{"annotation_id":"8937406a-2909-4d43-8e01-2483aa29a5ca","file_hash":"891950bf3800fb0c3e908820a7e92f43645a1fcfc6837929a285eda904e89bd1","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"dd785c9b-9f36-45d0-8d18-8791a3fc7193","block_type":"box","text":"AUGUST 28, 2026","page_number":1,"box":{"x":791,"y":47,"width":147,"height":11}},{"id":"558870ea-5827-4bb5-b549-2b8e542749ae","block_type":"box","text":"Summary Prospectus","page_number":1,"box":{"x":103,"y":175,"width":502,"height":33}},{"id":"73916638-ffde-42f4-b2b0-ee2d8cc3b26f","block_type":"box","text":"BlackRock Equity Dividend Fund","page_number":1,"box":{"x":63,"y":297,"width":267,"height":12}},{"id":"b7816d38-b1a7-49b7-a2d7-76e42754fe37","block_type":"box","text":"|","page_number":1,"box":{"x":341,"y":296,"width":2,"height":11}},{"id":"00a1e698-4317-4f40-97af-6e21bbf5e7ee","block_type":"box","text":"Service Shares","page_number":1,"box":{"x":354,"y":297,"width":120,"height":9}},{"id":"972a9816-9eb6-4b60-9811-9e43a4b5945f","block_type":"box","text":"Service Shares: MSDVX","page_number":1,"box":{"x":83,"y":314,"width":147,"height":8}},{"id":"8234ff87-5b10-4fc5-a305-a9edf57142b5","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":354,"width":808,"height":11}},{"id":"0bc002f2-64c1-41de-8025-6b0cd7f39784","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":370,"width":821,"height":11}},{"id":"ec513a32-da8b-49d1-8961-484ee7e10b26","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":385,"width":748,"height":11}},{"id":"2d999719-6b8e-4381-8f60-d0015520b451","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":401,"width":825,"height":11}},{"id":"015a3257-5da4-4e3f-ab5b-a3536dc90511","block_type":"box","text":"sending an e-mail request to","page_number":1,"box":{"x":63,"y":417,"width":203,"height":10}},{"id":"5bffad85-3691-4ecb-a856-12e5df8577a9","block_type":"box","text":"prospectus.request@blackrock.com","page_number":1,"box":{"x":271,"y":417,"width":261,"height":10}},{"id":"1371945d-815f-4fb9-ac92-db078e76c679","block_type":"box","text":", or from your financial professional. The Fund’s","page_number":1,"box":{"x":534,"y":416,"width":335,"height":11}},{"id":"6dbf4ebc-1878-4d57-bf7a-acd2547403d9","block_type":"box","text":"prospectus and statement of additional information, both dated August 28, 2025, as amended and supplemented","page_number":1,"box":{"x":63,"y":432,"width":804,"height":11}},{"id":"9769d773-d8b0-48df-9e9d-380286e8529d","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":447,"width":729,"height":11}},{"id":"69d62d31-17d9-49a7-aa4f-1cff31abeefe","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":"3e475a22-d680-4db7-84c4-3fc850655a62","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":"811eab81-148a-4a21-b9e9-2d59a296ffe8","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":"5af06a1a-955b-4683-b8bd-76a7c17e870b","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":"8f534203-fb67-4641-bbcf-2663175d657a","block_type":"box","text":"Not FDIC Insured","page_number":1,"box":{"x":101,"y":916,"width":112,"height":8}},{"id":"dac3f26b-a718-4161-ae94-e2d76ba7aea8","block_type":"box","text":"•","page_number":1,"box":{"x":218,"y":919,"width":5,"height":3}},{"id":"45f66a5e-71f6-4303-884f-1e1464f9e7ea","block_type":"box","text":"May Lose Value","page_number":1,"box":{"x":228,"y":916,"width":101,"height":10}},{"id":"44a7579b-4c68-44c1-b1d5-c35e3222b970","block_type":"box","text":"•","page_number":1,"box":{"x":334,"y":919,"width":4,"height":3}},{"id":"2637eb04-a789-4b13-a31f-f1bc0065229b","block_type":"box","text":"No Bank 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current","page_number":2,"box":{"x":60,"y":178,"width":862,"height":12}},{"id":"c13251e5-625f-4f1d-95dc-6c9747942ce4","block_type":"box","text":"income.","page_number":2,"box":{"x":62,"y":194,"width":55,"height":8}},{"id":"ea6b04a1-29e3-4569-b392-ee640268bd1b","block_type":"box","text":"Fees and Expenses of the Fund","page_number":2,"box":{"x":61,"y":232,"width":283,"height":14}},{"id":"fdf9a7b1-9949-4fc1-ad6c-08aea7ac8bf3","block_type":"box","text":"This table describes the fees and expenses that you may pay if you buy, hold and sell Service Shares of the Fund.","page_number":2,"box":{"x":60,"y":258,"width":837,"height":12}},{"id":"f454b358-161a-45be-99c1-6cd5f14b45d8","block_type":"box","text":"Amounts in the table are rounded to the nearest basis point, which in some cases may be “0.00.”","page_number":2,"box":{"x":60,"y":273,"width":724,"height":12}},{"id":"5c7c0190-e7fb-48a4-950f-12cd4da59b40","block_type":"box","text":"You may pay 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below.","page_number":2,"box":{"x":61,"y":333,"width":114,"height":11}},{"id":"4eee47f5-a44f-4e22-8098-dd6d2b3c9f12","block_type":"box","text":"Annual Fund Operating Expenses","page_number":2,"box":{"x":69,"y":369,"width":222,"height":10}},{"id":"0bf443d0-1351-451f-82d6-71a52ceff063","block_type":"box","text":"(expenses that you pay each year as a","page_number":2,"box":{"x":69,"y":381,"width":261,"height":10}},{"id":"285f62e1-6125-4736-a2e2-384988c51de4","block_type":"box","text":"percentage of the value of your investment) Service Shares","page_number":2,"box":{"x":70,"y":392,"width":853,"height":10}},{"id":"1c962224-df2c-4022-ac02-d8459071fff3","block_type":"box","text":"Management Fee","page_number":2,"box":{"x":70,"y":410,"width":112,"height":11}},{"id":"9232e1dc-bc7a-4be1-b5f4-3858d748ad1c","block_type":"box","text":"1","page_number":2,"box":{"x":183,"y":410,"width":4,"height":4}},{"id":"7fac63ba-1ac9-4a45-9e9a-97990f3404d1","block_type":"box","text":"0.56%","page_number":2,"box":{"x":860,"y":410,"width":41,"height":8}},{"id":"9456d96f-6904-4c27-abae-e36c2af1c88d","block_type":"box","text":"Distribution