{"annotation_id":"d2953b1f-c59f-4c34-9aef-c2ef796501c4","file_hash":"48ee7479f14fb7a081bc0cd87ee299a32a8e5487359f02b0fd55261c7ecf9c64","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"9dbc39f0-863f-47b1-a998-a45570010518","block_type":"box","text":"SEPTEMBER 28, 2026","page_number":1,"box":{"x":754,"y":47,"width":184,"height":11}},{"id":"90b7d73a-3672-4b15-a73d-3bffab94011a","block_type":"box","text":"Summary Prospectus","page_number":1,"box":{"x":103,"y":175,"width":502,"height":33}},{"id":"964cd860-943c-4a68-a278-25923fe22f7b","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":1,"box":{"x":63,"y":297,"width":321,"height":12}},{"id":"2b2a9437-bb2c-40b4-ba7d-673753280dcb","block_type":"box","text":"|","page_number":1,"box":{"x":394,"y":296,"width":3,"height":11}},{"id":"128f3aa9-a667-4a68-8d3f-a39faec782df","block_type":"box","text":"Class K Shares","page_number":1,"box":{"x":407,"y":297,"width":119,"height":9}},{"id":"c4dda2ac-eca4-4586-9ffa-aefd6b3f251f","block_type":"box","text":"•","page_number":1,"box":{"x":63,"y":325,"width":6,"height":4}},{"id":"99cf2f37-d23d-4396-bb6d-8fa5906c6d9d","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund","page_number":1,"box":{"x":84,"y":321,"width":361,"height":12}},{"id":"9c544fcc-bffb-4289-9947-d3734d58b5fd","block_type":"box","text":"Class K: MLVKX","page_number":1,"box":{"x":83,"y":339,"width":97,"height":7}},{"id":"56678ce7-e50b-436e-b673-d4b34b577845","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":"566fd259-5ce4-4da8-b551-c48447601a6a","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":"0162004c-cc2a-401c-8bce-4d04aeb328a1","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":"b8fdf404-5d94-41b1-94fc-659e995e85fe","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":"25239b68-7efa-4bec-b656-12b0cbd9a93c","block_type":"box","text":"sending an e-mail request to","page_number":1,"box":{"x":63,"y":441,"width":203,"height":11}},{"id":"6e8947c9-bd4f-463a-aaa9-df1205e85563","block_type":"box","text":"prospectus.request@blackrock.com","page_number":1,"box":{"x":271,"y":441,"width":261,"height":10}},{"id":"91bc0c89-b12c-4521-ab2f-a87dd99c94e4","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":"df9e7c4d-ac73-4852-b30e-92874ad77da4","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":"5f15cabe-208f-4c06-be86-d9c057d7124c","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":"738a17e7-c595-49e9-af17-2a6ec278e2c2","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":"6f77cbc5-4f09-47d4-b3bd-c9484f52ac22","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":"fffac44c-d91d-4459-a959-dfe8aa1af8a2","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":"af908ab1-2a22-44ab-a977-23e8dab6e673","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":"1d2b3dc7-baa3-4252-add7-f523b374729e","block_type":"box","text":"Not FDIC Insured","page_number":1,"box":{"x":101,"y":916,"width":112,"height":8}},{"id":"3f0e9660-4110-4be5-b01f-e4af16815045","block_type":"box","text":"•","page_number":1,"box":{"x":218,"y":919,"width":5,"height":3}},{"id":"6dc2d0b8-75ff-4cb8-b475-d35892706b0e","block_type":"box","text":"May Lose Value","page_number":1,"box":{"x":228,"y":916,"width":101,"height":10}},{"id":"bb3c133e-ba50-4e24-be56-84c62907f29c","block_type":"box","text":"•","page_number":1,"box":{"x":334,"y":919,"width":4,"height":3}},{"id":"5d379ff7-0239-4d3a-bdce-d6a0b00ca467","block_type":"box","text":"No Bank Guarantee","page_number":1,"box":{"x":344,"y":916,"width":127,"height":8}},{"id":"254d3580-9193-4e80-a5b4-4bf595b70ded","block_type":"box","text":"NM1026U-5979961-1/12","page_number":1,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"1e513022-408e-4119-b432-bfc89ef9d00f","block_type":"box","text":"Summary Prospectus","page_number":2,"box":{"x":62,"y":47,"width":468,"height":34}},{"id":"9ed67763-8b14-41e3-98ee-7f84a26e336c","block_type":"box","text":"Key Facts About BlackRock Advantage Large Cap Value Fund","page_number":2,"box":{"x":62,"y":121,"width":554,"height":14}},{"id":"5d37038d-3782-4335-9c0d-b90430b5b6d0","block_type":"box","text":"Investment Objective","page_number":2,"box":{"x":62,"y":152,"width":191,"height":14}},{"id":"d63064cb-a88e-450d-9fd6-b1645a027b6a","block_type":"box","text":"The investment objective of BlackRock Advantage Large Cap Value Fund (the “Fund”), a series of BlackRock Large Cap","page_number":2,"box":{"x":60,"y":178,"width":871,"height":12}},{"id":"34f2ecc2-2896-4e4e-ab0a-0c5614b8a13b","block_type":"box","text":"Series Funds, Inc. (the “Corporation”), is to seek long-term capital growth. In other words, the Fund tries to choose","page_number":2,"box":{"x":61,"y":193,"width":843,"height":12}},{"id":"2a11efd6-0662-40f3-bf44-b40342ddd817","block_type":"box","text":"investments that will increase in value.","page_number":2,"box":{"x":62,"y":208,"width":283,"height":9}},{"id":"b972bcb4-fe07-4766-8d3e-2a8b6c43d7b8","block_type":"box","text":"Fees and Expenses of the Fund","page_number":2,"box":{"x":61,"y":247,"width":283,"height":13}},{"id":"f3e112ff-d1b5-4e7b-96f2-0aced8ef889e","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":"3ed0776a-8b42-49cf-9a17-24eb955f151f","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":"57679737-3f4d-4e5d-9016-6d4d9901d5b1","block_type":"box","text":"You may pay other","page_number":2,"box":{"x":790,"y":288,"width":138,"height":11}},{"id":"cf541349-b6e4-4527-b732-24772d0348b3","block_type":"box","text":"fees, such as brokerage commissions and other fees to your financial professional or your selected securities","page_number":2,"box":{"x":60,"y":303,"width":824,"height":11}},{"id":"5f41f7fe-ca40-463a-a4b9-d98755864267","block_type":"box","text":"dealer, broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC","page_number":2,"box":{"x":61,"y":318,"width":835,"height":11}},{"id":"96765247-97c8-49b5-a51a-c51b39e2710f","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":"64cb2a7a-51c0-484f-9cf4-e5d1e5b3686b","block_type":"box","text":"example below.","page_number":2,"box":{"x":61,"y":348,"width":114,"height":11}},{"id":"ba49323c-1abd-4ed3-912a-ac36415737e2","block_type":"box","text":"Annual Fund Operating Expenses","page_number":2,"box":{"x":69,"y":384,"width":222,"height":10}},{"id":"0586a5c4-a3a1-4021-8da5-e595ed2373ac","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":"3e68c6f9-3eaa-4554-b31e-ec61cc801a05","block_type":"box","text":"percentage of the value of your investment)","page_number":2,"box":{"x":70,"y":407,"width":294,"height":10}},{"id":"d2acaa37-5731-42fb-9a33-839275b9953d","block_type":"box","text":"Class K","page_number":2,"box":{"x":873,"y":395,"width":51,"height":9}},{"id":"89f9f4ec-ae94-4b5d-a4c0-6b0b1296047b","block_type":"box","text":"Shares","page_number":2,"box":{"x":875,"y":407,"width":46,"height":8}},{"id":"aa86f87e-dd9b-4dbb-b36a-699273561592","block_type":"box","text":"Management Fee","page_number":2,"box":{"x":70,"y":425,"width":112,"height":10}},{"id":"b120bf96-49dd-451c-a73d-16461c01738d","block_type":"box","text":"1","page_number":2,"box":{"x":183,"y":425,"width":4,"height":4}},{"id":"c544908a-4e3d-43b3-9809-8d59bb5a88c5","block_type":"box","text":"0.49%","page_number":2,"box":{"x":885,"y":425,"width":41,"height":8}},{"id":"58f1edea-a6af-4323-aa6d-2a19a5be2d8a","block_type":"box","text":"Distribution and/or Service (12b-1) Fees","page_number":2,"box":{"x":70,"y":443,"width":266,"height":10}},{"id":"8ee10984-011b-4157-a2b0-8a8b58ea47cf","block_type":"box","text":"None","page_number":2,"box":{"x":883,"y":443,"width":32,"height":8}},{"id":"b5a250f3-8c58-4c59-8773-0914dd5c0b98","block_type":"box","text":"Other Expenses","page_number":2,"box":{"x":69,"y":461,"width":103,"height":10}},{"id":"b0f0f2cc-5797-497e-917a-b378bbe26683","block_type":"box","text":"0.15%","page_number":2,"box":{"x":885,"y":461,"width":41,"height":8}},{"id":"8f85b038-332c-4e85-9e11-72e77df53399","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":2,"box":{"x":69,"y":479,"width":252,"height":10}},{"id":"26eaef6d-8259-47e8-bbc7-25d887e54a07","block_type":"box","text":"0.64%","page_number":2,"box":{"x":885,"y":479,"width":41,"height":8}},{"id":"bc654654-c191-4a8b-a76c-c5ea3dc1348e","block_type":"box","text":"Fee Waivers and/or Expense