{"annotation_id":"0aaa556e-6f9d-4669-8e27-8c8a015a5e31","file_hash":"46ab4b8ff293b8214ad3aac18ac67e0b81c457702027e3e3c0069666c93ddc5e","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"88d56b04-ba54-4b64-bf11-a79a1242e8e1","block_type":"box","text":"SEPTEMBER 28, 2026","page_number":1,"box":{"x":754,"y":47,"width":184,"height":11}},{"id":"9beaff6b-76be-486d-a39e-fc717f6d2a49","block_type":"box","text":"Summary Prospectus","page_number":1,"box":{"x":103,"y":175,"width":502,"height":33}},{"id":"2dfa94f0-a504-4b31-a225-d09a6cbe8e50","block_type":"box","text":"BlackRock Funds","page_number":1,"box":{"x":63,"y":297,"width":140,"height":9}},{"id":"7fc4398c-9b6b-42e3-9646-c4ea00f93efb","block_type":"box","text":"SM","page_number":1,"box":{"x":204,"y":297,"width":13,"height":5}},{"id":"2ed0a781-4b5f-48a0-b79b-90bbefe59b98","block_type":"box","text":"|","page_number":1,"box":{"x":227,"y":296,"width":3,"height":11}},{"id":"926cd5f6-4727-4387-adf0-590e2e216a85","block_type":"box","text":"Class K Shares","page_number":1,"box":{"x":240,"y":297,"width":119,"height":9}},{"id":"6ec9064e-bce6-4db1-9ed5-bb7e8a48f405","block_type":"box","text":"•","page_number":1,"box":{"x":63,"y":325,"width":6,"height":4}},{"id":"9f8f611f-253f-40d1-814a-93d010a9e78d","block_type":"box","text":"BlackRock High Equity Income Fund","page_number":1,"box":{"x":84,"y":321,"width":298,"height":12}},{"id":"88bd0078-c1f4-46cd-90c7-8530bd6b8544","block_type":"box","text":"Class K: BHEIX","page_number":1,"box":{"x":83,"y":339,"width":93,"height":7}},{"id":"931e8db3-e5a5-4621-8cfe-2bf2e0d9882e","block_type":"box","text":"Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund","page_number":1,"box":{"x":64,"y":379,"width":808,"height":11}},{"id":"51ea234b-1b91-43a7-aa30-abe6020e8515","block_type":"box","text":"and its risks. You can find the Fund’s prospectus (including amendments and supplements), reports to shareholders","page_number":1,"box":{"x":63,"y":394,"width":821,"height":11}},{"id":"7c14285b-e9dc-47f0-bff0-c192ddd0e72c","block_type":"box","text":"and other information about the Fund, including the Fund’s statement of additional information, online at","page_number":1,"box":{"x":63,"y":410,"width":748,"height":11}},{"id":"8bf4c42d-79af-456f-876d-10d4cfe7aae0","block_type":"box","text":"https://www.blackrock.com/prospectus. You can also get this information at no cost by calling (800) 537-4942 or by","page_number":1,"box":{"x":63,"y":425,"width":825,"height":11}},{"id":"4de7c1b1-445b-4228-9305-9eb402df1af5","block_type":"box","text":"sending an e-mail request to","page_number":1,"box":{"x":63,"y":441,"width":203,"height":11}},{"id":"4e06b832-a636-418a-b3b1-d904dfeeb59c","block_type":"box","text":"prospectus.request@blackrock.com","page_number":1,"box":{"x":271,"y":441,"width":261,"height":10}},{"id":"4f2c3824-11c1-4298-8b5c-2c0caea3d18c","block_type":"box","text":", or from your financial professional. The Fund’s","page_number":1,"box":{"x":534,"y":441,"width":335,"height":11}},{"id":"84f26526-0a9c-49a1-bd27-fbf00a1b5c6b","block_type":"box","text":"prospectus and statement of additional information, both dated September 28, 2026, as amended and supplemented","page_number":1,"box":{"x":63,"y":456,"width":831,"height":11}},{"id":"64d2ab83-907d-495c-af42-a789b0ff1bc2","block_type":"box","text":"from time to time, are incorporated by reference into (legally made a part of) this Summary Prospectus.","page_number":1,"box":{"x":62,"y":472,"width":729,"height":11}},{"id":"453c816c-1658-4f6f-9cc0-09b439c1d594","block_type":"box","text":"This Summary Prospectus contains information you should know before investing, including information about","page_number":1,"box":{"x":63,"y":819,"width":774,"height":10}},{"id":"e615bd97-9dab-4cd5-9fe0-5eb7e4594251","block_type":"box","text":"risks. Please read it before you invest and keep it for future reference.","page_number":1,"box":{"x":63,"y":834,"width":477,"height":11}},{"id":"699b7f4b-5511-4b5f-8c14-53e05e539cd9","block_type":"box","text":"The Securities and Exchange Commission has not approved or disapproved these securities or passed upon","page_number":1,"box":{"x":63,"y":855,"width":749,"height":11}},{"id":"438362c9-778a-42ee-8cbb-dfb344e6ed51","block_type":"box","text":"the adequacy of this Summary Prospectus. Any representation to the contrary is a criminal offense.","page_number":1,"box":{"x":63,"y":870,"width":687,"height":11}},{"id":"a3ad52af-d1df-4f71-bae0-27ddc4840aa3","block_type":"box","text":"Not FDIC Insured","page_number":1,"box":{"x":101,"y":916,"width":112,"height":8}},{"id":"110ee277-cfb6-4c40-8dad-5199e3e8881f","block_type":"box","text":"•","page_number":1,"box":{"x":218,"y":919,"width":5,"height":3}},{"id":"89caf166-aeec-43f6-92a0-953e28a3804f","block_type":"box","text":"May Lose Value","page_number":1,"box":{"x":228,"y":916,"width":101,"height":10}},{"id":"0e11bee0-fcd0-4b0a-a9e3-cba16268fb91","block_type":"box","text":"•","page_number":1,"box":{"x":334,"y":919,"width":4,"height":3}},{"id":"5461e3ae-3581-4e6a-9f6a-7a41446476b3","block_type":"box","text":"No Bank 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Funds","page_number":2,"box":{"x":60,"y":178,"width":780,"height":12}},{"id":"dc8dcef7-7146-44d2-ae84-5ac19a7f6f08","block_type":"box","text":"SM","page_number":2,"box":{"x":841,"y":179,"width":11,"height":4}},{"id":"b9ab520a-8acd-4af9-84b4-cf00e7e44215","block_type":"box","text":"(the","page_number":2,"box":{"x":859,"y":179,"width":27,"height":11}},{"id":"afb79a5d-4291-4c4a-bd21-a51de7a46fab","block_type":"box","text":"“Trust”), is to seek high current income while maintaining prospects for capital appreciation.","page_number":2,"box":{"x":62,"y":193,"width":677,"height":12}},{"id":"3843113b-afa7-4297-8eee-4f9814e0989e","block_type":"box","text":"Fees and Expenses of the Fund","page_number":2,"box":{"x":61,"y":232,"width":283,"height":14}},{"id":"9a78b4ca-6ee5-4969-a98f-929b580bd501","block_type":"box","text":"This table describes the fees and expenses that you may pay if you buy, hold and sell Class K Shares of the Fund.","page_number":2,"box":{"x":60,"y":258,"width":839,"height":12}},{"id":"a8125325-eb7d-436e-a1a7-18888d6ec673","block_type":"box","text":"Amounts in the table are rounded to the nearest basis point, which in some cases may be “0.00.” You may pay other","page_number":2,"box":{"x":60,"y":273,"width":864,"height":12}},{"id":"8b5d935a-cdd4-4618-994a-b84f40f17ade","block_type":"box","text":"fees, such as brokerage commissions and other fees to your financial professional or selected securities dealer,","page_number":2,"box":{"x":60,"y":288,"width":827,"height":12}},{"id":"ec68e1e8-0fd4-4dad-8c75-663023ef20b0","block_type":"box","text":"broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC (“BlackRock”)","page_number":2,"box":{"x":61,"y":303,"width":865,"height":11}},{"id":"2921918b-99e5-497a-aca8-f9b7983a48cc","block_type":"box","text":"and its affiliates) (each a “Financial Intermediary”), which are not reflected in the table and example below.","page_number":2,"box":{"x":61,"y":318,"width":787,"height":11}},{"id":"ac858a9b-35fa-4ec6-a0d1-812e35f4d988","block_type":"box","text":"Annual Fund Operating Expenses","page_number":2,"box":{"x":69,"y":354,"width":222,"height":10}},{"id":"14899a17-d5ad-4513-87cc-167852a4e52e","block_type":"box","text":"(expenses that you pay each year as a","page_number":2,"box":{"x":69,"y":366,"width":261,"height":10}},{"id":"7e98ed07-863e-4833-a846-8da6d75ea739","block_type":"box","text":"percentage of the value of your investment)","page_number":2,"box":{"x":70,"y":377,"width":294,"height":10}},{"id":"b6e99bc7-1eb1-449e-b6c9-d2179c32bb8b","block_type":"box","text":"Class K","page_number":2,"box":{"x":873,"y":366,"width":51,"height":8}},{"id":"511dd188-8874-4c6e-892b-3e8a276efd3c","block_type":"box","text":"Shares","page_number":2,"box":{"x":875,"y":377,"width":46,"height":9}},{"id":"42bc516a-3665-45da-8ce1-ffb80886c7ba","block_type":"box","text":"Management 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Reimbursements","page_number":2,"box":{"x":69,"y":504,"width":598,"height":10}},{"id":"3c9ab1df-51d2-48e0-a2ce-07a284636d34","block_type":"box","text":"1,3","page_number":2,"box":{"x":668,"y":504,"width":10,"height":4}},{"id":"5a2e37b3-5ad0-4b5d-8602-cccf5831a5f8","block_type":"box","text":"0.81%","page_number":2,"box":{"x":885,"y":504,"width":41,"height":8}},{"id":"b307acb2-47e9-4e43-942d-a164c950a25c","block_type":"box","text":"1","page_number":2,"box":{"x":61,"y":523,"width":3,"height":4}},{"id":"5de89d60-0283-4dad-88de-0dc84250c25a","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 33, BlackRock has contractually agreed to","page_number":2,"box":{"x":81,"y":523,"width":837,"height":9}},{"id":"9477b476-9b34-4af3-80d0-75a53ee81aea","block_type":"box","text":"waive the management fee with respect to any por tion of the Fund’s assets estimated to be attributable to investments in other equity and fixed","page_number":2,"box":{"x":80,"y":533,"width":854,"height":10}},{"id":"d7e8edfb-f51f-448c-966d-a7497a6a6c85","block_type":"box","text":"income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through","page_number":2,"box":{"x":81,"y":544,"width":810,"height":9}},{"id":"66e278ec-7397-4eb4-bb92-0fd9d7d89633","block_type":"box","text":"June 30, 2028. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the","page_number":2,"box":{"x":81,"y":554,"width":832,"height":9}},{"id":"7f7e105b-180d-4b16-90a0-5ddf74ed0b9a","block_type":"box","text":"Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2028.","page_number":2,"box":{"x":81,"y":564,"width":847,"height":10}},{"id":"c708e17a-5b1c-40b3-99c1-229c80984122","block_type":"box","text":"The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a","page_number":2,"box":{"x":81,"y":575,"width":834,"height":9}},{"id":"5987225d-22c8-471e-8ee9-8def38210d72","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":585,"width":330,"height":9}},{"id":"a861ec69-9837-4267-9dfb-d73189457512","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":598,"width":3,"height":4}},{"id":"e844d2c0-3d29-4750-93b2-329c77c3f252","block_type":"box","text":"Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent Annual","page_number":2,"box":{"x":81,"y":598,"width":838,"height":9}},{"id":"b3329648-a896-46c1-be00-40e7ca255d0a","block_type":"box","text":"Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses.","page_number":2,"box":{"x":81,"y":608,"width":618,"height":9}},{"id":"18d64875-4575-4960-837f-820ef3ecf2eb","block_type":"box","text":"3","page_number":2,"box":{"x":61,"y":621,"width":3,"height":4}},{"id":"bdf3998a-ba5a-4e4c-b30c-ea1b69c2b895","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 33, BlackRock has contractually agreed to","page_number":2,"box":{"x":81,"y":621,"width":837,"height":9}},{"id":"9bd3334e-efeb-43f0-92ea-3ef49386805d","block_type":"box","text":"waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense","page_number":2,"box":{"x":80,"y":631,"width":771,"height":10}},{"id":"b67c6adc-73bc-4986-91b6-ebb1a9ebae43","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) to 0.80%","page_number":2,"box":{"x":81,"y":642,"width":844,"height":9}},{"id":"fd34eb6d-b2ae-4004-9fa6-c1b4e5b6c460","block_type":"box","text":"of average daily net assets through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non","page_number":2,"box":{"x":81,"y":652,"width":851,"height":9}},{"id":"f9985fdf-3507-4344-8f62-de1ae9707ad6","block_type":"box","text":"interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":662,"width":617,"height":10}},{"id":"98ff35aa-5e62-41fb-8b76-b97aa6ad86f3","block_type":"box","text":"Example:","page_number":2,"box":{"x":61,"y":681,"width":74,"height":12}},{"id":"c5ec37bd-25fe-46a4-94f7-16fb3609cc9b","block_type":"box","text":"This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other","page_number":2,"box":{"x":60,"y":697,"width":830,"height":11}},{"id":"4563fed1-f7d7-413b-a2f7-fe471d095ae6","block_type":"box","text":"mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then","page_number":2,"box":{"x":61,"y":711,"width":832,"height":12}},{"id":"85f23bd4-4624-4efe-9d89-e458d6cb76d6","block_type":"box","text":"redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5%","page_number":2,"box":{"x":61,"y":726,"width":832,"height":12}},{"id":"dd27a341-db27-4283-8d43-0186b31fc88c","block_type":"box","text":"return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher","page_number":2,"box":{"x":61,"y":741,"width":859,"height":12}},{"id":"3d11e0c8-ed5d-4ec7-8824-b2d36a6d8a24","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":2,"box":{"x":61,"y":756,"width":436,"height":11}},{"id":"bee3e007-fa9b-4c1c-95ba-3e145e6035ad","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":2,"box":{"x":631,"y":785,"width":292,"height":8}},{"id":"1ec31bbb-2488-429e-9623-54365632375e","block_type":"box","text":"Class K Shares $83 $278 $490 $1,100","page_number":2,"box":{"x":69,"y":802,"width":849,"height":10}},{"id":"77cf8e65-7c46-4e58-8929-f972f84f5c87","block_type":"box","text":"Portfolio Turnover:","page_number":2,"box":{"x":61,"y":827,"width":151,"height":10}},{"id":"e2cc520f-81e0-4b9f-b5fb-7ba6ee211736","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":2,"box":{"x":60,"y":844,"width":800,"height":11}},{"id":"f14a3b4f-6d5c-4a5c-a597-ea9203971eac","block_type":"box","text":"por tfolio). A higher por tfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":2,"box":{"x":62,"y":858,"width":850,"height":12}},{"id":"293412c1-83f3-49a9-ad8c-dd121b954f66","block_type":"box","text":"shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the","page_number":2,"box":{"x":61,"y":873,"width":870,"height":12}},{"id":"4e754920-ae4a-4b0d-87a4-26df82f249fc","block_type":"box","text":"Example, affect the Fund’s per formance. During the most recent fiscal year, the Fund’s por tfolio turnover rate was","page_number":2,"box":{"x":62,"y":888,"width":839,"height":12}},{"id":"456dae6a-e834-44d4-ab73-5304a31af3d0","block_type":"box","text":"153% of the average value of its por tfolio.","page_number":2,"box":{"x":62,"y":903,"width":307,"height":11}},{"id":"6a057cc0-a3a8-416a-b4b1-17255b737872","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"c71c15ed-230f-4ac9-bc9f-ea9a9b8543db","block_type":"box","text":"NM1026U-5985670-2/12","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"ba6945b3-55e2-4cae-9e2b-c8765b830362","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":3,"box":{"x":61,"y":43,"width":394,"height":13}},{"id":"9f807533-8ed1-4e26-ae32-7f30c6576ee8","block_type":"box","text":"The Fund seeks to achieve its investment objective by investing primarily in a diversified por tfolio of equity securities.","page_number":3,"box":{"x":60,"y":69,"width":861,"height":11}},{"id":"ac723b9d-133f-46a3-af62-9b8f7fad314e","block_type":"box","text":"Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for","page_number":3,"box":{"x":62,"y":84,"width":873,"height":11}},{"id":"8e01a6d2-e886-4fb3-bbbe-687b8e454678","block_type":"box","text":"investment purposes, in equity securities and equity-related instruments, including equity-linked notes. With respect to","page_number":3,"box":{"x":62,"y":99,"width":869,"height":11}},{"id":"8d666718-fe7f-4413-9bed-112752e8e9d2","block_type":"box","text":"such equity investments, investments in derivatives are counted toward the Fund’s 80% policy to the extent that they","page_number":3,"box":{"x":61,"y":113,"width":860,"height":12}},{"id":"4f94426b-bcf7-4c28-8015-411e90a448a5","block_type":"box","text":"provide investment exposure to the securities included within that policy or to one or more market risk factors","page_number":3,"box":{"x":62,"y":128,"width":805,"height":12}},{"id":"880c8643-3ee5-45cf-a5dc-efe886e07c6b","block_type":"box","text":"associated with such securities. The Fund may invest in securities of companies with any market capitalization, but will","page_number":3,"box":{"x":61,"y":143,"width":873,"height":11}},{"id":"b25a1b6f-dd40-4fab-8cb9-b6cd0fa5efc0","block_type":"box","text":"generally focus on large cap securities. The Fund may invest up to 50% of its assets in equity-linked notes that provide","page_number":3,"box":{"x":60,"y":158,"width":872,"height":11}},{"id":"b83c3595-26c8-4cb3-8cac-eaee153635bb","block_type":"box","text":"exposure to equity securities and covered call options or other types of financial instruments.","page_number":3,"box":{"x":61,"y":173,"width":685,"height":11}},{"id":"bddd559f-7206-40f0-b60d-ddd144d635ce","block_type":"box","text":"With respect to the Fund’s equity investments, the Fund may invest in common stock, preferred stock and depositary","page_number":3,"box":{"x":60,"y":195,"width":864,"height":12}},{"id":"08410887-0daf-49fe-87d2-47d59c3bbd24","block_type":"box","text":"receipts. The Fund generally intends to invest in dividend paying stocks. From time to time, the Fund may invest in","page_number":3,"box":{"x":61,"y":210,"width":837,"height":12}},{"id":"90719dd6-ea09-4f07-bed1-90c3518c33a9","block_type":"box","text":"shares of companies through initial public offerings (“IPOs”). The Fund may invest in securities from any country,","page_number":3,"box":{"x":61,"y":225,"width":828,"height":11}},{"id":"200e1c08-ef61-4bee-9825-58185424fc80","block_type":"box","text":"including emerging markets. The Fund may invest in securities denominated in both U.S. dollars and non-U.S. dollar","page_number":3,"box":{"x":62,"y":240,"width":848,"height":11}},{"id":"f14e6eb5-e31c-4e5b-8d94-945af0985546","block_type":"box","text":"currencies. BlackRock chooses investments for the Fund that it believes will provide current income and current gains.","page_number":3,"box":{"x":61,"y":254,"width":870,"height":12}},{"id":"29f912bc-b9db-401a-8434-afbc08d81d87","block_type":"box","text":"The Fund may also purchase conver tible securities.","page_number":3,"box":{"x":60,"y":270,"width":377,"height":11}},{"id":"bdde453d-9bd8-495c-a56d-7092b1efbb0f","block_type":"box","text":"The Fund’s por tfolio, in the aggregate, will be structured in a manner designed to deliver high current income while","page_number":3,"box":{"x":60,"y":292,"width":843,"height":11}},{"id":"cc9e4b59-e116-46ad-a515-2f8cfbdb9e03","block_type":"box","text":"maintaining prospects for capital appreciation.","page_number":3,"box":{"x":61,"y":307,"width":340,"height":11}},{"id":"80c2225d-e72b-428a-8b0d-799408cd64b4","block_type":"box","text":"The Fund intends to employ a strategy of writing (selling) covered call and put options on common stocks, indices of","page_number":3,"box":{"x":60,"y":329,"width":854,"height":12}},{"id":"ddc74f5d-9a76-4c0f-9c03-a522ef1d3bec","block_type":"box","text":"securities, sectors of securities and baskets of securities, primarily through structured notes. This option strategy is","page_number":3,"box":{"x":61,"y":344,"width":854,"height":12}},{"id":"a24a05bd-c7b9-49c8-8b0e-1d64bf458e8a","block_type":"box","text":"intended to generate current gains from option premiums as a means to enhance distributions