id":"769e3d16-0eed-4d3b-a21c-100b4ea9a52c","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":371,"width":837,"height":12}},{"id":"cffc058e-7a0e-4995-9d79-762288d7947f","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":386,"width":819,"height":11}},{"id":"ef1e8ca9-5b25-4213-8356-0c20b7b0b582","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":401,"width":843,"height":11}},{"id":"d0b0cae6-f30d-49c1-a637-fd26a00f33a6","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":416,"width":834,"height":11}},{"id":"b482330d-da0a-4cc7-b3c7-064aa91321d4","block_type":"box","text":"its investment objective.","page_number":4,"box":{"x":82,"y":431,"width":176,"height":11}},{"id":"e531fda8-f479-45fb-a079-c91976191054","block_type":"box","text":"Risk of Investing in the United States","page_number":4,"box":{"x":81,"y":450,"width":283,"height":12}},{"id":"085f2fe5-4bb2-44e9-90c7-4fa45c47b247","block_type":"box","text":"—","page_number":4,"box":{"x":369,"y":456,"width":17,"height":1}},{"id":"f05c2a26-3811-4aaf-bf20-27ceaf483a8d","block_type":"box","text":"Cer tain changes in the U.S. economy, such as when the U.S. economy","page_number":4,"box":{"x":391,"y":451,"width":518,"height":11}},{"id":"a444ea3a-0a6d-45d1-9a04-2703a19c9055","block_type":"box","text":"weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has","page_number":4,"box":{"x":80,"y":465,"width":847,"height":12}},{"id":"b85aeca9-b59c-4bf0-b3a9-3bbb01f2b978","block_type":"box","text":"exposure.","page_number":4,"box":{"x":81,"y":482,"width":70,"height":9}},{"id":"ae113db2-3b98-418f-89c7-572d67123281","block_type":"box","text":"Commodities Related Investments Risk","page_number":4,"box":{"x":81,"y":500,"width":298,"height":9}},{"id":"49a318f7-5629-40ea-9b21-fe9d8ddb7ee7","block_type":"box","text":"—","page_number":4,"box":{"x":384,"y":505,"width":17,"height":1}},{"id":"92ce2c47-54ed-4525-8e8e-270a48f18026","block_type":"box","text":"Exposure to the commodities markets may subject the Fund to greater","page_number":4,"box":{"x":406,"y":500,"width":517,"height":12}},{"id":"acd24ac4-4c4e-4269-869c-f737b6e9788d","block_type":"box","text":"volatility than investments in traditional securities. The value of commodity-linked derivative investments may be","page_number":4,"box":{"x":80,"y":515,"width":824,"height":11}},{"id":"72bd43fb-c83f-4089-ab76-18797411ebfe","block_type":"box","text":"affected by changes in overall market movements, commodity index volatility, changes in inflation, interest rates, or","page_number":4,"box":{"x":81,"y":530,"width":849,"height":11}},{"id":"e5aab380-7d35-4907-b2ea-3222d4c75cee","block_type":"box","text":"factors affecting a par ticular industry or commodity, such as drought, floods, weather, embargoes, tariffs and","page_number":4,"box":{"x":81,"y":545,"width":804,"height":11}},{"id":"4f5f4dce-fa51-4469-a52f-584a8e473cf7","block_type":"box","text":"international economic, political and regulatory developments.","page_number":4,"box":{"x":82,"y":560,"width":455,"height":11}},{"id":"95dceb8b-c5ea-4a04-8465-ca17eebeb9d2","block_type":"box","text":"Convertible Securities Risk","page_number":4,"box":{"x":81,"y":579,"width":206,"height":10}},{"id":"9a630737-088e-40df-bffd-e00ed54cad1e","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":579,"width":593,"height":12}},{"id":"97260199-bfe2-41e9-a46a-7a1c4fa60246","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":594,"width":853,"height":12}},{"id":"84f04962-9287-48a8-9acd-076d568233f4","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":609,"width":855,"height":11}},{"id":"2bbdf9eb-efef-408a-845f-8917551a2743","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":624,"width":816,"height":11}},{"id":"6b13d2ec-e18d-436b-998f-c56d4129b8ae","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":639,"width":796,"height":11}},{"id":"4a002d6b-6010-44cc-82db-b57013848f5f","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":653,"width":812,"height":12}},{"id":"9e5e4f48-744e-4baf-8b67-4a8b37a2fd76","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":668,"width":809,"height":12}},{"id":"a033189d-3272-4f06-a7cd-6be80913bf1a","block_type":"box","text":"Derivatives