and/or Service (12b-1) Fees","page_number":2,"box":{"x":70,"y":428,"width":266,"height":10}},{"id":"23df14a6-4b03-4914-8768-7ebb4a849da8","block_type":"box","text":"0.25%","page_number":2,"box":{"x":860,"y":428,"width":41,"height":8}},{"id":"f96e6a7f-408a-4afb-9055-2c5296216c0c","block_type":"box","text":"Other Expenses","page_number":2,"box":{"x":69,"y":446,"width":103,"height":10}},{"id":"8bf090fd-2704-4181-9bf9-1b98e53d4c37","block_type":"box","text":"0.19%","page_number":2,"box":{"x":860,"y":446,"width":41,"height":8}},{"id":"a52a7d26-981a-49b5-9d38-19850502f1c2","block_type":"box","text":"Acquired Fund Fees and Expenses","page_number":2,"box":{"x":69,"y":464,"width":225,"height":10}},{"id":"730947e8-beda-431b-94cf-e9db3022a806","block_type":"box","text":"2","page_number":2,"box":{"x":295,"y":464,"width":4,"height":4}},{"id":"5336b6d0-7669-46ef-91a4-3e825194ef20","block_type":"box","text":"0.01%","page_number":2,"box":{"x":860,"y":464,"width":41,"height":9}},{"id":"76659bc3-3bc0-4194-9bf1-5f152a1428b2","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":2,"box":{"x":69,"y":482,"width":252,"height":11}},{"id":"39d51739-22ce-418c-82ee-c6602d1bd4ee","block_type":"box","text":"2","page_number":2,"box":{"x":322,"y":482,"width":4,"height":4}},{"id":"0c1115d6-3d04-43cd-8b76-1a7d10ac52ae","block_type":"box","text":"1.01%","page_number":2,"box":{"x":860,"y":482,"width":41,"height":9}},{"id":"eb27024d-0cc7-4ae5-b215-f3659430338f","block_type":"box","text":"Fee Waivers and/or Expense Reimbursements","page_number":2,"box":{"x":70,"y":501,"width":304,"height":9}},{"id":"9d490349-8ada-42b5-968a-b274a9695a97","block_type":"box","text":"1,3","page_number":2,"box":{"x":375,"y":500,"width":11,"height":5}},{"id":"40aed797-66b1-447f-8c82-f99c2cfcf984","block_type":"box","text":"(0.04)%","page_number":2,"box":{"x":856,"y":500,"width":50,"height":10}},{"id":"e1a4d0b8-1a86-46d4-9d20-379ff294d584","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements","page_number":2,"box":{"x":69,"y":518,"width":598,"height":11}},{"id":"8c4836c0-037a-4041-99db-7c9aebcfa0bb","block_type":"box","text":"1,3","page_number":2,"box":{"x":668,"y":518,"width":10,"height":5}},{"id":"6aa1bd04-2799-4a37-a871-c3a3d95f7cd9","block_type":"box","text":"0.97%","page_number":2,"box":{"x":860,"y":518,"width":41,"height":9}},{"id":"b432689e-331e-4279-8b76-58928580a5f0","block_type":"box","text":"1","page_number":2,"box":{"x":61,"y":538,"width":3,"height":4}},{"id":"6424c9a9-3539-47a4-9f85-52fb36f1ce78","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 29, BlackRock has contractually agreed to","page_number":2,"box":{"x":81,"y":538,"width":837,"height":9}},{"id":"d68994bf-2587-410f-b37e-5f44c95ac456","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":548,"width":854,"height":10}},{"id":"a8cc20ec-e3dc-4b02-996b-0f39d970d823","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":559,"width":810,"height":9}},{"id":"2366b1d7-643c-4b56-92cf-54a26dfee6ae","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":569,"width":832,"height":9}},{"id":"c188a8fe-8567-4908-8a56-0885aacfa6c4","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":579,"width":847,"height":9}},{"id":"7c6ae4e8-9431-4d6f-ad1f-8d8135ebb89d","block_type":"box","text":"The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Fund or by a vote of a","page_number":2,"box":{"x":81,"y":590,"width":833,"height":9}},{"id":"26956ed0-6814-4790-92f3-6b0836e34001","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":600,"width":330,"height":9}},{"id":"343d2f9d-50fa-4fc0-bab9-15b4a89d16c5","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":613,"width":3,"height":3}},{"id":"0513d574-ad44-41e4-a9bb-03bd545e8e53","block_type":"box","text":"The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent","page_number":2,"box":{"x":81,"y":613,"width":820,"height":9}},{"id":"1bd631e7-4e74-4651-aa87-3ba39e2325ab","block_type":"box","text":"Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses.","page_number":2,"box":{"x":81,"y":623,"width":662,"height":9}},{"id":"56c10b99-458f-462d-97e9-a7f99b27b8d3","block_type":"box","text":"3","page_number":2,"box":{"x":61,"y":636,"width":3,"height":4}},{"id":"9694c322-823c-4168-bce2-3dcbc50550a6","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 29, BlackRock has contractually agreed to","page_number":2,"box":{"x":81,"y":636,"width":837,"height":9}},{"id":"68bb31c2-a02a-45c5-84ee-dc06dc164e9b","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":646,"width":771,"height":10}},{"id":"a6f6fa3c-64c0-48d4-8f22-48306fcc2c88","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) to 0.96%","page_number":2,"box":{"x":81,"y":657,"width":844,"height":9}},{"id":"930a11ea-253c-4fd2-a83b-2a77b7a049aa","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":667,"width":851,"height":9}},{"id":"4fa8cf1b-a039-460f-b258-20cf9ba7f599","block_type":"box","text":"interested trustees of the Fund or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":677,"width":616,"height":9}},{"id":"8c2ad221-39e8-4e0e-ab52-c5c157272ea7","block_type":"box","text":"Example:","page_number":2,"box":{"x":61,"y":695,"width":74,"height":13}},{"id":"9bfe338c-bdb8-4b25-9795-f428c7c09e1f","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":711,"width":830,"height":12}},{"id":"de7c1822-388c-4466-92ba-6e7dd487bbbb","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":726,"width":832,"height":12}},{"id":"f5218404-06f0-46ef-9e77-490cec725ef1","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":741,"width":832,"height":12}},{"id":"cad869d6-820e-4499-b155-f5c4e35352ab","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":756,"width":859,"height":12}},{"id":"f80f75ca-07e4-4cef-8568-4cb5a28e759b","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":2,"box":{"x":61,"y":771,"width":436,"height":11}},{"id":"4aa4a4d5-51e4-4adf-8780-4be1485f1064","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":2,"box":{"x":631,"y":800,"width":292,"height":8}},{"id":"af19ec8d-6fd3-45e2-89a6-003f153b2956","block_type":"box","text":"Service