Reimbursements","page_number":2,"box":{"x":70,"y":497,"width":304,"height":10}},{"id":"55c17abd-d118-40e5-84e6-87cd2108b7f1","block_type":"box","text":"1,2","page_number":2,"box":{"x":375,"y":497,"width":11,"height":5}},{"id":"0e3ec162-2b57-4d52-acae-989fbcb2377d","block_type":"box","text":"(0.15)%","page_number":2,"box":{"x":881,"y":497,"width":50,"height":10}},{"id":"f2017bbd-7755-4ef4-a37b-aa5bcb0b5ed1","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":"bbf5018c-358d-40cb-8b5e-cff50466ea06","block_type":"box","text":"1,2","page_number":2,"box":{"x":668,"y":515,"width":10,"height":5}},{"id":"9ddfb401-15db-4552-b649-4fdaae24ada4","block_type":"box","text":"0.49%","page_number":2,"box":{"x":885,"y":515,"width":41,"height":8}},{"id":"bb7a52ac-432b-4c94-9b25-5087c58ed7f4","block_type":"box","text":"1","page_number":2,"box":{"x":61,"y":535,"width":3,"height":3}},{"id":"0d1967a1-cd15-41cc-84c5-ca287261f7ea","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 29, BlackRock has contractually agreed to","page_number":2,"box":{"x":81,"y":535,"width":837,"height":9}},{"id":"e2aa0102-0f35-4c12-a870-0ddf90f9c428","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":"580ee701-7a92-4623-b03b-7624d86f2f68","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":"55ebff1d-37ed-478f-967c-75d505a683dd","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":"66c97256-e7ea-4cef-b0e9-5e8226dba23e","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":"347d4f71-f557-4a4d-b9ff-8c4bdc499edd","block_type":"box","text":"The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Corporation or by a vote","page_number":2,"box":{"x":81,"y":586,"width":849,"height":10}},{"id":"285edbaa-54af-406a-9986-25ba19f82f5b","block_type":"box","text":"of a majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":597,"width":356,"height":9}},{"id":"4ecdc637-5ed8-4ee4-ab5c-335bdb82b88d","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":610,"width":3,"height":3}},{"id":"16b6c420-e9d4-4c98-9dd9-9470b45eb407","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 29, BlackRock has contractually agreed to","page_number":2,"box":{"x":81,"y":610,"width":837,"height":9}},{"id":"c92819b9-ea62-415c-9c60-c584d65e67d9","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":"2fcca481-eb6c-484a-a545-545568f65e37","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) to 0.49%","page_number":2,"box":{"x":81,"y":630,"width":844,"height":9}},{"id":"231fd8cf-d557-4bc4-963f-93421cb5d706","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":"cc3bad1c-d6ee-4d4a-869f-5060003a60ca","block_type":"box","text":"interested directors 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":651,"width":658,"height":9}},{"id":"68743c8c-0159-4360-a103-c42e93e46b95","block_type":"box","text":"Example:","page_number":2,"box":{"x":61,"y":669,"width":74,"height":12}},{"id":"79d6419d-f351-4899-b165-a943b385e5f6","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":"4d90e8ed-a052-467a-89be-8b05438a829b","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":"f1f324db-7a22-4087-9d3d-dfde40cb8cab","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":"82ad8adb-3f62-4eb8-a4c5-09b37a92b514","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":"d6f3daf4-08fb-4563-993b-2a112099f63a","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":"88650885-af8a-4244-be41-5d8e3fa9ef5d","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":"697b1d0f-7d7f-466b-b4dd-e2e3b950cc0f","block_type":"box","text":"Class K Shares $50 $190 $342 $784","page_number":2,"box":{"x":69,"y":790,"width":843,"height":10}},{"id":"b5fa3ddd-8903-49d0-b7a4-985ffd361ebd","block_type":"box","text":"Portfolio Turnover:","page_number":2,"box":{"x":61,"y":816,"width":151,"height":10}},{"id":"ba4db98d-5bff-49b3-bf46-eb3c67c6e058","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":"311e9e58-a799-40ad-a372-2222c7e4add9","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":"e7b3f615-e9c8-4d49-a91e-c38240942eae","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":"e732bb63-125e-4f22-b257-cc07881663f6","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":"1e2a57f4-172d-4792-a00d-aeb211367aba","block_type":"box","text":"120% of the average value of its por tfolio.","page_number":2,"box":{"x":62,"y":891,"width":307,"height":12}},{"id":"655a7d59-57b0-44f1-a44a-41a417548568","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"56e5f3ec-0cb9-4cc8-bb5c-b7cf044e468e","block_type":"box","text":"NM1026U-5979961-2/12","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"9dbd6f32-8173-4573-85ea-1403385b4bf8","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":3,"box":{"x":61,"y":43,"width":394,"height":13}},{"id":"20b9c454-2d5c-4c43-9418-67f2eed1bd7a","block_type":"box","text":"Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any","page_number":3,"box":{"x":62,"y":69,"width":798,"height":11}},{"id":"5c1b6cde-5d53-4af8-8b7b-fae1293ff3ba","block_type":"box","text":"borrowings for investment purposes in large cap value equity securities of U.S. issuers and derivatives that provide","page_number":3,"box":{"x":61,"y":84,"width":845,"height":11}},{"id":"77722c16-2eb8-48bd-907e-158448d82b54","block_type":"box","text":"investment exposure to such securities or to one or more market risk factors associated with such securities. For","page_number":3,"box":{"x":62,"y":98,"width":833,"height":12}},{"id":"e7eef798-8b53-451a-a9e1-8518acd05142","block_type":"box","text":"purposes of the Fund’s 80% policy, large cap value equity securities are equity securities that (i) at the time of","page_number":3,"box":{"x":62,"y":113,"width":809,"height":12}},{"id":"30d01ead-22ab-4916-beec-f5df775f0ee4","block_type":"box","text":"purchase have a market capitalization within the range of companies included in the Russell 1000 Value Index (the","page_number":3,"box":{"x":62,"y":128,"width":843,"height":12}},{"id":"3b13c9e6-6bb2-421a-b19c-fb16235f8241","block_type":"box","text":"“Russell 1000 Value Index”) and (ii) are included within at least one value index, as determined by BlackRock (the","page_number":3,"box":{"x":62,"y":143,"width":837,"height":11}},{"id":"f0f55fc9-363f-4e3b-bef5-d2295e0b3e89","block_type":"box","text":"“Value Indices”). Currently, such Value Indices are the Russell 3000 Value Index, the S&P Composite 1500 Value Index","page_number":3,"box":{"x":62,"y":158,"width":874,"height":11}},{"id":"bb530bbc-b897-43dc-8b2f-2998d995932c","block_type":"box","text":"and the MSCI World Value Index. The Russell 1000 Value Index includes equity securities of issuers which range in","page_number":3,"box":{"x":61,"y":173,"width":842,"height":11}},{"id":"c7b4e536-5a85-45a0-a7c3-ea2467b067cb","block_type":"box","text":"size between approximately $1.98 billion and $4.647 trillion as of August 31, 2026. The Fund primarily intends to","page_number":3,"box":{"x":61,"y":187,"width":838,"height":12}},{"id":"b74fef6d-373b-4c2e-9465-12734486ae85","block_type":"box","text":"invest in equity securities, which include common stock and preferred stock, or other financial instruments that are","page_number":3,"box":{"x":62,"y":202,"width":846,"height":12}},{"id":"757fd580-320e-4a0a-888d-a9583552e93a","block_type":"box","text":"components of, or have characteristics similar to, the securities included in the Value Indices. The Russell 1000 Value","page_number":3,"box":{"x":61,"y":217,"width":869,"height":11}},{"id":"2e38eaa4-cacd-4671-ab8b-84270a0a902f","block_type":"box","text":"Index is a capitalization-weighted index from a broad range of industries chosen for market size, liquidity and industry","page_number":3,"box":{"x":62,"y":232,"width":861,"height":11}},{"id":"14448055-593a-4164-817f-d742df432edd","block_type":"box","text":"group representation. The Fund primarily seeks to buy common stock and may also invest in preferred stock. From","page_number":3,"box":{"x":60,"y":247,"width":842,"height":11}},{"id":"30d4a0a8-acaa-4cc8-b7e8-e591af016e3e","block_type":"box","text":"time to time, the Fund may invest in shares of companies through “new issues” or initial public offerings (“IPOs”). The","page_number":3,"box":{"x":60,"y":262,"width":871,"height":11}},{"id":"660d81fe-74af-4533-948c-4daeaad75cd8","block_type":"box","text":"Fund may also purchase conver tible securities. The Fund may use derivatives, including options, futures, swaps","page_number":3,"box":{"x":62,"y":276,"width":820,"height":12}},{"id":"43d37d12-202b-4569-bc1a-d79387bf104e","block_type":"box","text":"(including, but not limited to, total return swaps, some of which may be referred to as contracts for difference) and","page_number":3,"box":{"x":61,"y":291,"width":842,"height":12}},{"id":"786290aa-190c-4219-8bee-0cbcea82de6a","block_type":"box","text":"forward