0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000051092Member bf1:C000160934Member 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000051092Member bf1:C000160935Member 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000051092Member bf1:C000160936Member 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000051092Member bf1:C000166019Member 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000051092Member 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000051092Member bf1:ConvertibleSecuritiesRiskMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000051092Member bf1:DerivativesRisksMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000051092Member bf1:EquitySecuritiesRiskMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000051092Member bf1:ESGInvestingRiskMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000051092Member bf1:HighPortfolioTurnoverRiskMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000051092Member bf1:InvestmentStyleRiskMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000051092Member bf1:LargeCapitalizationCompaniesRiskMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000051092Member bf1:LeverageRiskMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000051092Member bf1:MarketRiskAndSelectionRiskMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000051092Member bf1:ModelRiskMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000051092Member bf1:NewIssuesRiskMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000051092Member bf1:OperationalAndTechnologyRisksMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000051092Member bf1:PreferredSecuritiesRiskMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000051092Member oef:RiskLoseMoneyMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000051092Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000051092Member bf1:RiskOfInvestingInTheUnitedStatesMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000051092Member 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000051092Member bf1:ConvertibleSecuritiesRiskMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000051092Member bf1:DerivativesRisksMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000051092Member bf1:EquitySecuritiesRiskMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000051092Member bf1:ESGInvestingRiskMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000051092Member bf1:HighPortfolioTurnoverRiskMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000051092Member bf1:InvestmentStyleRiskMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000051092Member bf1:LargeCapitalizationCompaniesRiskMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000051092Member bf1:LeverageRiskMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000051092Member bf1:MarketRiskAndSelectionRiskMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000051092Member bf1:ModelRiskMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000051092Member bf1:NewIssuesRiskMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000051092Member bf1:OperationalAndTechnologyRisksMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000051092Member bf1:PreferredSecuritiesRiskMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000051092Member oef:RiskLoseMoneyMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000051092Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000051092Member bf1:RiskOfInvestingInTheUnitedStatesMember 2026-05-31 2026-05-31 0000844779 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000160934Member 2021-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000160934Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000160934Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000160935Member 2021-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000160936Member 2021-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:C000166019Member 2021-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:C000166019Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:C000166019Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:Russell1000IndexMember 2021-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:S000051092Russell1000IndexMember 2021-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000051092Member bf1:C000160934Member 2016-01-01 2016-12-31 0000844779 bf1:ClassKMember bf1:S000051092Member bf1:C000166019Member 2016-01-01 2016-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000051092Member bf1:C000160934Member 2017-01-01 2017-12-31 0000844779 bf1:ClassKMember bf1:S000051092Member bf1:C000166019Member 2017-01-01 2017-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000051092Member bf1:C000160934Member 2018-01-01 2018-12-31 0000844779 bf1:ClassKMember bf1:S000051092Member bf1:C000166019Member 2018-01-01 2018-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000051092Member bf1:C000160934Member 2019-01-01 2019-12-31 0000844779 bf1:ClassKMember bf1:S000051092Member bf1:C000166019Member 2019-01-01 2019-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000051092Member bf1:C000160934Member 2020-01-01 2020-12-31 0000844779 bf1:ClassKMember bf1:S000051092Member bf1:C000166019Member 2020-01-01 2020-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000051092Member bf1:C000160934Member 2021-01-01 2021-12-31 0000844779 bf1:ClassKMember bf1:S000051092Member bf1:C000166019Member 2021-01-01 2021-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000051092Member bf1:C000160934Member 2022-01-01 2022-12-31 0000844779 bf1:ClassKMember bf1:S000051092Member bf1:C000166019Member 2022-01-01 2022-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000051092Member bf1:C000160934Member 2023-01-01 2023-12-31 0000844779 bf1:ClassKMember bf1:S000051092Member bf1:C000166019Member 2023-01-01 2023-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000051092Member bf1:C000160934Member 2024-01-01 2024-12-31 0000844779 bf1:ClassKMember bf1:S000051092Member bf1:C000166019Member 2024-01-01 2024-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000160934Member 2025-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000160934Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000160934Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000160935Member 2025-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000160936Member 2025-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:C000166019Member 2025-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:C000166019Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:C000166019Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:Russell1000IndexMember 2025-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000051092Member bf1:C000160934Member 2025-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:S000051092Member bf1:C000166019Member 2025-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:S000051092Russell1000IndexMember 2025-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000160934Member 2016-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000160934Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000160934Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000160935Member 2016-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000160936Member 2016-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:C000166019Member 2016-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:C000166019Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:C000166019Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:Russell1000IndexMember 2016-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:S000051092Russell1000IndexMember 2016-01-01 2025-12-31 iso4217:USD pure 0000844779 false 485BPOS 2026-05-31 0.1394 0.1864 0.2122 -0.0566 0.3079 0.2211 0.2826 -0.1993 0.2526 0.2359 0.1437 0.1898 0.2153 -0.0547 0.3133 0.2245 0.2861 -0.1968 0.2566 0.2395 N-1A BLACKROCK FUNDS 2026-09-28 Fund OverviewKey Facts About BlackRock Sustainable Aware Advantage Large Cap Core Fund Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The investment objective of BlackRock Sustainable Aware Advantage Large Cap Core Fund (the “Fund”), a series of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock Funds</span><span style="color: #000000; font-family: arial; font-size: 5pt; position: relative; top: -3.25pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> (the “Trust”), is to seek to provide total return while seeking to maintain certain environmental, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">social and governance (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">ESG</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">) characteristics and climate risk exposure relative to the Fund’s benchmark.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> 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. 