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The contractual agreement may be terminated upon 90 days’ notice by a majority of the non","page_number":5,"box":{"x":81,"y":652,"width":851,"height":9}},{"id":"6173ed5f-feb2-40d8-a3e3-8dc641e07ffe","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":5,"box":{"x":81,"y":662,"width":616,"height":10}},{"id":"d26f3e38-c4f0-43a6-bcad-384e48c75259","block_type":"box","text":"Example:","page_number":5,"box":{"x":61,"y":681,"width":74,"height":12}},{"id":"e5a6f065-f187-46d8-bdea-5f86567cdf4b","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":5,"box":{"x":60,"y":697,"width":830,"height":11}},{"id":"b3fa2e76-8fd6-4a33-a8e0-44af2d54cb64","block_type":"box","text":"mutual funds. 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Although your actual costs may be higher","page_number":5,"box":{"x":61,"y":741,"width":859,"height":12}},{"id":"4bba9e9b-8f36-441a-8e11-d5eab8c9c377","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":5,"box":{"x":61,"y":756,"width":436,"height":11}},{"id":"0360476a-a501-4819-8940-e7c740f31a34","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":5,"box":{"x":631,"y":785,"width":292,"height":8}},{"id":"7e5ee497-6537-4033-bd5b-effd1e333f77","block_type":"box","text":"Class K Shares $60 $189 $329 $738","page_number":5,"box":{"x":69,"y":802,"width":843,"height":10}},{"id":"f2316529-3df9-4a90-b1d9-f2b56c6c63fa","block_type":"box","text":"Portfolio Turnover:","page_number":5,"box":{"x":61,"y":827,"width":151,"height":10}},{"id":"8a5654c9-f437-4c6d-8421-9f226945d88c","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":5,"box":{"x":60,"y":844,"width":800,"height":11}},{"id":"95d0cac0-4530-44c4-bb15-7b3d8bfc36ad","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":5,"box":{"x":62,"y":858,"width":850,"height":12}},{"id":"c6214b14-7ae9-4b7b-988d-45b05719a1b7","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":5,"box":{"x":61,"y":873,"width":870,"height":12}},{"id":"caf0c78e-d248-4d46-b6f5-2cde0501f3da","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":5,"box":{"x":62,"y":888,"width":839,"height":12}},{"id":"f3c46df9-0259-476b-85cd-e656f2e3455e","block_type":"box","text":"53% of the average value of its por tfolio.","page_number":5,"box":{"x":61,"y":903,"width":298,"height":11}},{"id":"182a1201-b365-4d8d-9274-ea3b67579566","block_type":"box","text":"2","page_number":5,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"302fa1bb-1a72-4ce7-a24e-7b95472dbe29","block_type":"box","text":"NM1026U-5973054-5/11","page_number":5,"box":{"x":757,"y":969,"width":137,"height":7}},{"id":"0b19fc81-1836-41d2-9756-8bdb4fc8b77f","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":6,"box":{"x":61,"y":43,"width":394,"height":13}},{"id":"7be5a411-d886-4baa-8627-8a90c751dccb","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":6,"box":{"x":60,"y":69,"width":824,"height":11}},{"id":"8efbd743-90e8-41b4-8cc0-52d55d8774e3","block_type":"box","text":"normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment","page_number":6,"box":{"x":61,"y":84,"width":803,"height":11}},{"id":"a15c5016-af65-4a52-976a-d4bb146ef50b","block_type":"box","text":"purposes, in dividend-paying equity securities and derivatives that provide investment exposure to such securities or to","page_number":6,"box":{"x":62,"y":99,"width":872,"height":11}},{"id":"5f45a297-b75e-4b47-a36b-0c7033c13521","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":6,"box":{"x":61,"y":113,"width":861,"height":12}},{"id":"5493c369-f3ea-45cd-a8e3-56022410f021","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":6,"box":{"x":61,"y":128,"width":832,"height":12}},{"id":"9182b738-035e-4e88-8c5f-41dff442dedf","block_type":"box","text":"securities and non-conver tible preferred stock. Equity securities include common stock, preferred stock, or securities","page_number":6,"box":{"x":61,"y":143,"width":861,"height":11}},{"id":"cbf58265-4373-4880-bf84-f2ea68437f9d","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":6,"box":{"x":61,"y":158,"width":826,"height":11}},{"id":"535d041b-0406-4272-966a-f3da82d7c955","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":6,"box":{"x":61,"y":173,"width":859,"height":11}},{"id":"87985639-e0d6-4278-a5bd-7fb5b02de133","block_type":"box","text":"such securities on a periodic basis (i.e., at least once within the company’s latest fiscal year).","page_number":6,"box":{"x":61,"y":187,"width":690,"height":12}},{"id":"ef78595d-f923-4221-8f8b-1fbeff61d85d","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":6,"box":{"x":60,"y":210,"width":848,"height":12}},{"id":"1bdf9862-c191-415e-b717-2824f88cb807","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":6,"box":{"x":60,"y":225,"width":856,"height":11}},{"id":"a876b887-0323-47f8-86f8-80200c719ca9","block_type":"box","text":"The