Shares $99 $318 $554 $1,233","page_number":2,"box":{"x":69,"y":817,"width":849,"height":10}},{"id":"bd44b51d-eaa1-4818-af5d-155f8b9704f0","block_type":"box","text":"Portfolio Turnover:","page_number":2,"box":{"x":61,"y":842,"width":151,"height":10}},{"id":"645d369b-f2b3-48cb-8122-d9abfa2196ba","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":859,"width":800,"height":11}},{"id":"385529ed-56f0-4a64-a840-1df8efd50351","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":873,"width":850,"height":12}},{"id":"b4f829e9-ba00-4b72-8b47-5aa5abf3216d","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":888,"width":870,"height":12}},{"id":"782e645b-7fcd-485d-abb0-251edfc0ecb3","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":903,"width":839,"height":11}},{"id":"7585baf5-3644-455f-a13c-c97c03fbe5c1","block_type":"box","text":"75% of the average value of its por tfolio.","page_number":2,"box":{"x":61,"y":918,"width":298,"height":11}},{"id":"362d99b0-49cc-4c04-89cb-dcd1af4092a7","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"6d3e1c66-78d8-484d-a76e-0927e7a4e4b8","block_type":"box","text":"NM1026U-5993062-2/8","page_number":2,"box":{"x":757,"y":969,"width":131,"height":7}},{"id":"375f7060-6414-444a-819f-f7f538f2f806","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":3,"box":{"x":61,"y":43,"width":394,"height":13}},{"id":"5cf0438f-51fb-4581-bf3a-6a9f3deb9701","block_type":"box","text":"The Fund seeks to achieve its objective by investing primarily in a diversified por tfolio of equity securities. Under","page_number":3,"box":{"x":60,"y":69,"width":824,"height":11}},{"id":"024ad647-e857-4f01-9eb1-d7aa1ba1d838","block_type":"box","text":"normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment","page_number":3,"box":{"x":61,"y":84,"width":803,"height":11}},{"id":"4fdd3535-f153-4eee-9973-72ab0f8a1a51","block_type":"box","text":"purposes, in dividend-paying equity securities and derivatives that provide investment exposure to such securities or to","page_number":3,"box":{"x":62,"y":99,"width":872,"height":11}},{"id":"5fe79c02-8e19-4a58-a6a6-98db9217ec76","block_type":"box","text":"one or more market risk factors associated with such securities. The Fund may invest in securities of companies with","page_number":3,"box":{"x":61,"y":113,"width":861,"height":12}},{"id":"0f2e8026-40f1-459b-b89f-63b95e163e1d","block_type":"box","text":"any market capitalization, but will generally focus on large cap securities. The Fund may also invest in conver tible","page_number":3,"box":{"x":61,"y":128,"width":832,"height":12}},{"id":"ca1244ff-d8b7-4d95-8c0d-5083581cb405","block_type":"box","text":"securities and non-conver tible preferred stock. Equity securities include common stock, preferred stock, or securities","page_number":3,"box":{"x":61,"y":143,"width":861,"height":11}},{"id":"1868df8e-427b-4018-8303-b07c2b3f5e8f","block_type":"box","text":"or other instruments whose price is linked to the value of common stock. For purposes of the Fund’s 80% policy,","page_number":3,"box":{"x":61,"y":158,"width":826,"height":11}},{"id":"e1e8afcd-88dc-4576-a8a9-4d9a99eafff0","block_type":"box","text":"dividend-paying equity securities are securities of companies that pay out a por tion of their profits to shareholders of","page_number":3,"box":{"x":61,"y":173,"width":859,"height":11}},{"id":"79fd9bcf-f91b-4e7d-aa4e-144740c39794","block_type":"box","text":"such securities on a periodic basis (i.e., at least once within the company’s latest fiscal year).","page_number":3,"box":{"x":61,"y":187,"width":690,"height":12}},{"id":"b3adbe6f-b4f4-4d05-9e2c-77d670caf0ca","block_type":"box","text":"The Fund may invest up to 25% of its total assets in securities of foreign issuers. The Fund may invest in securities","page_number":3,"box":{"x":60,"y":210,"width":848,"height":12}},{"id":"eb3288bf-cfac-4457-9e7d-66e325ef9adf","block_type":"box","text":"from any country. The Fund may invest in securities denominated in both U.S. dollars and non-U.S. dollar currencies.","page_number":3,"box":{"x":60,"y":225,"width":856,"height":11}},{"id":"7fe37ab1-bf36-4af1-8b0c-21371669e8b6","block_type":"box","text":"The Fund may invest in the securities of foreign issuers in the form of American Depositary Receipts, European","page_number":3,"box":{"x":60,"y":240,"width":817,"height":11}},{"id":"6bc4581a-5963-4156-95aa-b5cd758b808a","block_type":"box","text":"Depositary Receipts or other securities conver tible into securities of foreign issuers.","page_number":3,"box":{"x":62,"y":254,"width":618,"height":12}},{"id":"62669e5b-80f8-49f2-ab3d-290d7492de7e","block_type":"box","text":"BlackRock chooses investments for the Fund that it believes will both increase in value over the long term and provide","page_number":3,"box":{"x":62,"y":277,"width":868,"height":12}},{"id":"16f2c273-f909-42c1-ae34-497e7d6dcc32","block_type":"box","text":"current income, focusing on investments that will do both instead of those that will favor current income over