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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":771,"width":832,"height":9}},{"id":"542131a7-66a0-426d-a4a4-7458bc165529","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":781,"width":847,"height":9}},{"id":"cf932e65-2629-48bc-91ea-810e18a4e255","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":791,"width":834,"height":10}},{"id":"e102d6d0-60c7-4fd9-aa97-3942a1d9ca68","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":802,"width":330,"height":9}},{"id":"ff0865ec-41cf-4ecf-9880-ffc0b90e15dc","block_type":"box","text":"4","page_number":2,"box":{"x":60,"y":815,"width":4,"height":3}},{"id":"e633050e-c11a-4046-9921-eb875c2356a4","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":814,"width":838,"height":10}},{"id":"9a4b55a5-c78a-4832-841e-a1c6eeefa98a","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":825,"width":618,"height":9}},{"id":"0b71ed3b-07d7-4bef-bb99-6bcc1e7d1ab0","block_type":"box","text":"5","page_number":2,"box":{"x":61,"y":838,"width":3,"height":3}},{"id":"a88ebc8b-be30-4378-958b-e9170d825965","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 45, BlackRock has contractually agreed to","page_number":2,"box":{"x":81,"y":838,"width":837,"height":9}},{"id":"25adff54-a7eb-44b0-bcbe-27e1e020e349","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":848,"width":771,"height":9}},{"id":"2036e5ce-fee7-4b28-8a52-a572255e2f56","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) to 1.10%","page_number":2,"box":{"x":81,"y":858,"width":844,"height":10}},{"id":"a1f2a391-a107-4dea-89bc-ac87d3a855e2","block_type":"box","text":"(for Investor A Shares), 1.85% (for Investor C Shares) and 0.85% (for Institutional Shares) of average daily net assets through June 30, 2028.","page_number":2,"box":{"x":81,"y":869,"width":833,"height":9}},{"id":"97397426-a804-4c0c-9574-a31217a095fb","block_type":"box","text":"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","page_number":2,"box":{"x":81,"y":879,"width":827,"height":9}},{"id":"3b2b1797-ecde-4df6-93f3-f8fe00cc4a5c","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":889,"width":330,"height":10}},{"id":"f5d5d285-e780-4c76-9640-bf69f7fd7200","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"de8b092f-c14f-4adb-bc74-b52a37f6ba33","block_type":"box","text":"NM1026U-5985663-2/12","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"da21371d-6f4b-4c61-b7ef-9ac7f35b1448","block_type":"box","text":"Example:","page_number":3,"box":{"x":61,"y":42,"width":74,"height":13}},{"id":"5a522dca-abe9-40b1-8f0d-3d3c94481859","block_type":"box","text":"This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other","page_number":3,"box":{"x":60,"y":59,"width":830,"height":11}},{"id":"03b317c5-19a8-4423-911a-042787c34689","block_type":"box","text":"mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then","page_number":3,"box":{"x":61,"y":73,"width":832,"height":12}},{"id":"62623adb-5585-41c8-88cc-175e03e93ec0","block_type":"box","text":"redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5%","page_number":3,"box":{"x":61,"y":88,"width":832,"height":12}},{"id":"ff831868-3ba5-4579-be48-5d8400f16ed4","block_type":"box","text":"return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher","page_number":3,"box":{"x":61,"y":103,"width":859,"height":12}},{"id":"4414bccd-b387-4f47-b42c-57961495588f","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":3,"box":{"x":61,"y":118,"width":436,"height":11}},{"id":"2ae2fab4-9745-4bba-8bdd-4660c50598e4","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":147,"width":292,"height":8}},{"id":"7164c1b1-4f96-445c-8d6c-92575bfa562f","block_type":"box","text":"Investor A Shares $632 $886 $1,158 $1,935","page_number":3,"box":{"x":70,"y":164,"width":848,"height":10}},{"id":"4420268d-2f3f-46b6-90ee-e4f028d8149b","block_type":"box","text":"Investor C Shares $289 $608 $1,052 $2,098","page_number":3,"box":{"x":70,"y":182,"width":848,"height":10}},{"id":"50998fe3-d2df-4783-a233-e3f73b3454f4","block_type":"box","text":"Institutional Shares $ 88 $307 $ 543 $1,223","page_number":3,"box":{"x":70,"y":200,"width":848,"height":10}},{"id":"f766f56c-deb4-45be-9d36-699e6ad9ae4f","block_type":"box","text":"You would pay the following expenses if you did not redeem your shares:","page_number":3,"box":{"x":60,"y":233,"width":532,"height":11}},{"id":"256e223e-b27a-4fcc-89a1-70537ac3e043","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":261,"width":292,"height":8}},{"id":"b7b23f78-e672-40c1-851a-86ff7f393861","block_type":"box","text":"Investor C Shares $189 $608 $1,052 $2,098","page_number":3,"box":{"x":70,"y":279,"width":848,"height":10}},{"id":"58227954-b173-49f9-8eca-655023d88197","block_type":"box","text":"Portfolio Turnover:","page_number":3,"box":{"x":61,"y":304,"width":151,"height":10}},{"id":"7859e5fc-e799-48d9-abef-cf42c5a05506","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":3,"box":{"x":60,"y":320,"width":800,"height":12}},{"id":"676a533c-2fb4-4ffd-8585-0313a1a66521","block_type":"box","text":"por tfolio). A higher por tfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":3,"box":{"x":62,"y":335,"width":850,"height":12}},{"id":"60ae6a39-22e5-4e39-a07f-9b4314633cc4","block_type":"box","text":"shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the","page_number":3,"box":{"x":61,"y":350,"width":870,"height":11}},{"id":"f4fd2291-341e-44c7-97dc-86cff37e46f3","block_type":"box","text":"Example, affect the Fund’s per formance. During the most recent fiscal year, the Fund’s por tfolio turnover rate was","page_number":3,"box":{"x":62,"y":365,"width":839,"height":11}},{"id":"61920492-d344-4435-9378-e17e7df841ea","block_type":"box","text":"153% of the average value of its por tfolio.","page_number":3,"box":{"x":62,"y":380,"width":307,"height":11}},{"id":"7ea834c7-f37e-41bf-9742-81d12db17b13","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":3,"box":{"x":61,"y":418,"width":394,"height":14}},{"id":"8345bcad-5ac9-4510-8e31-354ec3e30b1e","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":445,"width":861,"height":11}},{"id":"be173c97-5e4d-4e40-b1ac-0bf3051e1f2e","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":459,"width":873,"height":12}},{"id":"f92291cc-79db-47dc-af2b-d134b6fb567f","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":475,"width":869,"height":11}},{"id":"2b13c548-a2e4-42f5-a5d6-e4e3d51fb8ef","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":489,"width":860,"height":12}},{"id":"af81aee7-0d1b-4488-bb94-d389f96cdf7f","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":504,"width":805,"height":11}},{"id":"827c98b8-1d0b-47bf-b7cc-a0bf2af154c3","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":519,"width":873,"height":11}},{"id":"168ab49c-be7f-42dc-ae01-478c39c872cf","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":534,"width":872,"height":11}},{"id":"47d6a659-e4aa-488c-af5b-356b2686edf4","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":548,"width":685,"height":12}},{"id":"d8191229-2484-43e9-bbad-7a0489554d1f","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":571,"width":864,"height":11}},{"id":"51e8199e-a194-41ac-a3b6-377e6083c0b3","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":586,"width":837,"height":11}},{"id":"425e6ca3-0bdb-488e-b560-8f07e23304e8","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":601,"width":828,"height":11}},{"id":"b479d901-c500-448f-9ed1-1bbefac4fd7c","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":616,"width":848,"height":11}},{"id":"38f9402a-7af0-46aa-9b8d-ca1656b1f778","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":630,"width":870,"height":12}},{"id":"5d61c47a-2022-4e0c-a8dc-4756cc93748b","block_type":"box","text":"The