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 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. 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;">26</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> <br/><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </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 0.0100 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0040 0.0040 0.0040 0.0025 0.0100 0 0.0023 0.0022 0.0024 0.0088 0.0162 0.0064 -0.0015 -0.0014 -0.0016 0.0073 0.0148 0.0048 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 For certain share classes, the Total Annual Fund Operating Expenses and Other 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> 596 777 973 1539 251 497 868 1712 49 189 341 783 You would pay the following expenses if you did not redeem your shares:  151 497 868 1712 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 most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">115</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">% of the average value of its portfolio.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> 1.15 Principal Investment Strategies of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund pursues an ESG uplift strategy by seeking to maintain (i) an aggregate ESG assessment at a portfolio level </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that is at least 10% better than that of the Russell 1000 Index (the “Benchmark”) and (ii) an aggregate carbon </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">emissions assessment at a portfolio level that is at least 20% lower than that of the Benchmark. BlackRock makes </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">such assessments by utilizing Fund management’s proprietary framework as well as certain third-party data. These </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">assessments versus the Benchmark are determined at the time of investment and the Fund may deviate from its uplift </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">targets due to, among other factors, market movements or changes in data. In addition, the Fund utilizes exclusionary </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">screens based on certain ESG criteria, which are described below.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">borrowings for investment purposes in large cap equity securities and derivatives that provide investment exposure to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">such securities or to one or more market risk factors associated with such securities. For purposes of the Fund’s 80% </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">policy, large cap equity securities are equity securities that at the time of purchase have a market capitalization within </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the range of companies included in the Benchmark. The companies included in the Benchmark have market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">capitalizations that range from approximately $1.98 billion to $5.36 trillion as of August 31, 2026.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Equity securities in which the Fund invests include common stock and preferred stock. The Fund may also purchase </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">convertible securities. From time to time the Fund may invest in shares of companies through </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">new issues</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> or initial </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">public offerings (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">IPOs</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">).</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">To determine the Fund’s investable universe, Fund management first seeks to screen out certain issuers based on </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">ESG criteria determined by BlackRock, subject to the considerations noted below. Such screening criteria principally </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">includes: (i) issuers that derive more than zero percent of revenue from the production of controversial weapons; </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(ii) issuers that derive more than zero percent of revenue from the production of civilian firearms; (iii) issuers that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">derive more than zero percent of revenue from the production of tobacco-related products; (iv) issuers that derive more </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">than five percent of revenue from thermal coal generation, unless such issuers either (a) have made certain </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commitments to reduce climate impact or (b) derive at least fifty percent of revenue from alternative energy sources; </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(v) issuers that derive more than five percent of revenue from thermal coal mining; and (vi) issuers that derive more </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">than five percent of revenue from oil sands extraction. The Fund relies on one or more third-party ratings agencies to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">identify issuers for purposes of the above screening criteria. Third-party rating agencies may base the above screening </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">criteria on an estimate when revenue for a covered business activity is not disclosed by the issuer or publicly available.</span></div> <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund’s screening criteria is measured at the time of investment and is dependent upon information and data that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may be incomplete, inaccurate, unavailable or estimated. Where the Fund’s criteria looks solely to third-party ratings or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">data, issuers are only screened to the extent such ratings or data have been assigned or made available by the third </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">parties. This screening criteria is subject to change over time at BlackRock’s discretion.</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;">In addition, the Fund may gain indirect exposure (through, including but not limited to, derivatives and investments in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other investment companies) to issuers with exposures that are inconsistent with the ESG criteria used by Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">management.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund seeks to pursue its investment objective by investing in equity securities in a disciplined manner, by using </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">proprietary return forecast models that incorporate quantitative analysis. These forecast models are designed to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">identify aspects of mispricing across stocks which the Fund can seek to capture by over- and under-weighting particular </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">equities while seeking to control incremental risk. The investment process is driven with systematic and quantitative </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">implementation based on an issuer’s expected returns, which include measurable ESG characteristics, risk and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transaction costs, as determined by BlackRock’s proprietary research.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock then constructs and rebalances the portfolio’s weightings by incorporating its investment insights into the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">model-based optimization process. Certain of the investment insights relate to ESG characteristics in BlackRock-defined</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> categories, including, but not limited to, (i) superior growth characteristics of issuers, (ii) risk mitigation </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">characteristics of issuers, (iii) themes related to social matters and (iv) economic transition, which includes, but is not </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">limited to, environmental considerations. Examples of such ESG characteristics, which are utilized in BlackRock’s ESG </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">assessment versus the Benchmark, include management quality, governance, controversies at issuers, public health </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">analytics and an issuer’s innovation-oriented research and development. The ESG characteristics utilized in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">portfolio construction process may change over time and one or more characteristics may not be relevant to all issuers </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that are eligible for investment.