capital","page_number":3,"box":{"x":61,"y":292,"width":854,"height":11}},{"id":"4ef3b081-619f-480f-af08-6141e7b662c5","block_type":"box","text":"appreciation.","page_number":3,"box":{"x":61,"y":307,"width":93,"height":11}},{"id":"a6ab0d47-e1fa-4347-ba6d-4eff6b63cb1a","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":3,"box":{"x":61,"y":346,"width":354,"height":13}},{"id":"47030792-9a56-4417-a07f-884fe73798cd","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":372,"width":860,"height":11}},{"id":"ed640f5d-6bcb-41d2-a909-925f5c1820e1","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":387,"width":802,"height":11}},{"id":"9c0b7892-8b4a-4f1d-bf77-0f0005d8c05d","block_type":"box","text":"investment in the Fund or your investment may not per form as well as other similar investments. An investment in the","page_number":3,"box":{"x":62,"y":401,"width":866,"height":12}},{"id":"9c47a452-d1b7-4343-ad03-debf3feadc27","block_type":"box","text":"Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other","page_number":3,"box":{"x":62,"y":416,"width":869,"height":12}},{"id":"3436cfbb-b088-4a64-a720-04c52fc527a5","block_type":"box","text":"government agency. The following is a summary description of principal risks of investing in the Fund. The relative","page_number":3,"box":{"x":60,"y":431,"width":835,"height":12}},{"id":"7032cd58-3904-4302-8305-2909787c39b3","block_type":"box","text":"significance of each risk factor below may change over time and you should review each risk factor carefully.","page_number":3,"box":{"x":61,"y":446,"width":793,"height":11}},{"id":"39ed3eb2-657d-4a0e-904a-dc9697ca9330","block_type":"box","text":"Equity Securities Risk","page_number":3,"box":{"x":81,"y":466,"width":166,"height":11}},{"id":"ff7762d4-cce9-48f0-9d12-e6cc070fd5dc","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":466,"width":685,"height":11}},{"id":"95477fdf-2f4f-4487-9c2a-0da1c1fa4176","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":3,"box":{"x":81,"y":481,"width":550,"height":11}},{"id":"3303098b-51e3-4e32-bc9d-514c008450cd","block_type":"box","text":"Income Producing Stock Availability Risk","page_number":3,"box":{"x":81,"y":501,"width":310,"height":11}},{"id":"fac70f5e-e425-4eaa-8f50-bed9c1fb8599","block_type":"box","text":"—","page_number":3,"box":{"x":396,"y":506,"width":17,"height":1}},{"id":"da6242e7-f85f-4f7d-807e-b51dfc3513d9","block_type":"box","text":"Depending upon market conditions, income producing common stock","page_number":3,"box":{"x":418,"y":501,"width":507,"height":11}},{"id":"f8a28b79-164e-4bfe-a961-37c140f13cd8","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":3,"box":{"x":80,"y":516,"width":837,"height":11}},{"id":"e8f342ca-3383-4718-b63b-f66e1c98ab97","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":3,"box":{"x":81,"y":530,"width":852,"height":12}},{"id":"a1c479f8-db9d-4ba9-9dd3-b4122ef565a9","block_type":"box","text":"Investment Style Risk","page_number":3,"box":{"x":81,"y":550,"width":166,"height":12}},{"id":"45c68afd-acd7-4d1c-8025-53d2f518ce31","block_type":"box","text":"—","page_number":3,"box":{"x":252,"y":556,"width":17,"height":1}},{"id":"9322f354-e1b7-46e9-b979-9c0a145a52d1","block_type":"box","text":"Under cer tain market conditions, value investments have per formed better during periods","page_number":3,"box":{"x":274,"y":550,"width":658,"height":12}},{"id":"2c1416e4-2d84-4db1-b63e-c31fa2814fb2","block_type":"box","text":"of economic recovery. Therefore, this investment style may over time go in and out of favor. At times when the","page_number":3,"box":{"x":81,"y":565,"width":809,"height":12}},{"id":"f6ae051f-3afd-4dd1-8d6c-c9dc094e63a7","block_type":"box","text":"investment style used by the Fund is out of favor, the Fund may underper form other equity funds that use different","page_number":3,"box":{"x":82,"y":580,"width":841,"height":11}},{"id":"cc3f6202-c6c0-4ddb-9af0-2077db7d2d92","block_type":"box","text":"investment styles.","page_number":3,"box":{"x":82,"y":595,"width":131,"height":11}},{"id":"002aa113-666c-4a67-8118-c83d8b7ad5f1","block_type":"box","text":"Foreign Securities Risk","page_number":3,"box":{"x":81,"y":615,"width":176,"height":11}},{"id":"f01defbe-78e8-4761-8048-175066393a6f","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":3,"box":{"x":260,"y":615,"width":668,"height":11}},{"id":"fd9e93f5-baad-4824-86ec-6dc3f9934771","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":3,"box":{"x":82,"y":630,"width":531,"height":11}},{"id":"25eb61d9-e344-43f3-8abf-c3adc121f4a3","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":3,"box":{"x":101,"y":650,"width":823,"height":11}},{"id":"96938575-6faf-432d-bbb7-9048c251611e","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":3,"box":{"x":102,"y":664,"width":823,"height":12}},{"id":"99db1190-f1c6-4eb6-9a6f-c8ef52faf7b0","block_type":"box","text":"oversight.","page_number":3,"box":{"x":101,"y":680,"width":70,"height":11}},{"id":"625ddafa-fa1c-46fb-8bbc-ba14b22ab230","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s por tfolio.","page_number":3,"box":{"x":101,"y":699,"width":644,"height":12}},{"id":"7ce276c2-c629-4a67-afa2-427c985df75d","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":3,"box":{"x":101,"y":719,"width":830,"height":12}},{"id":"6dabf46e-e45e-4393-89d9-42e72d145ef5","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":3,"box":{"x":102,"y":734,"width":808,"height":12}},{"id":"05b456e4-3882-4ac2-bddf-d0683c8fab03","block_type":"box","text":"payments position.","page_number":3,"box":{"x":102,"y":749,"width":137,"height":11}},{"id":"f4f2f7e5-40bb-44c8-8d64-15ad465649d4","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":3,"box":{"x":101,"y":769,"width":821,"height":11}},{"id":"90dbde17-ab30-4aa7-89a1-c00e5dfacba5","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":3,"box":{"x":102,"y":784,"width":809,"height":11}},{"id":"0ff44067-2b86-41c8-a3ec-ece36b54d41e","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":3,"box":{"x":102,"y":798,"width":784,"height":12}},{"id":"9af61242-ff93-457d-b97c-131f64b17611","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":3,"box":{"x":101,"y":814,"width":352,"height":11}},{"id":"3205aaf2-3c79-482c-b3ab-041d73bda8d8","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":3,"box":{"x":102,"y":833,"width":823,"height":12}},{"id":"ace8c9dc-8fca-4408-961d-7760b0ed868d","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":3,"box":{"x":101,"y":848,"width":811,"height":12}},{"id":"44b68ea7-2cfc-47f1-be68-89deef07d329","block_type":"box","text":"U.S. securities