0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:S000002541Member bmvo:C000006998Member 2026-04-30 2026-04-30 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:S000002541Member bmvo:C000007000Member 2026-04-30 2026-04-30 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:S000002541Member bmvo:C000007001Member 2026-04-30 2026-04-30 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:S000002541Member bmvo:C000007002Member 2026-04-30 2026-04-30 0000918848 bmvo:ClassKMember bmvo:S000002541Member bmvo:C000199762Member 2026-04-30 2026-04-30 0000918848 bmvo:ClassKMember bmvo:S000002541Member 2026-04-30 2026-04-30 0000918848 bmvo:ClassKMember bmvo:S000002541Member bmvo:ConvertibleSecuritiesRiskMember 2026-04-30 2026-04-30 0000918848 bmvo:ClassKMember bmvo:S000002541Member bmvo:EquitySecuritiesRiskMember 2026-04-30 2026-04-30 0000918848 bmvo:ClassKMember bmvo:S000002541Member bmvo:ForeignSecuritiesRiskMember 2026-04-30 2026-04-30 0000918848 bmvo:ClassKMember bmvo:S000002541Member bmvo:IncomeProducingStockAvailabilityRiskMember 2026-04-30 2026-04-30 0000918848 bmvo:ClassKMember bmvo:S000002541Member bmvo:InvestmentStyleRiskMember 2026-04-30 2026-04-30 0000918848 bmvo:ClassKMember bmvo:S000002541Member bmvo:MarketRiskAndSelectionRiskMember 2026-04-30 2026-04-30 0000918848 bmvo:ClassKMember bmvo:S000002541Member bmvo:MidCapSecuritiesRiskMember 2026-04-30 2026-04-30 0000918848 bmvo:ClassKMember bmvo:S000002541Member bmvo:OperationalAndTechnologyRisksMember 2026-04-30 2026-04-30 0000918848 bmvo:ClassKMember bmvo:S000002541Member bmvo:PreferredSecuritiesRiskMember 2026-04-30 2026-04-30 0000918848 bmvo:ClassKMember bmvo:S000002541Member oef:RiskLoseMoneyMember 2026-04-30 2026-04-30 0000918848 bmvo:ClassKMember bmvo:S000002541Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-04-30 2026-04-30 0000918848 bmvo:ClassKMember bmvo:S000002541Member bmvo:RiskOfInvestingInTheUnitedStatesMember 2026-04-30 2026-04-30 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:S000002541Member 2026-04-30 2026-04-30 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:S000002541Member bmvo:ConvertibleSecuritiesRiskMember 2026-04-30 2026-04-30 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:S000002541Member bmvo:EquitySecuritiesRiskMember 2026-04-30 2026-04-30 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:S000002541Member bmvo:ForeignSecuritiesRiskMember 2026-04-30 2026-04-30 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:S000002541Member bmvo:IncomeProducingStockAvailabilityRiskMember 2026-04-30 2026-04-30 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:S000002541Member bmvo:InvestmentStyleRiskMember 2026-04-30 2026-04-30 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:S000002541Member bmvo:MarketRiskAndSelectionRiskMember 2026-04-30 2026-04-30 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:S000002541Member bmvo:MidCapSecuritiesRiskMember 2026-04-30 2026-04-30 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:S000002541Member bmvo:OperationalAndTechnologyRisksMember 2026-04-30 2026-04-30 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:S000002541Member bmvo:PreferredSecuritiesRiskMember 2026-04-30 2026-04-30 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:S000002541Member oef:RiskLoseMoneyMember 2026-04-30 2026-04-30 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:S000002541Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-04-30 2026-04-30 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:S000002541Member bmvo:RiskOfInvestingInTheUnitedStatesMember 2026-04-30 2026-04-30 0000918848 2026-04-30 2026-04-30 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:C000006998Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:C000006998Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:C000006998Member 2021-01-01 2025-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:C000007000Member 2021-01-01 2025-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:C000007001Member 2021-01-01 2025-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:C000007002Member 2021-01-01 2025-12-31 0000918848 bmvo:ClassKMember bmvo:C000199762Member 2021-01-01 2025-12-31 0000918848 bmvo:ClassKMember bmvo:C000199762Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000918848 bmvo:ClassKMember bmvo:C000199762Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000918848 bmvo:ClassKMember bmvo:Russell1000IndexMember 2021-01-01 2025-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:Russell1000IndexMember 2021-01-01 2025-12-31 0000918848 bmvo:ClassKMember bmvo:RussellMidcapValueIndexMember 2021-01-01 2025-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:RussellMidcapValueIndexMember 2021-01-01 2025-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:S000002541Member bmvo:C000006998Member 2016-01-01 2016-12-31 0000918848 bmvo:ClassKMember bmvo:S000002541Member bmvo:C000199762Member 2016-01-01 2016-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:S000002541Member bmvo:C000006998Member 2017-01-01 2017-12-31 0000918848 bmvo:ClassKMember bmvo:S000002541Member bmvo:C000199762Member 2017-01-01 2017-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:S000002541Member bmvo:C000006998Member 2018-01-01 2018-12-31 0000918848 bmvo:ClassKMember bmvo:S000002541Member bmvo:C000199762Member 2018-01-01 2018-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:S000002541Member bmvo:C000006998Member 2019-01-01 2019-12-31 0000918848 bmvo:ClassKMember bmvo:S000002541Member bmvo:C000199762Member 2019-01-01 2019-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:S000002541Member bmvo:C000006998Member 2020-01-01 2020-12-31 0000918848 bmvo:ClassKMember bmvo:S000002541Member bmvo:C000199762Member 2020-01-01 2020-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:S000002541Member bmvo:C000006998Member 2021-01-01 2021-12-31 0000918848 bmvo:ClassKMember bmvo:S000002541Member bmvo:C000199762Member 2021-01-01 2021-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:S000002541Member bmvo:C000006998Member 2022-01-01 2022-12-31 0000918848 bmvo:ClassKMember bmvo:S000002541Member bmvo:C000199762Member 2022-01-01 2022-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:S000002541Member bmvo:C000006998Member 2023-01-01 2023-12-31 0000918848 bmvo:ClassKMember bmvo:S000002541Member bmvo:C000199762Member 2023-01-01 2023-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:S000002541Member bmvo:C000006998Member 2024-01-01 2024-12-31 0000918848 bmvo:ClassKMember bmvo:S000002541Member bmvo:C000199762Member 2024-01-01 2024-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:C000006998Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:C000006998Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:C000006998Member 2025-01-01 2025-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:C000007000Member 