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may use derivatives, including options, futures, swaps (including, but not limited to, total return swaps, some </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of which may be referred to as contracts for difference) and forward contracts, both to seek to increase the return of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">interest rates and movements in the securities markets. In order to manage cash flows into or out of the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">effectively, the Fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financial </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instruments whose value is derived from another security, a currency or an index, including but not limited to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Benchmark. The use of options, futures, swaps and forward contracts can be effective in protecting or enhancing the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">value of the Fund’s assets.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">borrowings for investment purposes in large cap equity securities and derivatives that provide investment exposure to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">such securities or to one or more market risk factors associated with such securities. For purposes of the Fund’s 80% </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">policy, large cap equity securities are equity securities that at the time of purchase have a market capitalization within </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the range of companies included in the Benchmark. The companies included in the Benchmark have market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">capitalizations that range from approximately $1.98 billion to $5.36 trillion as of August 31, 2026.</span></div> For purposes of the Fund’s 80% policy, large cap equity securities are equity securities that at the time of purchase have a market capitalization within the range of companies included in the Benchmark. The companies included in the Benchmark have market capitalizations that range from approximately $1.98 billion to $5.36 trillion as of August 31, 2026. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Equity securities in which the Fund invests include common stock and preferred stock. The Fund may also purchase </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">convertible securities. From time to time the Fund may invest in shares of companies through </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">new issues</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> or initial </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">public offerings (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">IPOs</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">).</span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">To determine the Fund’s investable universe, Fund management first seeks to screen out certain issuers based on </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">ESG criteria determined by BlackRock, subject to the considerations noted below. Such screening criteria principally </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">includes: (i) issuers that derive more than zero percent of revenue from the production of controversial weapons; </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(ii) issuers that derive more than zero percent of revenue from the production of civilian firearms; (iii) issuers that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">derive more than zero percent of revenue from the production of tobacco-related products; (iv) issuers that derive more </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">than five percent of revenue from thermal coal generation, unless such issuers either (a) have made certain </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commitments to reduce climate impact or (b) derive at least fifty percent of revenue from alternative energy sources; </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(v) issuers that derive more than five percent of revenue from thermal coal mining; and (vi) issuers that derive more </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">than five percent of revenue from oil sands extraction. The Fund relies on one or more third-party ratings agencies to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">identify issuers for purposes of the above screening criteria. Third-party rating agencies may base the above screening </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">criteria on an estimate when revenue for a covered business activity is not disclosed by the issuer or publicly available.</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;">ESG Investing 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;"> The Fund intends to screen out particular issuers pursuant to certain criteria established by </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock, and to measure ESG characteristics, including characteristics related to climate, with respect to certain </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments pursuant to a methodology determined by BlackRock. This may affect the Fund’s exposure to certain </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers and the Fund may forego certain investment opportunities. The Fund’s results may be lower than other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">funds that do not seek to invest in issuers based on ESG criteria, or that use a different methodology to screen out </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers or evaluate ESG criteria. The Fund seeks to identify issuers that it believes are better positioned to manage </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">ESG risks and opportunities related to their businesses and to avoid certain companies and industries with ESG </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">related risks, but investors may differ in their views of what constitutes positive or negative ESG criteria. As a result, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund may invest in issuers that do not reflect the beliefs and values of any particular investor. In evaluating a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">security or issuer based on ESG criteria, BlackRock is dependent upon certain information and data from third party </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">providers of ESG research, which may be incomplete, inaccurate or unavailable. As a result, there is a risk that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock may incorrectly assess a security or issuer. There is also a risk that BlackRock may not apply the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">relevant ESG criteria correctly or that the Fund could have indirect exposure to issuers who do not meet the relevant </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">ESG criteria used by the Fund. Neither the Fund nor BlackRock make any representation or warranty, express or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of such ESG </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;">assessment. There may be limitations with respect to availability of ESG data in certain sectors, as well as limited </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">availability of investments with positive ESG assessments in certain sectors. BlackRock’s evaluation of ESG criteria </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">is subjective and may change over time.</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 not include all instruments in its ESG-related assessments, and may place weight on other factors </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">when selecting investments. In addition, the Fund may not be successful in its ESG-related objectives. There is no </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">guarantee that these objectives will be achieved, and such assessments are at BlackRock’s discretion.