payable to the Fund’s","page_number":3,"box":{"x":62,"y":359,"width":858,"height":11}},{"id":"5b6de132-ed43-4499-996b-f6f3ca0d4511","block_type":"box","text":"shareholders. As the Fund writes more covered call options, its ability to benefit from capital appreciation becomes","page_number":3,"box":{"x":61,"y":374,"width":846,"height":11}},{"id":"cfd3bd35-bdba-49c2-9a51-23364d8d1375","block_type":"box","text":"more limited and the Fund’s total return may deviate more from the returns of the Russell 1000 Value Index, an all","page_number":3,"box":{"x":61,"y":389,"width":843,"height":11}},{"id":"b7e6c9d9-3734-479f-ad00-a7f183ee9fbe","block_type":"box","text":"equity benchmark. The Fund seeks to produce a high level of current income from dividends and from option writing","page_number":3,"box":{"x":61,"y":403,"width":848,"height":12}},{"id":"cfb85df8-7b78-492b-8746-1a0663511192","block_type":"box","text":"premiums.","page_number":3,"box":{"x":62,"y":418,"width":75,"height":11}},{"id":"02ef33ef-8c4e-49e9-8620-77374bfadc2d","block_type":"box","text":"The Fund may invest in master limited par tnerships (“MLPs”) that are generally in energy- and financial-related","page_number":3,"box":{"x":60,"y":441,"width":810,"height":11}},{"id":"68cebbbf-c421-4162-ad2d-d919c97a21f6","block_type":"box","text":"industries and in U.S. and non-U.S. real estate investment trusts (“REITs”), as well as structured products, including","page_number":3,"box":{"x":62,"y":456,"width":855,"height":11}},{"id":"3a6012ae-acee-43ee-ac5f-d5f59e052cc0","block_type":"box","text":"equity-linked notes, to maximize the Fund’s current income.","page_number":3,"box":{"x":61,"y":471,"width":436,"height":11}},{"id":"27ff11d8-ae6b-4d60-89a4-50562ec19394","block_type":"box","text":"The Fund may engage in active and frequent trading of por tfolio securities to achieve its primary investment strategies.","page_number":3,"box":{"x":60,"y":493,"width":874,"height":12}},{"id":"880544d5-5e0f-477c-8cc4-6f7f1859af3d","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":3,"box":{"x":61,"y":532,"width":354,"height":13}},{"id":"78cc20ad-a44b-4cea-9aa6-6ea27c61d2c1","block_type":"box","text":"Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive","page_number":3,"box":{"x":62,"y":558,"width":860,"height":12}},{"id":"50a582c0-b438-41e9-908c-5bbdde0a459a","block_type":"box","text":"on your investment, may fluctuate significantly from day to day and over time. You may lose par t or all of your","page_number":3,"box":{"x":61,"y":573,"width":802,"height":11}},{"id":"097e67e9-260b-4f2f-927b-bb48dd2da538","block_type":"box","text":"investment in the Fund or your investment may not per form as well as other similar investments. The following is a","page_number":3,"box":{"x":62,"y":588,"width":842,"height":11}},{"id":"bcfec262-089b-476f-9bbe-0ed6d192e6c2","block_type":"box","text":"summary description of the principal risks of investing in the Fund. The relative significance of each risk factor below","page_number":3,"box":{"x":61,"y":603,"width":857,"height":11}},{"id":"35acc8ae-0e44-4d88-88e6-f6e37aa0e3f1","block_type":"box","text":"may change over time and you should review each risk factor carefully.","page_number":3,"box":{"x":61,"y":617,"width":515,"height":12}},{"id":"4ca34f6c-bb56-45b6-9438-897128864e56","block_type":"box","text":"Equity Securities Risk","page_number":3,"box":{"x":81,"y":637,"width":166,"height":12}},{"id":"dc7ca374-be43-4c66-bdcd-023e5aabeaec","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":3,"box":{"x":251,"y":637,"width":685,"height":12}},{"id":"325efbf3-7ea2-4d76-9ca6-a97a90915013","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":3,"box":{"x":81,"y":652,"width":550,"height":12}},{"id":"dd0d4d58-e854-4e92-951f-c086ab2a5831","block_type":"box","text":"Structured Securities Risk","page_number":3,"box":{"x":81,"y":672,"width":200,"height":9}},{"id":"d796071c-7834-4950-bcfe-9fcaa756a820","block_type":"box","text":"— Because structured securities of the type in which the Fund may invest typically","page_number":3,"box":{"x":285,"y":672,"width":605,"height":12}},{"id":"96b3d3a3-f010-4797-9a15-477991b725d4","block_type":"box","text":"involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments,","page_number":3,"box":{"x":82,"y":687,"width":823,"height":12}},{"id":"8886ec56-f7bd-4bdb-8bd1-aadd63014b42","block_type":"box","text":"index or reference obligation and will also be subject to counterpar ty risk. The Fund may have the right to receive","page_number":3,"box":{"x":82,"y":702,"width":827,"height":11}},{"id":"00c32d2f-5092-41ae-9f44-28813437afff","block_type":"box","text":"payments only from the structured security, and generally does not have direct rights against the issuer or the entity","page_number":3,"box":{"x":82,"y":717,"width":852,"height":11}},{"id":"3d2bc754-7c15-4cbe-b7ec-5acc96ea91a4","block_type":"box","text":"that sold the assets to be securitized. In addition to the general risks associated with debt securities discussed","page_number":3,"box":{"x":80,"y":732,"width":823,"height":11}},{"id":"5635885e-ee58-477a-a601-7045a80dc9df","block_type":"box","text":"herein, structured securities carry additional risks, including, but not limited to: the possibility that distributions","page_number":3,"box":{"x":82,"y":747,"width":818,"height":11}},{"id":"adda78df-3958-4c50-b511-f981cd0c64ef","block_type":"box","text":"from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may","page_number":3,"box":{"x":81,"y":761,"width":842,"height":12}},{"id":"3aac5941-07d1-4b9d-b227-d16b3ae9c96d","block_type":"box","text":"decline in value or default; and the possibility that the structured securities are subordinate to other classes. The","page_number":3,"box":{"x":81,"y":776,"width":834,"height":11}},{"id":"42116c2f-d3a1-4676-856f-06ad9b50cedd","block_type":"box","text":"Fund is permitted to invest in a class of structured securities that is either subordinated or unsubordinated to the","page_number":3,"box":{"x":82,"y":791,"width":834,"height":11}},{"id":"48c12f28-44bb-458c-8591-c42b91af4770","block_type":"box","text":"right of payment of another class. Subordinated structured securities typically have higher yields and present","page_number":3,"box":{"x":82,"y":806,"width":799,"height":11}},{"id":"352505b8-eb98-47d1-a0c3-f804345a2ed4","block_type":"box","text":"greater risks than unsubordinated structured securities. Structured securities are typically sold in private placement","page_number":3,"box":{"x":81,"y":821,"width":851,"height":11}},{"id":"d5179c27-e49c-4cd0-b62e-c6198abb69a6","block_type":"box","text":"transactions, and there currently is no active trading market for structured securities. Structured securities are","page_number":3,"box":{"x":80,"y":835,"width":814,"height":12}},{"id":"6f95fed5-bfef-4ebf-b36f-b30bd375b471","block_type":"box","text":"based upon the movement of one or more factors, including currency exchange rates, interest rates, reference","page_number":3,"box":{"x":81,"y":850,"width":812,"height":12}},{"id":"38f5f2e9-e466-4573-953c-0d13006d87d3","block_type":"box","text":"bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price","page_number":3,"box":{"x":81,"y":865,"width":816,"height":11}},{"id":"9846efbe-16e2-414f-9976-6ab857fc3381","block_type":"box","text":"fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the","page_number":3,"box":{"x":81,"y":880,"width":795,"height":11}},{"id":"156cd3ad-929a-4bfa-b652-d73f1a2e169a","block_type":"box","text":"structured security to be reduced to zero. Cer tain issuers of such structured securities may be deemed to be","page_number":3,"box":{"x":81,"y":895,"width":802,"height":11}},{"id":"6d447927-8c78-4eab-ba1a-196aac8892d2","block_type":"box","text":"“investment companies” as defined in the Investment Company Act of 1940, as amended (the “Investment","page_number":3,"box":{"x":82,"y":909,"width":789,"height":12}},{"id":"7f3344c8-dffd-46c7-9787-1e982e2d150a","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"2455b0a5-c825-42dd-8eaf-2b5cd4473ce2","block_type":"box","text":"NM1026U-5985670-3/12","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"6cc97e01-c33c-4bbb-9e94-6407d1715e23","block_type":"box","text":"Company Act”). As a result, the Fund’s investment in such securities may be limited by cer tain investment","page_number":4,"box":{"x":81,"y":42,"width":781,"height":11}},{"id":"b1516063-29d1-4b1e-bfab-5deb861c99d5","block_type":"box","text":"restrictions contained in the Investment Company Act.","page_number":4,"box":{"x":82,"y":57,"width":395,"height":11}},{"id":"05a710b9-00d1-4d96-ad85-e7db9cabd91c","block_type":"box","text":"Income Producing Stock Availability Risk","page_number":4,"box":{"x":81,"y":77,"width":310,"height":11}},{"id":"18edefa1-d7a2-4c40-82a1-e703f7b9604a","block_type":"box","text":"—","page_number":4,"box":{"x":396,"y":82,"width":17,"height":1}},{"id":"302eb752-b1a6-48b3-9f43-7aa1379ccf91","block_type":"box","text":"Depending upon market conditions, income producing common stock","page_number":4,"box":{"x":418,"y":77,"width":507,"height":11}},{"id":"ea328698-da96-400f-ab6f-8b56953b68e0","block_type":"box","text":"that meets the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a","page_number":4,"box":{"x":80,"y":92,"width":837,"height":11}},{"id":"2f76c5dc-1145-498d-a0cf-c778fd09b29b","block_type":"box","text":"few market sectors. This may limit the ability of the Fund to produce current income while remaining fully