Risk","page_number":4,"box":{"x":81,"y":688,"width":123,"height":9}},{"id":"5024f3e9-0b26-414b-8673-66a5df36d0ed","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":688,"width":664,"height":12}},{"id":"f7ef99b5-0df6-4fc2-9ada-f1fa9d3af769","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":4,"box":{"x":82,"y":703,"width":469,"height":12}},{"id":"79142f9f-3efa-4911-a87f-56767fd7eca8","block_type":"box","text":"Leverage Risk","page_number":4,"box":{"x":82,"y":723,"width":102,"height":12}},{"id":"85c53967-449b-4309-a695-0527bb7c043e","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":4,"box":{"x":188,"y":723,"width":723,"height":12}},{"id":"47d8c6e7-9f09-41cf-83c4-4cacf36602b1","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":4,"box":{"x":82,"y":738,"width":832,"height":11}},{"id":"585467fe-81a3-4cdf-aa13-88e3f8f0a5d4","block_type":"box","text":"exceed the amount originally invested.","page_number":4,"box":{"x":81,"y":753,"width":280,"height":11}},{"id":"4a7020f6-3054-4625-8004-994f53cf99fb","block_type":"box","text":"Market Risk","page_number":4,"box":{"x":82,"y":773,"width":87,"height":9}},{"id":"97dcfe26-926f-43c5-bf7b-7f0e51a172e3","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":4,"box":{"x":173,"y":773,"width":728,"height":11}},{"id":"e230987a-6a91-4b3a-9253-672b1b1e4cd8","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":4,"box":{"x":81,"y":788,"width":834,"height":11}},{"id":"96395161-8a0c-4585-995c-bb99036e0a52","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":4,"box":{"x":82,"y":803,"width":832,"height":11}},{"id":"6ea427ba-4bb9-489a-a819-d9d63a3025e0","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":4,"box":{"x":80,"y":817,"width":779,"height":11}},{"id":"baea1c83-5dbb-4183-9fcf-f0325d06a7d7","block_type":"box","text":"derivatives positions to lose value.","page_number":4,"box":{"x":81,"y":832,"width":253,"height":11}},{"id":"968350c0-3b5f-4527-8e94-d39a95f9f6b3","block_type":"box","text":"Counterpar ty Risk","page_number":4,"box":{"x":82,"y":852,"width":131,"height":11}},{"id":"85bf1be3-b4f7-48e6-a0ea-84c96c21b0e3","block_type":"box","text":"— Derivatives are also subject to counterpar ty risk, which is the risk that the other par ty in the","page_number":4,"box":{"x":217,"y":852,"width":697,"height":11}},{"id":"d49a3d24-6548-4fa4-81e8-4a384124fed8","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":4,"box":{"x":80,"y":867,"width":855,"height":11}},{"id":"00544f60-7eb6-478d-83ce-b7db6debd50b","block_type":"box","text":"exposure to such a counterpar ty.","page_number":4,"box":{"x":81,"y":882,"width":240,"height":11}},{"id":"39be3652-632a-45a9-9e6e-41f8a4d8c4d2","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"8abb64a5-e967-414b-b3c3-f9e93848c6ee","block_type":"box","text":"NM0926U-5977665-4/12","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"052514f6-7cb1-4bd7-aef4-16f18907252a","block_type":"box","text":"Illiquidity Risk","page_number":5,"box":{"x":82,"y":42,"width":100,"height":11}},{"id":"57e3e321-034e-4298-9488-1147763329dd","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":42,"width":750,"height":11}},{"id":"db3851ef-8011-40ef-9f97-27c40c14fc48","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":57,"width":839,"height":11}},{"id":"d0177075-2ac3-42a3-b391-c2a1524abc5e","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":5,"box":{"x":81,"y":71,"width":293,"height":12}},{"id":"4fd07360-1821-4f43-833d-0617a967337b","block_type":"box","text":"Operational Risk","page_number":5,"box":{"x":82,"y":92,"width":120,"height":11}},{"id":"31bb1aa4-f5d1-4cba-8839-7a30be59922d","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":5,"box":{"x":206,"y":91,"width":727,"height":12}},{"id":"742ac20b-078e-4576-8714-98ba336f6f5c","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":5,"box":{"x":82,"y":106,"width":607,"height":12}},{"id":"8e123106-face-4be4-8a2d-555a6a02bd1f","block_type":"box","text":"Legal