</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;">Model Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund seeks to pursue its investment objective by using proprietary models that incorporate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">quantitative analysis. Investments selected using these models may perform differently than as forecasted due to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the factors incorporated into the models and the weighting of each factor, changes from historical trends, and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issues in the construction and implementation of the models (including, but not limited to, software issues, issues </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">related to the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">) and other technological issues). There is no </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">guarantee that BlackRock’s use of these models will result in effective investment decisions for the Fund.</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: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The information and data used in the models may be supplied by third parties. Inaccurate or incomplete data may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">limit the effectiveness of the models. In addition, some of the data that BlackRock uses may be historical data, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">which may not accurately predict future market movement. There is a risk that the models will not be successful in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">selecting investments or in determining the weighting of investment positions that will enable the Fund to achieve </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">its investment objective.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </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;">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;">Derivatives Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">increase volatility. Derivatives involve significant risks, including:</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; font-style: italic;">Leverage Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">movements may result in large changes in the value of a derivatives position and can result in losses that greatly </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exceed the amount originally invested.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Some derivatives are more sensitive to interest rate changes and market price fluctuations than </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">derivatives positions to lose value.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Counterparty Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Derivatives are also subject to counterparty risk, which is the risk that the other party in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure to such a counterparty.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Illiquidity Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">difficult for the Fund to value accurately.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Operational Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The use of derivatives includes the risk of potential operational issues, including documentation </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issues, settlement issues, systems failures, inadequate controls and human error.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Legal Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">enforceability of a contract.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Volatility and Correlation Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Volatility is defined as the characteristic of a security, an index or a market to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fluctuations in their values may not correlate with the overall securities markets.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Valuation Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in times of market turmoil since many investors and market makers may be reluctant to purchase complex </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instruments or quote prices for them.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Hedging Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Hedges are sometimes subject to imperfect matching between the derivative and the underlying </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may result in certain adverse tax consequences.</span></div> <div style="line-height: 10.695pt; margin-left: 12pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Tax Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Certain aspects of the tax treatment of derivative instruments, including swap agreements and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">realizes from its investments.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Risks Specific to Certain Derivatives Used by the Fund</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Futures</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">between the change in market value of the instruments held by the Fund and the price of the futures contract or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">default in the performance of its obligations.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Options</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cash in an amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">a period of time or on a specified date. Investments in options are considered speculative. When the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">purchases an option, it may lose the total premium paid for it if the price of the underlying security or other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">assets decreased, remained the same or failed to increase to a level at or beyond the exercise price (in the case </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of a call option) or increased, remained the same or failed to decrease to a level at or below the exercise price </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(in the case of a put option). If a put or call option purchased by the Fund were permitted to expire without being </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">sold or exercised, its premium would represent a loss to the Fund. To the extent that the Fund writes or sells an </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">written option, the Fund could experience a substantial loss.</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;">High Portfolio Turnover Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund may engage in active and frequent trading of its portfolio securities. High </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of higher than normal portfolio turnover may adversely affect Fund performance.</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; 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;">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, growth investments have performed better during the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">later stages of economic expansion and value investments have performed better during periods of economic </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">recovery. Therefore, these investment styles may over time go in and out of favor. At times when the investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">style used by the Fund is out of favor, the Fund may underperform other equity funds that use different investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">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;">Large-Capitalization Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Large-capitalization companies may be less able than smaller-capitalization </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">performance of large-capitalization companies could trail the overall performance of the broader securities markets.</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; 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;">Leverage Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Some transactions may give rise to a form of economic leverage. These transactions may include, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to meet the applicable requirements of the Investment Company Act of 1940, as amended, and the rules </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">thereunder. Increases and decreases in the value of the Fund’s portfolio will be magnified when the Fund uses </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">leverage.</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; 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. 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. 