diversified.","page_number":4,"box":{"x":81,"y":106,"width":852,"height":12}},{"id":"2c1f7fea-f670-48e8-89ee-3ff690fa17b8","block_type":"box","text":"Convertible Securities Risk","page_number":4,"box":{"x":81,"y":126,"width":206,"height":9}},{"id":"4fa5bf92-76de-4d72-af58-5bb02d313af4","block_type":"box","text":"— The market value of a conver tible security per forms like that of a regular debt","page_number":4,"box":{"x":291,"y":126,"width":593,"height":12}},{"id":"96919188-ca9c-4439-bc19-7bc22a16e2fe","block_type":"box","text":"security; that is, if market interest rates rise, the value of a conver tible security usually falls. In addition, conver tible","page_number":4,"box":{"x":81,"y":141,"width":853,"height":11}},{"id":"529ecea0-1046-4898-8944-66d29956e239","block_type":"box","text":"securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and","page_number":4,"box":{"x":81,"y":156,"width":855,"height":11}},{"id":"407316b7-4567-4328-80dd-902eda55ad3e","block_type":"box","text":"their market value may change based on changes in the issuer’s credit rating or the market’s perception of the","page_number":4,"box":{"x":80,"y":171,"width":816,"height":11}},{"id":"38a0d2c9-0a5a-4738-b5ae-d692d5df1dbc","block_type":"box","text":"issuer’s creditwor thiness. Since it derives a por tion of its value from the common stock into which it may be","page_number":4,"box":{"x":82,"y":185,"width":796,"height":12}},{"id":"6c4c8df8-8905-461f-a5bd-ddb767834d87","block_type":"box","text":"conver ted, a conver tible security is also subject to the same types of market and issuer risks that apply to the","page_number":4,"box":{"x":81,"y":200,"width":812,"height":12}},{"id":"ce5cc11d-1938-4913-be09-350bc8460910","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the conver tible security.","page_number":4,"box":{"x":82,"y":215,"width":809,"height":12}},{"id":"4cf514f5-60fd-497f-987c-6ccd68d7cad7","block_type":"box","text":"Depositary Receipts Risk","page_number":4,"box":{"x":81,"y":235,"width":191,"height":12}},{"id":"e98a970c-7a5c-42da-bfd4-89e0671bcfa9","block_type":"box","text":"— Depositary receipts are generally subject to the same risks as the foreign securities","page_number":4,"box":{"x":276,"y":235,"width":639,"height":12}},{"id":"0efb2df1-68d9-44a6-b565-93029a9286b0","block_type":"box","text":"that they evidence or into which they may be conver ted. In addition to investment risks associated with the","page_number":4,"box":{"x":80,"y":250,"width":786,"height":11}},{"id":"b021c1bf-dc27-47e3-8fab-75e9e3f662d4","block_type":"box","text":"underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms","page_number":4,"box":{"x":82,"y":265,"width":824,"height":11}},{"id":"1fb0a4a7-f789-4a23-bbd8-4fedbc44e5eb","block_type":"box","text":"that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other","page_number":4,"box":{"x":80,"y":280,"width":827,"height":11}},{"id":"e4fb8f8e-d37e-4602-b144-c5be939c8d36","block_type":"box","text":"par ties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for","page_number":4,"box":{"x":82,"y":294,"width":849,"height":12}},{"id":"2be3684b-d6d1-4c3c-9c08-bc5f787278d9","block_type":"box","text":"depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that","page_number":4,"box":{"x":81,"y":309,"width":840,"height":12}},{"id":"eba3a9a1-c36b-4d20-a77c-f2c9354054bf","block_type":"box","text":"is, in the United States, considered material. Therefore, there may be less information available regarding these","page_number":4,"box":{"x":82,"y":324,"width":824,"height":12}},{"id":"67e6db95-1781-4642-bc80-8cf6b84fa546","block_type":"box","text":"issuers and there may not be a correlation between such information and the market value of the depositary","page_number":4,"box":{"x":82,"y":339,"width":798,"height":11}},{"id":"979e4762-f047-483f-a528-9172dfa12078","block_type":"box","text":"receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their","page_number":4,"box":{"x":82,"y":354,"width":847,"height":11}},{"id":"1eaa4768-10ad-4ac4-beac-7ecaf8110850","block_type":"box","text":"respective markets and currencies, they continue to be subject to many of the risks associated with investing","page_number":4,"box":{"x":82,"y":369,"width":804,"height":11}},{"id":"0727086d-3e1d-4b11-9ca8-ec139316d4d7","block_type":"box","text":"directly in foreign securities, including political, economic, and currency risk.","page_number":4,"box":{"x":81,"y":383,"width":558,"height":12}},{"id":"8d462e06-e3db-4420-afdf-fce4ef727fe7","block_type":"box","text":"Derivatives Risk","page_number":4,"box":{"x":81,"y":404,"width":123,"height":9}},{"id":"77e7bb0f-15d3-4857-9781-365a0f49e938","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":4,"box":{"x":207,"y":403,"width":664,"height":12}},{"id":"3ef6512b-d4be-4712-98b7-077ceb11dab4","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":4,"box":{"x":82,"y":418,"width":469,"height":12}},{"id":"be691944-228c-405c-a465-fe33eacce6d0","block_type":"box","text":"Leverage Risk","page_number":4,"box":{"x":82,"y":438,"width":102,"height":12}},{"id":"f98562b2-2956-41ba-80cd-f31ceeabe8de","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":4,"box":{"x":188,"y":438,"width":723,"height":12}},{"id":"f15f9617-56dd-48d8-bd03-09e1a8cf64ee","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":4,"box":{"x":82,"y":453,"width":832,"height":12}},{"id":"eff2ca11-ce83-4d30-94d3-6a2be5922aeb","block_type":"box","text":"exceed the amount originally invested.","page_number":4,"box":{"x":81,"y":468,"width":280,"height":11}},{"id":"d0633848-acee-41a7-b8fe-2d82c7945184","block_type":"box","text":"Market Risk","page_number":4,"box":{"x":82,"y":488,"width":87,"height":9}},{"id":"3e3e4cb1-aca5-48f4-95f8-e8004a88d8b1","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":4,"box":{"x":173,"y":488,"width":728,"height":11}},{"id":"6f9d4699-9086-498e-aeb8-a5b6b21e86d9","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":4,"box":{"x":81,"y":503,"width":834,"height":11}},{"id":"fce2f06e-4e06-4fa6-a07e-45befe90b8a1","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":4,"box":{"x":82,"y":518,"width":832,"height":11}},{"id":"9ce1ed11-6b62-4668-89e9-d4965eda3f30","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":4,"box":{"x":80,"y":532,"width":779,"height":12}},{"id":"31952570-a859-41b0-af6f-343a4b662a7a","block_type":"box","text":"derivatives positions to lose value.","page_number":4,"box":{"x":81,"y":547,"width":253,"height":11}},{"id":"6b072016-6a37-44f0-b257-2cf77ac2a57c","block_type":"box","text":"Counterpar ty Risk","page_number":4,"box":{"x":82,"y":567,"width":131,"height":12}},{"id":"2475658d-0803-4ff5-922c-933e4f8301ca","block_type":"box","text":"— Derivatives are also subject to counterpar ty risk, which is the risk that the other par ty in the","page_number":4,"box":{"x":217,"y":567,"width":697,"height":12}},{"id":"e54e0a16-1bb3-4976-9590-5902365e54b5","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":4,"box":{"x":80,"y":582,"width":855,"height":11}},{"id":"27bb9c40-ebf6-4f2a-aaf4-883c5fa40601","block_type":"box","text":"exposure to such a counterpar ty.","page_number":4,"box":{"x":81,"y":597,"width":240,"height":11}},{"id":"baa36394-64d2-4938-a336-f1871bc5ffc3","block_type":"box","text":"Illiquidity Risk","page_number":4,"box":{"x":82,"y":617,"width":100,"height":11}},{"id":"d096553c-403b-4f36-b872-325bbc2aa134","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":4,"box":{"x":186,"y":617,"width":750,"height":11}},{"id":"39d02034-4a88-4e04-b40b-0776dce70b76","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":4,"box":{"x":80,"y":632,"width":839,"height":11}},{"id":"fd9c7f65-77fd-4fe6-8ac4-989b23e21cdf","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":4,"box":{"x":81,"y":646,"width":293,"height":12}},{"id":"3669398f-4214-4e0f-a1c7-72bb3b410bb6","block_type":"box","text":"Operational Risk","page_number":4,"box":{"x":82,"y":666,"width":120,"height":12}},{"id":"cd5c3332-2ceb-4303-afc3-09c0d9d8f426","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":4,"box":{"x":206,"y":666,"width":727,"height":12}},{"id":"94514771-1f80-49af-a20f-f6f5e67177b2","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":4,"box":{"x":82,"y":681,"width":607,"height":12}},{"id":"3a9ab460-0d96-4b5b-a19d-3ec757c8d706","block_type":"box","text":"Legal Risk","page_number":4,"box":{"x":82,"y":701,"width":75,"height":12}},{"id":"2e063cd9-e9d6-4a79-a8ba-70482824b750","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality or","page_number":4,"box":{"x":161,"y":701,"width":761,"height":12}},{"id":"499ef562-9998-499c-9643-0318d6aaca71","block_type":"box","text":"enforceability of a contract.","page_number":4,"box":{"x":81,"y":716,"width":198,"height":11}},{"id":"5a81f217-4498-4ac9-a53a-41c15a0bd19a","block_type":"box","text":"Volatility and Correlation Risk","page_number":4,"box":{"x":83,"y":736,"width":214,"height":11}},{"id":"0f9425c1-beac-4f3b-a94f-b280a560a6eb","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":4,"box":{"x":300,"y":736,"width":590,"height":11}},{"id":"76f46b26-192f-4f3b-a8a7-018de1233413","block_type":"box","text":"fluctuate significantly in price within a shor t time period. A risk of the Fund’s use of derivatives is that the","page_number":4,"box":{"x":81,"y":751,"width":775,"height":11}},{"id":"5bdbc035-f2fe-4c5e-9888-d9816ba69993","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":4,"box":{"x":81,"y":766,"width":589,"height":11}},{"id":"1f92798f-2813-4c5d-971a-30ef1ae63697","block_type":"box","text":"Valuation