Risk","page_number":5,"box":{"x":82,"y":126,"width":75,"height":12}},{"id":"3bcce955-530d-470e-8ab0-c5443b615694","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":126,"width":761,"height":12}},{"id":"941f686e-0529-4c7c-b0b9-78afd537d908","block_type":"box","text":"enforceability of a contract.","page_number":5,"box":{"x":81,"y":141,"width":198,"height":11}},{"id":"a0746636-96bc-494b-adc4-e79dd3efd12a","block_type":"box","text":"Volatility and Correlation Risk","page_number":5,"box":{"x":83,"y":161,"width":214,"height":11}},{"id":"c9920f8c-0ad1-4744-a8da-f7e17a0a385e","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":161,"width":590,"height":11}},{"id":"3a02fbd0-3f90-4c09-a244-4d1292decfd6","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":176,"width":775,"height":11}},{"id":"6cba626a-ee63-4322-aee1-27cec52d2ea8","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":5,"box":{"x":81,"y":191,"width":589,"height":11}},{"id":"fe3472de-60a5-43b3-a8a4-1b7d58263688","block_type":"box","text":"Valuation Risk","page_number":5,"box":{"x":83,"y":211,"width":102,"height":9}},{"id":"1d4dbec3-6f84-4535-9482-cb1b12fa34ef","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":211,"width":747,"height":11}},{"id":"65417aca-e876-46ec-9a01-df3ed463c52c","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":225,"width":783,"height":12}},{"id":"b82466dc-70ae-4e87-8ec4-6018ef64ec8a","block_type":"box","text":"instruments or quote prices for them.","page_number":5,"box":{"x":82,"y":240,"width":273,"height":12}},{"id":"8030cbbb-ae02-406c-966e-9fc0f69f8db2","block_type":"box","text":"Hedging Risk","page_number":5,"box":{"x":82,"y":261,"width":95,"height":11}},{"id":"06c90907-a070-4d2c-97d1-3e0545c34d1d","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":260,"width":728,"height":12}},{"id":"9d441af0-9ceb-4c49-ab13-bb1b66fb1d2b","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":275,"width":839,"height":12}},{"id":"40d0a1ed-19f9-4f4c-b25f-d2fa75c17972","block_type":"box","text":"may result in cer tain adverse tax consequences.","page_number":5,"box":{"x":82,"y":290,"width":354,"height":11}},{"id":"269990d2-5c53-48b3-9414-f925c0f619c4","block_type":"box","text":"Tax Risk","page_number":5,"box":{"x":83,"y":310,"width":59,"height":9}},{"id":"50033455-5248-4af6-a3e1-2fb4d7af1575","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":310,"width":719,"height":11}},{"id":"ec10f9e2-7afd-4c74-a413-5a3f6775d8ac","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":325,"width":801,"height":11}},{"id":"19b562a7-2460-4773-9bc7-045c4e1ff88b","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":340,"width":802,"height":11}},{"id":"58aa8e44-14db-4123-b92c-30f46267685f","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":354,"width":830,"height":12}},{"id":"76774b47-0765-4170-860c-cece0e171405","block_type":"box","text":"realizes from its investments.","page_number":5,"box":{"x":82,"y":369,"width":215,"height":9}},{"id":"a9f5a202-dc5d-41dd-8fa7-f249a7fc5022","block_type":"box","text":"High Portfolio Turnover Risk","page_number":5,"box":{"x":81,"y":389,"width":212,"height":12}},{"id":"2ba0f0f8-f365-483f-988c-b6cd858f8c52","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":389,"width":629,"height":12}},{"id":"0a141ac6-5394-4976-a4e7-c2205ee18548","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":404,"width":812,"height":12}},{"id":"2b544479-2e2a-47c8-90db-5ef3631d8d17","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":5,"box":{"x":81,"y":419,"width":817,"height":11}},{"id":"2c2320e8-c033-4e5b-ad54-f9e50856f3f9","block_type":"box","text":"other securities. The sale of Fund por tfolio securities may result in the realization and/or distribution to","page_number":5,"box":{"x":81,"y":434,"width":760,"height":11}},{"id":"c740c9c2-0aa1-4773-ad6b-f321336d6867","block_type":"box","text":"shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects","page_number":5,"box":{"x":81,"y":448,"width":852,"height":12}},{"id":"12209cbd-8f74-4ef6-b154-8ed62d308246","block_type":"box","text":"of