2025-01-01 2025-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:C000007001Member 2025-01-01 2025-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:C000007002Member 2025-01-01 2025-12-31 0000918848 bmvo:ClassKMember bmvo:C000199762Member 2025-01-01 2025-12-31 0000918848 bmvo:ClassKMember bmvo:C000199762Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000918848 bmvo:ClassKMember bmvo:C000199762Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000918848 bmvo:ClassKMember bmvo:Russell1000IndexMember 2025-01-01 2025-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:Russell1000IndexMember 2025-01-01 2025-12-31 0000918848 bmvo:ClassKMember bmvo:RussellMidcapValueIndexMember 2025-01-01 2025-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:RussellMidcapValueIndexMember 2025-01-01 2025-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:S000002541Member bmvo:C000006998Member 2025-01-01 2025-12-31 0000918848 bmvo:ClassKMember bmvo:S000002541Member bmvo:C000199762Member 2025-01-01 2025-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:C000006998Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:C000006998Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:C000006998Member 2016-01-01 2025-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:C000007000Member 2016-01-01 2025-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:C000007001Member 2016-01-01 2025-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:C000007002Member 2016-01-01 2025-12-31 0000918848 bmvo:ClassKMember bmvo:C000199762Member 2016-01-01 2025-12-31 0000918848 bmvo:ClassKMember bmvo:C000199762Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000918848 bmvo:ClassKMember bmvo:C000199762Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000918848 bmvo:ClassKMember bmvo:Russell1000IndexMember 2016-01-01 2025-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:Russell1000IndexMember 2016-01-01 2025-12-31 0000918848 bmvo:ClassKMember bmvo:RussellMidcapValueIndexMember 2016-01-01 2025-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMember bmvo:RussellMidcapValueIndexMember 2016-01-01 2025-12-31 iso4217:USD pure 0000918848 false 485BPOS 2026-04-30 0.0911 0.1343 0.2231 0.0855 -0.0974 0.2924 0.0685 0.2607 -0.0422 0.1230 -0.0398 0.1263 0.0946 0.1379 0.2277 0.0882 -0.0946 0.2965 0.0721 0.2648 N-1A BlackRock Mid-Cap Value Series, Inc. 2026-08-28 Fund Overview Key Facts About BlackRock Mid-Cap Value Fund Investment Objective The investment objective of BlackRock Mid-Cap Value Fund (the “Fund”), a series of BlackRock Mid-Cap Value Series, Inc. (the “Corporation”), is to seek capital appreciation and, secondarily, income, by investing in securities, primarily equity securities that Fund management believes are undervalued and therefore represent an investment value. Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Amounts in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">You may pay other fees, such </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">as brokerage commissions and other fees to your financial professional or your selected securities dealer, broker, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">investment adviser, service provider or industry professional (including BlackRock Advisors, LLC (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">BlackRock</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">) and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">its affiliates) (each, a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">Financial Intermediary</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">), which are not reflected in the table and example below.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> You may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fund complex advised by BlackRock or its affiliates. More information about these and other discounts is available </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">from your Financial Intermediary and in the “Details About the Share Classes” and the “Intermediary-Defined Sales </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Charge Waiver Policies” sections on pages </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">25</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">A-1</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">, respectively, of the Fund’s prospectus and in the “Purchase of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Shares” section on page </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">II-97</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> of Part II of the Fund’s Statement of Additional Information.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the fund complex advised by BlackRock or its affiliates. 25000 Shareholder Fees (fees paid directly from your investment) 0.0525 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0065 0.0065 0.0065 0.0065 0.0025 0.0100 0 0.0050 0.0018 0.0025 0.0019 0.0026 0.0001 0.0001 0.0001 0.0001 0.0109 0.0191 0.0085 0.0142 -0.0009 -0.0016 -0.0010 -0.0017 0.0100 0.0175 0.0075 0.0125 A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more. June 30, 2028 The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses. Example: <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or lower, based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> 622 845 1086 1776 278 585 1017 2006 77 261 462 1040 127 433 760 1687 You would pay the following expenses if you did not redeem your shares:  178 585 1017 2006 Portfolio Turnover: <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Example, affect the Fund’s performance. During the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">most recent </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fiscal year</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">75</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">% of the average value of its portfolio.</span></div> 0.75 Principal Investment Strategies of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund seeks to achieve its investment objective by investing primarily in a diversified portfolio of equity securities. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment purposes in value equity securities of mid cap companies and derivatives that provide investment exposure </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to such securities or to one or more market risk factors associated with such securities. Under normal market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">conditions, the Fund intends to invest primarily in dividend-paying securities. Equity securities include common stock, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">preferred stock or securities or other instruments whose price is linked to the value of common stock. The Fund may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">also purchase convertible securities. For purposes of the Fund’s 80% policy, mid cap value equity securities are equity </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities that (i) at the time of purchase have market capitalizations in the range of companies included in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Russell Midcap </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Value Index (“the Russell Midcap Value Index”) and (ii) are included within at least one value index, as </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">determined by BlackRock (the “Value Indices”). Currently, such Value Indices are the Russell 3000 </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Value Index, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">S&amp;P Composite 1500 </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Value Index and the MSCI World Value Index. The Russell Midcap Value Index is an index that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">measures the performance of the mid-cap value segment of the U.S. equity universe, with companies that have market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">capitalizations between approximately $</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">1.99</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">billion </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and $</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">93.20 </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">billion as of July 31, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">2026</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">. The Fund will focus on </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers that have good prospects for capital appreciation and current income. Although the Fund invests primarily in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">dividend-paying securities, portions of the distributions paid by the Fund may not be subject to the lower income tax </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rates applicable to dividends. While the Fund will invest at least 80% of its assets in mid cap value equity securities, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund may invest in securities of companies with any market capitalization. The Fund’s portfolio, in the aggregate, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">will be structured in a manner designed to seek long-term capital appreciation as well as net portfolio yield in excess </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of the average yield of mutual funds invested primarily in U.S. equities.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may also invest in securities convertible into common stock and non-convertible preferred stock. Convertible </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities are generally debt securities or preferred stock that may be converted into common stock. Convertible </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities typically pay current income as either interest (debt security convertibles) or dividends (preferred stock). A </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">convertible security’s value usually reflects both the stream of current income payments and the market value of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">underlying common stock. Preferred stock is a class of stock that often pays dividends at a specified rate and has </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">preference over common stock in dividend payments and liquidation of assets. Preferred stock may also be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">convertible into common stock.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may invest up to 25% of its total assets in securities of foreign issuers. The Fund may invest in securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">from any country. The Fund may invest in securities denominated in both U.S. dollars and non-U.S. dollar currencies. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The 80% policy noted above is a non-fundamental policy of the Fund and may not be changed without 60 days’ prior </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">notice to shareholders.</span></div> The Fund seeks to achieve its investment objective by investing primarily in a diversified portfolio of equity securities. Under normal circumstances, the Fund will invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in value equity securities of mid cap companies and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. Under normal market conditions, the Fund intends to invest primarily in dividend-paying securities. Equity securities include common stock, preferred stock or securities or other instruments whose price is linked to the value of common stock. The Fund may also purchase convertible securities. For purposes of the Fund’s 80% policy, mid cap value equity securities are equity securities that (i) at the time of purchase have market capitalizations in the range of companies included in the Russell Midcap Value Index (“the Russell Midcap Value Index”) and (ii) are included within at least one value index, as determined by BlackRock (the “Value Indices”). Currently, such Value Indices are the Russell 3000 Value Index, the S&amp;P Composite 1500 Value Index and the MSCI World Value Index. The Russell Midcap Value Index is an index that measures the performance of the mid-cap value segment of the U.S. equity universe, with companies that have market capitalizations between approximately $1.99billion and $93.20 billion as of July 31, 2026. The Fund will focus on issuers that have good prospects for capital appreciation and current income. Although the Fund invests primarily in dividend-paying securities, portions of the distributions paid by the Fund may not be subject to the lower income tax rates applicable to dividends. While the Fund will invest at least 80% of its assets in mid cap value equity securities, the Fund may invest in securities of companies with any market capitalization. The Fund’s portfolio, in the aggregate, will be structured in a manner designed to seek long-term capital appreciation as well as net portfolio yield in excess of the average yield of mutual funds invested primarily in U.S. equities. <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may invest up to 25% of its total assets in securities of foreign issuers. The Fund may invest in securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">from any country. The Fund may invest in securities denominated in both U.S. dollars and non-U.S. dollar currencies. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The 80% policy noted above is a non-fundamental policy of the Fund and may not be changed without 60 days’ prior </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">notice to shareholders.</span></div> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments.  An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Equity Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Stock markets are volatile. The price of equity securities fluctuates based on changes in a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">company’s financial condition and overall market and economic conditions.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Mid Cap Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The securities of mid cap companies generally trade in lower volumes and are generally </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">subject to greater and less predictable price changes than the securities of larger capitalization companies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Investment Style Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Under certain market conditions, value investments have performed better during periods </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of economic recovery. Therefore, this investment style may over time go in and out of favor. At times when the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use different </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment styles.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Income Producing Stock Availability Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Depending upon market conditions, income producing common stock </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that meets the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">few market sectors. This may limit the ability of the Fund to produce current income while remaining fully diversified.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Foreign Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Foreign investments often involve special risks not present in U.S. investments that can </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">increase the chances that the Fund will lose money. These risks include:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">oversight.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The economies of certain foreign markets may not compare favorably with the economy of the United States with </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">payments position.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">currency, securities, derivatives or other assets.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the same extent as does the United States and may not have laws to protect investors that are comparable to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">U.S. securities laws.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 493.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities not typically associated with settlement and clearance of U.S. investments.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign country, accruals in the Fund’s net asset value for such refunds may be written down partially or in full, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">which will adversely affect the Fund’s net asset value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Convertible Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The market value of a convertible security performs like that of a regular debt </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">their market value may change based on changes in the issuer’s credit rating or the market’s perception of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">converted, a convertible security is also subject to the same types of market and issuer risks that apply to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">underlying common stock, including the potential for increased volatility in the price of the convertible security.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Market Risk and Selection Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Market risk is the risk that one or more markets in which the Fund invests will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">go down in value, including the possibility that the markets will go down sharply and unpredictably. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">An investor could </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">movements and over longer periods during market downturns. Securities or other investments held by the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">similar investment objectives and investment strategies, or may otherwise fail to perform as intended.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The value of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">a security or other asset may decline due to changes in general market conditions, economic trends or events that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The success of the Fund’s activities could be affected by interest rates</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">availability of credit, inflation rates, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">currency exchange controls, and local,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> regional or global events such as war, acts of terrorism, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">natural and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">environmental disasters,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> the spread of infectious illness or other public health issues</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">, recessions, or other events</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">domestic and global markets, and could adversely affect the investment performance of the Fund. In particular, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund invests.