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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":729,"width":832,"height":9}},{"id":"d1924282-c698-4d8b-9432-65ba07dc8f30","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":739,"width":847,"height":10}},{"id":"519f3a64-e9fb-42f3-a197-51c0889d7ed3","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":750,"width":833,"height":9}},{"id":"b328eae9-075b-4f83-862d-dc004388a66f","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":760,"width":330,"height":9}},{"id":"5c593345-6620-41f0-b2ae-d54c3eb1d8a2","block_type":"box","text":"4","page_number":2,"box":{"x":60,"y":772,"width":4,"height":3}},{"id":"d16e4e40-9108-436a-9181-4ac56b9da244","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":772,"width":820,"height":9}},{"id":"7d5b0f84-4adf-4ac7-bee2-54f507b72aaf","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":782,"width":662,"height":9}},{"id":"47160ea9-e909-4585-8c7b-c29839505810","block_type":"box","text":"5","page_number":2,"box":{"x":61,"y":794,"width":3,"height":3}},{"id":"51e70aa0-159e-48e8-a98f-3b133fd2256d","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 42, BlackRock has contractually agreed to","page_number":2,"box":{"x":81,"y":793,"width":837,"height":10}},{"id":"3e4f83c3-6fe0-42dd-8d04-13e5315c2c5c","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":804,"width":771,"height":9}},{"id":"56219b06-efa4-45f2-951b-6dcb54248966","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":814,"width":844,"height":9}},{"id":"c3af0576-ce07-40d6-a4dc-d4c41bb7abdd","block_type":"box","text":"(for Investor A Shares), 1.71% (for Investor C Shares), 0.71% (for Institutional Shares) and 1.21% (for Class R Shares) of average daily net","page_number":2,"box":{"x":81,"y":824,"width":814,"height":10}},{"id":"89ee3767-530f-43c8-a170-adfca4e92e90","block_type":"box","text":"assets through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees","page_number":2,"box":{"x":81,"y":835,"width":845,"height":9}},{"id":"0416ff48-6272-4f61-b312-4df9f29f2edf","block_type":"box","text":"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":845,"width":499,"height":9}},{"id":"d2dce374-1016-4194-9782-c6f31dcd806a","block_type":"box","text":"Example:","page_number":2,"box":{"x":61,"y":859,"width":74,"height":12}},{"id":"84a5f352-485f-4881-aebb-4fc872f51804","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":875,"width":830,"height":12}},{"id":"8969d266-b0d3-4810-a550-51d4818252aa","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":889,"width":832,"height":12}},{"id":"7a3edfa6-4e3e-4cee-8b5d-5fc980aaef59","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":905,"width":832,"height":11}},{"id":"5cab0481-0583-4d69-80b1-573b146a448c","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"13323562-71c1-43d3-b8e0-b5584863b5f6","block_type":"box","text":"NM1026U-5993039-2/8","page_number":2,"box":{"x":757,"y":969,"width":131,"height":7}},{"id":"c24c6efe-ca87-424b-8699-80020916590b","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":42,"width":859,"height":11}},{"id":"32c4e961-fb55-46e5-8bf5-2881178d3417","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":3,"box":{"x":61,"y":57,"width":436,"height":11}},{"id":"1fc4115f-83bd-4a21-9df3-6fe6c73f198b","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":85,"width":292,"height":8}},{"id":"30d30a9c-4868-48fc-89c0-7053b4c72fd0","block_type":"box","text":"Investor A Shares $615 $806 $1,013 $1,608","page_number":3,"box":{"x":70,"y":102,"width":848,"height":11}},{"id":"c7525de2-dec7-48c5-bdec-57b67871c3f4","block_type":"box","text":"Investor C Shares $272 $535 $ 922 $1,803","page_number":3,"box":{"x":70,"y":121,"width":848,"height":10}},{"id":"b3ba4c5b-49ed-4829-8185-4d9c8e14749d","block_type":"box","text":"Institutional Shares $ 72 $224 $ 390 $ 871","page_number":3,"box":{"x":70,"y":139,"width":848,"height":9}},{"id":"636fe6ed-1d22-4da1-b66b-d25143f1037c","block_type":"box","text":"Class R Shares $124 $400 $ 696 $1,540","page_number":3,"box":{"x":69,"y":157,"width":849,"height":10}},{"id":"cac3c51e-f413-4238-94bd-b2c521de222d","block_type":"box","text":"You would pay the following expenses if you did not redeem your shares:","page_number":3,"box":{"x":60,"y":185,"width":532,"height":12}},{"id":"15366bd2-9eed-47c3-80cb-7e090f4bd039","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":214,"width":292,"height":8}},{"id":"32f5b845-f86b-4d35-80fb-a283463da040","block_type":"box","text":"Investor C Shares $172 $535 $922 $1,803","page_number":3,"box":{"x":70,"y":231,"width":848,"height":11}},{"id":"4f83350d-5987-4e70-a4dc-0bc73716b025","block_type":"box","text":"Portfolio Turnover:","page_number":3,"box":{"x":61,"y":253,"width":151,"height":10}},{"id":"e2236517-682f-47f6-9f77-f8f4ee7b945c","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":269,"width":800,"height":11}},{"id":"a1081913-c583-45b9-933e-c50598004900","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":284,"width":850,"height":11}},{"id":"7f344b49-62c8-4b7b-9f1d-6b23519d6e97","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":298,"width":870,"height":12}},{"id":"93a0c98f-6a87-4461-9a8e-7da9331ce70e","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":313,"width":839,"height":12}},{"id":"be5b3706-2da6-4763-a22c-6c37ccfcda12","block_type":"box","text":"75% of the average value of its por tfolio.","page_number":3,"box":{"x":61,"y":328,"width":298,"height":11}},{"id":"47f08978-fc20-4533-bec1-675ff495be76","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":3,"box":{"x":61,"y":355,"width":394,"height":14}},{"id":"c6409497-1d36-4ecb-996a-6ffaae06ff40","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":377,"width":824,"height":12}},{"id":"c63d8aaf-44e3-46d3-a2aa-d39d4f05b035","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":392,"width":803,"height":11}},{"id":"8ec35b13-9dcd-4728-ae2f-f8ba60596bb1","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":407,"width":872,"height":11}},{"id":"291a115f-fa48-490a-9393-b24327046e82","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":421,"width":861,"height":12}},{"id":"0015a055-2691-4e7c-a5e5-ab0ef2568b8b","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":436,"width":832,"height":12}},{"id":"f4f273de-1724-48b7-8101-35b8105aa4fd","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":451,"width":861,"height":11}},{"id":"9f98e9ba-57e9-46db-ad8b-3b2ef4510f46","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":465,"width":826,"height":12}},{"id":"848ac922-364d-4e24-8790-5f339994a2c2","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":480,"width":859,"height":12}},{"id":"86396307-b8c7-4b6b-8ca1-a60dc862df35","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":495,"width":690,"height":11}},{"id":"62d11d62-717f-49bf-94f7-a0c27ec8e689","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":513,"width":848,"height":12}},{"id":"5010d737-2baf-4b3c-9a60-c523c7fc08a4","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":528,"width":856,"height":12}},{"id":"e1315c9b-e72c-4f23-b66e-b7bc15c4adfa","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":543,"width":817,"height":12}},{"id":"95f7227d-c972-446d-a240-a2064bb3e4f9","block_type":"box","text":"Depositary Receipts or other securities conver tible into securities of foreign issuers.","page_number":3,"box":{"x":62,"y":558,"width":618,"height":11}},{"id":"af56a927-3576-4010-a7b8-d0faec9d0b31","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":576,"width":868,"height":12}},{"id":"74e8da57-6c36-4b02-8789-2971246e6e20","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":591,"width":854,"height":12}},{"id":"122daba8-7330-4320-85a3-227a2903d38e","block_type":"box","text":"appreciation.","page_number":3,"box":{"x":61,"y":606,"width":93,"height":11}},{"id":"c2c21e6b-37fc-4b06-85d0-66b58afd3f0e","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":3,"box":{"x":61,"y":633,"width":354,"height":14}},{"id":"c5ac04e7-a124-4c7a-b06f-1b128e6ea765","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":655,"width":860