laws.","page_number":3,"box":{"x":102,"y":863,"width":148,"height":9}},{"id":"56f96af4-f6f7-4e9e-a6cc-14b27adc2965","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":3,"box":{"x":101,"y":883,"width":834,"height":12}},{"id":"76d291ee-b737-4899-af18-9b346db2df77","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":3,"box":{"x":101,"y":898,"width":628,"height":11}},{"id":"0692a541-5fbe-4a49-8dcd-34b794a21fe9","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"f0ce7e73-2051-4b45-ae91-30a95dc8ddf3","block_type":"box","text":"NM1026U-5993062-3/8","page_number":3,"box":{"x":757,"y":969,"width":131,"height":7}},{"id":"1379f283-3adc-44e9-a18e-bfca06b5ea7e","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":4,"box":{"x":101,"y":42,"width":830,"height":11}},{"id":"aa3ad853-d65d-4892-922c-07efef73b668","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":4,"box":{"x":101,"y":57,"width":831,"height":11}},{"id":"32116cd7-6189-4a93-b9ca-25310c393e44","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":4,"box":{"x":101,"y":71,"width":813,"height":12}},{"id":"b6859df3-8ef2-4db5-bba7-dcf5475dd7dd","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":4,"box":{"x":101,"y":86,"width":395,"height":12}},{"id":"17055f63-d5b7-49d8-8e16-503eaaf306c6","block_type":"box","text":"Convertible Securities Risk","page_number":4,"box":{"x":81,"y":106,"width":206,"height":9}},{"id":"9f76598b-004e-4704-be48-cab04c3df806","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":106,"width":593,"height":12}},{"id":"cf0317f9-6693-4f93-a8e5-03ecee960918","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":121,"width":853,"height":11}},{"id":"6a850477-53db-4d4d-8f44-6409a37bf607","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":136,"width":855,"height":11}},{"id":"cecaa25e-59bd-447c-8ecb-cc7b26bc1d86","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":151,"width":816,"height":11}},{"id":"60ba31ba-ded1-4dae-80ec-aaff85ceed93","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":166,"width":796,"height":11}},{"id":"798c0d43-3d45-456d-8b1f-e3ed968744f1","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":180,"width":812,"height":12}},{"id":"07eff489-fc2c-4aa3-9a20-33fee1cad55e","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":195,"width":809,"height":12}},{"id":"729ec47e-85bf-4262-acf4-d8f5087cc2f4","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":4,"box":{"x":81,"y":215,"width":276,"height":12}},{"id":"6f329c5e-0928-4748-a6bc-8463328efcc0","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":4,"box":{"x":361,"y":215,"width":573,"height":12}},{"id":"54269707-feb8-4ce9-8232-68c30e50c44f","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":4,"box":{"x":81,"y":230,"width":848,"height":12}},{"id":"3146ea99-599c-4afd-8010-4ccc6595da65","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":4,"box":{"x":81,"y":245,"width":839,"height":11}},{"id":"8ef68409-52f1-4e2d-abbb-6b7fd0aa038f","block_type":"box","text":"per formance of large-capitalization companies could trail the overall per formance of the broader securities markets.","page_number":4,"box":{"x":82,"y":260,"width":851,"height":11}},{"id":"8c9321db-9f32-49ee-b17c-588af4a564a1","block_type":"box","text":"Market Risk and Selection Risk","page_number":4,"box":{"x":81,"y":280,"width":240,"height":9}},{"id":"613637b3-a9e7-41ed-8c6f-fe7200b7b850","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":4,"box":{"x":324,"y":280,"width":593,"height":9}},{"id":"8daacb1f-7a62-462a-965d-e67b5a996209","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":4,"box":{"x":81,"y":295,"width":851,"height":11}},{"id":"1274b133-76c4-4423-bef5-560e2a7e5731","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":4,"box":{"x":82,"y":309,"width":824,"height":12}},{"id":"d7fd7d82-1d8a-4947-8f4c-6bcd59ef96a3","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":4,"box":{"x":82,"y":324,"width":851,"height":12}},{"id":"f3c97aaa-afd9-4bf0-8678-15b940bbc170","block_type":"box","text":"underper form the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":4,"box":{"x":82,"y":339,"width":802,"height":11}},{"id":"4bd491ea-0170-4814-ba4e-9f3aa662da5e","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to per form as intended. The value of","page_number":4,"box":{"x":81,"y":354,"width":849,"height":11}},{"id":"4a39756d-5ad7-4dba-8385-e4dcf235914c","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":4,"box":{"x":81,"y":369,"width":843,"height":11}},{"id":"106e8e53-02a9-4bd7-8d03-8951326dc7dd","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":4,"box":{"x":81,"y":383,"width":830,"height":12}},{"id":"77c63066-a06b-4a5b-84b2-444114f76d44","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":4,"box":{"x":82,"y":398,"width":840,"height":12}},{"id":"e9a643dd-9677-4d56-ad17-4557c179ea34","block_type":"box","text":"The success of a Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic","page_number":4,"box":{"x":81,"y":413,"width":851,"height":11}},{"id":"8d17bb33-35a5-42af-a403-50556c7fd5a5","block_type":"box","text":"uncer tainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency","page_number":4,"box":{"x":82,"y":428,"width":815,"height":11}},{"id":"3b31de27-2490-424f-925d-050f4082bf29","block_type":"box","text":"exchange