higher than normal por tfolio turnover may adversely affect Fund per formance.","page_number":5,"box":{"x":81,"y":463,"width":589,"height":12}},{"id":"33df570f-3640-4e55-83ef-112fdcec2d12","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":5,"box":{"x":81,"y":483,"width":276,"height":12}},{"id":"97a65bf8-012a-483a-9f04-2b95564963ce","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":5,"box":{"x":361,"y":484,"width":573,"height":11}},{"id":"d74ea27d-0856-4032-bbca-05e7fd99f5e7","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":5,"box":{"x":81,"y":498,"width":848,"height":12}},{"id":"5b410adc-c623-45ed-b0a4-2675e302dc83","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":5,"box":{"x":81,"y":513,"width":839,"height":12}},{"id":"06ee7662-50bc-447d-9fac-31c774d5bc03","block_type":"box","text":"per formance of large-capitalization companies could trail the overall per formance of the broader securities markets.","page_number":5,"box":{"x":82,"y":528,"width":851,"height":11}},{"id":"21924110-df94-4a17-bb1f-b021c8bb6e52","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":81,"y":548,"width":107,"height":11}},{"id":"7a72dcc5-c6fc-4f5c-89ea-c4109daa4642","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":5,"box":{"x":192,"y":548,"width":741,"height":11}},{"id":"247bcd40-39ad-49ab-98db-6679e13d9656","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may","page_number":5,"box":{"x":81,"y":563,"width":853,"height":11}},{"id":"c5bf5855-04b4-496f-8717-5821675f46e2","block_type":"box","text":"cause the Fund to liquidate por tfolio positions when it may not be advantageous to do so to satisfy its obligations or","page_number":5,"box":{"x":81,"y":577,"width":856,"height":12}},{"id":"528ee7d3-5ee9-4b3e-b1e2-cfc372106ffb","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended, and the rules","page_number":5,"box":{"x":80,"y":592,"width":775,"height":12}},{"id":"3c85bd67-64d3-4842-83ad-0321face6a33","block_type":"box","text":"thereunder. Increases and decreases in the value of the Fund’s por tfolio will be magnified when the Fund uses","page_number":5,"box":{"x":80,"y":607,"width":814,"height":12}},{"id":"59370521-46d0-41d0-9056-a8f872ab2564","block_type":"box","text":"leverage.","page_number":5,"box":{"x":82,"y":622,"width":63,"height":11}},{"id":"bf602726-b9ba-42f6-ac8c-9aa5c874d1b4","block_type":"box","text":"Market Risk and Selection Risk","page_number":5,"box":{"x":81,"y":642,"width":240,"height":9}},{"id":"56a15471-aed5-4a7d-8788-6855fbabfd8c","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":5,"box":{"x":324,"y":642,"width":593,"height":9}},{"id":"c94f1892-e281-45ca-9df7-e1a9a080e000","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could","page_number":5,"box":{"x":81,"y":657,"width":851,"height":11}},{"id":"c500e1c1-2d41-4a1c-a604-f47bd615bd1c","block_type":"box","text":"lose money over shor t periods due to fluctuation in the Fund’s net asset value in response to shor t-term market","page_number":5,"box":{"x":82,"y":671,"width":824,"height":12}},{"id":"9b5a3444-862c-4c44-8229-dfd1008f7971","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":5,"box":{"x":82,"y":686,"width":851,"height":12}},{"id":"7ce57c04-6d21-4773-b4b5-27bd0b7b0e0a","block_type":"box","text":"underper form the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":5,"box":{"x":82,"y":701,"width":802,"height":12}},{"id":"6053884f-93fe-453b-8358-6cab6789f27b","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to per form as intended. The value of","page_number":5,"box":{"x":81,"y":716,"width":849,"height":12}},{"id":"f2fdf653-a6b0-421c-8e0c-905088dd837f","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":5,"box":{"x":81,"y":731,"width":843,"height":11}},{"id":"34e84f57-baec-4070-be80-8dfadbffcde5","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a par ticular issuer