Risk","page_number":4,"box":{"x":83,"y":786,"width":102,"height":9}},{"id":"68ecdf03-caa7-4e07-ad14-6c5ffbd12dc4","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":4,"box":{"x":189,"y":786,"width":747,"height":11}},{"id":"ab517687-4d04-47de-afd3-d7ca7bdd6dc8","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":4,"box":{"x":82,"y":800,"width":783,"height":12}},{"id":"aa24ef9b-92b4-456c-9f7c-ad5b7ee2c9ca","block_type":"box","text":"instruments or quote prices for them.","page_number":4,"box":{"x":82,"y":815,"width":273,"height":11}},{"id":"eb2383e6-474d-4d2e-b8bc-93b51328b37f","block_type":"box","text":"Hedging Risk","page_number":4,"box":{"x":82,"y":836,"width":95,"height":11}},{"id":"6251f90b-ea6f-46aa-8819-dd4f96af8b92","block_type":"box","text":"— Hedges are sometimes subject to imper fect matching between the derivative and the underlying","page_number":4,"box":{"x":181,"y":835,"width":728,"height":12}},{"id":"b90a7cfd-eb6b-4223-a2de-521ddc829c19","block_type":"box","text":"security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging","page_number":4,"box":{"x":81,"y":850,"width":839,"height":12}},{"id":"8462fe32-81fb-4923-bc30-d7bfe574319b","block_type":"box","text":"may result in cer tain adverse tax consequences.","page_number":4,"box":{"x":82,"y":865,"width":354,"height":11}},{"id":"0d387e68-01e8-46f9-9fe3-2b51e7eb48a0","block_type":"box","text":"Tax Risk","page_number":4,"box":{"x":83,"y":885,"width":59,"height":9}},{"id":"cb45a045-6a17-4393-81b2-853d260f25bc","block_type":"box","text":"— Cer tain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":4,"box":{"x":145,"y":885,"width":719,"height":11}},{"id":"19c3cfdd-ce73-45b2-a299-055e1abf49ff","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":4,"box":{"x":81,"y":900,"width":801,"height":11}},{"id":"acbc201c-67ff-419a-b25a-28dfe5c919f9","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":4,"box":{"x":82,"y":915,"width":802,"height":11}},{"id":"80593d37-642c-451a-9668-32abafa83686","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"f4bd98e0-699e-4ce7-b084-2b56425179b5","block_type":"box","text":"NM1026U-5985670-4/12","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"771f3dc6-e956-475b-84ed-4d4fdd0d7d5a","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":5,"box":{"x":82,"y":42,"width":830,"height":11}},{"id":"5df22e59-2e4c-45f0-9831-5f36ec950fc8","block_type":"box","text":"realizes from its investments.","page_number":5,"box":{"x":82,"y":57,"width":215,"height":9}},{"id":"85bff50c-8b84-44f1-a7af-a87b6373a1ec","block_type":"box","text":"Emerging Markets Risk","page_number":5,"box":{"x":81,"y":77,"width":178,"height":11}},{"id":"39c339fb-771f-4feb-b61f-19037b7172e4","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":5,"box":{"x":263,"y":77,"width":617,"height":11}},{"id":"0aa6f178-ef2b-4b54-bdc2-ff021113ec2f","block_type":"box","text":"develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative.","page_number":5,"box":{"x":81,"y":91,"width":825,"height":12}},{"id":"41307968-9b57-4d41-8df4-bee807ae754b","block_type":"box","text":"Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":5,"box":{"x":82,"y":106,"width":822,"height":12}},{"id":"a78a75b6-979c-4c1a-9bf3-54aeac5eb337","block_type":"box","text":"returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less","page_number":5,"box":{"x":82,"y":121,"width":816,"height":12}},{"id":"578332d8-898e-4598-908c-d8d42a24d0cf","block_type":"box","text":"liquidity than developed markets.","page_number":5,"box":{"x":82,"y":136,"width":240,"height":11}},{"id":"6d837ea3-9d5d-4415-91a7-40fcc9aeb4ef","block_type":"box","text":"Foreign Securities Risk","page_number":5,"box":{"x":81,"y":156,"width":176,"height":11}},{"id":"6b4c690d-9245-41ec-8dde-5e2dee92212a","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":5,"box":{"x":260,"y":156,"width":668,"height":11}},{"id":"a8941f5d-221b-4b3c-9cf1-be20935fe4d9","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":5,"box":{"x":82,"y":171,"width":531,"height":11}},{"id":"96d9e7bf-dc13-4e41-97df-5aa6071d7d24","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":5,"box":{"x":101,"y":191,"width":823,"height":11}},{"id":"9679d9ca-d1f8-4d5f-9fd3-11abbf98a164","block_type":"box","text":"be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory","page_number":5,"box":{"x":102,"y":205,"width":823,"height":12}},{"id":"18820558-b22d-4987-8a60-94c791521b23","block_type":"box","text":"oversight.","page_number":5,"box":{"x":101,"y":221,"width":70,"height":11}},{"id":"dcb4a4f0-ce64-4156-a6df-89c3a528d4d7","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s por tfolio.","page_number":5,"box":{"x":101,"y":240,"width":644,"height":12}},{"id":"d6a6d9a0-432c-4595-aabc-7b715d55bb4e","block_type":"box","text":"The economies of cer tain foreign markets may not compare favorably with the economy of the United States with","page_number":5,"box":{"x":101,"y":260,"width":830,"height":12}},{"id":"b8fba851-6aa7-422b-a8e3-c3c6cca14ec9","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":5,"box":{"x":102,"y":275,"width":808,"height":12}},{"id":"06d4e9d4-3fd4-49ea-b25b-a929a7920a80","block_type":"box","text":"payments position.","page_number":5,"box":{"x":102,"y":290,"width":137,"height":11}},{"id":"3dff02a7-4ad8-4122-bbdd-866e1bee7add","block_type":"box","text":"The governments of cer tain countries, or the U.S. Government with respect to cer tain countries, may prohibit or","page_number":5,"box":{"x":101,"y":310,"width":821,"height":11}},{"id":"7f18d95c-e052-4e08-a1ec-9f9d14e34fb8","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":5,"box":{"x":102,"y":325,"width":809,"height":11}},{"id":"5371e643-4082-48f8-9233-3a6147c477f2","block_type":"box","text":"markets or cer tain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":5,"box":{"x":102,"y":340,"width":784,"height":11}},{"id":"78e036c0-1f8e-42e4-8ba8-81ac64a3a8d4","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":5,"box":{"x":101,"y":355,"width":352,"height":11}},{"id":"a83bcad5-9303-4a11-9448-945089482b62","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":5,"box":{"x":102,"y":374,"width":823,"height":12}},{"id":"c5106839-cb15-4796-9968-747c381ff4c7","block_type":"box","text":"the same extent as does the United States and may not have laws to protect investors that are comparable to","page_number":5,"box":{"x":101,"y":389,"width":811,"height":12}},{"id":"b2da57d9-c32e-4813-a957-17f9eeea0141","block_type":"box","text":"U.S. securities laws.","page_number":5,"box":{"x":102,"y":404,"width":148,"height":9}},{"id":"218c0e1b-9332-41da-8483-8aa831c95193","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets may result in delays in payment for or delivery of","page_number":5,"box":{"x":101,"y":424,"width":834,"height":12}},{"id":"ca776b9a-a84b-4c26-adaa-32f50c5bd401","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":5,"box":{"x":101,"y":439,"width":628,"height":11}},{"id":"7d7a8b78-f95d-4dc9-b178-869463115224","block_type":"box","text":"The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of","page_number":5,"box":{"x":101,"y":459,"width":830,"height":11}},{"id":"ad788cc8-f211-4394-89f5-cc55214c4e8d","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":5,"box":{"x":101,"y":474,"width":831,"height":11}},{"id":"7b233faf-1c07-4e6f-aac6-c3e9284bd749","block_type":"box","text":"foreign country, accruals in the Fund’s net asset value for such refunds may be written down par tially or in full,","page_number":5,"box":{"x":101,"y":488,"width":813,"height":12}},{"id":"c11d5b2a-95e6-4957-b76e-f79ccfc00836","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":5,"box":{"x":101,"y":503,"width":395,"height":12}},{"id":"318567a3-7d82-4b1b-a662-55fb409909e0","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":5,"box":{"x":81,"y":523,"width":276,"height":12}},{"id":"65b8ea52-b926-4291-8949-1fb5a4ec600a","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":5,"box":{"x":361,"y":524,"width":573,"height":11}},{"id":"95b19b25-29e5-48a6-af28-a6271ca791bb","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":5,"box":{"x":81,"y":538,"width":848,"height":12}},{"id":"8da0742a-90c1-4f81-a488-f7b0ebf4b8c2","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":5,"box":{"x":81,"y":553,"width":839,"height":11}},{"id":"4b84c5bc-3db3-488d-9bd8-80fdce3d46bc","block_type":"box","text":"per formance of large-capitalization companies could trail the overall per formance of the broader securities markets.","page_number":5,"box":{"x":82,"y":568,"width":851,"height":11}},{"id":"77cd4bb8-12bd-4c28-9785-154f4b3b619e","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":81,"y":588,"width":107,"height":11}},{"id":"84d4575a-fba5-4970-bbf2-c2655a4b3b7d","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":5,"box":{"x":192,"y":588,"width":741,"height":11}},{"id":"ff1c8aa2-9173-459e-abad-b178796ebf36","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may","page_number":5,"box":{"x":81,"y":603,"width":853,"height":11}},{"id":"7ea11fcd-b949-4023-86ff-5cec3bf1c290","block_type":"box","text":"cause the Fund to liquidate por tfolio positions when it may not be advantageous to do so to satisfy its obligations or","page_number":5,"box":{"x":81,"y":617,"width":856,"height":12}},{"id":"74910526-59f3-40b2-a47b-966f22eaa9a4","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act and the rules thereunder. Increases and","page_number":5,"box":{"x":80,"y":632,"width":802,"height":12}},{"id":"e6676722-2f56-4254-9102-f3dcc4af9601","block_type":"box","text":"decreases