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, availability of credit, inflation rates, </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;">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, regional or global events such as war, acts of terrorism, natural and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and is subject to “Model Risk” as described above.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></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;">“New Issues” 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;"> “New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and information about the companies may be available for very limited periods. In addition, the prices of securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">sold in IPOs may be highly volatile or may decline shortly after the IPO.</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;">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 AI, which may result in losses for the Fund and its shareholders or may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">also result in material adverse consequences for such issuers and may cause the Fund’s investments in such </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">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;">Effective December 1, 2021, the Fund changed its name, investment process and investment strategies. Performance for the periods prior to December 1, 2021 shown below is based on the investment process and investment strategies utilized by the Fund under the name “BlackRock Advantage ESG U.S. Equity Fund.” The information shows you how the performance of the Fund has varied for the periods since inception 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. To the extent that dividends and distributions have been paid by the Fund, the performance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions. 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. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance, including its current net asset value, can be obtained by visiting www.blackrock.com or can be obtained by phone at (800) 882-0052.</span></div> The information shows you how the performance of the Fund has varied for the periods since inception and provides some indication of the risks of investing in the Fund. 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. www.blackrock.com 800) 882-0052 Investor A Shares ANNUAL TOTAL RETURNS BlackRock Sustainable Aware Advantage Large Cap Core 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 23.71% (quarter ended </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">June 30, 2020) and the lowest return for a quarter was -20.35% (quarter ended March 31, 2020). The year-to-date return as of June 30, 2026 was 11.94%.</span></div> highest return 0.2371 2020-06-30 lowest return -0.2035 2020-03-31 year-to-date return 2026-06-30 0.1194 For the periods ended 12/31/25Average Annual Total Returns 0.1242 0.1231 0.1404 0.1057 0.1042 0.1235 0.0829 0.0928 0.1109 0.1673 0.1267 0.1398 0.1894 0.1381 0.1494 0.1737 0.1359 0.1459 <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 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 and Institutional 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 and Institutional Shares will vary. Fund OverviewKey Facts About BlackRock Sustainable Aware Advantage Large Cap Core Fund Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The investment objective of BlackRock Sustainable Aware Advantage Large Cap Core Fund (the “Fund”), a series of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock Funds</span><span style="color: #000000; font-family: arial; font-size: 5pt; position: relative; top: -3.25pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> (the “Trust”), is to seek to provide total return while seeking to maintain certain environmental, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">social and governance (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">ESG</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">) characteristics and climate risk exposure relative to the Fund’s benchmark.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> 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;">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 selected securities dealer, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">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;">(</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 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 </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) 0.0040 0 0.0012 0.0052 -0.0009 0.0043 June 30, 2028 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> 44 158 282 644 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 most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">115</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">% of the average value of its portfolio.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> 1.15 Principal Investment Strategies of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund pursues an ESG uplift strategy by seeking to maintain (i) an aggregate ESG assessment at a portfolio level </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that is at least 10% better than that of the Russell 1000 Index (the “Benchmark”) and (ii) an aggregate carbon </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">emissions assessment at a portfolio level that is at least 20% lower than that of the Benchmark. BlackRock makes </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">such assessments by utilizing Fund management’s proprietary framework as well as certain third-party data. These </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">assessments versus the Benchmark are determined at the time of investment and the Fund may deviate from its uplift </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">targets due to, among other factors, market movements or changes in data. In addition, the Fund utilizes exclusionary </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">screens based on certain ESG criteria, which are described below.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in large cap equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. For purposes of the Fund’s 80% policy, large cap equity securities are equity securities that at the time of purchase have a market capitalization within the range of companies included in the Benchmark. The companies included in the Benchmark have market capitalizations that range from approximately $1.98 billion to $5.36 trillion as of August 31, 2026. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Equity securities in which the Fund invests include common stock and preferred stock. The Fund may also purchase </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">convertible securities. From time to time the Fund may invest in shares of companies through </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">new issues</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> or initial </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">public offerings (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">IPOs</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">).</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">To determine the Fund’s investable universe, Fund management first seeks to screen out certain issuers based on </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">ESG criteria determined by BlackRock, subject to the considerations noted below. Such screening criteria principally </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">includes: (i) issuers that derive more than zero percent of revenue from the production of controversial weapons; </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(ii) issuers that derive more than zero percent of revenue from the production of civilian firearms; (iii) issuers that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">derive more than zero percent of revenue from the production of tobacco-related products; (iv) issuers that derive more </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">than five percent of revenue from thermal coal generation, unless such issuers either (a) have made certain </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commitments to reduce climate impact or (b) derive at least fifty percent of revenue from alternative energy sources; </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(v) issuers that derive more than five percent of revenue from thermal coal mining; and (vi) issuers that derive more </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">than five percent of revenue from oil sands extraction. The Fund relies on one or more third-party ratings agencies to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">identify issuers for purposes of the above screening criteria. Third-party rating agencies may base the above screening </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">criteria on an estimate when revenue for a covered business activity is not disclosed by the issuer or publicly available.