contracts, both to seek to increase the return of the Fund and to hedge (or protect) the value of its assets","page_number":3,"box":{"x":60,"y":306,"width":841,"height":12}},{"id":"df42879f-ea1b-4174-b9e5-e3d387fc06e6","block_type":"box","text":"against adverse movements in currency exchange rates, interest rates and movements in the securities markets. In","page_number":3,"box":{"x":61,"y":321,"width":850,"height":11}},{"id":"15acafae-c6f5-4aeb-9049-9be67c7b1174","block_type":"box","text":"order to manage cash flows into or out of the Fund effectively, the Fund may buy and sell financial futures contracts or","page_number":3,"box":{"x":61,"y":336,"width":869,"height":11}},{"id":"08eaee21-0341-45c3-8615-f82409dcb7df","block_type":"box","text":"options on such contracts. Derivatives are financial instruments whose value is derived from another security, a","page_number":3,"box":{"x":61,"y":351,"width":820,"height":11}},{"id":"3483ba33-86dd-4222-bf0b-faac18ef4ae0","block_type":"box","text":"currency or an index, including but not limited to the Value Indices. The use of options, futures, swaps and forward","page_number":3,"box":{"x":61,"y":365,"width":842,"height":12}},{"id":"933076be-7cb2-4b2a-a98d-240a5302283c","block_type":"box","text":"contracts can be effective in protecting or enhancing the value of the Fund’s assets.","page_number":3,"box":{"x":61,"y":380,"width":618,"height":12}},{"id":"cef8858b-8fd9-4dd0-a8ee-e6af8fe05af3","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":403,"width":863,"height":11}},{"id":"3f48111b-4960-4106-8f86-c37ec432f89f","block_type":"box","text":"through investment in commodity-linked derivative instruments and investment vehicles such as exchange-traded funds","page_number":3,"box":{"x":60,"y":418,"width":876,"height":11}},{"id":"dcef1a0f-00c7-48c7-8fe5-a72bb33e20a2","block_type":"box","text":"that invest exclusively in commodities and are designed to provide this exposure without direct investment in physical","page_number":3,"box":{"x":60,"y":433,"width":864,"height":11}},{"id":"a53a0bb4-ec5c-4408-b765-a6ca70913e36","block_type":"box","text":"commodities.","page_number":3,"box":{"x":61,"y":447,"width":97,"height":9}},{"id":"57a06a0d-058b-4f78-9e03-63e89c1f08dc","block_type":"box","text":"The Fund seeks to pursue its investment objective by investing in large cap value equity securities in a disciplined","page_number":3,"box":{"x":60,"y":470,"width":836,"height":11}},{"id":"b33af2ff-0b6e-48eb-8620-83379336e95c","block_type":"box","text":"manner, by using proprietary return forecast models that incorporate quantitative analysis. These forecast models are","page_number":3,"box":{"x":61,"y":485,"width":866,"height":11}},{"id":"4f02124c-561d-4c54-9c0d-7bb999c0de82","block_type":"box","text":"designed to identify aspects of mispricing across stocks which the Fund can seek to capture by over- and under","page_number":3,"box":{"x":61,"y":499,"width":823,"height":12}},{"id":"362d9d13-fffc-4313-bfb6-3246e2525076","block_type":"box","text":"weighting par ticular equities while seeking to control incremental risk. BlackRock then constructs and rebalances the","page_number":3,"box":{"x":60,"y":515,"width":861,"height":11}},{"id":"b6eeb713-7748-47f7-81fa-467d5fabd7d1","block_type":"box","text":"por tfolio by integrating its investment insights with the model-based optimization process.","page_number":3,"box":{"x":62,"y":529,"width":658,"height":12}},{"id":"a92b1fd5-e00f-4bfa-87ad-544646ad888f","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":3,"box":{"x":61,"y":568,"width":354,"height":14}},{"id":"ca2aa20d-9391-45d1-915f-3a9d88ba201e","block_type":"box","text":"Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive","page_number":3,"box":{"x":62,"y":594,"width":860,"height":12}},{"id":"f9270613-d3db-4afd-8ea6-04919fc8a539","block_type":"box","text":"on your investment, may fluctuate significantly from day to day and over time. You may lose par t or all of your","page_number":3,"box":{"x":61,"y":609,"width":802,"height":12}},{"id":"bb50b0ea-01ea-499c-9e8a-c4dece528a66","block_type":"box","text":"investment in the Fund or your investment may not per form as well as other similar investments. The following is a","page_number":3,"box":{"x":62,"y":624,"width":842,"height":11}},{"id":"81a77df0-4fe6-43eb-b6c6-2dac3b32dd40","block_type":"box","text":"summary description of the principal risks of investing in the Fund. The relative significance of each risk factor below","page_number":3,"box":{"x":61,"y":639,"width":857,"height":11}},{"id":"0472da67-198e-4a77-a0ae-9b50add43d59","block_type":"box","text":"may change over time and you should review each risk factor carefully.","page_number":3,"box":{"x":61,"y":653,"width":515,"height":12}},{"id":"1cdc7b1c-ec3f-4c68-9d74-c7b6523c632c","block_type":"box","text":"Equity Securities Risk","page_number":3,"box":{"x":81,"y":674,"width":166,"height":11}},{"id":"6960e77b-1e47-4828-9b25-5205ae79a51c","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":3,"box":{"x":251,"y":673,"width":685,"height":12}},{"id":"a9830f79-9127-405a-98e8-9ab96839fc26","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":3,"box":{"x":81,"y":688,"width":550,"height":12}},{"id":"8149f3b0-f9f2-460b-a3f5-ac7defd7a49c","block_type":"box","text":"Investment Style Risk","page_number":3,"box":{"x":81,"y":708,"width":166,"height":12}},{"id":"cbf09fc1-5455-41b6-8c99-72ef3b007690","block_type":"box","text":"—","page_number":3,"box":{"x":252,"y":714,"width":17,"height":0}},{"id":"22d28dca-56e5-4d41-8544-c27570eb0f95","block_type":"box","text":"Under cer tain market conditions, value investments have per formed better during periods","page_number":3,"box":{"x":274,"y":708,"width":658,"height":12}},{"id":"f7607ec0-d671-4404-9b53-82e6922b5fd7","block_type":"box","text":"of economic recovery. Therefore, this investment style may over time go in and out of favor. At times when the","page_number":3,"box":{"x":81,"y":723,"width":809,"height":12}},{"id":"2cb6e9cb-2bf6-4b77-8c40-f3130a0a2cba","block_type":"box","text":"investment style used by the Fund is out of favor, the Fund may underper form other equity funds that use different","page_number":3,"box":{"x":82,"y":738,"width":841,"height":11}},{"id":"d1652864-ec6b-484d-ae4b-dafb45c389c2","block_type":"box","text":"investment styles.","page_number":3,"box":{"x":82,"y":753,"width":131,"height":11}},{"id":"50bf8c7d-1e2c-4518-a96b-aa5a807dc489","block_type":"box","text":"Model Risk","page_number":3,"box":{"x":81,"y":773,"width":85,"height":9}},{"id":"9c1d3455-410f-4ffe-ae19-9b5303a88872","block_type":"box","text":"— The Fund seeks to pursue its investment objective by using proprietary models that incorporate","page_number":3,"box":{"x":170,"y":773,"width":722,"height":11}},{"id":"4be66b41-cdd5-4467-8367-2eb8bbd26ff3","block_type":"box","text":"quantitative analysis. Investments selected using these models may per form differently than as forecasted due to","page_number":3,"box":{"x":81,"y":788,"width":840,"height":11}},{"id":"01f349a1-da5f-4579-8bf5-e9e51c4ed508","block_type":"box","text":"the factors incorporated into the models and the weighting of each factor, changes from historical trends, and","page_number":3,"box":{"x":80,"y":802,"width":807,"height":12}},{"id":"534e087d-1227-4c37-b656-0f5c4a613fad","block_type":"box","text":"issues in the construction and implementation of the models (including, but not limited to, software issues, issues","page_number":3,"box":{"x":82,"y":817,"width":842,"height":12}},{"id":"42236f12-a266-4da6-835a-2efcc6f93949","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":3,"box":{"x":82,"y":832,"width":841,"height":12}},{"id":"0b1e0b67-7f99-494a-ab28-3eea072e6c62","block_type":"box","text":"guarantee that BlackRock’s use of these models will result in effective investment decisions for the Fund.","page_number":3,"box":{"x":81,"y":847,"width":777,"height":11}},{"id":"4ce87e1b-5a56-4b28-a885-500efa87db64","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":3,"box":{"x":81,"y":867,"width":837,"height":11}},{"id":"72a76cb8-70b2-4c37-9331-31ff03dc02c1","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":3,"box":{"x":82,"y":882,"width":819,"height":11}},{"id":"ac258e15-4602-4f0d-8713-a20a4c623c86","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":3,"box":{"x":80,"y":896,"width":843,"height":12}},{"id":"211e0b47-3d7c-4b78-81ba-c1fd702314fe","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"cde16a05-e8f8-4256-b35e-b48349e42a66","block_type":"box","text":"NM1026U-5979961-3/12","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"8ea313aa-90d5-4354-b5ce-17332c3765b7","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":42,"width":834,"height":11}},{"id":"0d92a04c-3d5f-44ef-b0f4-3fe4298939b8","block_type":"box","text":"its