Fund may also purchase conver tible securities.","page_number":3,"box":{"x":60,"y":645,"width":377,"height":12}},{"id":"8c471934-8a95-4888-93d6-739c8c4f9c4a","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":668,"width":843,"height":11}},{"id":"affab8a9-2e42-4580-8514-11a18219d1ce","block_type":"box","text":"maintaining prospects for capital appreciation.","page_number":3,"box":{"x":61,"y":682,"width":340,"height":12}},{"id":"612c66f2-e6cc-4836-b42f-177a16f51613","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":705,"width":854,"height":12}},{"id":"990e80d0-1279-444c-a2cf-3bc60ce89e66","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":720,"width":854,"height":11}},{"id":"9f8e3640-ddaf-4e15-9b24-d922cee085b9","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":735,"width":858,"height":11}},{"id":"dd1b95f5-3cd6-4010-bdbe-8562cda50c83","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":749,"width":846,"height":12}},{"id":"ef729c50-c4d0-4ee7-b36c-9cab43dee05a","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":764,"width":843,"height":12}},{"id":"0029c813-aba5-4a5f-a6d0-7ddaf80b6db3","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":779,"width":848,"height":12}},{"id":"32478ed0-d65d-44a4-a941-36dacaddca24","block_type":"box","text":"premiums.","page_number":3,"box":{"x":62,"y":794,"width":75,"height":11}},{"id":"0b026887-7322-4545-bdee-f123a55ea3fb","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":817,"width":810,"height":11}},{"id":"e4d55dda-5d03-4465-b4ca-f918c70e8522","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":832,"width":855,"height":11}},{"id":"d434bdae-8e66-4f62-800e-50138f982443","block_type":"box","text":"equity-linked notes, to maximize the Fund’s current income.","page_number":3,"box":{"x":61,"y":846,"width":436,"height":12}},{"id":"a5db118f-4b11-488e-8948-159ee751c5c7","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":869,"width":874,"height":11}},{"id":"4d880220-07a5-4b20-85b5-98fbfcfa0366","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"0952299e-581b-4d1d-afeb-a67edf6d14dd","block_type":"box","text":"NM1026U-5985663-3/12","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"c66e210a-1d50-4f54-91ab-06ed15efdd35","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":4,"box":{"x":61,"y":43,"width":354,"height":13}},{"id":"1df04936-89da-4417-9f04-734c07f83789","block_type":"box","text":"Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive","page_number":4,"box":{"x":62,"y":69,"width":860,"height":11}},{"id":"d922fb30-41e8-4264-9c06-3b8a5b6f5d3f","block_type":"box","text":"on your investment, may fluctuate significantly from day to day and over time. You may lose par t or all of your","page_number":4,"box":{"x":61,"y":84,"width":802,"height":11}},{"id":"5e0236ea-0052-4946-8218-02992e0a45e1","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":4,"box":{"x":62,"y":98,"width":842,"height":12}},{"id":"820b1e27-7a8d-4ba9-83c9-4658ab7a6577","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":4,"box":{"x":61,"y":113,"width":857,"height":12}},{"id":"f2c5a579-e15b-406f-8876-8b75a79c172e","block_type":"box","text":"may change over time and you should review each risk factor carefully.","page_number":4,"box":{"x":61,"y":128,"width":515,"height":12}},{"id":"0f1694a3-7305-487a-be98-11eb07660b08","block_type":"box","text":"Equity Securities Risk","page_number":4,"box":{"x":81,"y":148,"width":166,"height":12}},{"id":"abe9c4a9-5a95-4ad3-90cb-0ae6ee64de97","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":4,"box":{"x":251,"y":148,"width":685,"height":12}},{"id":"358bd9ed-a404-46d2-ad91-e2b79b82fac4","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":4,"box":{"x":81,"y":163,"width":550,"height":11}},{"id":"b7187a34-46f4-4ad8-8626-38bd64757633","block_type":"box","text":"Structured Securities Risk","page_number":4,"box":{"x":81,"y":183,"width":200,"height":9}},{"id":"2811f80f-5638-4050-9a22-e6aa44ee4f91","block_type":"box","text":"— Because structured securities of the type in which the Fund may invest typically","page_number":4,"box":{"x":285,"y":183,"width":605,"height":11}},{"id":"175b1c75-bac0-4c15-b45d-eebcb95fae7d","block_type":"box","text":"involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments,","page_number":4,"box":{"x":82,"y":198,"width":823,"height":11}},{"id":"621d16c3-9583-4cf2-a58b-71da3036caf5","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":4,"box":{"x":82,"y":213,"width":827,"height":11}},{"id":"37d0b28f-2926-46aa-8136-f4c4c3115286","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":4,"box":{"x":82,"y":227,"width":852,"height":12}},{"id":"dc188adf-3f23-46bb-b070-082c1ddb4952","block_type":"box","text":"that sold the assets to be securitized. In addition to the general risks associated with debt securities discussed","page_number":4,"box":{"x":80,"y":242,"width":823,"height":12}},{"id":"88a37f37-a9c5-4a84-a338-73b755238447","block_type":"box","text":"herein, structured securities carry additional risks, including, but not limited to: the possibility that distributions","page_number":4,"box":{"x":82,"y":257,"width":818,"height":12}},{"id":"aee979d8-19bf-42c0-b9cb-4f85cf5f71d0","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":4,"box":{"x":81,"y":272,"width":842,"height":11}},{"id":"b4c667a7-ef54-4cb7-9c12-30b972795d43","block_type":"box","text":"decline in value or default; and the possibility that the structured securities are subordinate to other classes. The","page_number":4,"box":{"x":81,"y":287,"width":834,"height":11}},{"id":"ff8a5ec6-dfcb-49b1-b18b-8e07bbe887a5","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":4,"box":{"x":82,"y":302,"width":834,"height":11}},{"id":"b934f862-5989-44fd-8a02-2eacea0222e6","block_type":"box","text":"right of payment of another class. Subordinated structured securities typically have higher yields and present","page_number":4,"box":{"x":82,"y":316,"width":799,"height":12}},{"id":"6792ab3d-a756-42f6-9f00-425faf55b8ec","block_type":"box","text":"greater risks than unsubordinated structured securities. Structured securities are typically sold in private placement","page_number":4,"box":{"x":81,"y":331,"width":851,"height":12}},{"id":"55ea576d-dff2-444f-acff-064e48c0646c","block_type":"box","text":"transactions, and there currently is no active trading market for structured securities. Structured securities are","page_number":4,"box":{"x":80,"y":346,"width":814,"height":12}},{"id":"c29c8e9f-2d44-456a-a866-dc11adafec20","block_type":"box","text":"based upon the movement of one or more factors, including currency exchange rates, interest rates, reference","page_number":4,"box":{"x":81,"y":361,"width":812,"height":11}},{"id":"ef27e918-f8ed-48b8-9f34-3de6242a16df","block_type":"box","text":"bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price","page_number":4,"box":{"x":81,"y":376,"width":816,"height":11}},{"id":"1d65073f-1e09-4f0f-962b-3a838917172c","block_type":"box","text":"fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the","page_number":4,"box":{"x":81,"y":390,"width":795,"height":12}},{"id":"d6f452c0-f973-4274-9a7a-79252f126c37","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":4,"box":{"x":81,"y":405,"width":802,"height":12}},{"id":"7a7aeba9-ea14-45c5-866b-9abe224e2c61","block_type":"box","text":"“investment