,"height":12}},{"id":"91f633c8-1b67-445d-abaf-545c8bfb2512","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":670,"width":802,"height":11}},{"id":"289211a6-8e6a-4716-9e40-9981b927e4c9","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":685,"width":866,"height":11}},{"id":"a5bcf20c-ad75-4799-b2e0-271dca73a1c0","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":699,"width":869,"height":12}},{"id":"c734a403-3373-46cf-bf98-8fab50196623","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":714,"width":835,"height":12}},{"id":"ce4a32e6-c042-4ef1-8cc4-c0a8f8b9fc4c","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":729,"width":793,"height":11}},{"id":"91a35818-455a-492f-9165-7a82b5a2b4ea","block_type":"box","text":"Equity Securities Risk","page_number":3,"box":{"x":81,"y":746,"width":166,"height":11}},{"id":"418ab23c-3853-4db7-9d66-fa1edd700fdc","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":746,"width":685,"height":12}},{"id":"24396c35-e7b7-4191-880d-4f76dddfe33d","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":3,"box":{"x":81,"y":761,"width":550,"height":11}},{"id":"8cc93c99-8163-47e7-8296-71571b62f77c","block_type":"box","text":"Income Producing Stock Availability Risk","page_number":3,"box":{"x":81,"y":778,"width":310,"height":11}},{"id":"9a8b7632-47c6-4cba-938f-4b1e345c3dfa","block_type":"box","text":"—","page_number":3,"box":{"x":396,"y":783,"width":17,"height":1}},{"id":"1048e39f-a16c-4d22-a56e-3cb68ada0bf5","block_type":"box","text":"Depending upon market conditions, income producing common stock","page_number":3,"box":{"x":418,"y":778,"width":507,"height":12}},{"id":"456c1a84-050b-4155-ab6c-a90adb28e7c1","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":793,"width":837,"height":11}},{"id":"38f71660-5e9e-42c7-a31c-eb8ad668877c","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":807,"width":852,"height":12}},{"id":"c3bf9f92-f1a5-4d57-9e44-22849489b125","block_type":"box","text":"Investment Style Risk","page_number":3,"box":{"x":81,"y":825,"width":166,"height":11}},{"id":"054b48a6-6049-47bd-ae83-0b5cf532fa18","block_type":"box","text":"—","page_number":3,"box":{"x":252,"y":830,"width":17,"height":1}},{"id":"4a11518d-b774-48bb-be2f-4651d2d17d8b","block_type":"box","text":"Under cer tain market conditions, value investments have per formed better during periods","page_number":3,"box":{"x":274,"y":825,"width":658,"height":11}},{"id":"2edec418-b12b-46e4-a0aa-6253f9718b3e","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":840,"width":809,"height":11}},{"id":"9c78a066-9da3-4bf6-8fc3-b927655ec8f1","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":854,"width":841,"height":12}},{"id":"f9fdbe79-1ece-4a1c-8151-15ff17aa4b93","block_type":"box","text":"investment styles.","page_number":3,"box":{"x":82,"y":869,"width":131,"height":11}},{"id":"eff8c081-0c5b-40ff-833c-ae43d81e5551","block_type":"box","text":"Foreign Securities Risk","page_number":3,"box":{"x":81,"y":886,"width":176,"height":12}},{"id":"d86d47eb-479b-42a4-bc88-6ad0fe3762b3","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":886,"width":668,"height":12}},{"id":"1a89297b-fc72-46c3-83d7-b3e50e009908","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":3,"box":{"x":82,"y":901,"width":531,"height":11}},{"id":"5847c7b5-fafb-48b6-8353-9d831aa9b213","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"13005369-e415-42d5-b693-5d2527db2e89","block_type":"box","text":"NM1026U-5993039-3/8","page_number":3,"box":{"x":757,"y":969,"width":131,"height":7}},{"id":"7e1fb015-ac6e-4e47-ab87-650b79f11212","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":4,"box":{"x":101,"y":42,"width":823,"height":11}},{"id":"4d8ed54d-1728-4785-8133-67876ffa4973","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":4,"box":{"x":102,"y":56,"width":823,"height":12}},{"id":"aee3b4f4-ed19-4fe1-8a14-3f92a971dbda","block_type":"box","text":"oversight.","page_number":4,"box":{"x":101,"y":71,"width":70,"height":12}},{"id":"5e79e6a1-1a52-4bd1-a4e0-7f5a3bc1f2f8","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s