investment objective.","page_number":4,"box":{"x":82,"y":57,"width":176,"height":11}},{"id":"2b86a87c-da94-4753-8b0c-066a5d7ec6a1","block_type":"box","text":"Risk of Investing in the United States","page_number":4,"box":{"x":81,"y":77,"width":283,"height":11}},{"id":"b58426c3-9064-467e-8fc1-fc11fb4352f4","block_type":"box","text":"—","page_number":4,"box":{"x":369,"y":82,"width":17,"height":1}},{"id":"1151468b-b0d6-4e75-8173-37465ceef714","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":77,"width":518,"height":11}},{"id":"9832eda5-47a6-4625-a64e-1cdf0b51c11e","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":91,"width":847,"height":12}},{"id":"21c8199c-10c9-45a7-82a6-3b14829e4911","block_type":"box","text":"exposure.","page_number":4,"box":{"x":81,"y":109,"width":70,"height":8}},{"id":"b15c0efc-fd5c-494b-b597-4b4ee97d4520","block_type":"box","text":"Commodities Related Investments Risk","page_number":4,"box":{"x":81,"y":126,"width":298,"height":9}},{"id":"12bbdf92-396d-4f8f-8203-485a0d3c1ec2","block_type":"box","text":"—","page_number":4,"box":{"x":384,"y":132,"width":17,"height":0}},{"id":"5de6effb-b97a-41dc-9355-647d47a084fa","block_type":"box","text":"Exposure to the commodities markets may subject the Fund to greater","page_number":4,"box":{"x":406,"y":126,"width":517,"height":12}},{"id":"ea4470b0-84ac-44ca-b69c-503dacf1559a","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":141,"width":824,"height":11}},{"id":"7ad47857-d906-46b2-b198-6c0f629f1317","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":156,"width":849,"height":11}},{"id":"90eebfb5-422c-4b59-ba28-c01031295726","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":171,"width":804,"height":11}},{"id":"e5ff7c2f-fe01-4f2e-9475-1559dc75c085","block_type":"box","text":"international economic, political and regulatory developments.","page_number":4,"box":{"x":82,"y":186,"width":455,"height":11}},{"id":"fffbd7cc-c825-4ee8-80ca-328bdabf62bd","block_type":"box","text":"Convertible Securities Risk","page_number":4,"box":{"x":81,"y":206,"width":206,"height":9}},{"id":"a7b86065-3b68-4b7c-8bf3-658deb39b61f","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":205,"width":593,"height":12}},{"id":"08f62ec9-c7f9-42dc-95de-7d5f32f0b57c","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":220,"width":853,"height":12}},{"id":"a535f3e1-89c3-4353-8d24-fed049e6e6c7","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":235,"width":855,"height":12}},{"id":"be3c6b24-5901-411f-a0db-4e8cc005ff79","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":250,"width":816,"height":12}},{"id":"07fde02b-8b36-486e-9e33-cce2a8cb5005","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":265,"width":796,"height":11}},{"id":"e4fd98e5-7748-4536-b304-462e485d162b","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":280,"width":812,"height":11}},{"id":"f458efbd-6fdd-4505-8d42-ceaa99ba924e","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":294,"width":809,"height":12}},{"id":"c1107591-dae9-4d10-878d-ce91d6c28ad4","block_type":"box","text":"Derivatives Risk","page_number":4,"box":{"x":81,"y":315,"width":123,"height":9}},{"id":"422b325c-baaf-44b6-bafa-5a2b785a3a8e","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":314,"width":664,"height":12}},{"id":"7c0299b6-56f9-41b3-8bc8-35b17e9d1f51","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":4,"box":{"x":82,"y":329,"width":469,"height":12}},{"id":"99a5c192-bbf2-4095-9ee7-b830a109a56c","block_type":"box","text":"Leverage Risk","page_number":4,"box":{"x":82,"y":349,"width":102,"height":12}},{"id":"7116f0f0-bf23-4585-99a8-b06a75bd8d5f","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":349,"width":723,"height":12}},{"id":"d707fbe6-96a4-422d-b4fe-9be327fb1413","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":364,"width":832,"height":12}},{"id":"f72c3392-1b52-405d-95e6-22d48850490e","block_type":"box","text":"exceed the amount originally invested.","page_number":4,"box":{"x":81,"y":379,"width":280,"height":11}},{"id":"04955733-19c6-452e-bff8-1a2e82dfac5d","block_type":"box","text":"Market Risk","page_number":4,"box":{"x":82,"y":399,"width":87,"height":9}},{"id":"2ea6c72d-7605-4aba-ad3a-b91e2ab4d1bd","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":399,"width":728,"height":11}},{"id":"0f3fa96d-e35e-4079-80d0-8f47fd986381","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":414,"width":834,"height":11}},{"id":"1d8a546f-d730-4985-a10c-11d7385bcab8","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":429,"width":832,"height":11}},{"id":"f902b1b0-21bd-4e66-a700-683902fc7377","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":443,"width":779,"height":12}},{"id":"a2e7bfa1-4fca-40a0-9072-9b075cdb903d","block_type":"box","text":"derivatives positions to lose value.","page_number":4,"box":{"x":81,"y":458,"width":253,"height":11}},{"id":"1644544f-32b9-4ffe-b11f-01284d00856a","block_type":"box","text":"Counterpar ty Risk","page_number":4,"box":{"x":82,"y":478,"width":131,"height":12}},{"id":"72779f6e-e578-47d1-9423-2800cfb2c0c6","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":478,"width":697,"height":12}},{"id":"c0a9f59e-81ae-4214-b840-e1e48346b791","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":493,"width":855,"height":12}},{"id":"5183f254-9066-437b-961a-3c80a3d4280e","block_type":"box","text":"exposure to such a counterpar ty.","page_number":4,"box":{"x":81,"y":508,"width":240,"height":11}},{"id":"acf2758e-a71d-4999-a230-603bf5f6bc1e","block_type":"box","text":"Illiquidity Risk","page_number":4,"box":{"x":82,"y":528,"width":100,"height":11}},{"id":"46e5917c-eb28-4503-bf44-45d6c2cda436","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":4,"box":{"x":186,"y":528,"width":750,"height":11}},{"id":"237a17bf-7466-4cb5-bae7-f8792463d28a","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":4,"box":{"x":80,"y":543,"width":839,"height":11}},{"id":"7e703130-506a-4318-ac60-b050e546bb66","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":4,"box":{"x":81,"y":557,"width":293,"height":12}},{"id":"62245745-44be-46ce-ba9b-0479e7a8160e","block_type":"box","text":"Operational Risk","page_number":4,"box":{"x":82,"y":578,"width":120,"height":11}},{"id":"fe93a8de-c53b-4f78-87f4-b84c24f7575d","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":4,"box":{"x":206,"y":577,"width":727,"height":12}},{"id":"398e9fd2-c05c-4daf-8b6f-3f784196aa16","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":4,"box":{"x":82,"y":592,"width":607,"height":12}},{"id":"fd38ff70-e697-4a02-97c6-e5fa5854c9c7","block_type":"box","text":"Legal Risk","page_number":4,"box":{"x":82,"y":612,"width":75,"height":12}},{"id":"26f2ddda-fb94-484a-9680-16b6ef6aec6b","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality or","page_number":4,"box":{"x":161,"y":612,"width":761,"height":12}},{"id":"240ac15b-e646-4fa8-a092-790cacb535f0","block_type":"box","text":"enforceability of a contract.","page_number":4,"box":{"x":81,"y":627,"width":198,"height":11}},{"id":"58f46372-8fb4-41a3-837b-d98b7031730a","block_type":"box","text":"Volatility and Correlation Risk","page_number":4,"box":{"x":83,"y":647,"width":214,"height":11}},{"id":"401e4292-ac69-4f73-b76a-1df00998a0dc","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":4,"box":{"x":300,"y":647,"width":590,"height":11}},{"id":"4b0088ec-5277-4452-85c3-19f43b2a39ce","block_type":"box","text":"fluctuate significantly in price within a shor t time period. A risk of the Fund’s use of derivatives is that the","page_number":4,"box":{"x":81,"y":662,"width":775,"height":11}},{"id":"ea9ba830-74cf-4faa-a931-798e7b648d27","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":4,"box":{"x":81,"y":677,"width":589,"height":11}},{"id":"650022d7-787e-4bd0-b626-149d44f96c9a","block_type":"box","text":"Valuation Risk","page_number":4,"box":{"x":83,"y":697,"width":102,"height":9}},{"id":"24c29112-47a7-4018-9e46-9dbf882d055f","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":4,"box":{"x":189,"y":697,"width":747,"height":11}},{"id":"9298d132-f5fd-429f-9dd2-13a77835ef0f","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":4,"box":{"x":82,"y":711,"width":783,"height":12}},{"id":"4928e740-a04b-441a-8138-1fc3b44249ed","block_type":"box","text":"instruments