or","page_number":5,"box":{"x":81,"y":746,"width":830,"height":11}},{"id":"9be62eb3-4ce3-4f65-a2ef-90800f3fc43a","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":5,"box":{"x":82,"y":760,"width":840,"height":12}},{"id":"c5e5e202-049a-44d0-9859-d0b8eeb77812","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":5,"box":{"x":81,"y":775,"width":789,"height":12}},{"id":"525f81a4-2b9d-4fc8-887a-97ddba7174ca","block_type":"box","text":"economic uncer tainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":5,"box":{"x":81,"y":790,"width":823,"height":12}},{"id":"5c09a95d-e358-4778-8d14-77d5ca0cba48","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":5,"box":{"x":81,"y":805,"width":784,"height":12}},{"id":"8ebcb802-7173-4ae8-9793-e8b820d0e565","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":5,"box":{"x":81,"y":820,"width":844,"height":11}},{"id":"551fc970-c384-484a-9135-94ed6a7a99a0","block_type":"box","text":"The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis","page_number":5,"box":{"x":81,"y":835,"width":855,"height":11}},{"id":"f7cc7b55-f7ad-4330-aa19-c5f38703a4e4","block_type":"box","text":"and is subject to “Model Risk” as described above.","page_number":5,"box":{"x":81,"y":850,"width":376,"height":11}},{"id":"ed539be9-56d6-4c96-9db0-82f64d25c9c6","block_type":"box","text":"Recent policy initiatives under taken by the U.S. government have the potential to impact international relations,","page_number":5,"box":{"x":82,"y":870,"width":818,"height":11}},{"id":"cad01003-bb73-431d-8f10-4691c14d2893","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncer tainty and instability in","page_number":5,"box":{"x":80,"y":884,"width":819,"height":12}},{"id":"bb6d6956-a1ec-44e6-8b93-d93979e8171e","block_type":"box","text":"domestic and global markets, and could adversely affect the investment per formance of the Fund. In par ticular,","page_number":5,"box":{"x":81,"y":899,"width":819,"height":12}},{"id":"60688f18-bd0a-4b43-8c27-dc9d0d29399f","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":947,"width":9,"height":9}},{"id":"61a43a6e-a2df-4611-9891-cc971041dfd1","block_type":"box","text":"NM0926U-5977665-5/12","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"05a1658a-54df-4222-856d-b1eb2150ef0f","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":42,"width":846,"height":11}},{"id":"dcb3225c-a427-4ca0-bec5-9f9ea6252c4b","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":57,"width":848,"height":11}},{"id":"4fd91e3b-5617-43ad-9921-64dd1d120a49","block_type":"box","text":"the Fund invests.","page_number":6,"box":{"x":80,"y":72,"width":125,"height":9}},{"id":"f042f446-1ade-4e63-baa7-9c6ccaf75e56","block_type":"box","text":"“New Issues” Risk","page_number":6,"box":{"x":83,"y":92,"width":139,"height":9}},{"id":"059765e5-b4e4-4e2b-be58-4e055449fdea","block_type":"box","text":"—","page_number":6,"box":{"x":227,"y":97,"width":17,"height":1}},{"id":"918e2d3b-72b8-46a1-a4a3-56c63f01ad6b","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":91,"width":681,"height":12}},{"id":"6418fcd0-d57e-4149-a8a7-41477d010104","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":106,"width":843,"height":12}},{"id":"1b473a93-4d96-4173-9c47-70070963b624","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":121,"width":517,"height":12}},{"id":"ad0e2a4b-d631-4199-b14d-c2cc431eb8a8","block_type":"box","text":"Operational and Technology Risks","page_number":6,"box":{"x":82,"y":141,"width":254,"height":11}},{"id":"a200f13f-fdc2-40eb-a6c9-71bfb2627dbf","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":6,"box":{"x":340,"y":141,"width":578,"height":12}},{"id":"289b90a5-7e3b-463a-b9db-e150ad99d325","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":6,"box":{"x":82,"y":156,"width":779,"height":11}},{"id":"3bf298a6-a872-4542-b5f0-62bc65da2428","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":171,"width":811,"height":11}},{"id":"3e08a663-f6cb-4739-99e3-f0a798b6bf13","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":186,"width":806,"height":11}},{"id":"8abbea3b-38e4-4485-932f-539469404392","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":200,"width":853,"height":12}},{"id":"d4b13011-2a5a-4a79-aaac-7a8160ff67a7","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":215,"width":841,"height":12}},{"id":"8afa45ef-4078-4519-a501-f8efe59c8325","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":230,"width":808,"height":11}},{"id":"ced3c987-410a-40e3-b7f5-fe5e26c987b6","block_type":"box","text":"issuers