companies” as defined in the Investment Company Act of 1940, as amended (the “Investment","page_number":4,"box":{"x":82,"y":420,"width":789,"height":12}},{"id":"9351117f-6792-446c-be25-b0d7d5dfb254","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":435,"width":781,"height":11}},{"id":"e3fce73f-c10d-4146-acff-5745631f2e9a","block_type":"box","text":"restrictions contained in the Investment Company Act.","page_number":4,"box":{"x":82,"y":450,"width":395,"height":11}},{"id":"935f0b7e-5d33-4361-8d12-5797843de6e4","block_type":"box","text":"Income Producing Stock Availability Risk","page_number":4,"box":{"x":81,"y":470,"width":310,"height":11}},{"id":"6de2dc95-f892-4a84-91ac-6dabbd17959d","block_type":"box","text":"—","page_number":4,"box":{"x":396,"y":475,"width":17,"height":1}},{"id":"679e4390-2498-432e-b7d5-cff8a7dd4811","block_type":"box","text":"Depending upon market conditions, income producing common stock","page_number":4,"box":{"x":418,"y":470,"width":507,"height":11}},{"id":"c48b716d-4e19-4755-896e-79d2c8f66c7c","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":485,"width":837,"height":11}},{"id":"21040646-34bc-498b-9c3b-08e19e147b65","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":499,"width":852,"height":12}},{"id":"de919ef1-aac7-42e2-b63b-6d5cabf8bb42","block_type":"box","text":"Convertible Securities Risk","page_number":4,"box":{"x":81,"y":520,"width":206,"height":9}},{"id":"c322294a-0ca3-40a4-b298-32420880553d","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":519,"width":593,"height":12}},{"id":"a1d56105-de09-4bb6-8f51-19ca5150db7f","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":534,"width":853,"height":12}},{"id":"4beb5ca5-2250-43e2-ba19-0ea922ed0fbf","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":549,"width":855,"height":11}},{"id":"d10a545d-83ae-459a-91f1-d396843fbfb7","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":564,"width":816,"height":11}},{"id":"a73a47b5-38c3-41e2-9e11-257a0686536f","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":579,"width":796,"height":11}},{"id":"804b5348-aeb6-4357-8646-84ab29990670","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":594,"width":812,"height":11}},{"id":"60d4973b-4c74-46cb-8bbe-754bfeac842f","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":608,"width":809,"height":12}},{"id":"9fb8d9f1-5ac1-4195-ac83-b93c1921b96a","block_type":"box","text":"Depositary Receipts Risk","page_number":4,"box":{"x":81,"y":628,"width":191,"height":12}},{"id":"86ddb48a-5dac-443c-928e-bd17bb32ceb3","block_type":"box","text":"— Depositary receipts are generally subject to the same risks as the foreign securities","page_number":4,"box":{"x":276,"y":628,"width":639,"height":12}},{"id":"e6a551ae-4386-408a-8d21-7a549b95f318","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":643,"width":786,"height":12}},{"id":"487ac1ae-c122-4db5-9399-d59feb05304d","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":658,"width":824,"height":12}},{"id":"4b1bbe25-752e-4206-97ef-bc6b56efd7d1","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":673,"width":827,"height":11}},{"id":"c6cc7831-bdd5-4cc9-ba57-fff9f5836eb9","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":688,"width":849,"height":11}},{"id":"e5d4f64b-8163-4fa7-9ac5-0f0cf57df707","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":702,"width":840,"height":12}},{"id":"1e9224d3-9c56-4d1a-a02f-6e74f22b4ded","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":717,"width":824,"height":12}},{"id":"4cc86df0-6e75-4075-bc27-dcd4f916aaf5","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":732,"width":798,"height":12}},{"id":"de2e2a46-10e6-4190-a762-0ddc08767173","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":747,"width":847,"height":12}},{"id":"de6b559a-6cd6-4d1f-9af4-a274a077484f","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":762,"width":804,"height":11}},{"id":"657ba9b1-7157-4ec9-a8a4-0d3ac98d8182","block_type":"box","text":"directly in foreign securities, including political, economic, and currency risk.","page_number":4,"box":{"x":81,"y":777,"width":558,"height":11}},{"id":"e4716bad-4d2b-4f3e-8dfa-bb209cf6fa57","block_type":"box","text":"Derivatives Risk","page_number":4,"box":{"x":81,"y":797,"width":123,"height":9}},{"id":"a9164dd1-6ce2-4bf5-b0d0-b134cc9309f2","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":797,"width":664,"height":11}},{"id":"a8b56109-27b8-4ce7-bde6-9df98a04f9b9","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":4,"box":{"x":82,"y":811,"width":469,"height":12}},{"id":"b3d17dd7-80ee-4ea4-8c82-53b1603789c1","block_type":"box","text":"Leverage Risk","page_number":4,"box":{"x":82,"y":832,"width":102,"height":11}},{"id":"1e9d41ed-851b-492f-842a-305d9deb331b","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":831,"width":723,"height":12}},{"id":"1120c2ba-226f-403d-8f77-9c34801d54a3","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":846,"width":832,"height":12}},{"id":"56f0fbea-d904-48c2-91c6-13d8f4f025dc","block_type":"box","text":"exceed the amount originally invested.","page_number":4,"box":{"x":81,"y":861,"width":280,"height":12}},{"id":"a1b10d60-cee9-443d-89e9-3b9b89b59af8","block_type":"box","text":"Market Risk","page_number":4,"box":{"x":82,"y":881,"width":87,"height":9}},{"id":"2cc8cd39-79f2-46da-85f7-fb2f532163da","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":881,"width":728,"height":12}},{"id":"9fe9b00b-4f72-4958-b5c8-d45a592db7ca","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":896,"width":834,"height":11}},{"id":"6a403967-df09-412b-a09a-2f621e87a27e","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":911,"width":832,"height":11}},{"id":"fb9a3f73-9f25-4100-8f5e-ddb4e3ef0e4a","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"17154613-a399-4a60-a318-10104a918679","block_type":"box","text":"NM1026U-5985663-4/12","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"696c8160-be66-4dc2-92da-517134525ed5","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":5,"box":{"x":80,"y":42,"width":779,"height":11}},{"id":"efb11382-a668-4ec0-9078-3e890e032109","block_type":"box","text":"derivatives positions to lose value.","page_number":5,"box":{"x":81,"y":57,"width":253,"height":11}},{"id":"ac448ecf-401d-4fba-80cf-d3bb43b4ad22","block_type":"box","text":"Counterpar ty Risk","page_number":5,"box":{"x":82,"y":77,"width":131,"height":11}},{"id":"4fc7c292-cf72-4683-b3b9-4f3abc203207","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":5,"box":{"x":217,"y":77,"width":697,"height":11}},{"id":"04fe53cb-6dba-4e39-a88a-2610ae6badcc","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":5,"box":{"x":80,"y":91,"width":855,"height":12}},{"id":"9a971ba8-e86c-4f03-9b4e-346f70f51484","block_type":"box","text":"exposure to such a counterpar ty.","page_number":5,"box":{"x":81,"y":106,"width":240,"height":12}},{"id":"08930696-46a2-4569-a471-cccc2d9368ac","block_type":"box","text":"Illiquidity Risk","page_number":5,"box":{"x":82,"y":126,"width":100,"height":12}},{"id":"93941603-c175-4521-b564-3ffaf6f06299","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":5,"box":{"x":186,"y":126,"width":750,"height":12}},{"id":"1848842f-6e9c-4512-8172-0a946cd4a8b3","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":5,"box":{"x":80,"y":141,"width":839,"height":11}},{"id":"0023c4d6-3fa4-4a73-92ea-7a57c1045977","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":5,"box":{"x":81,"y":156,"width":293,"height":11}},{"id":"afe34baf-a842-4310-95b5-19ba32c1828e","block_type":"box","text":"Operational