or quote prices for them.","page_number":4,"box":{"x":82,"y":726,"width":273,"height":12}},{"id":"7a046a0a-8223-4aa4-9e15-1501e39c0d1c","block_type":"box","text":"Hedging Risk","page_number":4,"box":{"x":82,"y":747,"width":95,"height":11}},{"id":"91dabadc-f687-4fb6-9c73-d1fa2899275b","block_type":"box","text":"— Hedges are sometimes subject to imper fect matching between the derivative and the underlying","page_number":4,"box":{"x":181,"y":746,"width":728,"height":12}},{"id":"8ffbd134-1c6d-4538-ae82-860e7bd1c4eb","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":4,"box":{"x":81,"y":761,"width":839,"height":12}},{"id":"0e94a901-de7c-46a3-8329-861a32e1e756","block_type":"box","text":"may result in cer tain adverse tax consequences.","page_number":4,"box":{"x":82,"y":776,"width":354,"height":11}},{"id":"5012d831-1c08-4cee-87ec-c5ae866025a5","block_type":"box","text":"Tax Risk","page_number":4,"box":{"x":83,"y":796,"width":59,"height":9}},{"id":"a3935313-741c-4511-a2ff-1abcf54460f7","block_type":"box","text":"— Cer tain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":4,"box":{"x":145,"y":796,"width":719,"height":11}},{"id":"c37e90fd-01b4-434c-8dee-2069cf0a6754","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":4,"box":{"x":81,"y":811,"width":801,"height":11}},{"id":"3884f839-8f95-4f7c-96a2-167a5842914c","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":4,"box":{"x":82,"y":826,"width":802,"height":11}},{"id":"f97ffab8-3b2b-46eb-925e-a95bbf08411a","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":4,"box":{"x":82,"y":840,"width":830,"height":12}},{"id":"c3efaa70-011f-4f52-9b9e-0dfd3d408e6a","block_type":"box","text":"realizes from its investments.","page_number":4,"box":{"x":82,"y":855,"width":215,"height":9}},{"id":"e599f4e7-e923-4e11-a14d-e067b3b38a8c","block_type":"box","text":"Financial Services Industry Risk","page_number":4,"box":{"x":81,"y":875,"width":242,"height":12}},{"id":"9a2f252d-cc3b-4ce1-ab55-9e4f30300556","block_type":"box","text":"— Because of its investments in the financial services industry, the Fund will be","page_number":4,"box":{"x":327,"y":875,"width":591,"height":12}},{"id":"c7995548-c593-4499-bf29-e8e7a8ec3693","block_type":"box","text":"more susceptible to any economic, business, political or other developments which generally affect this industry","page_number":4,"box":{"x":82,"y":890,"width":825,"height":12}},{"id":"b0fc2172-515f-40f4-85fa-3397d93b2614","block_type":"box","text":"sector. As a result, the Fund will be exposed to a large extent to the risks associated with that industry, such as","page_number":4,"box":{"x":81,"y":905,"width":824,"height":11}},{"id":"d1b1d7e0-1596-4dd2-9f6e-36bd83846e04","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"c1a0fdad-8961-4666-ac72-5457b894f13f","block_type":"box","text":"NM1026U-5979961-4/12","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"9580e5f8-eea6-4e19-ae68-d9fa8bce058e","block_type":"box","text":"government regulation, the availability and cost of capital funds (including the availability and stability of deposits in","page_number":5,"box":{"x":81,"y":42,"width":849,"height":11}},{"id":"58dfd458-b13e-458b-90be-fa5e8e39efb3","block_type":"box","text":"the case of deposit-taking institutions), consolidation and general economic conditions. Financial services","page_number":5,"box":{"x":80,"y":57,"width":779,"height":11}},{"id":"97173d60-501c-4227-bd72-d3c873a0372a","block_type":"box","text":"companies are also exposed to losses if borrowers and other counterpar ties experience financial problems and/or","page_number":5,"box":{"x":81,"y":71,"width":843,"height":12}},{"id":"eae93b0e-7feb-4f4d-ba50-1abc1c92a406","block_type":"box","text":"cannot repay their obligations.","page_number":5,"box":{"x":81,"y":87,"width":221,"height":11}},{"id":"f19becd7-7036-451a-aba5-0a2a8b3ff4b0","block_type":"box","text":"When interest rates go up, the value of securities issued by many types of financial services companies generally","page_number":5,"box":{"x":81,"y":106,"width":834,"height":12}},{"id":"988a0e44-f394-474a-a832-45895cb2b13b","block_type":"box","text":"goes down. In many countries, financial services and the companies that provide them are regulated by","page_number":5,"box":{"x":81,"y":121,"width":761,"height":12}},{"id":"ff24bd00-c4f1-4f53-b0d8-d53f9fec6de4","block_type":"box","text":"governmental entities, which can increase costs for new services or products and make it difficult to pass","page_number":5,"box":{"x":81,"y":136,"width":780,"height":11}},{"id":"2620139e-6b28-48fb-9022-6540d0eb13fe","block_type":"box","text":"increased costs on to consumers. In cer tain areas, deregulation of financial services companies has resulted in","page_number":5,"box":{"x":82,"y":151,"width":823,"height":11}},{"id":"9232978e-c499-4e7a-a4b8-27ad31f74df8","block_type":"box","text":"increased competition and reduced profitability for cer tain companies.","page_number":5,"box":{"x":82,"y":166,"width":513,"height":11}},{"id":"1838659b-ad4b-4c57-9093-776f4eb116f0","block_type":"box","text":"The profitability of many types of financial services companies may be adversely affected in cer tain market cycles,","page_number":5,"box":{"x":81,"y":185,"width":840,"height":12}},{"id":"e0f6d3f0-b0ed-4b08-a88d-3a01762508c8","block_type":"box","text":"including periods of rising interest rates, which may restrict the availability and increase the cost of capital, and","page_number":5,"box":{"x":82,"y":200,"width":817,"height":12}},{"id":"e5490341-2d3c-486f-8fb7-111bcf9c498c","block_type":"box","text":"declining economic conditions, which may cause credit losses due to financial difficulties of borrowers. Because","page_number":5,"box":{"x":81,"y":215,"width":825,"height":12}},{"id":"98b94302-f98f-46f0-9f69-b329bc17a74d","block_type":"box","text":"many types of financial services companies are vulnerable to these economic cycles, the Fund’s investments may","page_number":5,"box":{"x":82,"y":230,"width":837,"height":11}},{"id":"59ebf117-71ab-4bce-9000-c493d9d0c1a3","block_type":"box","text":"lose value during such periods.","page_number":5,"box":{"x":82,"y":245,"width":226,"height":11}},{"id":"603942a2-38c7-40f2-ab7a-a93b07fd2cb9","block_type":"box","text":"High Portfolio Turnover Risk","page_number":5,"box":{"x":81,"y":265,"width":212,"height":11}},{"id":"c9515245-7960-421d-a022-805a9fc76e61","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":265,"width":629,"height":11}},{"id":"aa4196ff-ba2d-45ab-8426-d7fc180420bd","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":280,"width":812,"height":11}},{"id":"749ad91e-cb5a-4624-988f-25c7bbb01394","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":294,"width":817,"height":12}},{"id":"950734fa-6109-470b-812e-99a61f9842a3","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":309,"width":760,"height":12}},{"id":"2349dea7-5823-4480-8d3f-0a2d99d93247","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":324,"width":852,"height":12}},{"id":"710b5033-430b-4f04-a12d-8562588f0572","block_type":"box","text":"of higher than normal por tfolio turnover may adversely affect Fund per formance.","page_number":5,"box":{"x":81,"y":339,"width":589,"height":11}},{"id":"096d8bbe-c2e7-40a4-985c-926cf35a0401","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":5,"box":{"x":81,"y":359,"width":276,"height":11}},{"id":"cc96cf17-c105-4bc1-abad-cefe34f056f7","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":5,"box":{"x":361,"y":359,"width":573,"height":11}},{"id":"36cf4ce6-ffbd-44ad-a59b-281c6c4ce1d0","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":374,"width":848,"height":11}},{"id":"5e404150-2654-4734-96fb-0b722cd2717e","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":389,"width":839,"height":11}},{"id":"66cda5a9-5bfe-44c6-bd40-138fcfc6a050","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":403,"width":851,"height":12}},{"id":"d463b87f-a5ba-46c0-af55-a1aa2c2e2a73","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":81,"y":423,"width":107,"height":12}},{"id":"6f283ebb-3c71-4dc8-a2f0-7c8b0da4f3ed","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":423,"width":741,"height":12}},{"id":"19855232-483e-4703-9dae-8782c7299362","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":438,"width":853,"height":12}},{"id":"47918235-9999-408e-af4a-f764872834ad","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":453,"width":856,"height":12}},{"id":"cf1ef975-d0d4-4064-b40f-e28dddbe8763","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":468,"width":775,"height":11}},{"id":"c86444ec-27df-4590-900f-d49851d2725d","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":483,"width":814,"height":11}},{"id":"87bd4ed8-503d-465e-9e46-889c2bb86e7d","block_type":"box","text":"leverage.","page_number":5,"box":{"x":82,"y":498,"width":63,"height":11}},{"id":"a7780856-8201-433f-a270-be4c26afd023","block_type":"box","text":"Market