por tfolio.","page_number":4,"box":{"x":101,"y":89,"width":644,"height":11}},{"id":"d7b16f2c-f6c7-45e6-a909-e8d5640c7dfb","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":4,"box":{"x":101,"y":106,"width":830,"height":11}},{"id":"276d4be7-ae21-45c5-86f8-967f3a5a995d","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":4,"box":{"x":102,"y":121,"width":808,"height":11}},{"id":"38ed61fb-7c4f-4534-ba9e-7628690087f9","block_type":"box","text":"payments position.","page_number":4,"box":{"x":102,"y":136,"width":137,"height":11}},{"id":"c2bd1493-c1de-4d66-b8b0-7ebf51bcaaea","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":4,"box":{"x":101,"y":153,"width":821,"height":11}},{"id":"bf732c3f-724a-4904-9246-e94c78a8bd90","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":4,"box":{"x":102,"y":167,"width":809,"height":12}},{"id":"cb7131ae-27a9-463f-ab9f-a6231754d421","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":4,"box":{"x":102,"y":182,"width":784,"height":11}},{"id":"683521b7-e77e-471d-ae59-3b22984f7416","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":4,"box":{"x":101,"y":197,"width":352,"height":11}},{"id":"d2725e11-3477-468a-938e-2f2cf356e9a4","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":4,"box":{"x":102,"y":214,"width":823,"height":12}},{"id":"e2263bb5-75a1-4820-ace0-26ceb81194e4","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":4,"box":{"x":101,"y":229,"width":811,"height":11}},{"id":"cfd5e70b-44b6-4149-8388-f4f36745f263","block_type":"box","text":"U.S. securities laws.","page_number":4,"box":{"x":102,"y":244,"width":148,"height":9}},{"id":"becf9ead-2aeb-413f-8c14-e64251522304","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":4,"box":{"x":101,"y":261,"width":834,"height":11}},{"id":"aea39b9f-77bb-4e60-bbe6-8659a62985d2","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":4,"box":{"x":101,"y":276,"width":628,"height":11}},{"id":"f0e151ac-81e8-4aba-91e9-2bc6f04ac45f","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":293,"width":830,"height":11}},{"id":"673ba58e-73c7-4a01-bc1f-e3049370a286","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":308,"width":831,"height":11}},{"id":"3348545d-a4dc-4ffe-88a5-305f3bd4b047","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":322,"width":813,"height":12}},{"id":"dca65878-352a-4741-a437-f6892229c907","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":4,"box":{"x":101,"y":337,"width":395,"height":11}},{"id":"b1182f85-3a31-4dbb-88b8-3583434109f6","block_type":"box","text":"Convertible Securities Risk","page_number":4,"box":{"x":81,"y":354,"width":206,"height":10}},{"id":"d63511bc-83d8-4f1b-a5b3-4ca22450ac16","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":354,"width":593,"height":12}},{"id":"965338d8-c894-4dd2-b471-36f55d2d0595","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":369,"width":853,"height":11}},{"id":"3e8a9799-12af-4061-8719-3409126f7f09","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":384,"width":855,"height":11}},{"id":"32ebc811-8d44-4890-9a30-821fc7c88f5c","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":399,"width":816,"height":11}},{"id":"526cea84-51cb-432c-9dd5-b1c4071b81f0","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":413,"width":796,"height":12}},{"id":"c6178db5-ac2e-42dd-867f-c2858bbe15f7","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":428,"width":812,"height":11}},{"id":"8e9f0e21-fb49-4ea8-bc08-9d04557f92f2","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":443,"width":809,"height":11}},{"id":"86269a1d-8c6c-4edf-ae40-34f718051a27","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":4,"box":{"x":81,"y":460,"width":276,"height":11}},{"id":"404a78a1-717e-4af2-b0f2-c065f08211dc","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":4,"box":{"x":361,"y":460,"width":573,"height":12}},{"id":"69904e43-801f-4013-ab65-290310945f10","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":475,"width":848,"height":11}},{"id":"cbce1ce7-50f7-4d7b-aab0-212c51cbf534","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":490,"width":839,"height":11}},{"id":"1445f528-3e2d-4fbc-9b43-465e54a0b169","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":504,"width":851,"height":12}},{"id":"66555c17-895f-4a85-9733-406bc0bfa85c","block_type":"box","text":"Market