Risk","page_number":5,"box":{"x":82,"y":176,"width":120,"height":11}},{"id":"cd795eee-ebe9-4d77-be9f-5a2143adb56e","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":5,"box":{"x":206,"y":176,"width":727,"height":11}},{"id":"856ec241-40ed-4a8c-9bc7-e3d5288659f4","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":5,"box":{"x":82,"y":191,"width":607,"height":11}},{"id":"3e4f82d2-8b44-4e82-9da5-4e27feaad250","block_type":"box","text":"Legal Risk","page_number":5,"box":{"x":82,"y":211,"width":75,"height":11}},{"id":"582e2d17-bcc7-48b4-8758-4914b0954a45","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality or","page_number":5,"box":{"x":161,"y":211,"width":761,"height":11}},{"id":"0522b4e2-6e6b-440d-86ad-f15e3bbbcf65","block_type":"box","text":"enforceability of a contract.","page_number":5,"box":{"x":81,"y":225,"width":198,"height":12}},{"id":"c6e61a16-6327-4576-9715-5e17862da4bb","block_type":"box","text":"Volatility and Correlation Risk","page_number":5,"box":{"x":83,"y":246,"width":214,"height":11}},{"id":"acbf859b-9cd3-471a-a68e-47a71ffd4bc2","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":5,"box":{"x":300,"y":245,"width":590,"height":12}},{"id":"ba30c806-6972-4993-8e9c-308320ae46b8","block_type":"box","text":"fluctuate significantly in price within a shor t time period. A risk of the Fund’s use of derivatives is that the","page_number":5,"box":{"x":81,"y":260,"width":775,"height":12}},{"id":"295fd2f0-3b44-4b16-9b1c-628b3b075e68","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":5,"box":{"x":81,"y":275,"width":589,"height":12}},{"id":"51198018-20e1-4830-8a33-02b129d677bc","block_type":"box","text":"Valuation Risk","page_number":5,"box":{"x":83,"y":295,"width":102,"height":9}},{"id":"d8839c67-2117-4149-8718-eba81ff768af","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":5,"box":{"x":189,"y":295,"width":747,"height":12}},{"id":"f0f52761-419d-4ecb-9865-2bfee2f3a18a","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":5,"box":{"x":82,"y":310,"width":783,"height":11}},{"id":"cca55fc2-0247-49c5-ae61-20d91489366d","block_type":"box","text":"instruments or quote prices for them.","page_number":5,"box":{"x":82,"y":325,"width":273,"height":11}},{"id":"db298d89-44fd-4f1e-8255-ab010019f20e","block_type":"box","text":"Hedging Risk","page_number":5,"box":{"x":82,"y":345,"width":95,"height":11}},{"id":"f7985cb3-5b65-4f4f-ad3b-19215730cf87","block_type":"box","text":"— Hedges are sometimes subject to imper fect matching between the derivative and the underlying","page_number":5,"box":{"x":181,"y":345,"width":728,"height":11}},{"id":"deb7f176-805b-4ae9-b8f8-8cc15c4c87b3","block_type":"box","text":"security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging","page_number":5,"box":{"x":81,"y":360,"width":839,"height":11}},{"id":"f04d87ca-b5b4-4edb-89dc-45fcf0db2f4f","block_type":"box","text":"may result in cer tain adverse tax consequences.","page_number":5,"box":{"x":82,"y":375,"width":354,"height":11}},{"id":"2004f88f-d97e-4696-a0fa-1f7b206ae4a2","block_type":"box","text":"Tax Risk","page_number":5,"box":{"x":83,"y":395,"width":59,"height":9}},{"id":"a947f47f-7b35-4657-9118-b404c1dd34f9","block_type":"box","text":"— Cer tain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":5,"box":{"x":145,"y":394,"width":719,"height":12}},{"id":"3b41223f-0337-4464-88eb-05dc1415b1c6","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":5,"box":{"x":81,"y":409,"width":801,"height":12}},{"id":"68c7f6c7-28d4-4330-aec2-f53a9f6df4f9","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":5,"box":{"x":82,"y":424,"width":802,"height":12}},{"id":"0e0536e0-640e-4521-99dc-65b4a09272d2","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":439,"width":830,"height":11}},{"id":"57bf4a05-6df4-459b-af00-1357505a1de5","block_type":"box","text":"realizes from its investments.","page_number":5,"box":{"x":82,"y":454,"width":215,"height":9}},{"id":"fea0d229-b77d-4e3d-b68b-b0a04d470591","block_type":"box","text":"Emerging Markets Risk","page_number":5,"box":{"x":81,"y":474,"width":178,"height":11}},{"id":"f0592e0f-adef-4eda-92a0-670b9d687119","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":5,"box":{"x":263,"y":474,"width":617,"height":11}},{"id":"5701df16-e2b4-4904-aebf-3f15ebe6c8a1","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":488,"width":825,"height":12}},{"id":"77f43e32-b43b-4a5b-b3c9-6e4571b539d9","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":503,"width":822,"height":12}},{"id":"7ad5495b-53d3-4157-91bc-cdfc4e4fd78f","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":518,"width":816,"height":12}},{"id":"4704c0d2-4247-45b3-9a5b-a77f4dda2321","block_type":"box","text":"liquidity than developed markets.","page_number":5,"box":{"x":82,"y":533,"width":240,"height":11}},{"id":"c8d9bf4e-134f-4d8e-90fe-08016e183ca2","block_type":"box","text":"Foreign Securities Risk","page_number":5,"box":{"x":81,"y":553,"width":176,"height":11}},{"id":"5ffa77c8-2840-41dc-a084-5b7492f6a908","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":553,"width":668,"height":11}},{"id":"9819ed9d-512b-4ec1-b9fb-a0bf5a0781c4","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":5,"box":{"x":82,"y":568,"width":531,"height":11}},{"id":"6d09839f-c69e-48b2-8b05-3604e544cd0d","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":588,"width":823,"height":11}},{"id":"7fcccd81-fb01-4f7a-8330-8e04a3c2c38c","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":603,"width":823,"height":11}},{"id":"754e3369-80cc-4c01-a4af-8fdcf51e3f23","block_type":"box","text":"oversight.","page_number":5,"box":{"x":101,"y":618,"width":70,"height":11}},{"id":"d19d0f0f-7e8f-4e79-9d0b-a5e4da61c274","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":637,"width":644,"height":12}},{"id":"66650f9c-9429-4388-8cea-feace3a159d5","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":657,"width":830,"height":12}},{"id":"bb399657-c785-4fb6-a5db-c5e154d1a98b","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":672,"width":808,"height":12}},{"id":"b375fbaf-1d7b-4754-b66d-f20785bbc6b9","block_type":"box","text":"payments position.","page_number":5,"box":{"x":102,"y":687,"width":137,"height":11}},{"id":"6866a510-f306-4871-9823-ba4225298373","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":707,"width":821,"height":12}},{"id":"0d5fd967-7e2f-4cfc-806b-e81dff51b900","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":722,"width":809,"height":11}},{"id":"0f5a2875-4d3e-48e7-84ae-55b62cd6bf1d","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":737,"width":784,"height":11}},{"id":"ad95e9a7-eded-4800-9aea-028111d09e34","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":5,"box":{"x":101,"y":752,"width":352,"height":11}},{"id":"f4301822-404c-406b-bc53-1e797d190b51","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":771,"width":823,"height":12}},{"id":"b33ad105-933a-4b9b-96fd-4dec549674d4","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":786,"width":811,"height":12}},{"id":"35a8aedd-9d9c-4cdb-8e7a-0e877a93ba84","block_type":"box","text":"U.S. securities