in the value of the Fund’s por tfolio will be magnified when the Fund uses leverage.","page_number":5,"box":{"x":81,"y":647,"width":686,"height":12}},{"id":"044886af-c88b-4944-a77e-4cf6133200e3","block_type":"box","text":"Market Risk and Selection Risk","page_number":5,"box":{"x":81,"y":667,"width":240,"height":9}},{"id":"b01edb86-6199-44fb-b527-6825e10408ad","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":5,"box":{"x":324,"y":667,"width":593,"height":9}},{"id":"955e1cbc-03d4-4ef0-9a30-25bf6cf1ef88","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could","page_number":5,"box":{"x":81,"y":682,"width":851,"height":11}},{"id":"31077a3f-dc8e-47ea-81e6-136c6b084051","block_type":"box","text":"lose money over shor t periods due to fluctuation in the Fund’s net asset value in response to shor t-term market","page_number":5,"box":{"x":82,"y":697,"width":824,"height":11}},{"id":"209e5211-40a8-42fc-813b-84d129d0ff59","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":5,"box":{"x":82,"y":712,"width":851,"height":11}},{"id":"69539c5c-21e2-45e5-a5d4-1a456f4a6f41","block_type":"box","text":"underper form the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":5,"box":{"x":82,"y":726,"width":802,"height":12}},{"id":"cc566b05-4a85-4725-ab3e-f6358da9c5ea","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to per form as intended. The value of","page_number":5,"box":{"x":81,"y":741,"width":849,"height":12}},{"id":"80667edb-b5d9-4433-929b-72c6a775c001","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":5,"box":{"x":81,"y":756,"width":843,"height":12}},{"id":"38cd82cd-0bdf-4c6f-9bff-35b73f85c8bb","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a par ticular issuer or","page_number":5,"box":{"x":81,"y":771,"width":830,"height":11}},{"id":"718ccfea-e4da-4160-8a2f-c4903f7ccc47","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":5,"box":{"x":82,"y":786,"width":840,"height":11}},{"id":"f688d633-5475-43e2-9ff7-7df5a6ae8f85","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":5,"box":{"x":81,"y":800,"width":789,"height":12}},{"id":"c1164876-db3d-49c6-8f71-d42039e202c7","block_type":"box","text":"economic uncer tainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":5,"box":{"x":81,"y":815,"width":823,"height":12}},{"id":"d47a3604-32fe-4287-a4cb-ba2c7216c1e8","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":5,"box":{"x":81,"y":830,"width":784,"height":12}},{"id":"ec01a3e2-545d-48b1-ab3d-c66002e94a3e","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":5,"box":{"x":81,"y":845,"width":844,"height":11}},{"id":"2feb4118-8fdb-4ab1-87a3-55b7a9179b6a","block_type":"box","text":"Recent policy initiatives under taken by the U.S. government have the potential to impact international relations,","page_number":5,"box":{"x":82,"y":865,"width":818,"height":11}},{"id":"74c496f0-aa39-4a05-bfa9-649a72135991","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncer tainty and instability in","page_number":5,"box":{"x":80,"y":880,"width":819,"height":11}},{"id":"dcedd07d-264e-4189-8362-c1fd6784b37c","block_type":"box","text":"domestic and global markets, and could adversely affect the investment per formance of the Fund. In par ticular,","page_number":5,"box":{"x":81,"y":895,"width":819,"height":11}},{"id":"04aa81d0-ff3f-4d48-b244-5b6e7c1b6d18","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":947,"width":9,"height":9}},{"id":"cef2ddc9-c163-401d-8935-2aa67e79ea34","block_type":"box","text":"NM1026U-5985670-5/12","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"0eb29432-908d-43e4-8ee5-dffced7838de","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":6,"box":{"x":81,"y":42,"width":846,"height":11}},{"id":"ceb95a20-ae87-4770-880f-6f38a11338fd","block_type":"box","text":"costs for impor ted goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":6,"box":{"x":81,"y":57,"width":848,"height":11}},{"id":"5a42a123-a00e-4122-8a77-0c38b925e272","block_type":"box","text":"the Fund invests.","page_number":6,"box":{"x":80,"y":72,"width":125,"height":9}},{"id":"983bf554-21a4-4a0c-b2e0-b5f1ba37e883","block_type":"box","text":"Master Limited Partnerships Risk","page_number":6,"box":{"x":81,"y":92,"width":254,"height":11}},{"id":"5cda56d8-b63e-4818-9215-6356f504dc21","block_type":"box","text":"— The common units of an MLP are listed and traded on U.S. securities","page_number":6,"box":{"x":338,"y":91,"width":531,"height":10}},{"id":"6327a952-311c-4bce-97f8-ee55dc8d7c0b","block_type":"box","text":"exchanges and their value fluctuates predominantly based on prevailing market conditions and the success of the","page_number":6,"box":{"x":81,"y":106,"width":836,"height":12}},{"id":"f753932f-5495-426a-92a3-104aaa2cbf27","block_type":"box","text":"MLP. Unlike owners of common stock of a corporation, owners of common units have limited voting rights and have","page_number":6,"box":{"x":82,"y":121,"width":844,"height":12}},{"id":"5306d1f7-bd33-453d-b5c8-f9f2548c6ecf","block_type":"box","text":"no ability to annually elect directors. In the event of liquidation, common units have preference over subordinated","page_number":6,"box":{"x":82,"y":136,"width":830,"height":11}},{"id":"6a62d2b4-de4b-4a97-8aef-df2a66201f00","block_type":"box","text":"units, but not over debt or preferred units, to the remaining assets of the MLP.","page_number":6,"box":{"x":82,"y":151,"width":575,"height":11}},{"id":"9f7a5fe0-80b5-46b8-881a-8800ba3549aa","block_type":"box","text":"“New Issues” Risk","page_number":6,"box":{"x":83,"y":171,"width":139,"height":9}},{"id":"923a7bac-bacb-43f5-8e57-669c1a87629c","block_type":"box","text":"—","page_number":6,"box":{"x":227,"y":176,"width":17,"height":1}},{"id":"a1503613-2b1b-4e58-b3b1-67aadc15ddbb","block_type":"box","text":"“New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history,","page_number":6,"box":{"x":249,"y":171,"width":681,"height":11}},{"id":"c232f2cc-42c7-47dc-828b-63c8c6eae34a","block_type":"box","text":"and information about the companies may be available for very limited periods. In addition, the prices of securities","page_number":6,"box":{"x":81,"y":185,"width":843,"height":12}},{"id":"c5d86aea-0783-472e-9632-df947043e95d","block_type":"box","text":"sold in IPOs may be highly volatile or may decline shor tly after the IPO.","page_number":6,"box":{"x":81,"y":200,"width":517,"height":12}},{"id":"6b62e886-3e31-4a9d-b12d-5677c83b3cd7","block_type":"box","text":"Operational and Technology Risks","page_number":6,"box":{"x":82,"y":220,"width":254,"height":12}},{"id":"e1666d21-d985-42f2-bbfc-86107ec882cc","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":6,"box":{"x":340,"y":221,"width":578,"height":11}},{"id":"bdd17ecf-8ffd-4f33-acb1-4eac79379dd2","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":6,"box":{"x":82,"y":235,"width":779,"height":12}},{"id":"20180388-fa4d-409f-b61b-a759e924cbc9","block_type":"box","text":"cybersecurity incidents, and the use of ar tificial intelligence and machine learning (“AI”), which may result in losses","page_number":6,"box":{"x":81,"y":250,"width":848,"height":12}},{"id":"a6a7941e-0204-4ccc-89bf-ddc54521235b","block_type":"box","text":"for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are","page_number":6,"box":{"x":81,"y":265,"width":806,"height":11}},{"id":"b0080303-b8db-4c11-898b-75ecabeea2e7","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":6,"box":{"x":82,"y":280,"width":807,"height":11}},{"id":"e32eef94-ca78-4ef6-a163-705da384566b","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":6,"box":{"x":82,"y":294,"width":846,"height":12}},{"id":"d8a2d958-b571-465d-94ca-60e90f8fce0f","block_type":"box","text":"for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and","page_number":6,"box":{"x":81,"y":309,"width":836,"height":12}},{"id":"6bd9bd9a-cfe0-4279-ba8a-5f63f09773de","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":6,"box":{"x":82,"y":324,"width":474,"height":12}},{"id":"33d279f8-cd30-4c3b-9fa0-7f21724d1c56","block_type":"box","text":"Preferred Securities Risk","page_number":6,"box":{"x":81,"y":344,"width":189,"height":9}},{"id":"c7bcf601-4d15-4418-9e7b-449a5e852cbb","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":6,"box":{"x":274,"y":344,"width":636,"height":12}},{"id":"579ac06b-1a1d-42d7-8083-90a619d875f1","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":6,"box":{"x":81,"y":359,"width":824,"height":11}},{"id":"245a19b0-37ef-4972-9494-6415b148df03","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":6,"box":{"x":82,"y":374,"width":806,"height":11}},{"id":"17fbe3bb-b30d-4faa-9fb0-5578b60103b7","block_type":"box","text":"bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds","page_number":6,"box":{"x":81,"y":389,"width":842,"height":11}},{"id":"496ca0fa-9162-4d4d-b244-4910036082d4","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":6,"box":{"x":81,"y":403,"width":781,"height":12}},{"id":"2aa8b063-1c86-4dab-8676-7c94d4d60ac5","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":6,"box":{"x":81,"y":418,"width":812,"height":12}},{"id":"bc2279f4-654b-4943-b798-c55591e7513a","block_type":"box","text":"larger companies.","page_number":6,"box":{"x":82,"y":433,"width":129,"height":12}},{"id":"982a83b8-582d-4775-ad4e-16647a9fb6ee","block_type":"box","text":"Real Estate-Related Securities Risk","page_number":6,"box":{"x":81,"y":453,"width":269,"height":9}},{"id":"a607237d-b287-4449-b0e1-d82c64860adc","block_type":"box","text":"— The main risk of real estate-related securities is that the value