Risk and Selection Risk","page_number":4,"box":{"x":81,"y":522,"width":240,"height":9}},{"id":"8fda75d3-b97e-470b-a2b3-e4999af15c8e","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":522,"width":593,"height":9}},{"id":"eedca471-8f7e-4190-8a73-1b5ac95c3f0e","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":536,"width":851,"height":12}},{"id":"d2dfc866-4c97-4dd2-9b0e-4631033091df","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":551,"width":824,"height":11}},{"id":"9a85032f-1d47-4746-b773-0c59708f05fe","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":566,"width":851,"height":11}},{"id":"a08631bc-9e12-49cd-82f5-c15613723234","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":580,"width":802,"height":12}},{"id":"494c2df3-a860-402e-afad-dd8b9b4c6b24","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":595,"width":849,"height":12}},{"id":"603b9b03-84f2-4c6d-9e2b-324c4c6bcd6d","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":610,"width":843,"height":11}},{"id":"be24acbd-e30e-4f74-a5cb-3d180997f079","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":625,"width":830,"height":11}},{"id":"12ed88be-86b6-4269-9382-1505f22378a2","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":639,"width":840,"height":12}},{"id":"b8f72428-17a4-4c78-853b-7784ad9e99f6","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":654,"width":851,"height":11}},{"id":"63e04437-1172-43fa-9b5f-7902600ef0b3","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":669,"width":815,"height":11}},{"id":"d1cba211-6cee-40e8-b72a-e9a19ee7ff39","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":683,"width":826,"height":12}},{"id":"60c40f87-582f-4d98-9fb9-ca9c31a3962f","block_type":"box","text":"disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":4,"box":{"x":81,"y":698,"width":735,"height":11}},{"id":"37f70759-075c-40af-b723-a958c39f39c1","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":716,"width":818,"height":11}},{"id":"b22a0c01-438e-4150-a98e-04b9f513215b","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":730,"width":819,"height":12}},{"id":"e1b42f2e-6c3d-48b6-9c62-1b8b01dc99bc","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":745,"width":819,"height":12}},{"id":"8e224144-f295-4f2a-8aef-fbac280a3d82","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":760,"width":846,"height":11}},{"id":"10fdbf7c-1f08-42c3-9ffa-b31c1dee264c","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":774,"width":848,"height":12}},{"id":"7f65f962-3507-4357-9215-527e5b115c87","block_type":"box","text":"the Fund invests.","page_number":4,"box":{"x":80,"y":789,"width":125,"height":9}},{"id":"585be1c6-a0d8-4508-8e2f-3093c1970884","block_type":"box","text":"Operational and Technology Risks","page_number":4,"box":{"x":82,"y":807,"width":254,"height":11}},{"id":"9f8acf5b-1061-4f15-aa0f-cf818a6defe2","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":4,"box":{"x":340,"y":807,"width":578,"height":11}},{"id":"f42c8b3e-0343-4ed2-9750-d9d2710ded6e","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":4,"box":{"x":82,"y":821,"width":779,"height":12}},{"id":"9a44c1cf-c5c3-4602-bd87-97748f6abd39","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":836,"width":848,"height":11}},{"id":"cc7b6946-fe7f-4b59-9e20-b9759fc8b4f3","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":851,"width":806,"height":11}},{"id":"39ac28b5-a10b-4b8a-ba48-17e1a34d882d","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":4,"box":{"x":82,"y":865,"width":807,"height":12}},{"id":"c489a729-8632-4f83-b43a-bca91bbc20ce","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":880,"width":846,"height":12}},{"id":"741429e3-3cf3-4443-8c71-531cec619107","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":895,"width":836,"height":11}},{"id":"3a2672f0-132d-49c2-8df2-dec3b6a51b91","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":4,"box":{"x":82,"y":910,"width":474,"height":11}},{"id":"a4aca94d-ec80-48f8-bc32-5f62cb443df1","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"d40496ac-b3bb-4308-8e1f-c984841a2db7","block_type":"box","text":"NM1026U-5993039-4/8","page_number":4,"box":{"x":757,"y":969,"width":131,"height":7}},{"id":"3e4e187d-b814-46f5-8e35-1a13573e8295","block_type":"box","text":"Preferred