laws.","page_number":5,"box":{"x":102,"y":801,"width":148,"height":9}},{"id":"ecb51f17-43ea-445b-b303-5a6a62bf466a","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":821,"width":834,"height":12}},{"id":"5c85a1a9-8df5-4504-b2d1-f2c51fa35c0f","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":5,"box":{"x":101,"y":836,"width":628,"height":11}},{"id":"5f42ef0a-8639-4cf9-8f2b-01e235dc92b9","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":856,"width":830,"height":11}},{"id":"6c4d8d1d-ab5a-4ba9-a084-4709c9b1c477","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":871,"width":831,"height":11}},{"id":"2f2afd89-785b-4618-815b-7cedcf49a2df","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":885,"width":813,"height":12}},{"id":"b0d7d1dd-e87a-49df-852d-44c36ea4099a","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":5,"box":{"x":101,"y":900,"width":395,"height":12}},{"id":"b577e11b-ba30-40b8-82a5-12e95c8ff559","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":947,"width":9,"height":9}},{"id":"09913c86-8094-4536-a7d4-4f729310ce36","block_type":"box","text":"NM1026U-5985663-5/12","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"66661c66-91c6-4b15-a6f6-64bb96766598","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":6,"box":{"x":81,"y":42,"width":276,"height":11}},{"id":"8860673b-4d08-452c-b3a0-65d8841e54e1","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":6,"box":{"x":361,"y":42,"width":573,"height":11}},{"id":"8174bc08-2037-4a2e-b94f-6d8f3da7980d","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":6,"box":{"x":81,"y":57,"width":848,"height":11}},{"id":"74d04069-b091-40c4-8f96-2207087ed391","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":6,"box":{"x":81,"y":72,"width":839,"height":11}},{"id":"135c77db-1a7d-4dd8-bf7b-0283254e3847","block_type":"box","text":"per formance of large-capitalization companies could trail the overall per formance of the broader securities markets.","page_number":6,"box":{"x":82,"y":86,"width":851,"height":12}},{"id":"e7b9f126-b172-4548-a844-4affa08e16fc","block_type":"box","text":"Leverage Risk","page_number":6,"box":{"x":81,"y":106,"width":107,"height":12}},{"id":"b2878cfc-0887-4b35-97cc-1d5846aa1840","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":6,"box":{"x":192,"y":106,"width":741,"height":12}},{"id":"6961bc9d-1d08-4ac0-8561-7dcb3013c4be","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":6,"box":{"x":81,"y":121,"width":853,"height":12}},{"id":"92c259e4-3e8d-4bce-be04-216c8b03857b","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":6,"box":{"x":81,"y":136,"width":856,"height":11}},{"id":"443c9cac-aebd-4f52-8277-a31ecb7874df","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act and the rules thereunder. Increases and","page_number":6,"box":{"x":80,"y":151,"width":802,"height":11}},{"id":"21e5ee2c-bc38-4449-991c-aaafac7ca7dd","block_type":"box","text":"decreases in the value of the Fund’s por tfolio will be magnified when the Fund uses leverage.","page_number":6,"box":{"x":81,"y":166,"width":686,"height":11}},{"id":"cd26610f-21b4-438e-b47a-bd5caf26449d","block_type":"box","text":"Market Risk and Selection Risk","page_number":6,"box":{"x":81,"y":186,"width":240,"height":9}},{"id":"4923c798-974c-4522-8a4b-c9d7d3d7f89c","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":6,"box":{"x":324,"y":186,"width":593,"height":9}},{"id":"67ac834f-c0be-4fed-8a2f-c2c52c08a9dd","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":6,"box":{"x":81,"y":201,"width":851,"height":11}},{"id":"b7652cf2-47bd-4f68-9c7e-79c46e16c914","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":6,"box":{"x":82,"y":215,"width":824,"height":12}},{"id":"ec8d0d8b-e333-4dfa-bef4-366f3503efd2","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":6,"box":{"x":82,"y":230,"width":851,"height":12}},{"id":"4870b899-de0c-41ea-a894-0457f94328ed","block_type":"box","text":"underper form the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":6,"box":{"x":82,"y":245,"width":802,"height":11}},{"id":"9d64738c-ba91-467d-9294-01da154f8228","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to per form as intended. The value of","page_number":6,"box":{"x":81,"y":260,"width":849,"height":11}},{"id":"96eda614-5b61-47ce-88d7-4e6e56db4a48","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":6,"box":{"x":81,"y":275,"width":843,"height":11}},{"id":"7350f1af-2bfc-4ccb-a605-3a74fdfd542f","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":6,"box":{"x":81,"y":289,"width":830,"height":12}},{"id":"75b92c14-898d-4fee-8d36-b41c0f1ba631","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":6,"box":{"x":82,"y":304,"width":840,"height":12}},{"id":"53eeef28-a1bc-4bbc-91f0-8d9e44add3a1","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":6,"box":{"x":81,"y":319,"width":789,"height":11}},{"id":"be1a8d29-b303-42f1-b1a3-d79e71a9876a","block_type":"box","text":"economic uncer tainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":6,"box":{"x":81,"y":334,"width":823,"height":11}},{"id":"e0fad740-7365-474e-bb19-4b1d6fa50200","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":6,"box":{"x":81,"y":349,"width":784,"height":11}},{"id":"579f9f3b-bdb7-431c-bbda-a393f54ba950","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":6,"box":{"x":81,"y":363,"width":844,"height":12}},{"id":"ccf20fc9-a2f9-40fa-8783-48ee39992691","block_type":"box","text":"Recent policy initiatives under taken by the U.S. government have the potential to impact international relations,","page_number":6,"box":{"x":82,"y":384,"width":818,"height":11}},{"id":"94070808-e8af-42fb-b7be-cc5872843a68","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncer tainty and instability in","page_number":6,"box":{"x":80,"y":398,"width":819,"height":12}},{"id":"cc998f8f-9508-49cd-a012-e6dbc081005c","block_type":"box","text":"domestic and global markets, and could adversely affect the investment per formance of the Fund. In par ticular,","page_number":6,"box":{"x":81,"y":413,"width":819,"height":12}},{"id":"2126dbef-c41b-4502-b7fd-c27613b655b9","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":428,"width":846,"height":11}},{"id":"8aa284f3-f1f3-4275-9952-1f50ba176860","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":443,"width":848,"height":11}},{"id":"87ae2546-5fe5-4f42-a393-4339f35e7777","block_type":"box","text":"the Fund invests.","page_number":6,"box":{"x":80,"y":458,"width":125,"height":9}},{"id":"8b34c199-df03-45c9-a345-e9a988c0187d","block_type":"box","text":"Master Limited Partnerships Risk","page_number":6,"box":{"x":81,"y":478,"width":254,"height":11}},{"id":"c8a08f22-5733-41a6-a14d-4d8bad99681a","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":477,"width":531,"height":10}},{"id":"e0d5f00d-a440-4836-b45a-a89adf0c3865","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":492,"width":836,"height":12}},{"id":"21fd0fd8-c6e8-4941-9af7-b609ee8b62c0","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":507,"width":844,"height":12}},{"id":"af3683fd-b7af-49e1-80cb-6f8f437228b2","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":522,"width":830,"height":11}},{"id":"3ccca267-5fe9-48f9-bd11-ebc0d48099f7","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":537,"width":575,"height":11}},{"id":"fc02971b-2188-4134-9ab7-89b3caee454b","block_type":"box","text":"“New Issues” Risk","page_number":6,"box":{"x":83,"y":557,"width":139,"height":9}},{"id":"22e632d9-11f7-4b82-baf4-2cd8245c1a47","block_type":"box","text":"—","page_number":6,"box":{"x":227,"y":562,"width":17,"height":1}},{"id":"ea4e0fe9-94a8-438a-8b11-1fc6d92314c3","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":557,"width":681,"height":11}},{"id":"dc669c76-fe73-4032-a150-657baeb6c742","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":572,"width":843,"height":11}},{"id":"a7de497b-b87f-4ce8-b234-0ab4d47a7a95","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":586,"width":517,"height":12}},{"id":"a8240a2c-f535-4ade-a3b6-2654dd37df62","block_type":"box","text":"Operational