of the","page_number":6,"box":{"x":354,"y":453,"width":527,"height":9}},{"id":"c01e522c-fab8-488b-9762-c6509602d0b3","block_type":"box","text":"underlying real estate may go down. Many factors may affect real estate values. These factors include both the","page_number":6,"box":{"x":82,"y":468,"width":816,"height":11}},{"id":"f73b3b2a-beb6-484a-9b33-a8b05ea6321f","block_type":"box","text":"general and local economies, vacancy rates, changes in rent schedules, tenant bankruptcies, the ability to re-lease","page_number":6,"box":{"x":81,"y":483,"width":845,"height":11}},{"id":"d36f783f-b70f-4e81-89a1-d5bb1009b747","block_type":"box","text":"space under expiring leases on attractive terms, the amount of new construction in a par ticular area, the laws and","page_number":6,"box":{"x":81,"y":497,"width":841,"height":12}},{"id":"3c1fe212-c2be-443a-a520-c36d76932a78","block_type":"box","text":"regulations (including zoning, environmental and tax laws) affecting real estate and the costs of owning, maintaining","page_number":6,"box":{"x":82,"y":512,"width":852,"height":12}},{"id":"aaf68003-a920-481d-9917-1fa04f32ba6b","block_type":"box","text":"and improving real estate. The availability of mor tgage financing and changes in interest rates may also affect real","page_number":6,"box":{"x":81,"y":527,"width":841,"height":12}},{"id":"05294ed6-b6d4-4d28-8647-cc3c3ae55f9a","block_type":"box","text":"estate values. If the Fund’s real estate-related investments are concentrated in one geographic area or in one","page_number":6,"box":{"x":81,"y":542,"width":807,"height":12}},{"id":"9219764f-150d-443a-8b2a-f7ada4a56975","block_type":"box","text":"proper ty type, the Fund will be par ticularly subject to the risks associated with that area or proper ty type. Many","page_number":6,"box":{"x":82,"y":557,"width":815,"height":11}},{"id":"d4748bb8-fc15-4f59-ac54-77ce384a74eb","block_type":"box","text":"issuers of real estate-related securities are highly leveraged, which increases the risk to holders of such securities.","page_number":6,"box":{"x":82,"y":572,"width":845,"height":11}},{"id":"8d728293-5152-4e7f-9071-e54cfed1ee32","block_type":"box","text":"The value of the securities the Fund buys will not necessarily track the value of the underlying investments of the","page_number":6,"box":{"x":81,"y":586,"width":828,"height":12}},{"id":"799f680b-feac-4079-9b78-94c0c90d2dd2","block_type":"box","text":"issuers of such securities. In addition, cer tain issuers of real estate-related securities may have developed or","page_number":6,"box":{"x":82,"y":601,"width":805,"height":12}},{"id":"fe0bd9f2-ac87-45ae-ad68-8525daccfbb1","block_type":"box","text":"commenced development on proper ties and may develop additional proper ties in the future. Real estate","page_number":6,"box":{"x":81,"y":616,"width":767,"height":12}},{"id":"20fb2535-477b-410c-8818-b359a61e57ce","block_type":"box","text":"development involves significant risks in addition to those involved in the ownership and operation of established","page_number":6,"box":{"x":81,"y":631,"width":831,"height":11}},{"id":"ceb3a609-bbbf-4498-83d3-3dd8b8ee76e9","block_type":"box","text":"proper ties. Real estate securities may have limited diversification and are, therefore, subject to risks inherent in","page_number":6,"box":{"x":82,"y":646,"width":824,"height":11}},{"id":"59e4ac1d-657d-455a-a119-c3ece9065225","block_type":"box","text":"operating and financing a limited number of projects. Real estate securities are also subject to heavy cash flow","page_number":6,"box":{"x":81,"y":661,"width":817,"height":11}},{"id":"2cd1ddaf-97e7-48d8-8775-f6b68b54e2e1","block_type":"box","text":"dependency and defaults by borrowers or tenants.","page_number":6,"box":{"x":81,"y":675,"width":367,"height":12}},{"id":"1274bc1d-1b99-4fd7-bc1c-1147b481baa7","block_type":"box","text":"REIT Investment Risk","page_number":6,"box":{"x":81,"y":696,"width":163,"height":9}},{"id":"90cd762e-e646-4adf-8494-1f14c1be35f1","block_type":"box","text":"— Investments in REITs involve unique risks. REITs may have limited financial resources, may","page_number":6,"box":{"x":248,"y":695,"width":689,"height":12}},{"id":"5e25f91e-b697-4ba0-bd0b-6d3026012b66","block_type":"box","text":"trade less frequently and in limited volume, may engage in dilutive offerings of securities and may be more volatile","page_number":6,"box":{"x":80,"y":710,"width":842,"height":12}},{"id":"99a2c723-dad0-4174-98cb-4bacada39c47","block_type":"box","text":"than other securities. REIT issuers may also fail to maintain their exemptions from investment company registration","page_number":6,"box":{"x":80,"y":725,"width":850,"height":12}},{"id":"10438207-a20c-41b6-a26c-0c23c7aeaace","block_type":"box","text":"or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code of 1986, as amended (the","page_number":6,"box":{"x":81,"y":740,"width":815,"height":11}},{"id":"cde6d335-f6ab-49bf-a19b-636b20fbab6a","block_type":"box","text":"“Internal Revenue Code”), which allows REITs to reduce their corporate taxable income for dividends paid to their","page_number":6,"box":{"x":82,"y":755,"width":829,"height":11}},{"id":"00b66a0b-bbd8-4262-b348-66696951ba1f","block_type":"box","text":"shareholders.","page_number":6,"box":{"x":81,"y":770,"width":99,"height":9}},{"id":"b54208aa-a531-4435-b302-a0769a042993","block_type":"box","text":"Risk of Investing in the United States","page_number":6,"box":{"x":81,"y":790,"width":283,"height":11}},{"id":"cc357374-85f5-4976-87f3-473524544a87","block_type":"box","text":"— Cer tain changes in the U.S. economy, such as when the U.S. economy","page_number":6,"box":{"x":368,"y":790,"width":541,"height":11}},{"id":"f92115ec-4626-4c1a-8f08-8842a528c227","block_type":"box","text":"weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has","page_number":6,"box":{"x":80,"y":804,"width":847,"height":12}},{"id":"8c8168e0-db33-4f53-9b55-dec3ee6caec0","block_type":"box","text":"exposure.","page_number":6,"box":{"x":81,"y":822,"width":70,"height":8}},{"id":"a63e3506-0b47-4d60-a535-6e55dcdfa432","block_type":"box","text":"Small and Mid-Capitalization Company Risk","page_number":6,"box":{"x":81,"y":839,"width":327,"height":11}},{"id":"31fd9864-d621-4442-a8a2-c4137a8d5838","block_type":"box","text":"— Companies with small or mid-size market capitalizations will","page_number":6,"box":{"x":412,"y":839,"width":461,"height":11}},{"id":"1be4f52f-173a-47ee-870e-bd257fb36e96","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more","page_number":6,"box":{"x":82,"y":854,"width":808,"height":11}},{"id":"3413b7a7-0eb4-4699-b48e-2a74c2d490ae","block_type":"box","text":"limited management group than larger capitalized companies. In addition, it is more difficult to get information on","page_number":6,"box":{"x":82,"y":869,"width":833,"height":11}},{"id":"7fb06c97-a8c9-40fb-b705-361278a4f4b8","block_type":"box","text":"smaller companies, which tend to be less well known, have shor ter operating histories, do not have significant","page_number":6,"box":{"x":81,"y":884,"width":812,"height":11}},{"id":"dd90577f-ef9d-4b4e-a26b-f28297584468","block_type":"box","text":"ownership by large investors and are followed by relatively few securities analysts.","page_number":6,"box":{"x":81,"y":898,"width":603,"height":12}},{"id":"052f482c-f609-4df6-bb54-26e66559fd36","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"7d3e7e27-192e-4d55-a80a-3109fcfcd0ea","block_type":"box","text":"NM1026U-5985670-6/12","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"940647c8-c3db-4b07-b3b3-795a42945674","block_type":"box","text":"Performance Information","page_number":7,"box":{"x":61,"y":43,"width":224,"height":11}},{"id":"4b47f29b-2e66-439f-b4a3-910a2c99b904","block_type":"box","text":"Effective June 12, 2017, the Fund changed its name, investment objective, investment process and investment","page_number":7,"box":{"x":62,"y":69,"width":820,"height":11}},{"id":"ad77ad48-36b2-42c5-893f-523b69eabb8d","block_type":"box","text":"strategies. Per formance for the periods prior to June 12, 2017 shown below is based on the investment process and","page_number":7,"box":{"x":61,"y":84,"width":861,"height":11}},{"id":"eb496aa1-7cdc-4ec4-982a-3376fb33dbb7","block_type":"box","text":"investment strategies utilized by the Fund at that time under the name “BlackRock U.S. Oppor tunities Por tfolio.”","page_number":7,"box":{"x":62,"y":98,"width":824,"height":12}},{"id":"966aa627-05b7-48c2-9ec4-461c5fd2a918","block_type":"box","text":"The information shows you how the Fund’s per formance has varied year by year and provides some indication of the","page_number":7,"box":{"x":60,"y":121,"width":855,"height":11}},{"id":"16ca8e79-ad27-41c2-b868-4119125dd67b","block_type":"box","text":"risks of investing in the Fund. Class K Shares commenced operations on April 21, 2020. As a result, returns shown","page_number":7,"box":{"x":61,"y":136,"width":850,"height":11}},{"id":"7311fc7b-ec8d-434b-8e3d-18c5b39bebf1","block_type":"box","text":"below for Class K Shares prior to April 21, 2020 are those of the Fund’s Institutional Shares, which are not offered in","page_number":7,"box":{"x":61,"y":151,"width":864,"height":11}},{"id":"d6709498-b669-4054-bf6e-d297a28ae3d1","block_type":"box","text":"this prospectus. The per formance of Class K Shares would be substantially similar to Institutional Shares because","page_number":7,"box":{"x":60,"y":166,"width":845,"height":11}},{"id":"99ec23db-2126-4220-ba2c-1fe05bbb2a66","block_type":"box","text":"Class