Risk and Selection Risk","page_number":5,"box":{"x":81,"y":518,"width":240,"height":9}},{"id":"5c8889c9-cc8b-4c08-b7ae-d2fe18c00866","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":518,"width":593,"height":9}},{"id":"82a70a42-bfa7-4640-b969-541934e32699","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":533,"width":851,"height":11}},{"id":"fc149052-50b7-4de7-b6bd-808d08564f61","block_type":"box","text":"lose money over shor t periods due to fluctuation in the Fund’s net asset value (“NAV”) in response to shor t-term","page_number":5,"box":{"x":82,"y":547,"width":826,"height":12}},{"id":"722ca5e8-9aca-4669-b6d5-24e49c42ffb3","block_type":"box","text":"market movements and over longer periods during market downturns. Securities or other investments held by the","page_number":5,"box":{"x":82,"y":562,"width":831,"height":12}},{"id":"fb5b3396-4942-41f7-8130-4d2d2a4c57ea","block_type":"box","text":"Fund may underper form the markets, the relevant indices or benchmarks, or the securities selected by other funds","page_number":5,"box":{"x":82,"y":577,"width":843,"height":11}},{"id":"d72c3df8-ddb2-40f0-80f6-ac3770a3740b","block_type":"box","text":"with similar investment objectives and investment strategies, or may otherwise fail to per form as intended. The","page_number":5,"box":{"x":80,"y":592,"width":820,"height":11}},{"id":"6f4a4bb6-06b3-413f-beed-be29d3ec4cd4","block_type":"box","text":"value of a security or other asset may decline due to changes in general market conditions, economic trends or","page_number":5,"box":{"x":80,"y":606,"width":819,"height":12}},{"id":"3099cc89-f8a6-4cf8-8114-62e767f713b0","block_type":"box","text":"events that are not specifically related to the issuer of the security or other asset, or factors that affect a par ticular","page_number":5,"box":{"x":81,"y":621,"width":849,"height":12}},{"id":"ce0c8429-58b4-4457-b73c-8c56f2f561b7","block_type":"box","text":"issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or","page_number":5,"box":{"x":82,"y":636,"width":816,"height":12}},{"id":"d001a00c-72fe-4ab7-bbd2-6de5e52bb5b7","block_type":"box","text":"asset class. The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation","page_number":5,"box":{"x":81,"y":651,"width":836,"height":11}},{"id":"fd6c620e-8573-4f79-8f48-1b5f02eecd1b","block_type":"box","text":"rates, economic uncer tainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic","page_number":5,"box":{"x":82,"y":666,"width":789,"height":11}},{"id":"a7da7261-55d8-4f01-9435-18948d70412d","block_type":"box","text":"sanctions, currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural","page_number":5,"box":{"x":81,"y":681,"width":833,"height":11}},{"id":"b65ac933-5503-4672-934b-5bf97e79443e","block_type":"box","text":"and environmental disasters, the spread of infectious illness or other public health issues, recessions, or other","page_number":5,"box":{"x":81,"y":695,"width":819,"height":12}},{"id":"51f8c7fa-2c96-4dc0-bda8-88ef3d7de006","block_type":"box","text":"events. The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative","page_number":5,"box":{"x":81,"y":710,"width":849,"height":12}},{"id":"45447ae3-70a0-4ea6-8fed-b81f64bc9572","block_type":"box","text":"analysis and is subject to “Model Risk” as described above.","page_number":5,"box":{"x":81,"y":725,"width":441,"height":11}},{"id":"af3bb5e0-5117-421d-8bb9-25cf0c4b9bb7","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":745,"width":818,"height":12}},{"id":"fe2cb917-e88b-4aab-ac62-e30ad4d2cdff","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":760,"width":819,"height":11}},{"id":"0bdd4062-13ce-4207-bb57-11c6bc06d358","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":775,"width":819,"height":11}},{"id":"d3f1e871-7461-4a7e-819b-4da063d40957","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":5,"box":{"x":81,"y":789,"width":846,"height":12}},{"id":"2f3bc526-6dda-4a6a-addf-8c2378179af3","block_type":"box","text":"costs for impor ted goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":5,"box":{"x":81,"y":804,"width":848,"height":12}},{"id":"02b55c54-1767-4511-ac5e-6995c0bea34f","block_type":"box","text":"the Fund invests.","page_number":5,"box":{"x":80,"y":819,"width":125,"height":9}},{"id":"5db6671e-21de-45a0-a2c7-d10d94ebf73d","block_type":"box","text":"“New Issues” Risk","page_number":5,"box":{"x":83,"y":839,"width":139,"height":9}},{"id":"2d084c81-462a-4cbe-a526-1ce9f3991b8f","block_type":"box","text":"—","page_number":5,"box":{"x":227,"y":844,"width":17,"height":1}},{"id":"5aa2286d-05dd-4a52-8c50-29d37b5ccfdd","block_type":"box","text":"“New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history,","page_number":5,"box":{"x":249,"y":839,"width":681,"height":12}},{"id":"041b941c-f0cd-4b37-92b3-cdd4e919eb6b","block_type":"box","text":"and information about the companies may be available for very limited periods. In addition, the prices of securities","page_number":5,"box":{"x":81,"y":854,"width":843,"height":11}},{"id":"c0e21986-6f91-4fe1-ae28-bb16bad8b9f3","block_type":"box","text":"sold in IPOs may be highly volatile or may decline shor tly after the IPO.","page_number":5,"box":{"x":81,"y":869,"width":517,"height":11}},{"id":"05a11a66-ff1f-4331-9813-0eba8f5ee746","block_type":"box","text":"Operational and Technology Risks","page_number":5,"box":{"x":82,"y":889,"width":254,"height":11}},{"id":"f018002d-9f72-4acc-aa5b-c29d09322e12","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":5,"box":{"x":340,"y":889,"width":578,"height":11}},{"id":"fb99e6a7-2107-4a29-ba1e-080ee88e9fd2","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":5,"box":{"x":82,"y":904,"width":779,"height":11}},{"id":"e822c0d9-d721-4a57-a35b-6829ded8637b","block_type":"box","text":"cybersecurity incidents, and the use of AI, which may result in losses for the Fund and its shareholders or may","page_number":5,"box":{"x":81,"y":918,"width":811,"height":12}},{"id":"444db25a-7389-42cb-aed3-ba3a2c1287d7","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":947,"width":9,"height":9}},{"id":"3abfc5e1-fe83-4797-a0dd-e1d146422df7","block_type":"box","text":"NM1026U-5979961-5/12","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"3a7b0f22-4438-49b2-b3ad-6c33def273e7","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":42,"width":806,"height":11}},{"id":"eb956a6c-f81f-42e6-8abc-2ec1daa8949e","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":57,"width":853,"height":11}},{"id":"83e42643-47c7-4f3f-b7fe-b2eaf49d4987","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":71,"width":841,"height":12}},{"id":"f74cbf33-8a6e-4055-9a62-67faf84ee365","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":86,"width":808,"height":12}},{"id":"84b76522-0370-4f68-bd2c-ca44f2fceebd","block_type":"box","text":"issuers to lose value.","page_number":6,"box":{"x":82,"y":101,"width":155,"height":9}},{"id":"922db13b-12f5-484a-ab09-c1409cda727f","block_type":"box","text":"Preferred Securities Risk","page_number":6,"box":{"x":81,"y":121,"width":189,"height":9}},{"id":"b100e504-dd4d-42f8-9d62-3559dccbfb1e","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":6,"box":{"x":274,"y":121,"width":636,"height":11}},{"id":"585daa0c-2f6f-4647-9256-36ef232c7206","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":136,"width":824,"height":11}},{"id":"6bb2dd7c-1d3e-497a-9708-e7bec5ef0898","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":151,"width":806,"height":11}},{"id":"dc3e4e0f-7814-4d04-b87e-a1ee8c40481a","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":166,"width":842,"height":11}},{"id":"e4caaadf-280e-4fc1-8062-3b4fcb3b4ed8","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":180,"width":781,"height":12}},{"id":"96613ea4-1082-4f06-909b-7bd9254d7611","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":195,"width":812,"height":12}},{"id":"0290ad1d-1e2b-4350-b7a8-8396395259bc","block_type":"box","text":"larger