and Technology Risks","page_number":6,"box":{"x":82,"y":607,"width":254,"height":11}},{"id":"1d31df91-46f7-442e-b05b-e55f9c185926","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":6,"box":{"x":340,"y":607,"width":578,"height":11}},{"id":"067e1add-0d8b-49ec-b74c-0899569d30d7","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":6,"box":{"x":82,"y":621,"width":779,"height":12}},{"id":"1e8d1a7d-e407-4c27-882e-78e27f6736a8","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":636,"width":848,"height":12}},{"id":"c2fe0fcc-ac95-48eb-9547-773629afa5d0","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":651,"width":806,"height":11}},{"id":"356a781f-2943-4665-87f9-2ac8f5bf8703","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":6,"box":{"x":82,"y":666,"width":807,"height":11}},{"id":"a32cd745-44f3-49c7-ad07-481ed9c1e1d3","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":681,"width":846,"height":11}},{"id":"243b82ad-da7e-4e26-b572-e60ca6ce5b1a","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":695,"width":836,"height":12}},{"id":"3e5f0c3d-31a0-4e4c-90cd-aeae15af650a","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":6,"box":{"x":82,"y":710,"width":474,"height":12}},{"id":"8295f448-d54a-40dc-82a4-77928b5f07bb","block_type":"box","text":"Preferred Securities Risk","page_number":6,"box":{"x":81,"y":730,"width":189,"height":9}},{"id":"8c2d787e-7482-4c69-bb4f-593f139f0df9","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":6,"box":{"x":274,"y":730,"width":636,"height":12}},{"id":"080e5d6b-069c-4ee6-891e-5ca8adafc125","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":745,"width":824,"height":12}},{"id":"ccc2ed4b-b484-46a6-b3a7-784f3ba6e6dd","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":760,"width":806,"height":11}},{"id":"af2348bc-f79b-4d23-bc8b-35fd60ff98ca","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":775,"width":842,"height":11}},{"id":"3ef5e558-734a-4092-bd61-ccf334464619","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":789,"width":781,"height":12}},{"id":"d5386f89-7902-42b0-9f9d-f4b0f45439c6","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":804,"width":812,"height":12}},{"id":"68043268-da6a-4992-ad8d-342fcf0ac2ab","block_type":"box","text":"larger companies.","page_number":6,"box":{"x":82,"y":819,"width":129,"height":12}},{"id":"89c24a19-b435-41d1-b64d-9701df08944d","block_type":"box","text":"Real Estate-Related Securities Risk","page_number":6,"box":{"x":81,"y":839,"width":269,"height":9}},{"id":"dba037d2-614f-4a2f-9db5-4fa82e006033","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":839,"width":527,"height":9}},{"id":"4131948f-e154-4669-9df3-1987b2f4c9c4","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":854,"width":816,"height":12}},{"id":"eae7a553-d1f8-477d-97c1-41cb289cdd07","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":869,"width":845,"height":11}},{"id":"c1b72327-1ff5-4a81-a946-030b368e07e8","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":884,"width":841,"height":11}},{"id":"e5d20e45-4471-4ea7-b07f-4ff15d14c37d","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":898,"width":852,"height":12}},{"id":"710891f0-b58b-499d-85e2-b14210946497","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":913,"width":841,"height":12}},{"id":"cc30867b-8ac9-40db-be94-fb93e9420a4c","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"aece37d1-2082-4e25-a5d9-990413ffe893","block_type":"box","text":"NM1026U-5985663-6/12","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"48837086-97aa-443f-965a-1f9d6e08e00c","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":7,"box":{"x":81,"y":42,"width":807,"height":11}},{"id":"01f7823d-77d3-4af1-808f-062042202a54","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":7,"box":{"x":82,"y":57,"width":815,"height":11}},{"id":"2c943d07-b313-461c-be83-752081d4ee17","block_type":"box","text":"issuers of real estate-related securities are highly leveraged, which increases the risk to holders of such securities.","page_number":7,"box":{"x":82,"y":71,"width":845,"height":12}},{"id":"2a0c5ff9-4e21-49e1-bbe7-9960d51f9515","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":7,"box":{"x":81,"y":86,"width":828,"height":12}},{"id":"a1452f6a-3703-4da5-bc13-143c9e26c17e","block_type":"box","text":"issuers of such securities. In addition, cer tain issuers of real estate-related securities may have developed or","page_number":7,"box":{"x":82,"y":101,"width":805,"height":12}},{"id":"edc7d23d-514f-44d8-a1db-f47b489ae8b0","block_type":"box","text":"commenced development on proper ties and may develop additional proper ties in the future. Real estate","page_number":7,"box":{"x":81,"y":116,"width":767,"height":11}},{"id":"cb36e15a-71b0-4be6-8c56-f288510540e9","block_type":"box","text":"development involves significant risks in addition to those involved in the ownership and operation of established","page_number":7,"box":{"x":81,"y":131,"width":831,"height":11}},{"id":"3a034167-bd2b-499f-a16c-1c6294642b42","block_type":"box","text":"proper ties. Real estate securities may have limited diversification and are, therefore, subject to risks inherent in","page_number":7,"box":{"x":82,"y":146,"width":824,"height":11}},{"id":"8747db22-4112-483e-a4fa-5890f2e6eca1","block_type":"box","text":"operating and financing a limited number of projects. Real estate securities are also subject to heavy cash flow","page_number":7,"box":{"x":81,"y":160,"width":817,"height":12}},{"id":"bea8513b-cef5-437e-9b43-4cba2bea2336","block_type":"box","text":"dependency and defaults by borrowers or tenants.","page_number":7,"box":{"x":81,"y":175,"width":367,"height":12}},{"id":"addc387f-7b9f-482b-8cbd-92808e567dc3","block_type":"box","text":"REIT Investment Risk","page_number":7,"box":{"x":81,"y":195,"width":163,"height":9}},{"id":"73fac0ef-a388-48ad-995c-c0ac94240f78","block_type":"box","text":"— Investments in REITs involve unique risks. REITs may have limited financial resources, may","page_number":7,"box":{"x":248,"y":195,"width":689,"height":12}},{"id":"6e358268-d44f-40d4-a126-2253b3d345d6","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":7,"box":{"x":80,"y":210,"width":842,"height":12}},{"id":"dc3abed6-3ae5-4a89-acde-55d43baf4119","block_type":"box","text":"than other securities. REIT issuers may also fail to maintain their exemptions from investment company registration","page_number":7,"box":{"x":80,"y":225,"width":850,"height":11}},{"id":"d91612f1-25e4-41b5-aa62-aa2a3ab40744","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":7,"box":{"x":81,"y":240,"width":815,"height":11}},{"id":"f4da5be6-c953-45d2-9aca-ad6a940ce2ac","block_type":"box","text":"“Internal Revenue Code”), which allows REITs to reduce their corporate taxable income for dividends paid to their","page_number":7,"box":{"x":82,"y":254,"width":829,"height":12}},{"id":"e8e8f851-3277-41fe-9e92-387bf7a64170","block_type":"box","text":"shareholders.","page_number":7,"box":{"x":81,"y":270,"width":99,"height":9}},{"id":"c67f2dc9-1bad-43e8-9007-2277afba01b5","block_type":"box","text":"Risk of Investing in the United States","page_number":7,"box":{"x":81,"y":289,"width":283,"height":12}},{"id":"922c9f41-5721-4461-8f12-79f762c38665","block_type":"box","text":"—","page_number":7,"box":{"x":369,"y":295,"width":17,"height":0}},{"id":"6fb68f55-6315-4744-a030-b2384f906db4","block_type":"box","text":"Cer