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Operational and Technology Risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund is directly and indirectly susceptible to operational and technology </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risks, including those related to human errors, processing errors, communication errors, systems failures, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">required to have appropriate operational, information security and cybersecurity risk management policies and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may cause the Fund’s investments in such issuers to lose value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Preferred Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Preferred securities may pay fixed or adjustable rates of return. Preferred securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">preferred securities generally pay dividends only after the company makes required payments to holders of its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities of smaller companies may be more vulnerable to adverse developments than preferred securities of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">larger companies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Risk of Investing in the United States </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Certain changes in the U.S. economy, such as when the U.S. economy </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The information shows you how the Fund’s performance has varied year by year and provides some indication of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risks of investing in the Fund. The Fund’s total returns prior to June 12, 2017 as reflected in the bar chart and the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">table are the returns of the Fund when it followed different investment strategies under the name “BlackRock Mid Cap </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Value Opportunities Fund.” The table compares the Fund’s performance to that of the Russell 1000 </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Index and the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Russell Midcap </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Value Index. The Russell Midcap </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Value Index is relevant to the Fund because it has characteristics </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">similar to the Fund’s investment strategy. To the extent that dividends and distributions have been paid by the Fund, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the performance information for the Fund in the chart and table assumes reinvestment of the dividends and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">distributions. As with all such investments, past performance (before and after taxes) is not an indication of future </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Updated information on the Fund’s performance, including its current net asset value, can be obtained by visiting </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">https://www.blackrock.com</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> or can be obtained by phone at </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(800) 882-0052</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">.</span></div> The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund’s performance to that of the Russell 1000 Index and the Russell Midcap Value Index. The Russell Midcap Value Index is relevant to the Fund because it has characteristics similar to the Fund’s investment strategy. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. https://www.blackrock.com (800) 882-0052 Investor A Shares ANNUAL TOTAL RETURNS BlackRock Mid-Cap Value Fund As of 12/31 <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">During the ten-year period shown in the bar chart, the highest return for a quarter was 24.23% (quarter ended </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">December 31, 2020) and the lowest return for a quarter was -30.21% (quarter ended March 31, 2020). The year-to-date return</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> as of June 30, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">2026 was 13.16</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">%.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> highest return 0.2423 2020-12-31 lowest return -0.3021 2020-03-31 year-to-date return 2026-06-30 0.1316 For the periods ended 12/31/25Average Annual Total Returns 0.0748 0.0972 0.1016 0.0421 0.0731 0.0773 0.0595 0.0711 0.0744 0.1368 0.1117 0.1104 0.1163 0.1008 0.1008 0.1312 0.1063 0.1047 0.1737 0.1359 0.1459 0.1105 0.0983 0.0978 <div style="margin-top: 12pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Investor A Shares only, and the after-tax returns for Investor C, Institutional and Class R Shares will vary.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor C, Institutional and Class R Shares will vary. Fund Overview Key Facts About BlackRock Mid-Cap Value Fund Investment Objective The investment objective of BlackRock Mid-Cap Value Fund (the “Fund”), a series of BlackRock Mid-Cap Value Series, Inc. (the “Corporation”), is to seek capital appreciation and, secondarily, income, by investing in securities, primarily equity securities that Fund management believes are undervalued and therefore represent an investment value. Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell Class K Shares of the Fund.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Amounts in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">You may pay other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">fees, such as brokerage commissions and other fees to your financial professional or your selected securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">dealer, broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">(“BlackRock”) and its affiliates) (each, a “Financial Intermediary”), which are not reflected in the table and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">example below.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0065 0 0.0006 0.0001 0.0072 -0.0002 0.0070 June 30, 2028 The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses. Example: <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or lower, based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> 72 228 399 893 Portfolio Turnover: <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Example, affect the Fund’s performance. During the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">most recent </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fiscal year</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">75</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">% of the average value of its portfolio.</span></div> 0.75 Principal Investment Strategies of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund seeks to achieve its investment objective by investing primarily in a diversified portfolio of equity securities. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment purposes in value equity securities of mid cap companies and derivatives that provide investment exposure </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to such securities or to one or more market risk factors associated with such securities. Under normal market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">conditions, the Fund intends to invest primarily in dividend-paying securities. Equity securities include common stock, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">preferred stock or securities or other instruments whose price is linked to the value of common stock. The Fund may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">also purchase convertible securities. For purposes of the Fund’s 80% policy, mid cap value equity securities are equity </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities that (i) at the time of purchase have market capitalizations in the range of companies included in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Russell Midcap</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Value Index (“the Russell Midcap Value Index”) and (ii) are included within at least one value index, as </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">determined by BlackRock (the “Value Indices”). Currently, such Value Indices are the Russell 3000</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Value Index, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">S&amp;P Composite 1500</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Value Index and the MSCI World Value Index. The Russell Midcap Value Index is an index that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">measures the performance of the mid-cap value segment of the U.S. equity universe, with companies that have market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">capitalizations between approximately $</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">1.99</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">billion</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and $</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">93.20</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> billion as of July 31, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">2026</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">. The Fund will focus on </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers that have good prospects for capital appreciation and current income. Although the Fund invests primarily in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">dividend-paying securities, portions of the distributions paid by the Fund may not be subject to the lower income tax </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rates applicable to dividends. While the Fund will invest at least 80% of its assets in mid cap value equity securities, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund may invest in securities of companies with any market capitalization. The Fund’s portfolio, in the aggregate, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">will be structured in a manner designed to seek long-term capital appreciation as well as net portfolio yield in excess </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of the average yield of mutual funds invested primarily in U.S. equities.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may also invest in securities convertible into common stock and non-convertible preferred stock. Convertible </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities are generally debt securities or preferred stock that may be converted into common stock. Convertible </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities typically pay current income as either interest (debt security convertibles) or dividends (preferred stock). A </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">convertible security’s value usually reflects both the stream of current income payments and the market value of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">underlying common stock. Preferred stock is a class of stock that often pays dividends at a specified rate and has </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">preference over common stock in dividend payments and liquidation of assets. Preferred stock may also be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">convertible into common stock.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may invest up to 25% of its total assets in securities of foreign issuers. The Fund may invest in securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">from any country. The Fund may invest in securities denominated in both U.S. dollars and non-U.S. dollar currencies. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The 80% policy noted above is a non-fundamental policy of the Fund and may not be changed without 60 days’ prior </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">notice to shareholders.</span></div> The Fund seeks to achieve its investment objective by investing primarily in a diversified portfolio of equity securities. Under normal circumstances, the Fund will invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in value equity securities of mid cap companies and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. Under normal market conditions, the Fund intends to invest primarily in dividend-paying securities. Equity securities include common stock, preferred stock or securities or other instruments whose price is linked to the value of common stock. The Fund may also purchase convertible securities. For purposes of the Fund’s 80% policy, mid cap value equity securities are equity securities that (i) at the time of purchase have market capitalizations in the range of companies included in the Russell Midcap Value Index (“the Russell Midcap Value Index”) and (ii) are included within at least one value index, as determined by BlackRock (the “Value Indices”). Currently, such Value Indices are the Russell 3000 Value Index, the S&amp;P Composite 1500 Value Index and the MSCI World Value Index. The Russell Midcap Value Index is an index that measures the performance of the mid-cap value segment of the U.S. equity universe, with companies that have market capitalizations between approximately $1.99billion and $93.20 billion as of July 31, 2026. The Fund will focus on issuers that have good prospects for capital appreciation and current income. Although the Fund invests primarily in dividend-paying securities, portions of the distributions paid by the Fund may not be subject to the lower income tax rates applicable to dividends. While the Fund will invest at least 80% of its assets in mid cap value equity securities, the Fund may invest in securities of companies with any market capitalization. The Fund’s portfolio, in the aggregate, will be structured in a manner designed to seek long-term capital appreciation as well as net portfolio yield in excess of the average yield of mutual funds invested primarily in U.S. equities. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may invest up to 25% of its total assets in securities of foreign issuers. The Fund may invest in securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">from any country. The Fund may invest in securities denominated in both U.S. dollars and non-U.S. dollar currencies. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The 80% policy noted above is a non-fundamental policy of the Fund and may not be changed without 60 days’ prior </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">notice to shareholders.</span></div> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Equity Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Stock markets are volatile. The price of equity securities fluctuates based on changes in a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">company’s financial condition and overall market and economic conditions.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Mid Cap Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The securities of mid cap companies generally trade in lower volumes and are generally </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">subject to greater and less predictable price changes than the securities of larger capitalization companies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Investment Style Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Under certain market conditions, value investments have performed better during periods </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of economic recovery. Therefore, this investment style may over time go in and out of favor. At times when the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use different </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment styles.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Income Producing Stock Availability Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Depending upon market conditions, income producing common stock </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that meets the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">few market sectors. This may limit the ability of the Fund to produce current income while remaining fully diversified.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Foreign Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Foreign investments often involve special risks not present in U.S. investments that can </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">increase the chances that the Fund will lose money. These risks include:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">oversight.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The economies of certain foreign markets may not compare favorably with the economy of the United States with </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">payments position.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">currency, securities, derivatives or other assets.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the same extent as does the United States and may not have laws to protect investors that are comparable to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">U.S. securities laws.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 493.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities not typically associated with settlement and clearance of U.S. investments.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign country, accruals in the Fund’s net asset value for such refunds may be written down partially or in full, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">which will adversely affect the Fund’s net asset value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Convertible Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The market value of a convertible security performs like that of a regular debt </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">their market value may change based on changes in the issuer’s credit rating or the market’s perception of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">converted, a convertible security is also subject to the same types of market and issuer risks that apply to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">underlying common stock, including the potential for increased volatility in the price of the convertible security.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Market Risk and Selection Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Market risk is the risk that one or more markets in which the Fund invests will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">go down in value, including the possibility that the markets will go down sharply and unpredictably. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">An investor could </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">movements and over longer periods during market downturns. Securities or other investments held by the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">similar investment objectives and investment strategies, or may otherwise fail to perform as intended.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The value of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">a security or other asset may decline due to changes in general market conditions, economic trends or events that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The success of the Fund’s activities could be affected by interest rates</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">availability of credit, inflation rates, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">currency exchange controls, and local,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> regional or global events such as war, acts of terrorism, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">natural and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">environmental disasters,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> the spread of infectious illness or other public health issues</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">, recessions, or other events</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">domestic and global markets, and could adversely affect the investment performance of the Fund. In particular, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund invests.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Operational and Technology Risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund is directly and indirectly susceptible to operational and technology </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risks, including those related to human errors, processing errors, communication errors, systems failures, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div style="line-height: 10.695pt; margin-left: 12pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">required to have appropriate operational, information security and cybersecurity risk management policies and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may cause the Fund’s investments in such issuers to lose value.