companies.","page_number":6,"box":{"x":82,"y":210,"width":129,"height":12}},{"id":"cd70b5da-fef3-44fb-9f21-594738d891de","block_type":"box","text":"Performance Information","page_number":6,"box":{"x":61,"y":249,"width":224,"height":11}},{"id":"e99af02d-fb59-4013-9122-aa3e80c10196","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":275,"width":867,"height":12}},{"id":"ca2e6c66-00b9-4d97-8db9-159cc78109f9","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":290,"width":876,"height":12}},{"id":"e9b3061d-ed29-434a-b233-7320c1d46782","block_type":"box","text":"by the Fund at that time under the name “BlackRock Large Cap Value Fund.”","page_number":6,"box":{"x":61,"y":305,"width":560,"height":11}},{"id":"a5dd16be-6e93-4670-9e45-5d2ef2e011eb","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":327,"width":855,"height":12}},{"id":"f7e1d344-2e63-4a03-8a56-fdc056288a70","block_type":"box","text":"risks of investing in the Fund. Class K Shares commenced operations on January 25, 2018. As a result, the returns","page_number":6,"box":{"x":61,"y":342,"width":852,"height":12}},{"id":"0e9ecd6d-3608-47bb-90a4-d841a40d86c2","block_type":"box","text":"shown below for Class K Shares prior to January 25, 2018 are those of the Fund’s Institutional Shares, which are not","page_number":6,"box":{"x":61,"y":357,"width":866,"height":11}},{"id":"9f812d56-837f-4c06-a597-f5dd7303dccf","block_type":"box","text":"offered in this prospectus. The per formance of Class K Shares would be substantially similar to Institutional Shares","page_number":6,"box":{"x":61,"y":372,"width":853,"height":11}},{"id":"7e792502-2369-40f3-a2f3-6970f347ed9d","block_type":"box","text":"because Class K Shares and Institutional Shares are invested in the same por tfolio of securities and per formance","page_number":6,"box":{"x":61,"y":387,"width":842,"height":11}},{"id":"135da863-3400-4898-ad23-b3fb77598930","block_type":"box","text":"would differ only to the extent that Institutional Shares and Class K Shares have different expenses. The actual","page_number":6,"box":{"x":60,"y":401,"width":820,"height":12}},{"id":"aa36653a-400c-4f1d-8c31-e8cff9e488fb","block_type":"box","text":"returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have","page_number":6,"box":{"x":61,"y":416,"width":873,"height":12}},{"id":"bdcd482b-424b-42be-8940-44b7a5fe150c","block_type":"box","text":"lower expenses than the Institutional Shares. The table compares the Fund’s per formance to that of the Russell 1000","page_number":6,"box":{"x":62,"y":431,"width":870,"height":11}},{"id":"53ac07d3-acd5-4134-854c-1ba23eb36f4d","block_type":"box","text":"Index and the Russell 1000 Value Index. The Russell 1000 Value Index is relevant to the Fund because it has","page_number":6,"box":{"x":62,"y":446,"width":803,"height":9}},{"id":"7fa3744b-9988-42f4-94e7-757627300e34","block_type":"box","text":"characteristics similar to the Fund’s investment strategy. To the extent that dividends and distributions have been paid","page_number":6,"box":{"x":61,"y":461,"width":870,"height":11}},{"id":"b0aed5be-6ab6-4724-97e5-ddd8297a6dcf","block_type":"box","text":"by the Fund, the per formance information for the Fund in the char t and table assumes reinvestment of the dividends","page_number":6,"box":{"x":61,"y":476,"width":857,"height":11}},{"id":"ed80f422-c71e-4644-b078-27d883ef6741","block_type":"box","text":"and distributions. As with all such investments, past per formance (before and after taxes) is not an indication of future","page_number":6,"box":{"x":61,"y":490,"width":874,"height":12}},{"id":"22b8cbf7-a431-48fb-bef8-cd79a475c69d","block_type":"box","text":"results. The table includes all applicable fees. If BlackRock and its affiliates had not waived or reimbursed cer tain","page_number":6,"box":{"x":61,"y":505,"width":837,"height":11}},{"id":"009706d6-e4d8-4ca1-bbb3-0940626f13b2","block_type":"box","text":"Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s","page_number":6,"box":{"x":62,"y":520,"width":846,"height":12}},{"id":"98cfad0b-0156-4c3d-b1d2-5dc619e99e70","block_type":"box","text":"per formance, including its current NAV, can be obtained by visiting www.blackrock.com or can be obtained by phone at","page_number":6,"box":{"x":62,"y":535,"width":868,"height":11}},{"id":"ae2f7be6-9198-4322-b7e6-1acaa9f237d0","block_type":"box","text":"(800) 882-0052.","page_number":6,"box":{"x":61,"y":550,"width":122,"height":11}},{"id":"6a31ad9a-efa6-490b-97e8-a7cbed67dcc6","block_type":"box","text":"Class K Shares","page_number":6,"box":{"x":437,"y":573,"width":124,"height":10}},{"id":"7200de66-9423-4d40-8f73-26041ac9e1a5","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":6,"box":{"x":390,"y":589,"width":212,"height":10}},{"id":"e3f0a221-330b-4abb-abb5-816e602950bf","block_type":"box","text":"1","page_number":6,"box":{"x":603,"y":589,"width":5,"height":5}},{"id":"73c18ab2-bdc2-4521-a787-c33972917266","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund","page_number":6,"box":{"x":316,"y":605,"width":366,"height":12}},{"id":"ded079cf-39d6-4b3e-87f6-75ecae6424e8","block_type":"box","text":"As of 12/31","page_number":6,"box":{"x":447,"y":621,"width":103,"height":12}},{"id":"c2ec96b7-11c0-48be-8838-2702a956aa3d","block_type":"box","text":"13.84%","page_number":6,"box":{"x":292,"y":702,"width":44,"height":8}},{"id":"d8762e5e-0851-43b9-a563-8d9549430ff3","block_type":"box","text":"17.54%","page_number":6,"box":{"x":340,"y":691,"width":44,"height":7}},{"id":"19461611-8abb-4237-9d9b-a61db26529a8","block_type":"box","text":"-7.72%","page_number":6,"box":{"x":389,"y":785,"width":41,"height":7}},{"id":"1ac3efd9-0018-4373-b0e8-277c483b3b81","block_type":"box","text":"24.78%","page_number":6,"box":{"x":436,"y":668,"width":45,"height":8}},{"id":"43499b98-469e-4d1b-a6b8-944221fe3db1","block_type":"box","text":"3.94%","page_number":6,"box":{"x":488,"y":733,"width":37,"height":8}},{"id":"4a70f50c-8377-4ecf-a814-51a522e13340","block_type":"box","text":"26.81%","page_number":6,"box":{"x":532,"y":662,"width":45,"height":7}},{"id":"d4e61bd2-e56d-49a9-9783-39c084f13404","block_type":"box","text":"-8.57%","page_number":6,"box":{"x":582,"y":787,"width":40,"height":8}},{"id":"0b80623f-7f93-4849-894f-dc76791408ee","block_type":"box","text":"13.78%","page_number":6,"box":{"x":629,"y":703,"width":44,"height":7}},{"id":"729b2c8d-8830-41c3-a17d-2108bb66836e","block_type":"box","text":"15.51%","page_number":6,"box":{"x":677,"y":697,"width":44,"height":8}},{"id":"89fa9947-774b-4896-bf50-94c5581a3126","block_type":"box","text":"18.41%","page_number":6,"box":{"x":725,"y":688,"width":45,"height":8}},{"id":"1c26a899-f93f-4b95-8652-79f27696094a","block_type":"box","text":"-15%","page_number":6,"box":{"x":237,"y":800,"width":28,"height":7}},{"id":"2ea0449f-9296-45ec-b73f-aaef54601651","block_type":"box","text":"-10%","page_number":6,"box":{"x":237,"y":784,"width":28,"height":7}},{"id":"5faaea5a-7557-4265-b9a2-42f23d1e444b","block_type":"box","text":"-5%","page_number":6,"box":{"x":245,"y":769,"width":20,"height":7}},{"id":"7694b260-7456-4c4e-98ca-1a67b9e5ad79","block_type":"box","text":"0%","page_number":6,"box":{"x":248,"y":753,"width":17,"height":7}},{"id":"3f71de54-b517-4a66-8b98-6230e01e1b7a","block_type":"box","text":"5%","page_number":6,"box":{"x":248,"y":737,"width":17,"height":8}},{"id":"17758b94-91ed-4a72-ae9c-e5d29268002e","block_type":"box","text":"10%","page_number":6,"box":{"x":241,"y":722,"width":24,"height":7}},{"id":"edce90d6-98ad-423d-88a4-a28bff99819d","block_type":"box","text":"15%","page_number":6,"box":{"x":241,"y":706,"width":24,"height":8}},{"id":"521c9265-fe86-4d72-a5b5-1741ca264b49","block_type":"box","text":"20%","page_number":6,"box":{"x":240,"y":691,"width":25,"height":7}},{"id":"4e12dd2f-4d54-4abd-9a20-6b611931c590","block_type":"box","text":"25%","page_number":6,"box":{"x":240,"y":675,"width":25,"height":8}},{"id":"08a2f45b-176e-44d6-a92b-eda168f90316","block_type":"box","text":"30%","page_number":6,"box":{"x":240,"y":660,"width":25,"height":7}},{"id":"e3c0acba-9bc4-48ab-b215-cd6e3074a024","block_type":"box","text":"35%","page_number":6,"box":{"x":240,"y":644,"width":25,"height":7}},{"id":"fe042e34-1daf-42af-b054-011618406ada","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":6,"box":{"x":298,"y":809,"width":465,"height":8}},{"id":"0dbe2596-6cee-4880-af6b-48ccd5a6a9a4","block_type":"box","text":"During the ten-year period shown in the bar char t, the highest return for a quar ter was 15.34% (quar ter ended","page_number":6,"box":{"x":62,"y":830,"width":806,"height":12}},{"id":"16512df6-9f18-4327-8831-a2db1a72cc03","block_type":"box","text":"December 