tain changes in the U.S. economy, such as when the U.S. economy","page_number":7,"box":{"x":391,"y":289,"width":518,"height":12}},{"id":"1644c25d-9852-4f7e-acec-ffc06d9f26fa","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":7,"box":{"x":80,"y":304,"width":847,"height":12}},{"id":"41bf8269-8a54-414f-a8d8-62c8cc50e5e7","block_type":"box","text":"exposure.","page_number":7,"box":{"x":81,"y":321,"width":70,"height":9}},{"id":"cd536812-2b4a-42ee-8244-306cd2088de3","block_type":"box","text":"Small and Mid-Capitalization Company Risk","page_number":7,"box":{"x":81,"y":339,"width":327,"height":11}},{"id":"dbca1df6-724b-4bef-87b1-40852194ed7e","block_type":"box","text":"— Companies with small or mid-size market capitalizations will","page_number":7,"box":{"x":412,"y":339,"width":461,"height":11}},{"id":"b2db305b-1d38-4932-b058-60f79fa19270","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more","page_number":7,"box":{"x":82,"y":354,"width":808,"height":11}},{"id":"45ea93c2-d1f8-4906-a651-d3ffd3182ef8","block_type":"box","text":"limited management group than larger capitalized companies. In addition, it is more difficult to get information on","page_number":7,"box":{"x":82,"y":369,"width":833,"height":11}},{"id":"d77f0177-7dde-46f8-88a0-94dd4917c543","block_type":"box","text":"smaller companies, which tend to be less well known, have shor ter operating histories, do not have significant","page_number":7,"box":{"x":81,"y":383,"width":812,"height":12}},{"id":"589d46c8-0ac9-46f7-a92f-b329abb95112","block_type":"box","text":"ownership by large investors and are followed by relatively few securities analysts.","page_number":7,"box":{"x":81,"y":398,"width":603,"height":12}},{"id":"54b8f67f-0f2d-413e-8776-94a666df7de4","block_type":"box","text":"Performance Information","page_number":7,"box":{"x":61,"y":437,"width":224,"height":11}},{"id":"59630f2b-6d52-419d-86cc-b27e3ce4cf4d","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":463,"width":820,"height":12}},{"id":"d63238e7-e755-4b3a-9ae1-5cc57e84ce87","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":478,"width":861,"height":12}},{"id":"c66c0c5c-a7f3-4b39-a373-a03a95fa4434","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":493,"width":824,"height":12}},{"id":"297a4202-af82-40bf-8828-b63189ccce63","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":516,"width":855,"height":11}},{"id":"30d17c29-a715-4f91-a4b5-b3bdb87fd892","block_type":"box","text":"risks of investing in the Fund. The table compares the Fund’s per formance to that of the Russell 1000 Index and the","page_number":7,"box":{"x":61,"y":530,"width":858,"height":12}},{"id":"a0f37802-0583-45c3-b286-90202bc73588","block_type":"box","text":"Russell 1000 Value Index. The Russell 1000 Value Index is relevant to the Fund because it has characteristics similar","page_number":7,"box":{"x":62,"y":545,"width":866,"height":9}},{"id":"df78c48f-f858-4451-bf02-c084376d1034","block_type":"box","text":"to the Fund’s investment strategy. To the extent that dividends and distributions have been paid by the Fund, the","page_number":7,"box":{"x":60,"y":560,"width":828,"height":12}},{"id":"46affb0b-4bf8-4b39-b959-02ace7237bf6","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":575,"width":866,"height":11}},{"id":"8a3d773e-b00f-45ff-b4a8-579c191f735a","block_type":"box","text":"As with all such investments, past per formance (before and after taxes) is not an indication of future results. Sales","page_number":7,"box":{"x":60,"y":590,"width":849,"height":11}},{"id":"cb443c8b-dea3-4b1f-ba2c-f392ce864743","block_type":"box","text":"charges are not reflected in the bar char t. If they were, returns would be less than those shown. However, the table","page_number":7,"box":{"x":61,"y":604,"width":849,"height":12}},{"id":"b1a556a3-b9c5-4989-ab9a-cc9b69e83994","block_type":"box","text":"includes all applicable fees and sales charges. If BlackRock and its affiliates had not waived or reimbursed cer tain","page_number":7,"box":{"x":62,"y":619,"width":843,"height":12}},{"id":"67d03176-264a-44c5-b944-5c841943ab75","block_type":"box","text":"Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s","page_number":7,"box":{"x":62,"y":634,"width":846,"height":12}},{"id":"ad8c2f69-c7ca-465b-9c97-42093510cb7f","block_type":"box","text":"per formance, including its current net asset value, can be obtained by visiting www.blackrock.com or can be obtained","page_number":7,"box":{"x":62,"y":649,"width":861,"height":12}},{"id":"46353bdc-037c-47d3-9b65-7bdc196bae8c","block_type":"box","text":"by phone at (800) 882-0052.","page_number":7,"box":{"x":61,"y":664,"width":213,"height":11}},{"id":"d75cf6e6-2a9d-446f-b27e-652f6f0ebdf3","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":947,"width":8,"height":9}},{"id":"a6f70d46-327c-48e1-90ab-bd8b4f45eb61","block_type":"box","text":"NM1026U-5985663-7/12","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"62445386-feab-4130-8834-a7e881097956","block_type":"box","text":"Investor A Shares","page_number":8,"box":{"x":427,"y":42,"width":144,"height":10}},{"id":"cc4ae367-63d5-4ccf-81f6-a6db4b970dbc","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":8,"box":{"x":392,"y":58,"width":212,"height":10}},{"id":"da623eca-019b-4197-8dd9-09e6f103d368","block_type":"box","text":"BlackRock High Equity Income Fund","page_number":8,"box":{"x":349,"y":75,"width":299,"height":12}},{"id":"1b0263df-4efb-4690-877d-54b87e66d705","block_type":"box","text":"As of 12/31","page_number":8,"box":{"x":447,"y":91,"width":103,"height":12}},{"id":"7916671e-9481-40fd-bd87-15414fc0b173","block_type":"box","text":"6.71%","page_number":8,"box":{"x":295,"y":197,"width":37,"height":7}},{"id":"ce9eb7f6-eb9d-4baa-aff5-e388e12f3e2f","block_type":"box","text":"17.21%","page_number":8,"box":{"x":340,"y":156,"width":44,"height":7}},{"id":"071ca917-4ccb-447e-871f-1d1a02ad83d4","block_type":"box","text":"-6.39%","page_number":8,"box":{"x":389,"y":263,"width":41,"height":7}},{"id":"e4140bb1-3de8-409d-b93a-bff79dddcbcd","block_type":"box","text":"21.66%","page_number":8,"box":{"x":436,"y":139,"width":45,"height":7}},{"id":"3a9c688a-4b26-4e67-99e8-ba42dc0b9b32","block_type":"box","text":"-0.52%","page_number":8,"box":{"x":486,"y":240,"width":40,"height":7}},{"id":"fafcdf92-3c32-43b2-bc95-e71b9b49892a","block_type":"box","text":"22.70%","page_number":8,"box":{"x":532,"y":135,"width":45,"height":7}},{"id":"21929499-475a-4454-8334-d919cac6a064","block_type":"box","text":"-1.85%","page_number":8,"box":{"x":582,"y":245,"width":40,"height":7}},{"id":"2d8f946f-057a-4e65-a423-a04cd727810e","block_type":"box","text":"9.71%","page_number":8,"box":{"x":632,"y":185,"width":37,"height":7}},{"id":"61260edb-e8d1-422c-95d9-a4c87241a109","block_type":"box","text":"7.48%","page_number":8,"box":{"x":681,"y":194,"width":36,"height":7}},{"id":"86fdbc5b-6872-4ffd-958a-f90452779243","block_type":"box","text":"16.75%","page_number":8,"box":{"x":725,"y":158,"width":45,"height":7}},{"id":"367874df-f727-406a-b974-3909e5c1acc8","block_type":"box","text":"-10%","page_number":8,"box":{"x":237,"y":269,"width":28,"height":7}},{"id":"9788d9a2-3e96-431e-bd53-86616a3b6a8b","block_type":"box","text":"0%","page_number":8,"box":{"x":248,"y":230,"width":17,"height":8}},{"id":"b170862f-0642-482b-9f80-40698b54b816","block_type":"box","text":"10%","page_number":8,"box":{"x":241,"y":191,"width":24,"height":8}},{"id":"fdfd4ab2-2dfa-4b1c-835c-8e453c54cb5e","block_type":"box","text":"20%","page_number":8,"box":{"x":240,"y":153,"width":25,"height":7}},{"id":"6099b601-d100-45e4-9bd0-cb822dd40eba","block_type":"box","text":"30%","page_number":8,"box":{"x":240,"y":114,"width":25,"height":7}},{"id":"bcecaad9-f9f7-4f70-b317-58bfc162c915","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":8,"box":{"x":298,"y":279,"width":465,"height":7}},{"id":"de11d3ed-b218-42d5-87c9-430c4e38a8ff","block_type":"box","text":"During