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Preferred Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Preferred securities may pay fixed or adjustable rates of return. Preferred securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">preferred securities generally pay dividends only after the company makes required payments to holders of its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities of smaller companies may be more vulnerable to adverse developments than preferred securities of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">larger companies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Risk of Investing in the United States </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Certain changes in the U.S. economy, such as when the U.S. economy </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The information shows you how the Fund’s performance has varied year by year and provides some indication of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risks of investing in the Fund. Class K Shares commenced operations on January 25, 2018. As a result, the returns </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shown below for Class K Shares prior to January 25, 2018 are those of the Fund’s Institutional Shares, which are not </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">offered in this prospectus. The performance of Class K Shares would be substantially similar to Institutional Shares </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">because Class K Shares and Institutional Shares are invested in the same portfolio of securities and performance </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">would differ only to the extent that Institutional Shares and Class K Shares have different expenses. The actual </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">returns of Class K Shares would have been higher than those of Institutional Shares because Class K Shares have </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">lower expenses than Institutional Shares. The Fund’s total returns prior to June 12, 2017 as reflected in the bar chart </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and the table are the returns of the Fund when it followed different investment strategies under the name “BlackRock </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Mid Cap Value Opportunities Fund.” The table compares the Fund’s performance to that of the Russell 1000</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Index </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and the Russell Midcap</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Value Index. The Russell Midcap</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Value Index is relevant to the Fund because it has </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">characteristics similar to the Fund’s investment strategy. To the extent that dividends and distributions have been paid </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">by the Fund, the performance information for the Fund in the chart and table assumes reinvestment of the dividends </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and distributions. As with all such investments, past performance (before and after taxes) is not an indication of future </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">results. The table includes all applicable fees. If the Fund’s investment manager and its affiliates had not waived or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">information on the Fund’s performance, including its current net asset value, can be obtained by visiting </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">http://www.blackrock.com</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> or can be obtained by phone at </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(800) 882-0052</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">.</span></div> The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund’s performance to that of the Russell 1000 Index and the Russell Midcap Value Index. The Russell Midcap Value Index is relevant to the Fund because it has characteristics similar to the Fund’s investment strategy. As with all such investments, past performance (before and after taxes) is not an indication of future results. http://www.blackrock.com (800) 882-0052 Class K Shares ANNUAL TOTAL RETURNS BlackRock Mid-Cap Value Fund As of 12/31 <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">During the ten-year period shown in the bar chart, the highest return for a quarter was 24.40% (quarter ended </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">December 31, 2020) and the lowest return for a quarter was -30.15% (quarter ended March 31, 2020). The year-to-date return</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> as of June 30, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">2026 was 13.36</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">%.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> highest return 0.2440 2020-12-31 lowest return -0.3015 2020-03-31 year-to-date return 2026-06-30 0.1336 For the periods ended 12/31/25Average Annual Total Returns 0.1379 0.1124 0.1110 0.1048 0.0886 0.0868 0.0967 0.0835 0.0824 0.1737 0.1359 0.1459 0.1105 0.0983 0.0978 <div style="margin-top: 12pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 41, BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2028. 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 of a majority of the outstanding voting securities of the Fund. The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 41, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.99% (for Investor A Shares), 1.74% (for Investor C Shares), 0.74% (for Institutional Shares) and 1.24% (for Class R Shares) 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-interested directors of the Corporation or by a vote of a majority of the outstanding voting securities of the Fund. A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more. There is no CDSC on Investor C Shares after one year. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 29, BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2028. 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 of a majority of the outstanding voting securities of the Fund. The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 29, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.69% 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-interested directors of the Corporation or by a vote of a majority of the outstanding voting securities of the Fund.