controls, and local, regional or global events such as war, acts of terrorism, natural and environmental","page_number":4,"box":{"x":81,"y":443,"width":826,"height":11}},{"id":"2770b94a-32dc-4fb5-a6e0-4a88388b6b01","block_type":"box","text":"disasters, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or","page_number":4,"box":{"x":81,"y":458,"width":850,"height":11}},{"id":"ff7b4bfd-b445-4d55-a5c1-4fdf66134d60","block_type":"box","text":"other events. This means you may lose money.","page_number":4,"box":{"x":81,"y":473,"width":343,"height":11}},{"id":"e1b8accf-e672-4d02-8b29-69c88789fbd7","block_type":"box","text":"Recent policy initiatives under taken by the U.S. government have the potential to impact international relations,","page_number":4,"box":{"x":82,"y":492,"width":818,"height":12}},{"id":"68ea48a1-a450-47e2-9847-f5b393fbc082","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncer tainty and instability in","page_number":4,"box":{"x":80,"y":507,"width":819,"height":12}},{"id":"7c1a4a79-f8dd-497e-bf38-99c36fab8188","block_type":"box","text":"domestic and global markets, and could adversely affect the investment per formance of the Fund. In par ticular,","page_number":4,"box":{"x":81,"y":522,"width":819,"height":12}},{"id":"c085ce18-dbd6-4c3c-a6bc-4e370e54d35f","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":4,"box":{"x":81,"y":537,"width":846,"height":11}},{"id":"dba34959-e41a-4268-a431-1dbcdcff406e","block_type":"box","text":"costs for impor ted goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":4,"box":{"x":81,"y":552,"width":848,"height":11}},{"id":"10b1c694-368e-4d1f-b849-2647b981ae81","block_type":"box","text":"the Fund invests.","page_number":4,"box":{"x":80,"y":567,"width":125,"height":9}},{"id":"ba99decb-8045-4eaf-bc5b-404ce40a281e","block_type":"box","text":"Operational and Technology Risks","page_number":4,"box":{"x":82,"y":587,"width":254,"height":11}},{"id":"41b97221-627c-42bc-b94d-b6797fa0bbc2","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":4,"box":{"x":340,"y":587,"width":578,"height":11}},{"id":"6ce13381-d376-4c37-8049-ec4c607c691c","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":4,"box":{"x":82,"y":601,"width":779,"height":12}},{"id":"c366b529-01f6-4174-9186-4711eb221ab5","block_type":"box","text":"cybersecurity incidents, and the use of ar tificial intelligence and machine learning (“AI”), which may result in losses","page_number":4,"box":{"x":81,"y":616,"width":848,"height":12}},{"id":"0c9e8a95-ebcb-4ccc-a7b3-ea8746261b98","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":4,"box":{"x":81,"y":631,"width":806,"height":11}},{"id":"80a2e47b-ac99-4850-ba76-039a90cc0895","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":4,"box":{"x":82,"y":646,"width":807,"height":11}},{"id":"148e38eb-2cf7-48eb-8767-b32911d5c368","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":4,"box":{"x":82,"y":661,"width":846,"height":11}},{"id":"9a3902fa-0f37-4bb6-85fc-fa89a7a7cf98","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":4,"box":{"x":81,"y":675,"width":836,"height":12}},{"id":"e12a61c6-e3c7-4ce9-b97a-74e4c3aff7b9","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":4,"box":{"x":82,"y":690,"width":474,"height":12}},{"id":"c0c796c1-0a68-4e24-9307-43420b0fd42a","block_type":"box","text":"Preferred Securities Risk","page_number":4,"box":{"x":81,"y":710,"width":189,"height":9}},{"id":"0a77f9d4-0c02-4a09-b9d0-beea2656812e","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":4,"box":{"x":274,"y":710,"width":636,"height":12}},{"id":"2905de99-41c0-42ea-b92d-82d78f230f44","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":4,"box":{"x":81,"y":725,"width":824,"height":12}},{"id":"6e1a956e-6b5c-4968-b367-3c4224529048","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":4,"box":{"x":82,"y":740,"width":806,"height":11}},{"id":"8ae9a80a-6ca1-4faa-8c31-c2bde8f317c8","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":4,"box":{"x":81,"y":755,"width":842,"height":11}},{"id":"08877430-3595-4221-a049-d13dcbb4d1fe","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":4,"box":{"x":81,"y":769,"width":781,"height":12}},{"id":"48cb6156-0005-46a4-baa7-054e6be4803a","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":4,"box":{"x":81,"y":784,"width":812,"height":12}},{"id":"fecefe47-afed-4b00-a332-e8dd8ada9366","block_type":"box","text":"larger companies.","page_number":4,"box":{"x":82,"y":799,"width":129,"height":12}},{"id":"82143fb2-d374-4af9-84be-911f3d8f296e","block_type":"box","text":"Risk of Investing in the United States","page_number":4,"box":{"x":81,"y":819,"width":283,"height":12}},{"id":"15fbc733-a90c-4c14-82cb-cd7e590c04d5","block_type":"box","text":"—","page_number":4,"box":{"x":369,"y":825,"width":17,"height":0}},{"id":"0682e826-2b72-4a58-ac69-9a5ad6b76147","block_type":"box","text":"Cer tain changes in the U.S. economy, such as when the U.S. economy","page_number":4,"box":{"x":391,"y":819,"width":518,"height":12}},{"id":"7c2f1e2f-fe44-4427-a2cf-318681bce27c","block_type":"box","text":"weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has","page_number":4,"box":{"x":80,"y":834,"width":847,"height":11}},{"id":"97887b3f-ab69-4cb5-b0a6-262eb8559860","block_type":"box","text":"exposure.","page_number":4,"box":{"x":81,"y":851,"width":70,"height":9}},{"id":"d1db41ff-a63b-448c-8c10-5d8b36aa9bc5","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"7394a609-3255-40ca-8c6f-386b905c0b08","block_type":"box","text":"NM1026U-5993062-4/8","page_number":4,"box":{"x":757,"y":969,"width":131,"height":7}},{"id":"a97bff78-8455-4776-b919-ef31ccbf03dd","block_type":"box","text":"Performance