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund’s screening criteria is measured at the time of investment and is dependent upon information and data that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may be incomplete, inaccurate, unavailable or estimated. Where the Fund’s criteria looks solely to third-party ratings or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">data, issuers are only screened to the extent such ratings or data have been assigned or made available by the third </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">parties. This screening criteria is subject to change over time at BlackRock’s discretion.</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;">In addition, the Fund may gain indirect exposure (through, including but not limited to, derivatives and investments in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other investment companies) to issuers with exposures that are inconsistent with the ESG criteria used by Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">management.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund seeks to pursue its investment objective by investing in equity securities in a disciplined manner, by using </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">proprietary return forecast models that incorporate quantitative analysis. These forecast models are designed to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">identify aspects of mispricing across stocks which the Fund can seek to capture by over- and under-weighting particular </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">equities while seeking to control incremental risk. The investment process is driven with systematic and quantitative </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">implementation based on an issuer’s expected returns, which include measurable ESG characteristics, risk and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transaction costs, as determined by BlackRock’s proprietary research.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock then constructs and rebalances the portfolio’s weightings by incorporating its investment insights into the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">model-based optimization process. Certain of the investment insights relate to ESG characteristics in BlackRock-defined</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> categories, including, but not limited to, (i) superior growth characteristics of issuers, (ii) risk mitigation </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">characteristics of issuers, (iii) themes related to social matters and (iv) economic transition, which includes, but is not </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">limited to, environmental considerations. Examples of such ESG characteristics, which are utilized in BlackRock’s ESG </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">assessment versus the Benchmark, include management quality, governance, controversies at issuers, public health </span></div> <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">analytics and an issuer’s innovation-oriented research and development. The ESG characteristics utilized in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">portfolio construction process may change over time and one or more characteristics may not be relevant to all issuers </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that are eligible for investment.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may use derivatives, including options, futures, swaps (including, but not limited to, total return swaps, some </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of which may be referred to as contracts for difference) and forward contracts, both to seek to increase the return of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">interest rates and movements in the securities markets. In order to manage cash flows into or out of the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">effectively, the Fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financial </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instruments whose value is derived from another security, a currency or an index, including but not limited to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Benchmark. The use of options, futures, swaps and forward contracts can be effective in protecting or enhancing the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">value of the Fund’s assets.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in large cap equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. For purposes of the Fund’s 80% policy, large cap equity securities are equity securities that at the time of purchase have a market capitalization within the range of companies included in the Benchmark. The companies included in the Benchmark have market capitalizations that range from approximately $1.98 billion to $5.36 trillion as of August 31, 2026. </span></div> For purposes of the Fund’s 80% policy, large cap equity securities are equity securities that at the time of purchase have a market capitalization within the range of companies included in the Benchmark. The companies included in the Benchmark have market capitalizations that range from approximately $1.98 billion to $5.36 trillion as of August 31, 2026. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Equity securities in which the Fund invests include common stock and preferred stock. The Fund may also purchase </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">convertible securities. From time to time the Fund may invest in shares of companies through </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">new issues</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> or initial </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">public offerings (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">IPOs</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">).</span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">To determine the Fund’s investable universe, Fund management first seeks to screen out certain issuers based on </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">ESG criteria determined by BlackRock, subject to the considerations noted below. Such screening criteria principally </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">includes: (i) issuers that derive more than zero percent of revenue from the production of controversial weapons; </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(ii) issuers that derive more than zero percent of revenue from the production of civilian firearms; (iii) issuers that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">derive more than zero percent of revenue from the production of tobacco-related products; (iv) issuers that derive more </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">than five percent of revenue from thermal coal generation, unless such issuers either (a) have made certain </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commitments to reduce climate impact or (b) derive at least fifty percent of revenue from alternative energy sources; </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(v) issuers that derive more than five percent of revenue from thermal coal mining; and (vi) issuers that derive more </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">than five percent of revenue from oil sands extraction. The Fund relies on one or more third-party ratings agencies to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">identify issuers for purposes of the above screening criteria. Third-party rating agencies may base the above screening </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">criteria on an estimate when revenue for a covered business activity is not disclosed by the issuer or publicly available.