the ten-year period shown in the bar char t, the highest return for a quar ter was 16.54% (quar ter ended","page_number":8,"box":{"x":62,"y":300,"width":806,"height":11}},{"id":"6efc590c-c39e-412b-b8a3-16ff1c10d16b","block_type":"box","text":"December 31, 2020) and the lowest return for a quar ter was -25.96% (quar ter ended March 31, 2020). The year-to","page_number":8,"box":{"x":62,"y":314,"width":853,"height":12}},{"id":"02d98dd8-707d-41e4-bc35-0fa419aa4989","block_type":"box","text":"date return as of June 30, 2026 was 9.72%.","page_number":8,"box":{"x":61,"y":329,"width":327,"height":11}},{"id":"115b7954-4982-43a8-9396-4a1027ba1396","block_type":"box","text":"For the periods ended 12/31/25","page_number":8,"box":{"x":70,"y":358,"width":223,"height":10}},{"id":"757d871f-51b6-4023-a151-be1c97b0b7b6","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":8,"box":{"x":69,"y":370,"width":854,"height":10}},{"id":"53b468c8-ac91-4863-8229-072348b4bb00","block_type":"box","text":"BlackRock High Equity Income Fund — Investor A Shares","page_number":8,"box":{"x":70,"y":388,"width":374,"height":10}},{"id":"3cadef16-0be8-48ab-b9e2-0225651a17b1","block_type":"box","text":"Return Before Taxes 10.62% 9.45% 8.33%","page_number":8,"box":{"x":85,"y":400,"width":840,"height":9}},{"id":"fc84aa67-ef46-4d9f-9717-5462deaab58b","block_type":"box","text":"Return After Taxes on Distributions 7.33% 6.61% 4.84%","page_number":8,"box":{"x":85,"y":413,"width":840,"height":9}},{"id":"08867d30-25b5-4cd2-98c6-8f8f88f49ec1","block_type":"box","text":"Return After Taxes on Distributions","page_number":8,"box":{"x":85,"y":426,"width":228,"height":9}},{"id":"7d0fa452-d6c9-42fd-b13c-70cfe7980f9b","block_type":"box","text":"and Sale of Fund Shares 6.35% 6.19% 5.16%","page_number":8,"box":{"x":85,"y":438,"width":840,"height":8}},{"id":"63931b47-a913-4e30-97d5-349d4286ceb5","block_type":"box","text":"BlackRock High Equity Income Fund — Investor C Shares","page_number":8,"box":{"x":70,"y":456,"width":375,"height":10}},{"id":"ee76445f-023d-4e5e-9f97-f692cec570a3","block_type":"box","text":"Return Before Taxes 14.92% 9.83% 8.27%","page_number":8,"box":{"x":85,"y":469,"width":840,"height":8}},{"id":"80f3ab80-382c-4564-a882-3f92c16044cb","block_type":"box","text":"BlackRock High Equity Income Fund — Institutional Shares","page_number":8,"box":{"x":70,"y":487,"width":387,"height":10}},{"id":"d8ecf2d5-eaa5-47f4-8f09-70a1bb778bd8","block_type":"box","text":"Return Before Taxes 17.04% 10.92% 9.21%","page_number":8,"box":{"x":85,"y":500,"width":840,"height":8}},{"id":"96962ba6-abb4-4781-b907-ef4609e473c3","block_type":"box","text":"Russell 1000 Index","page_number":8,"box":{"x":70,"y":518,"width":128,"height":8}},{"id":"ad7652e9-595b-42a9-a1ca-918d475c18c0","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 17.37% 13.59% 14.59%","page_number":8,"box":{"x":69,"y":531,"width":856,"height":10}},{"id":"b41c27f6-6566-40d5-8e93-f2e6629158a0","block_type":"box","text":"Russell 1000 Value Index","page_number":8,"box":{"x":70,"y":549,"width":168,"height":9}},{"id":"da14f7a0-857e-483b-9523-5e2087dde6a9","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 15.91% 11.33% 10.53%","page_number":8,"box":{"x":69,"y":563,"width":856,"height":10}},{"id":"9ecefed0-3ea8-4a3e-865a-352e4f3bee62","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":8,"box":{"x":60,"y":595,"width":840,"height":11}},{"id":"a80cacb2-c086-40e7-b235-07a616c289e6","block_type":"box","text":"reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may","page_number":8,"box":{"x":61,"y":610,"width":835,"height":11}},{"id":"a4a4940d-7bf7-4592-9966-9e4a4e2d0ee7","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":8,"box":{"x":61,"y":624,"width":851,"height":12}},{"id":"ab5767f7-c989-4711-86aa-6a8ffcbd4678","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for","page_number":8,"box":{"x":60,"y":639,"width":840,"height":12}},{"id":"ea7f8ea4-debf-41bf-9d49-b2afc8ddb9f8","block_type":"box","text":"Investor A Shares only, and the after-tax returns for Investor C and Institutional Shares will vary.","page_number":8,"box":{"x":62,"y":654,"width":700,"height":12}},{"id":"4013aabe-c7f6-46f3-9f41-dd3a71985eec","block_type":"box","text":"Investment Manager","page_number":8,"box":{"x":62,"y":693,"width":187,"height":14}},{"id":"c860c4fa-9fc8-453f-907d-529dcc0737e4","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).","page_number":8,"box":{"x":60,"y":719,"width":709,"height":12}},{"id":"75e4ae8c-c0c0-45dd-8b4f-3e3da86a2ed5","block_type":"box","text":"Portfolio Managers","page_number":8,"box":{"x":61,"y":758,"width":173,"height":14}},{"id":"a7e7f7a9-ce55-411c-8908-4f1e92b263dc","block_type":"box","text":"Name","page_number":8,"box":{"x":70,"y":802,"width":37,"height":8}},{"id":"f0b8830f-3f16-4871-a34f-76231fdaba74","block_type":"box","text":"Portfolio Manager","page_number":8,"box":{"x":375,"y":790,"width":121,"height":11}},{"id":"5386bee5-bf5f-422d-b78e-9bcc7e8abe32","block_type":"box","text":"of the Fund Since Title","page_number":8,"box":{"x":376,"y":802,"width":414,"height":8}},{"id":"6037d53d-aa7c-48a9-a07c-665da37f6bc3","block_type":"box","text":"Cem Inal 2025 Managing Director of BlackRock, Inc.","page_number":8,"box":{"x":69,"y":820,"width":826,"height":10}},{"id":"55927233-f91e-46f7-b43d-6ebc6a0b4825","block_type":"box","text":"Kyle McClements, CFA 2017 Managing Director of BlackRock, Inc.","page_number":8,"box":{"x":70,"y":838,"width":825,"height":10}},{"id":"c3e0404b-e6c3-4f7d-b68c-921ef09cdee3","block_type":"box","text":"Tom Pierce 2021 Director of BlackRock, Inc.","page_number":8,"box":{"x":69,"y":856,"width":758,"height":10}},{"id":"669f2eee-ffd7-4262-b610-e38a1016d572","block_type":"box","text":"David Zhao 2017 Managing Director of BlackRock, Inc.","page_number":8,"box":{"x":70,"y":874,"width":825,"height":11}},{"id":"5fafd643-4d27-4711-9421-3776bdbca23c","block_type":"box","text":"8","page_number":8,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"ab8dfa39-8e14-44b8-a99f-f13b3939a040","block_type":"box","text":"NM1026U-5985663-8/12","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"1e617bc2-d068-403e-9423-1c3ba5a0ba4b","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":9,"box":{"x":61,"y":43,"width":309,"height":11}},{"id":"491f9874-3c26-4f8e-b1d6-98cce38cf52f","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. To purchase or sell","page_number":9,"box":{"x":60,"y":69,"width":857,"height":11}},{"id":"3d497931-46d3-4941-b710-6177454eacac","block_type":"box","text":"shares you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should contact","page_number":9,"box":{"x":61,"y":84,"width":873,"height":11}},{"id":"a0f3e470-823a-4588-9f39-8e99c26a1d7d","block_type":"box","text":"the Fund by phone at (800) 441-7762, by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania","page_number":9,"box":{"x":60,"y":99,"width":833,"height":11}},{"id":"8cb90073-a3a5-4db1-8a1a-34be43784a22","block_type":"box","text":"15253-4429), or by the Internet at www.blackrock.com. 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