K Shares and Institutional Shares are invested in the same por tfolio of securities and per formance would differ","page_number":7,"box":{"x":61,"y":180,"width":867,"height":12}},{"id":"68b566a8-6a31-492a-8db1-c44b8babfa63","block_type":"box","text":"only to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K","page_number":7,"box":{"x":61,"y":195,"width":868,"height":12}},{"id":"ddcc26ae-3a57-46bb-ad77-740aeb0835d2","block_type":"box","text":"Shares would have been higher than those of Institutional Shares because Class K Shares have lower expenses than","page_number":7,"box":{"x":61,"y":210,"width":862,"height":12}},{"id":"9156751c-7f40-4277-8e09-9b17323ab770","block_type":"box","text":"Institutional Shares. The table compares the Fund’s per formance to that of the Russell 1000 Index and the Russell","page_number":7,"box":{"x":62,"y":225,"width":848,"height":11}},{"id":"4a8673df-92fc-4b5f-bd40-56b5b45bfdc7","block_type":"box","text":"1000 Value Index. The Russell 1000 Value Index is relevant to the Fund because it has characteristics similar to the","page_number":7,"box":{"x":62,"y":240,"width":854,"height":9}},{"id":"330f730f-a99b-4994-9249-4f78f6dfe41e","block_type":"box","text":"Fund’s investment strategy. To the extent that dividends and distributions have been paid by the Fund, the","page_number":7,"box":{"x":62,"y":255,"width":778,"height":11}},{"id":"17b2252d-7740-4872-965d-731b8e9ca63a","block_type":"box","text":"per formance information for the Fund in the char t and table assumes reinvestment of the dividends and distributions.","page_number":7,"box":{"x":62,"y":269,"width":866,"height":12}},{"id":"33d6f7d9-4924-4f87-9b68-0e54f76f7261","block_type":"box","text":"As with all such investments, past per formance (before and after taxes) is not an indication of future results. The table","page_number":7,"box":{"x":60,"y":284,"width":875,"height":11}},{"id":"b28608e6-630d-4dd3-8f59-0f57da1ca45b","block_type":"box","text":"includes all applicable fees. If BlackRock and its affiliates had not waived or reimbursed cer tain Fund expenses during","page_number":7,"box":{"x":62,"y":299,"width":869,"height":12}},{"id":"6fb30b51-9380-4534-8811-9ba23cae8372","block_type":"box","text":"these periods, the Fund’s returns would have been lower. 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Actual after-tax returns depend on the investor’s tax situation and may","page_number":7,"box":{"x":61,"y":872,"width":835,"height":11}},{"id":"57549c5f-b30c-4f1e-a0a8-494603c32633","block_type":"box","text":"differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through","page_number":7,"box":{"x":61,"y":887,"width":851,"height":11}},{"id":"f87e4004-15bf-4cfd-881c-056502edee82","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.","page_number":7,"box":{"x":60,"y":902,"width":611,"height":11}},{"id":"c3287528-6c5f-4e77-8f1c-b420ef006505","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":947,"width":8,"height":9}},{"id":"f32cc96a-560b-4922-9d50-e891855deaa6","block_type":"box","text":"NM1026U-5985670-7/12","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"f3acc817-22ba-4ed5-b77d-f4defbfbc9f3","block_type":"box","text":"Investment Manager","page_number":8,"box":{"x":62,"y":43,"width":187,"height":13}},{"id":"54d82d7a-99e0-4b9d-ac37-3bcbef217c62","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).","page_number":8,"box":{"x":60,"y":69,"width":709,"height":11}},{"id":"49afa239-2a13-41a0-8734-3e7233e91086","block_type":"box","text":"Portfolio Managers","page_number":8,"box":{"x":61,"y":108,"width":173,"height":13}},{"id":"fbdf4928-b481-4188-a68e-3821a1ec1e62","block_type":"box","text":"Name","page_number":8,"box":{"x":70,"y":152,"width":37,"height":8}},{"id":"5d18c9d4-2a34-49e4-ba29-e25199b1f840","block_type":"box","text":"Portfolio Manager","page_number":8,"box":{"x":375,"y":140,"width":121,"height":10}},{"id":"873b659f-ba42-4ce5-a2bb-766c7cf1fb67","block_type":"box","text":"of the Fund Since Title","page_number":8,"box":{"x":376,"y":152,"width":414,"height":8}},{"id":"f02a230b-a40f-4e81-af96-b3eea886e48c","block_type":"box","text":"Cem Inal 2025 Managing Director of BlackRock, Inc.","page_number":8,"box":{"x":69,"y":170,"width":826,"height":10}},{"id":"5c2cae31-b5fc-43dd-891f-998110155a2d","block_type":"box","text":"Kyle McClements, CFA 2017 Managing Director of BlackRock, Inc.","page_number":8,"box":{"x":70,"y":188,"width":825,"height":10}},{"id":"ebace28c-9524-45fa-aef9-fe17fad612f9","block_type":"box","text":"Tom Pierce 2021 Director of BlackRock, Inc.","page_number":8,"box":{"x":69,"y":206,"width":758,"height":9}},{"id":"179ba858-da9b-4326-8ae0-6a88809520d5","block_type":"box","text":"David Zhao 2017 Managing Director of BlackRock, Inc.","page_number":8,"box":{"x":70,"y":224,"width":825,"height":10}},{"id":"607f013e-815d-465c-8837-1bff099d24ad","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":8,"box":{"x":61,"y":264,"width":309,"height":11}},{"id":"8af5aeb5-bbb6-4bee-b1ff-f14b8cb433e1","block_type":"box","text":"Class K Shares of the Fund are available only to (i) cer tain employee benefit plans, such as health savings accounts,","page_number":8,"box":{"x":61,"y":291,"width":859,"height":11}},{"id":"6f966172-cb09-4599-8f4a-09f2b572c51d","block_type":"box","text":"and cer tain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively,","page_number":8,"box":{"x":61,"y":306,"width":844,"height":11}},{"id":"526fd50c-28a5-4b05-8d40-c13b31dda916","block_type":"box","text":"“Employer-Sponsored Retirement Plans”), (ii) collective trust funds, investment companies and other pooled","page_number":8,"box":{"x":62,"y":320,"width":791,"height":12}},{"id":"906b1656-f6dd-41ea-b597-0026d486411b","block_type":"box","text":"investment vehicles, each of which may purchase shares of the Fund through a Financial Intermediary that has entered","page_number":8,"box":{"x":62,"y":335,"width":874,"height":12}},{"id":"49fb3ba8-65fb-41e2-ad4e-91b179823f00","block_type":"box","text":"into an agreement with the Fund’s distributor to purchase such shares, (iii) “Institutional Investors,” which include, but","page_number":8,"box":{"x":62,"y":350,"width":871,"height":11}},{"id":"9a2c0047-6f65-4780-99e2-0821e01616e2","block_type":"box","text":"are not limited to, endowments, foundations, family offices, banks and bank trusts, local, city, and state governmental","page_number":8,"box":{"x":61,"y":365,"width":870,"height":11}},{"id":"e51e7328-d842-4216-83f5-cc012f1c8b33","block_type":"box","text":"institutions, corporations and insurance company separate accounts, each of which may purchase shares of the Fund","page_number":8,"box":{"x":62,"y":380,"width":863,"height":11}},{"id":"114027b6-6bde-4497-9800-1327947d2fb1","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Fund’s distributor to purchase such","page_number":8,"box":{"x":60,"y":395,"width":832,"height":11}},{"id":"43d334bc-e000-4b6e-a2ae-7c7bd01005cd","block_type":"box","text":"shares, (iv) clients of private banks that purchase shares of the Fund through a Financial Intermediary that has","page_number":8,"box":{"x":61,"y":409,"width":815,"height":12}},{"id":"96df8f0e-b239-4823-bb01-6d7d276a59b9","block_type":"box","text":"entered into an agreement with the Fund’s distributor to sell such shares, (v) fee-based advisory platforms of a","page_number":8,"box":{"x":61,"y":424,"width":816,"height":12}},{"id":"3d05c3b1-536e-46f9-a628-4b22984329ec","block_type":"box","text":"Financial Intermediary that (a) has specifically acknowledged in a written agreement with the Fund’s distributor and/or","page_number":8,"box":{"x":62,"y":439,"width":867,"height":11}},{"id":"9fc09e4a-3ae4-4c43-9b0f-db0d94dce5e6","block_type":"box","text":"its affiliate(s) that the Financial Intermediary shall offer such shares to fee-based advisory clients through an omnibus","page_number":8,"box":{"x":62,"y":454,"width":868,"height":11}},{"id":"b9ea5e3f-b88a-433a-b1c0-863181a08aca","block_type":"box","text":"account held at the Fund or (b) transacts in the Fund’s shares through another intermediary that has executed such an","page_number":8,"box":{"x":61,"y":469,"width":874,"height":11}},{"id":"a721fda2-af2d-4b47-a5a5-9d17aff1239b","block_type":"box","text":"agreement and (vi) any other investors who met the eligibility criteria for BlackRock Shares or Class K Shares prior to","page_number":8,"box":{"x":61,"y":483,"width":859,"height":12}},{"id":"3bf4660c-6df8-4e8c-a3a7-9fa1351c5102","block_type":"box","text":"August 15, 2016 and have continually held Class K Shares of the Fund in the same account since August 15, 2016.","page_number":8,"box":{"x":60,"y":498,"width":857,"height":12}},{"id":"ab2e9a97-1ad0-4c72-8b12-c4a8af0a1605","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. 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There is no minimum investment amount for additional purchases.","page_number":8,"box":{"x":61,"y":580,"width":586,"height":11}},{"id":"4dd952d5-c86c-417e-b39a-3ab956852e84","block_type":"box","text":"Tax Information","page_number":8,"box":{"x":63,"y":619,"width":138,"height":11}},{"id":"c49b6325-3b1e-493a-97ce-e974bd41a01e","block_type":"box","text":"Different income tax rules apply depending on whether you are invested through a qualified tax-exempt plan described","page_number":8,"box":{"x":62,"y":645,"width":865,"height":12}},{"id":"8039aab1-6390-4f4a-b2d0-ac8487ad3a54","block_type":"box","text":"in section 401(a) of the Internal Revenue Code. 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