</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;">ESG Investing 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;"> The Fund intends to screen out particular issuers pursuant to certain criteria established by </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock, and to measure ESG characteristics, including characteristics related to climate, with respect to certain </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments pursuant to a methodology determined by BlackRock. This may affect the Fund’s exposure to certain </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers and the Fund may forego certain investment opportunities. The Fund’s results may be lower than other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">funds that do not seek to invest in issuers based on ESG criteria, or that use a different methodology to screen out </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers or evaluate ESG criteria. The Fund seeks to identify issuers that it believes are better positioned to manage </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">ESG risks and opportunities related to their businesses and to avoid certain companies and industries with ESG </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">related risks, but investors may differ in their views of what constitutes positive or negative ESG criteria. As a result, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund may invest in issuers that do not reflect the beliefs and values of any particular investor. In evaluating a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">security or issuer based on ESG criteria, BlackRock is dependent upon certain information and data from third party </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">providers of ESG research, which may be incomplete, inaccurate or unavailable. As a result, there is a risk that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock may incorrectly assess a security or issuer. There is also a risk that BlackRock may not apply the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">relevant ESG criteria correctly or that the Fund could have indirect exposure to issuers who do not meet the relevant </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">ESG criteria used by the Fund. Neither the Fund nor BlackRock make any representation or warranty, express or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of such ESG </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">assessment. There may be limitations with respect to availability of ESG data in certain sectors, as well as limited </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">availability of investments with positive ESG assessments in certain sectors. BlackRock’s evaluation of ESG criteria </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">is subjective and may change over time.</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: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may not include all instruments in its ESG-related assessments, and may place weight on other factors </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">when selecting investments. In addition, the Fund may not be successful in its ESG-related objectives. There is no </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">guarantee that these objectives will be achieved, and such assessments are at BlackRock’s discretion.</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;">Model Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund seeks to pursue its investment objective by using proprietary models that incorporate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">quantitative analysis. Investments selected using these models may perform differently than as forecasted due to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the factors incorporated into the models and the weighting of each factor, changes from historical trends, and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issues in the construction and implementation of the models (including, but not limited to, software issues, issues </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">related to the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">) and other technological issues). There is no </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">guarantee that BlackRock’s use of these models will result in effective investment decisions for the Fund.</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: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The information and data used in the models may be supplied by third parties. Inaccurate or incomplete data may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">limit the effectiveness of the models. In addition, some of the data that BlackRock uses may be historical data, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">which may not accurately predict future market movement. There is a risk that the models will not be successful in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">selecting investments or in determining the weighting of investment positions that will enable the Fund to achieve </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">its investment objective.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </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;">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></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;">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; 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;">Derivatives Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">increase volatility. Derivatives involve significant risks, including:</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; font-style: italic;">Leverage Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">movements may result in large changes in the value of a derivatives position and can result in losses that greatly </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exceed the amount originally invested.</span></div><div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Some derivatives are more sensitive to interest rate changes and market price fluctuations than </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">derivatives positions to lose value.</span></div><div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Counterparty Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Derivatives are also subject to counterparty risk, which is the risk that the other party in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure to such a counterparty.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div><div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Illiquidity Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">difficult for the Fund to value accurately.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div><div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Operational Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The use of derivatives includes the risk of potential operational issues, including documentation </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issues, settlement issues, systems failures, inadequate controls and human error.</span></div><div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Legal Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">enforceability of a contract.</span></div><div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Volatility and Correlation Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Volatility is defined as the characteristic of a security, an index or a market to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fluctuations in their values may not correlate with the overall securities markets.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div><div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Valuation Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in times of market turmoil since many investors and market makers may be reluctant to purchase complex </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instruments or quote prices for them.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div><div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Hedging Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Hedges are sometimes subject to imperfect matching between the derivative and the underlying </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may result in certain adverse tax consequences.</span></div><div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Tax Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Certain aspects of the tax treatment of derivative instruments, including swap agreements and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">realizes from its investments.</span></div><div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Risks Specific to Certain Derivatives Used by the Fund</span></div><div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Futures</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">between the change in market value of the instruments held by the Fund and the price of the futures contract or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">default in the performance of its obligations.