31, 2020) and the lowest return for a quar ter was -25.68% (quar ter ended March 31, 2020). The year-to","page_number":6,"box":{"x":62,"y":845,"width":853,"height":11}},{"id":"c0584c93-2e89-4fa7-a16f-f2ef5677ff91","block_type":"box","text":"date return as of June 30, 2026 was 18.58%.","page_number":6,"box":{"x":61,"y":860,"width":337,"height":10}},{"id":"11b1d5c9-fc6c-4804-8270-6ec48da9ad23","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"fa93f065-8245-451f-ae49-9e624ffb9f41","block_type":"box","text":"NM1026U-5979961-6/12","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"14c2a51c-df4b-4980-a111-15c013b254a5","block_type":"box","text":"For the periods ended 12/31/25","page_number":7,"box":{"x":70,"y":47,"width":223,"height":10}},{"id":"e6cc7c48-d958-415b-a1ce-ed7db0064670","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":"57e7257b-110b-4cc5-b724-201d5342bc25","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund — Class K Shares","page_number":7,"box":{"x":70,"y":76,"width":413,"height":11}},{"id":"ea1ffacd-cc3b-4567-9520-3c686cfbf9d1","block_type":"box","text":"Return Before Taxes 18.41% 12.53% 11.19%","page_number":7,"box":{"x":85,"y":89,"width":840,"height":8}},{"id":"79ce2cab-6627-4031-9768-9d28e739db39","block_type":"box","text":"Return After Taxes on Distributions 15.35% 9.35% 9.00%","page_number":7,"box":{"x":85,"y":102,"width":840,"height":8}},{"id":"32ffc772-8565-4bd9-a0d1-e5183e1b5b40","block_type":"box","text":"Return After Taxes on Distributions","page_number":7,"box":{"x":85,"y":115,"width":228,"height":8}},{"id":"a8cf10a0-2c06-474e-8dae-b38e38645f14","block_type":"box","text":"and Sale of Fund Shares 12.07% 8.89% 8.40%","page_number":7,"box":{"x":85,"y":126,"width":840,"height":9}},{"id":"01c0e1d5-14eb-49b6-beda-1dc3632ff415","block_type":"box","text":"Russell 1000 Index","page_number":7,"box":{"x":70,"y":145,"width":128,"height":8}},{"id":"3ff1f855-c62e-42fd-83f6-3fb77e923f68","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":158,"width":856,"height":10}},{"id":"efc4381b-f2b5-4c00-a3ca-ca8ebc4184f8","block_type":"box","text":"Russell 1000 Value Index","page_number":7,"box":{"x":70,"y":176,"width":168,"height":8}},{"id":"4164069d-6057-4856-acc2-3f0106afb07a","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 15.91% 11.33% 10.53%","page_number":7,"box":{"x":69,"y":190,"width":856,"height":10}},{"id":"b2a939a7-d512-410b-bcc6-8e4b6d50452d","block_type":"box","text":"1","page_number":7,"box":{"x":61,"y":209,"width":3,"height":4}},{"id":"336274f1-afe1-4266-99d1-03aa6dafa20f","block_type":"box","text":"A por tion of the Fund’s total return for the fiscal years ended September 30, 2016 and 2017 was attributable to proceeds received from a","page_number":7,"box":{"x":81,"y":209,"width":815,"height":9}},{"id":"dab62221-f646-4725-8d30-1c668d8a1533","block_type":"box","text":"settlement of litigation.","page_number":7,"box":{"x":81,"y":220,"width":135,"height":9}},{"id":"a72b1295-13ab-4c26-8aa4-92d4dea20e63","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":245,"width":840,"height":11}},{"id":"f7b14779-26aa-44a8-a7ef-828d4c3ec20c","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":260,"width":835,"height":11}},{"id":"c53b8802-bf99-44f7-b915-1e7e1d75d348","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":274,"width":851,"height":12}},{"id":"079694c8-824f-46c2-bdc9-8d1676d6a828","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.","page_number":7,"box":{"x":60,"y":289,"width":611,"height":12}},{"id":"082f8c4e-fb87-4f4d-9fc3-4437e115541f","block_type":"box","text":"Investment Manager","page_number":7,"box":{"x":62,"y":328,"width":187,"height":14}},{"id":"50092baa-8e48-4f4e-8ed6-b052ab1a6ef9","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).","page_number":7,"box":{"x":60,"y":354,"width":709,"height":12}},{"id":"0c911efa-6de7-4708-98af-fe2d8930cab0","block_type":"box","text":"Portfolio Managers","page_number":7,"box":{"x":61,"y":393,"width":173,"height":14}},{"id":"3a5cd386-9e96-4f77-b1e1-e0f2ca874d03","block_type":"box","text":"Portfolio Manager","page_number":7,"box":{"x":70,"y":437,"width":121,"height":10}},{"id":"bdbe64e2-01a0-4e7a-bfc8-07c239b00af9","block_type":"box","text":"Portfolio Manager","page_number":7,"box":{"x":340,"y":426,"width":121,"height":10}},{"id":"f8f1ee21-21e5-43e4-92cb-65f899ec75bf","block_type":"box","text":"of the Fund Since Title","page_number":7,"box":{"x":341,"y":437,"width":425,"height":8}},{"id":"b6474abe-56be-4e7d-b96d-ee8ed5031c69","block_type":"box","text":"Raffaele Savi 2017 Senior Managing Director of BlackRock, Inc.","page_number":7,"box":{"x":70,"y":455,"width":825,"height":11}},{"id":"13fb4d9e-8fc1-42ec-87a6-86f7f4db1b41","block_type":"box","text":"Travis Cooke, CFA 2017 Managing Director of BlackRock, Inc.","page_number":7,"box":{"x":69,"y":473,"width":780,"height":11}},{"id":"f37c8657-f1f8-414b-a460-2fd54acd677d","block_type":"box","text":"Richard Mathieson 2017 Managing Director of BlackRock, Inc.","page_number":7,"box":{"x":70,"y":491,"width":779,"height":11}},{"id":"4dcfe9fa-fa8c-4c61-83e2-b8a29ee62593","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":7,"box":{"x":61,"y":532,"width":309,"height":11}},{"id":"85e0817b-04d0-4197-ba4d-42d9c9fb3b95","block_type":"box","text":"Effective July 1, 2026, Class K Shares of the Fund are offered on a limited basis.","page_number":7,"box":{"x":62,"y":558,"width":598,"height":12}},{"id":"1358685e-8bff-4bab-9367-aa2df8249d51","block_type":"box","text":"Class K Shares of the Fund are available only to (i) cer tain employee benefit plans, such as health savings 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Financial Intermediary that has","page_number":7,"box":{"x":61,"y":699,"width":815,"height":12}},{"id":"a12fef7e-141f-48a4-9d8c-6afebe451e2f","block_type":"box","text":"entered into an agreement with the Fund’s distributor to sell such shares; (v) fee-based advisory platforms of a","page_number":7,"box":{"x":61,"y":714,"width":816,"height":12}},{"id":"c9ef1d91-3d38-4f48-b89c-dff58c4f2723","block_type":"box","text":"Financial Intermediary that (a) has specifically acknowledged in a written agreement with the Fund’s distributor and/or","page_number":7,"box":{"x":62,"y":729,"width":867,"height":11}},{"id":"b44a65c7-fb9d-4162-bc00-5deed3773a04","block_type":"box","text":"its affiliate(s) that the Financial Intermediary shall offer such shares to fee-based advisory clients through an omnibus","page_number":7,"box":{"x":62,"y":744,"width":868,"height":11}},{"id":"136678d4-5e6e-441c-9a9a-cecd9eb39b7e","block_type":"box","text":"account held at the Fund or (b) transacts in the Fund’s shares through another intermediary that has executed such an","page_number":7,"box":{"x":61,"y":759,"width":874,"height":11}},{"id":"edff2dcd-14f1-4f78-aa8a-8e203941e476","block_type":"box","text":"agreement and (vi) any other investors who met the eligibility criteria for BlackRock Shares or Class K Shares prior to","page_number":7,"box":{"x":61,"y":773,"width":859,"height":12}},{"id":"a50d18aa-fb25-4292-a601-f8a04c0b2ae5","block_type":"box","text":"August 15, 2016 and have continually held Class K Shares of the Fund in the same account since August 15, 2016.","page_number":7,"box":{"x":60,"y":788,"width":857,"height":12}},{"id":"848a4b22-6530-4f8f-a814-e6bc9d683973","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. 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There is no minimum investment amount for additional purchases.","page_number":7,"box":{"x":61,"y":870,"width":586,"height":11}},{"id":"f599e60c-742d-4b71-9189-66bd12027c51","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":947,"width":8,"height":9}},{"id":"ce279431-8c16-4eea-8496-08111dbf64bf","block_type":"box","text":"NM1026U-5979961-7/12","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"addd7e02-e461-4d50-9692-455782a9f2bd","block_type":"box","text":"Tax Information","page_number":8,"box":{"x":63,"y":43,"width":138,"height":11}},{"id":"f6f0ed84-5891-491a-babf-0b74ecdbbb36","block_type":"box","text":"Different income tax rules apply depending on whether you are invested through a qualified tax-exempt plan described","page_number":8,"box":{"x":62,"y":69,"width":865,"height":11}},{"id":"dc22be99-c6af-44a5-9d15-df53a73e973d","block_type":"box","text":"in section 401(a) of the Internal Revenue Code of 1986, as amended. 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