to lose value.","page_number":6,"box":{"x":82,"y":245,"width":155,"height":9}},{"id":"3caaf2dd-2ae2-49ac-b86e-c5fced133ca7","block_type":"box","text":"Preferred Securities Risk","page_number":6,"box":{"x":81,"y":265,"width":189,"height":9}},{"id":"5cb0fd57-0eb9-4714-982c-cdecc22d217c","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":6,"box":{"x":274,"y":265,"width":636,"height":11}},{"id":"643ba7cc-c06b-4e80-84ad-b8d331a87e0f","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":280,"width":824,"height":11}},{"id":"780b77bf-7be8-4765-9532-9b3ae3a9173a","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":294,"width":806,"height":12}},{"id":"78582b1f-63a4-42c0-98bc-4f9d541a7e77","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":309,"width":842,"height":12}},{"id":"382a7355-7ccf-4487-bc13-cd0747cfac26","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":6,"box":{"x":81,"y":324,"width":781,"height":12}},{"id":"80e1d566-7f53-41d2-8fb7-7697425c63f7","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":6,"box":{"x":81,"y":339,"width":812,"height":11}},{"id":"9cd71250-73d0-4cda-b4d5-91251c42e4b5","block_type":"box","text":"larger companies.","page_number":6,"box":{"x":82,"y":354,"width":129,"height":11}},{"id":"7198dd12-8f61-4c4f-91b8-b7b37ccb40fc","block_type":"box","text":"Performance Information","page_number":6,"box":{"x":61,"y":393,"width":224,"height":11}},{"id":"9540471b-9fea-4ec9-8f2c-7408f0e4dfa3","block_type":"box","text":"Effective June 12, 2017, the Fund changed its name, investment process and investment strategies. Per formance for","page_number":6,"box":{"x":62,"y":419,"width":867,"height":11}},{"id":"127c8c77-5e11-4eb3-9177-344fcc323586","block_type":"box","text":"the periods prior to June 12, 2017 shown below is based on the investment process and investment strategies utilized","page_number":6,"box":{"x":60,"y":434,"width":876,"height":11}},{"id":"1dec45c6-3291-474c-bb3a-9d2f30e25269","block_type":"box","text":"by the Fund at that time under the name “BlackRock Large Cap Core Fund.”","page_number":6,"box":{"x":61,"y":449,"width":555,"height":11}},{"id":"026cd428-fe5d-491d-9e77-b1e92a488db1","block_type":"box","text":"The information shows you how the Fund’s per formance has varied year by year and provides some indication of the","page_number":6,"box":{"x":60,"y":471,"width":855,"height":11}},{"id":"a01108b1-ea0e-4901-9890-7f7b30ebc84e","block_type":"box","text":"risks of investing in the Fund. The table compares the Fund’s per formance to that of the Russell 1000 Index. To the","page_number":6,"box":{"x":61,"y":486,"width":852,"height":11}},{"id":"45accad6-47ed-4085-bdcd-27b0f00ce6bb","block_type":"box","text":"extent that dividends and distributions have been paid by the Fund, the per formance information for the Fund in the","page_number":6,"box":{"x":61,"y":501,"width":849,"height":11}},{"id":"bd81873b-a068-4955-8230-44d614de705c","block_type":"box","text":"char t and table assumes reinvestment of the dividends and distributions. As with all such investments, past","page_number":6,"box":{"x":61,"y":516,"width":797,"height":11}},{"id":"325b9305-d1ca-48a6-bb46-f796716000a7","block_type":"box","text":"per formance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar","page_number":6,"box":{"x":62,"y":530,"width":856,"height":12}},{"id":"227ac51e-794c-4423-826e-802e39b2b66c","block_type":"box","text":"char t. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales","page_number":6,"box":{"x":61,"y":545,"width":865,"height":12}},{"id":"c3ffed55-c333-4a51-b8bf-dab65f35cd4f","block_type":"box","text":"charges. If BlackRock and its affiliates had not waived or reimbursed cer tain Fund expenses during these periods, the","page_number":6,"box":{"x":61,"y":560,"width":867,"height":12}},{"id":"f45ac019-eefb-48c3-acf8-36a32a692bd2","block_type":"box","text":"Fund’s returns would have been lower. Updated information on the Fund’s per formance, including its current net asset","page_number":6,"box":{"x":62,"y":575,"width":871,"height":11}},{"id":"0afe54d0-0d9d-4b32-b8e0-9e9598600248","block_type":"box","text":"value, can be obtained by visiting www.blackrock.com or can be obtained by phone at (800) 882-0052.","page_number":6,"box":{"x":60,"y":590,"width":754,"height":11}},{"id":"06ea0fd9-77ae-4964-88c5-e16013ef346a","block_type":"box","text":"Investor A Shares","page_number":6,"box":{"x":427,"y":613,"width":144,"height":10}},{"id":"9cfc9876-1de5-48f3-9435-599e6c357210","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":6,"box":{"x":392,"y":629,"width":212,"height":10}},{"id":"0ad9dad1-d814-4689-98a8-ac3d45002e82","block_type":"box","text":"BlackRock Advantage Large Cap Core Fund","page_number":6,"box":{"x":319,"y":645,"width":360,"height":12}},{"id":"440a2c85-308d-4617-a9af-1569ed780dcb","block_type":"box","text":"As of 12/31","page_number":6,"box":{"x":447,"y":661,"width":103,"height":12}},{"id":"f061c060-484b-4934-a8b9-7f062e33e1f2","block_type":"box","text":"10.03%","page_number":6,"box":{"x":292,"y":743,"width":44,"height":7}},{"id":"bbcbebf7-4737-4fba-8c9d-de409eb2e58b","block_type":"box","text":"21.73%","page_number":6,"box":{"x":339,"y":717,"width":45,"height":7}},{"id":"cd4b59e2-67d4-420e-967f-146eab367592","block_type":"box","text":"-5.60%","page_number":6,"box":{"x":389,"y":793,"width":41,"height":7}},{"id":"fb99d1c2-e460-4e6c-b3f9-5e07aad13d03","block_type":"box","text":"28.82%","page_number":6,"box":{"x":436,"y":701,"width":45,"height":8}},{"id":"edb330ca-62b7-429d-acf9-04c324e9e6ac","block_type":"box","text":"19.54%","page_number":6,"box":{"x":484,"y":722,"width":45,"height":7}},{"id":"7315ab48-1062-49fc-a05b-74e2477f57ea","block_type":"box","text":"28.29%","page_number":6,"box":{"x":532,"y":703,"width":45,"height":7}},{"id":"c99bf9b8-2dc6-46ea-8da9-c5a8c962abc9","block_type":"box","text":"-20.30%","page_number":6,"box":{"x":578,"y":826,"width":49,"height":7}},{"id":"4ccfb2a0-58df-4ce3-bf76-44157db0fc1c","block_type":"box","text":"25.28%","page_number":6,"box":{"x":629,"y":709,"width":44,"height":8}},{"id":"65341067-c6e7-47c6-8172-eaa5f0eb4c7b","block_type":"box","text":"25.33%","page_number":6,"box":{"x":677,"y":709,"width":44,"height":7}},{"id":"0dc05ead-6cb7-4a83-9b8a-fc0bc48ba4af","block_type":"box","text":"20.05%","page_number":6,"box":{"x":725,"y":721,"width":45,"height":7}},{"id":"c1adb1ee-7258-417e-90b5-edb58cda3b11","block_type":"box","text":"-30%","page_number":6,"box":{"x":237,"y":840,"width":28,"height":7}},{"id":"84bf1737-cf8f-4458-a22b-082bfca1a3e6","block_type":"box","text":"-20%","page_number":6,"box":{"x":237,"y":817,"width":28,"height":8}},{"id":"e66e0f5f-7b64-46f1-b835-92da7418e60d","block_type":"box","text":"-10%","page_number":6,"box":{"x":237,"y":795,"width":28,"height":8}},{"id":"71428d5c-3139-4f09-a3d7-207b238b07b8","block_type":"box","text":"0%","page_number":6,"box":{"x":248,"y":773,"width":17,"height":7}},{"id":"a40ae77c-0fa0-453c-a421-e4276df9dbf2","block_type":"box","text":"10%","page_number":6,"box":{"x":241,"y":751,"width":24,"height":7}},{"id":"c3b84dc5-3077-4e66-9615-410a20f2ba9b","block_type":"box","text":"20%","page_number":6,"box":{"x":240,"y":729,"width":25,"height":7}},{"id":"5f9e7f89-a44d-41f1-b446-9d98347c09e9","block_type":"box","text":"30%","page_number":6,"box":{"x":240,"y":706,"width":25,"height":8}},{"id":"904caa84-8ffc-4483-a7d0-896ed43bab13","block_type":"box","text":"40%","page_number":6,"box":{"x":240,"y":684,"width":25,"height":7}},{"id":"af2df3bd-6898-4b76-9059-d9529df00073","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":6,"box":{"x":298,"y":849,"width":465,"height":8}},{"id":"7453e6c8-9346-438b-aaa6-2667a2d6fc3d","block_type":"box","text":"During