</span></div><div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Options</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cash in an amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">a period of time or on a specified date. Investments in options are considered speculative. When the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">purchases an option, it may lose the total premium paid for it if the price of the underlying security or other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">assets decreased, remained the same or failed to increase to a level at or beyond the exercise price (in the case </span></div><div style="line-height: 10.695pt; margin-left: 24pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of a call option) or increased, remained the same or failed to decrease to a level at or below the exercise price </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(in the case of a put option). If a put or call option purchased by the Fund were permitted to expire without being </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">sold or exercised, its premium would represent a loss to the Fund. To the extent that the Fund writes or sells an </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">written option, the Fund could experience a substantial loss.</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;">High Portfolio Turnover Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund may engage in active and frequent trading of its portfolio securities. High </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of higher than normal portfolio turnover may adversely affect Fund performance.</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; 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;">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, growth investments have performed better during the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">later stages of economic expansion and value investments have performed better during periods of economic </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">recovery. Therefore, these investment styles may over time go in and out of favor. At times when the investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">style used by the Fund is out of favor, the Fund may underperform other equity funds that use different investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">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;">Large-Capitalization Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Large-capitalization companies may be less able than smaller-capitalization </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">performance of large-capitalization companies could trail the overall performance of the broader securities markets.</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; 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;">Leverage Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Some transactions may give rise to a form of economic leverage. These transactions may include, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to meet the applicable requirements of the Investment Company Act of 1940, as amended, and the rules </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">thereunder. Increases and decreases in the value of the Fund’s portfolio will be magnified when the Fund uses </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">leverage.</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; 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;">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. 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. 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, 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, regional or global events such as war, acts of terrorism, natural and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and is subject to “Model Risk” as described above.</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;">“New Issues” 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;"> “New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and information about the companies may be available for very limited periods. In addition, the prices of securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">sold in IPOs may be highly volatile or may decline shortly after the IPO.</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;">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 AI, which may result in losses for the Fund and its shareholders or may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could </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;">also result in material adverse consequences for such issuers and may cause the Fund’s investments in such </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">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;">Effective December 1, 2021, the Fund changed its name, investment process and investment strategies. Performance for the periods prior to December 1, 2021 shown below is based on the investment process and investment strategies utilized by the Fund under the name “BlackRock Advantage ESG U.S. Equity Fund.” The information shows you how the performance of the Fund has varied for the periods since inception and provides some indication of the risks of investing in the Fund. Class K Shares commenced operations on March 28, 2016. As a result, the returns in the chart and the table shown below for Class K Shares prior to March 28, 2016 are those of the Fund’s Institutional Shares, which are not offered in this prospectus. The performance of Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares are invested in the same portfolio of securities and performance would differ only to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of Institutional Shares because Class K Shares have lower expenses than Institutional Shares. The table compares the Fund’s performance to that of the Russell 1000 Index. To the extent that dividends and distributions have been paid by the Fund, the performance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions. As with all such investments, past performance (before and after taxes) is not an indication of future results. The table includes all applicable fees. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance, including its current net asset value, can be obtained by visiting www.blackrock.com or can be obtained by phone at (800) 882-0052. </span></div> The information shows you how the performance of the Fund has varied for the periods since inception and provides some indication of the risks of investing in the Fund. As with all such investments, past performance (before and after taxes) is not an indication of future results. www.blackrock.com (800) 882-0052 Class K Shares ANNUAL TOTAL RETURNS BlackRock Sustainable Aware Advantage Large Cap Core 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 23.89% (quarter ended </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">June 30, 2020) and the lowest return for a quarter was -20.35% (quarter ended March 31, 2020). The year-to-date return as of June 30, 2026 was 12.10%.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> highest return 0.2389 2020-06-30 lowest return -0.2035 2020-03-31 year-to-date return 2026-06-30 0.1210 For the periods ended 12/31/25Average Annual Total Returns 0.1898 0.1387 0.1500 0.1694 0.1188 0.1322 0.1225 0.1053 0.1191 0.1737 0.1359 0.1459 <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 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. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </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 42, 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 trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund. For certain share classes, the Total Annual Fund Operating Expenses and Other 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 42, 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 0.73% (for Investor A Shares), 1.48% (for Investor C Shares) and 0.48% (for Institutional 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 trustees of the Trust 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. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 30, 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 trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 30, 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 0.43% 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 trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund. There is no CDSC on Investor C Shares after one year.