Securities Risk","page_number":5,"box":{"x":81,"y":42,"width":189,"height":9}},{"id":"ba0a9ffe-39e0-4c07-b590-bcd2cd8770a2","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":5,"box":{"x":274,"y":42,"width":636,"height":11}},{"id":"cb77c13a-04f6-479b-9262-7355eceadbb9","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":5,"box":{"x":81,"y":56,"width":824,"height":12}},{"id":"f7382a22-de89-47e4-8139-39e29eb60d44","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":5,"box":{"x":82,"y":71,"width":806,"height":12}},{"id":"437bfc0a-1994-4a2d-b42c-441678056180","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":5,"box":{"x":81,"y":86,"width":842,"height":12}},{"id":"32c81590-33ad-44ee-b77c-4c27e945f3c1","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":5,"box":{"x":81,"y":101,"width":781,"height":11}},{"id":"7581ab95-b727-4248-8504-8b15ef06ae60","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":5,"box":{"x":81,"y":115,"width":812,"height":12}},{"id":"5291b1f6-0df7-47ab-9b9e-7e2fa4606252","block_type":"box","text":"larger companies.","page_number":5,"box":{"x":82,"y":130,"width":129,"height":12}},{"id":"53534ac3-afdf-4ffa-9f88-eeb65647f190","block_type":"box","text":"Risk of Investing in the United States","page_number":5,"box":{"x":81,"y":148,"width":283,"height":11}},{"id":"014112a4-9668-401d-b23c-7a02dbaf4104","block_type":"box","text":"—","page_number":5,"box":{"x":369,"y":153,"width":17,"height":1}},{"id":"f89c870b-f095-4e86-80e5-3f1e1c713f1f","block_type":"box","text":"Cer tain changes in the U.S. economy, such as when the U.S. economy","page_number":5,"box":{"x":391,"y":148,"width":518,"height":11}},{"id":"9a0bf032-7b45-4051-9da8-149840aba250","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":5,"box":{"x":80,"y":162,"width":847,"height":12}},{"id":"0f89aa85-8438-4cfa-83c3-9d8d2302a009","block_type":"box","text":"exposure.","page_number":5,"box":{"x":81,"y":179,"width":70,"height":9}},{"id":"9f6fe459-97b0-4005-82e8-197f381886f2","block_type":"box","text":"Performance Information","page_number":5,"box":{"x":61,"y":204,"width":224,"height":11}},{"id":"ae0ea125-3276-49bb-b660-7797349bc616","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":226,"width":855,"height":12}},{"id":"f9ab96cf-641d-42d2-942e-c5a8399aa4b3","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":241,"width":871,"height":12}},{"id":"5123a518-55d6-40a4-8d16-d30ee206a611","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":256,"width":851,"height":11}},{"id":"c976cfac-658b-4c06-ad0c-0f83d47c8feb","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":271,"width":824,"height":11}},{"id":"524b5337-248e-4fa5-8537-eca269efdee9","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":285,"width":866,"height":11}},{"id":"0e09559e-e13f-4e3c-b005-64c3b50f0ac6","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":5,"box":{"x":60,"y":300,"width":849,"height":11}},{"id":"5962dd00-df30-421b-83c5-5d0799da40eb","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":5,"box":{"x":61,"y":315,"width":849,"height":11}},{"id":"c86a1b96-d6b0-481c-80ed-683efc796dc4","block_type":"box","text":"includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or","page_number":5,"box":{"x":62,"y":329,"width":856,"height":12}},{"id":"69c0f39c-381d-4300-8468-31992debd1e2","block_type":"box","text":"reimbursed cer tain Fund expenses during these periods, the Fund’s returns would have been lower. 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