Information","page_number":5,"box":{"x":61,"y":43,"width":224,"height":11}},{"id":"2a8445e0-b3f5-4857-bae7-1e61aa147e56","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":5,"box":{"x":60,"y":69,"width":855,"height":11}},{"id":"abaed1c9-3ae5-4e00-a801-e43566687011","block_type":"box","text":"risks of investing in the Fund. The table compares the Fund’s per formance to that of the Standard & Poor’s (S&P) 500","page_number":5,"box":{"x":61,"y":84,"width":871,"height":11}},{"id":"16f44742-8cb1-4aaf-b1e3-baa3b2452fb3","block_type":"box","text":"Index and the Russell 1000 Value Index, which are relevant to the Fund because they have characteristics similar to","page_number":5,"box":{"x":62,"y":99,"width":851,"height":11}},{"id":"5b06157c-6375-40f4-bb72-ba210c248d18","block_type":"box","text":"the Fund’s investment strategies. To the extent that dividends and distributions have been paid by the Fund, the","page_number":5,"box":{"x":60,"y":114,"width":824,"height":11}},{"id":"e0a360b9-513e-49e8-8518-d0c1d5c9b3ba","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":5,"box":{"x":62,"y":128,"width":866,"height":11}},{"id":"c559266e-58a9-4f63-81b0-d264446d8a2f","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":5,"box":{"x":60,"y":143,"width":875,"height":11}},{"id":"0dcf5d67-3e74-40b7-bb3c-905b2a20dc1f","block_type":"box","text":"includes all applicable fees. If the Fund’s investment manager and its affiliates had not waived or reimbursed cer tain","page_number":5,"box":{"x":62,"y":158,"width":859,"height":11}},{"id":"604d5498-7b7e-486e-ab90-ab6027ee6d5a","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":5,"box":{"x":62,"y":173,"width":846,"height":11}},{"id":"aa404688-283a-4473-b8a4-d68590470d80","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":5,"box":{"x":62,"y":187,"width":861,"height":12}},{"id":"5e38d686-b45f-4408-a69e-f67505b0f914","block_type":"box","text":"by phone at 800-882-0052.","page_number":5,"box":{"x":61,"y":202,"width":202,"height":12}},{"id":"23ccb3e7-615b-439e-923c-6402046ed93a","block_type":"box","text":"Service Shares","page_number":5,"box":{"x":437,"y":225,"width":123,"height":10}},{"id":"5142598a-60ce-4a40-8181-a400d8a15af2","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":5,"box":{"x":392,"y":241,"width":212,"height":10}},{"id":"b6508e80-69ce-40c8-82b7-b60d77300370","block_type":"box","text":"BlackRock Equity Dividend Fund","page_number":5,"box":{"x":366,"y":258,"width":266,"height":12}},{"id":"b3369c0c-66ed-4f2a-8992-0d69cf06a6d7","block_type":"box","text":"As of 12/31","page_number":5,"box":{"x":447,"y":274,"width":103,"height":12}},{"id":"9f8eab43-8bec-4fe5-ad50-86a5654035ee","block_type":"box","text":"15.95%","page_number":5,"box":{"x":292,"y":348,"width":44,"height":8}},{"id":"af9b4597-83ea-4ea5-b20b-8cfa77b937c0","block_type":"box","text":"16.47%","page_number":5,"box":{"x":340,"y":347,"width":44,"height":7}},{"id":"6e970f0c-b9c9-4874-a4e7-9c761414db12","block_type":"box","text":"-7.45%","page_number":5,"box":{"x":389,"y":436,"width":41,"height":8}},{"id":"7c3fa633-a4cf-4d78-bc81-ae8edc4ef9e0","block_type":"box","text":"27.10%","page_number":5,"box":{"x":436,"y":314,"width":45,"height":7}},{"id":"6eba87ca-9cd7-4cbf-ab47-dfc3e8ebf1ff","block_type":"box","text":"3.64%","page_number":5,"box":{"x":488,"y":387,"width":37,"height":7}},{"id":"88448318-4ae1-4cae-9826-9ab329cd9c9a","block_type":"box","text":"20.00%","page_number":5,"box":{"x":532,"y":336,"width":45,"height":7}},{"id":"58c66805-6c83-4a24-8ba0-f30d9077ed5a","block_type":"box","text":"-4.25%","page_number":5,"box":{"x":582,"y":426,"width":40,"height":8}},{"id":"b818d199-6d18-4572-8cfb-bd849ae416cb","block_type":"box","text":"12.28%","page_number":5,"box":{"x":629,"y":360,"width":44,"height":7}},{"id":"529395ec-6287-495c-bd5c-122f068005dc","block_type":"box","text":"9.41%","page_number":5,"box":{"x":681,"y":369,"width":36,"height":7}},{"id":"f9ef0a8a-8353-48cd-a29a-4d0f7bda9c1b","block_type":"box","text":"21.37%","page_number":5,"box":{"x":725,"y":332,"width":45,"height":7}},{"id":"090be619-0633-4154-88fb-6f1aeb5c32de","block_type":"box","text":"-15%","page_number":5,"box":{"x":237,"y":452,"width":28,"height":8}},{"id":"aa926d64-a142-46fa-9e44-36409810a62f","block_type":"box","text":"-10%","page_number":5,"box":{"x":237,"y":437,"width":28,"height":7}},{"id":"d648cb27-ffaa-42a9-a7a3-44ec31e3dceb","block_type":"box","text":"-5%","page_number":5,"box":{"x":245,"y":421,"width":20,"height":7}},{"id":"9803b9f5-0d9d-4904-b3a4-b7b0559ffd09","block_type":"box","text":"0%","page_number":5,"box":{"x":248,"y":406,"width":17,"height":7}},{"id":"5f469c57-1fb1-4141-be5d-b4d459c9702c","block_type":"box","text":"5%","page_number":5,"box":{"x":248,"y":390,"width":17,"height":7}},{"id":"46a42639-3541-44fa-b8b1-f4a3eb3ec61f","block_type":"box","text":"10%","page_number":5,"box":{"x":241,"y":375,"width":24,"height":7}},{"id":"4ceadbe4-a042-435c-9165-1050e276b643","block_type":"box","text":"15%","page_number":5,"box":{"x":241,"y":359,"width":24,"height":7}},{"id":"d89cc7fa-dfee-4a23-a5ae-b5425a0cd8a1","block_type":"box","text":"20%","page_number":5,"box":{"x":240,"y":343,"width":25,"height":8}},{"id":"99aaae22-b10e-4634-b7bf-1c977b2f72ea","block_type":"box","text":"25%","page_number":5,"box":{"x":240,"y":328,"width":25,"height":7}},{"id":"4a3e375a-d46f-4bd4-902b-6709bf4287c6","block_type":"box","text":"30%","page_number":5,"box":{"x":240,"y":312,"width":25,"height":8}},{"id":"4afa0e1d-46d2-4345-a20a-d911025ef39a","block_type":"box","text":"35%","page_number":5,"box":{"x":240,"y":297,"width":25,"height":7}},{"id":"a3190618-eb55-426a-a69f-4c6d09070304","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":5,"box":{"x":298,"y":462,"width":465,"height":7}},{"id":"83cb7b7f-ecc7-4239-bd89-11d9f1f2692a","block_type":"box","text":"During