the ten-year period shown in the bar char t, the highest return for a quar ter was 21.81% (quar ter ended","page_number":6,"box":{"x":62,"y":870,"width":806,"height":12}},{"id":"605ad753-7f17-4237-a082-c1a3182371f6","block_type":"box","text":"June 30, 2020) and the lowest return for a quar ter was -19.61% (quar ter ended March 31, 2020). The year-to-date","page_number":6,"box":{"x":61,"y":885,"width":845,"height":11}},{"id":"383d332d-a83f-41b1-b491-572be047bf0d","block_type":"box","text":"return as of June 30, 2026 was 12.99%.","page_number":6,"box":{"x":61,"y":900,"width":299,"height":10}},{"id":"aa00badf-c25a-4033-beb7-b625bd68596e","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"489d4093-7e85-47c5-b46c-a5a882c4e88c","block_type":"box","text":"NM0926U-5977665-6/12","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"a2c8f913-c4cb-41a4-a1d0-bdcb7dc3010e","block_type":"box","text":"For the periods ended 12/31/25","page_number":7,"box":{"x":70,"y":47,"width":223,"height":10}},{"id":"80699505-4e4b-494a-825c-f43eb63990d2","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":7,"box":{"x":69,"y":58,"width":854,"height":10}},{"id":"fcdd5ecb-84ad-4ecf-8cfa-7efff54cf417","block_type":"box","text":"BlackRock Advantage Large Cap Core Fund — Investor A Shares","page_number":7,"box":{"x":70,"y":76,"width":423,"height":11}},{"id":"8a4d63f2-6628-4c19-a945-9c412f460d48","block_type":"box","text":"Return Before Taxes 13.75% 12.80% 13.53%","page_number":7,"box":{"x":85,"y":89,"width":840,"height":8}},{"id":"56217850-5efe-41b3-9c46-011523075490","block_type":"box","text":"Return After Taxes on Distributions 10.94% 9.75% 10.45%","page_number":7,"box":{"x":85,"y":102,"width":840,"height":8}},{"id":"93c64e76-681e-4ec2-a77d-f2a5a5918fdd","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 9.28% 9.18% 9.94%","page_number":7,"box":{"x":85,"y":115,"width":840,"height":8}},{"id":"d7bdcd42-4173-470f-923a-d750c3e548a9","block_type":"box","text":"BlackRock Advantage Large Cap Core Fund — Investor C Shares","page_number":7,"box":{"x":70,"y":133,"width":424,"height":10}},{"id":"44b2c9c4-c827-4725-9668-52d749efecd1","block_type":"box","text":"Return Before Taxes 18.12% 13.16% 13.45%","page_number":7,"box":{"x":85,"y":146,"width":840,"height":8}},{"id":"0f21ac79-95a2-454e-8723-f6c79f696829","block_type":"box","text":"BlackRock Advantage Large Cap Core Fund — Institutional Shares","page_number":7,"box":{"x":70,"y":164,"width":436,"height":10}},{"id":"f84d5968-421c-4439-bfc2-86d68d21cc12","block_type":"box","text":"Return Before Taxes 20.27% 14.30% 14.42%","page_number":7,"box":{"x":85,"y":177,"width":840,"height":8}},{"id":"ac67b101-d973-4e3e-ab46-ace1f7172b29","block_type":"box","text":"BlackRock Advantage Large Cap Core Fund — Class R Shares","page_number":7,"box":{"x":70,"y":195,"width":409,"height":10}},{"id":"b9c03cea-0631-40d8-be2a-1435cfb9c097","block_type":"box","text":"Return Before Taxes 19.74% 13.73% 13.85%","page_number":7,"box":{"x":85,"y":208,"width":840,"height":8}},{"id":"252f2e11-04fb-46c8-a9bd-9e6170cfaa77","block_type":"box","text":"Russell 1000 Index","page_number":7,"box":{"x":70,"y":226,"width":128,"height":8}},{"id":"02f398b6-fa02-4a81-9e4f-0e713b329ac4","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":239,"width":856,"height":10}},{"id":"be2c9cba-6b11-4e1b-a7da-ae904ac58aa6","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":7,"box":{"x":60,"y":271,"width":840,"height":12}},{"id":"56d84991-628c-4bab-9822-9312df0c8522","block_type":"box","text":"reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may","page_number":7,"box":{"x":61,"y":286,"width":835,"height":11}},{"id":"3d9b6c0f-85f4-4ace-b162-4a14df458a44","block_type":"box","text":"differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through","page_number":7,"box":{"x":61,"y":301,"width":851,"height":11}},{"id":"1e2d7a6a-7319-4ee1-908f-0bb0368da767","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 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