the ten-year period shown in the bar char t, the highest return for a quar ter was 17.31% (quar ter ended","page_number":5,"box":{"x":62,"y":483,"width":806,"height":11}},{"id":"f5d2ca2a-b8f4-4452-82b3-4474684507ab","block_type":"box","text":"December 31, 2020) and the lowest return for a quar ter was -24.40% (quar ter ended March 31, 2020). The year-to","page_number":5,"box":{"x":62,"y":497,"width":853,"height":12}},{"id":"dab11ea4-0171-487c-99c6-3f428460de5d","block_type":"box","text":"date return as of June 30, 2026 was 12.27%.","page_number":5,"box":{"x":61,"y":512,"width":337,"height":11}},{"id":"4520a99d-0955-43f8-a7d2-a8a75a3e1a12","block_type":"box","text":"For the periods ended 12/31/25","page_number":5,"box":{"x":70,"y":541,"width":223,"height":10}},{"id":"4aa9208a-8e54-4c38-b36c-e0b4abfaf4b6","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":5,"box":{"x":69,"y":553,"width":854,"height":10}},{"id":"9ff2309d-18b6-4193-93aa-a4c19a47ed7e","block_type":"box","text":"BlackRock Equity Dividend Fund — Service Shares","page_number":5,"box":{"x":70,"y":571,"width":333,"height":10}},{"id":"0890ad57-3850-4b24-8dc2-87223e463f25","block_type":"box","text":"Return Before Taxes 21.37% 11.37% 10.93%","page_number":5,"box":{"x":85,"y":583,"width":840,"height":9}},{"id":"e0c967a5-1d51-4bcf-ad1b-6e064fd3b4dd","block_type":"box","text":"Return After Taxes on Distributions 18.39% 8.56% 8.17%","page_number":5,"box":{"x":85,"y":596,"width":840,"height":9}},{"id":"b42e2612-a2c3-4b12-880f-80b4a07fc1e5","block_type":"box","text":"Return After Taxes on Distributions","page_number":5,"box":{"x":85,"y":609,"width":228,"height":9}},{"id":"e06e3525-1322-4fe7-9fbb-f916907f3d03","block_type":"box","text":"and Sale of Fund Shares 14.31% 8.39% 8.14%","page_number":5,"box":{"x":85,"y":621,"width":840,"height":8}},{"id":"8aa42f80-0d89-4a1b-8d9d-de50d82fc018","block_type":"box","text":"S&P 500 Index","page_number":5,"box":{"x":69,"y":639,"width":99,"height":8}},{"id":"a8c92b7b-d8a9-4b3c-9ffd-bf1ada01425f","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 17.88% 14.42% 14.82%","page_number":5,"box":{"x":69,"y":652,"width":856,"height":11}},{"id":"480aa472-da6e-431f-a3d9-24effa2282cf","block_type":"box","text":"Russell 1000 Value Index","page_number":5,"box":{"x":70,"y":671,"width":168,"height":8}},{"id":"7b643ab5-cc40-4dab-b581-f931b683acdd","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 15.91% 11.33% 10.53%","page_number":5,"box":{"x":69,"y":684,"width":856,"height":10}},{"id":"e47d6d07-93b5-49f6-8256-9eec45b921c8","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":5,"box":{"x":60,"y":716,"width":840,"height":12}},{"id":"04664649-376b-454f-9ddb-d0232d22b94e","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":5,"box":{"x":61,"y":731,"width":835,"height":11}},{"id":"b6d36479-977c-4b0f-a75d-f9aef479ff37","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":5,"box":{"x":61,"y":746,"width":851,"height":11}},{"id":"272e62ec-f0b1-48fc-866c-b6bf0d0bdff7","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.","page_number":5,"box":{"x":60,"y":760,"width":611,"height":12}},{"id":"184fd255-3341-407b-98e7-bcca088e3bb5","block_type":"box","text":"Investment Manager","page_number":5,"box":{"x":62,"y":800,"width":187,"height":13}},{"id":"456da61a-49c6-4f0d-b129-e8bfb7ad5f4e","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).","page_number":5,"box":{"x":60,"y":826,"width":709,"height":11}},{"id":"1c677ed4-c747-49f9-8ff0-f9c25ad47499","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":947,"width":9,"height":9}},{"id":"d4baaae0-0cd5-4bc1-92e9-b0458fa4460a","block_type":"box","text":"NM1026U-5993062-5/8","page_number":5,"box":{"x":757,"y":969,"width":131,"height":7}},{"id":"b5eefc86-87a8-46a8-b82b-b2e21c7aa8ad","block_type":"box","text":"Portfolio Managers","page_number":6,"box":{"x":61,"y":43,"width":173,"height":13}},{"id":"43afba4b-c8f2-4da0-ad59-942d687efd8b","block_type":"box","text":"Portfolio Manager","page_number":6,"box":{"x":70,"y":87,"width":121,"height":10}},{"id":"ecc264ed-0f39-4cb6-b3a2-1e3a883cad56","block_type":"box","text":"Portfolio Manager","page_number":6,"box":{"x":362,"y":75,"width":121,"height":10}},{"id":"a69921c0-fea5-4b7f-96a7-f054df1cf4a6","block_type":"box","text":"of the Fund Since Title","page_number":6,"box":{"x":363,"y":87,"width":427,"height":8}},{"id":"f1e5a058-c92e-4814-a7f4-d15dc5478c7b","block_type":"box","text":"Cem Inal 2025 Managing Director of BlackRock, Inc.","page_number":6,"box":{"x":69,"y":105,"width":826,"height":10}},{"id":"1031fbce-e737-40bf-be48-967fe992ba38","block_type":"box","text":"David Zhao 2017 Managing Director of BlackRock, Inc.","page_number":6,"box":{"x":70,"y":123,"width":825,"height":10}},{"id":"ba681291-0e74-4c6e-b3d8-f7a9f24a70c4","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":6,"box":{"x":61,"y":163,"width":309,"height":11}},{"id":"71bbcc6e-c5c0-4045-88ce-80e2c476354b","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":6,"box":{"x":60,"y":189,"width":857,"height":12}},{"id":"e9e84010-34ef-4bfd-8936-a3161d501eff","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":6,"box":{"x":61,"y":204,"width":869,"height":12}},{"id":"6dfa19e8-654b-44f5-86ae-c39ba7d7fa8e","block_type":"box","text":"the Fund by phone at (800) 537-4942, by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania","page_number":6,"box":{"x":60,"y":219,"width":833,"height":12}},{"id":"8573ead0-bdc1-4240-ad0f-e44e7bad534f","block_type":"box","text":"15253-4429), or by the Internet at www.blackrock.com. 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