Fund may invest in the securities of foreign issuers in the form of American Depositary Receipts, European","page_number":6,"box":{"x":60,"y":240,"width":817,"height":11}},{"id":"f6d0a339-1a9a-4713-85a4-1d3f7001f63e","block_type":"box","text":"Depositary Receipts or other securities conver tible into securities of foreign issuers.","page_number":6,"box":{"x":62,"y":254,"width":618,"height":12}},{"id":"44613c83-2ce5-46b2-9a7b-55d733ec6f2f","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":6,"box":{"x":62,"y":277,"width":868,"height":12}},{"id":"9447fde3-5dc5-4ab6-8293-8364bd676eda","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":6,"box":{"x":61,"y":292,"width":854,"height":11}},{"id":"cf4fab05-7c50-4962-a2ef-9164ad694482","block_type":"box","text":"appreciation.","page_number":6,"box":{"x":61,"y":307,"width":93,"height":11}},{"id":"fbcdea69-52c3-4e46-a49d-bd391046338d","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":6,"box":{"x":61,"y":346,"width":354,"height":13}},{"id":"221faae7-7b2a-422d-8315-28bee954fca3","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":6,"box":{"x":62,"y":372,"width":860,"height":11}},{"id":"8e6ca235-1410-456a-9cab-723b43c999dd","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":6,"box":{"x":61,"y":387,"width":802,"height":11}},{"id":"16571699-826a-49ec-99e8-6fc3f245964d","block_type":"box","text":"investment in the Fund or your investment may not per form as well as other similar investments. The following is a","page_number":6,"box":{"x":62,"y":401,"width":842,"height":12}},{"id":"e46299f9-bab6-41fc-b65b-f2fece3f6de2","block_type":"box","text":"summary description of principal risks of investing in the Fund. The relative significance of each risk factor below may","page_number":6,"box":{"x":61,"y":416,"width":864,"height":12}},{"id":"06af5b78-84bf-4b8b-be97-388a000a6e95","block_type":"box","text":"change over time and you should review each risk factor carefully.","page_number":6,"box":{"x":61,"y":431,"width":481,"height":12}},{"id":"e5d2cf43-6716-434e-bb8b-b46d6ff46a8f","block_type":"box","text":"Equity Securities Risk","page_number":6,"box":{"x":81,"y":451,"width":166,"height":11}},{"id":"18ef8084-dd4c-4415-9659-6b9f25b739e4","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":6,"box":{"x":251,"y":451,"width":685,"height":12}},{"id":"0ba6ae27-737c-4ada-b42b-929c13338516","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":6,"box":{"x":81,"y":466,"width":550,"height":11}},{"id":"b775badc-394b-47b5-952f-7b5a03e96cbb","block_type":"box","text":"Income Producing Stock Availability Risk","page_number":6,"box":{"x":81,"y":486,"width":310,"height":11}},{"id":"cffc2f3b-75b8-48ec-9033-65362eea531e","block_type":"box","text":"—","page_number":6,"box":{"x":396,"y":491,"width":17,"height":1}},{"id":"d8857040-044b-46fe-b759-590a05f4e348","block_type":"box","text":"Depending upon market conditions, income producing common stock","page_number":6,"box":{"x":418,"y":486,"width":507,"height":11}},{"id":"38de71a5-8278-424c-b0ce-936bb568820f","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":6,"box":{"x":80,"y":501,"width":837,"height":11}},{"id":"6da6b351-2efd-4bca-8493-0256bc0d706f","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":6,"box":{"x":81,"y":516,"width":852,"height":11}},{"id":"c1a3af36-e42c-46d7-aba5-efd6279b4511","block_type":"box","text":"Investment Style Risk","page_number":6,"box":{"x":81,"y":536,"width":166,"height":11}},{"id":"ae9e192e-7fae-4735-a577-482436421b0f","block_type":"box","text":"—","page_number":6,"box":{"x":252,"y":541,"width":17,"height":1}},{"id":"2b417102-6091-45d1-86ac-73dd62e4d854","block_type":"box","text":"Under cer tain market conditions, value investments have per formed better during periods","page_number":6,"box":{"x":274,"y":535,"width":658,"height":12}},{"id":"16e06eaf-d13b-4ad9-92c1-bf3f1cd67262","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":6,"box":{"x":81,"y":550,"width":809,"height":12}},{"id":"d0796aea-6ce9-4222-9305-75434028246a","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":6,"box":{"x":82,"y":565,"width":841,"height":12}},{"id":"ebab71bc-0e1e-43a7-9279-7c52340a90aa","block_type":"box","text":"investment styles.","page_number":6,"box":{"x":82,"y":580,"width":131,"height":11}},{"id":"0153d123-57b9-4321-ae2a-c14388f02733","block_type":"box","text":"Foreign Securities Risk","page_number":6,"box":{"x":81,"y":600,"width":176,"height":11}},{"id":"5cb701ec-0674-4405-8143-3f56ba0a4f70","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":6,"box":{"x":260,"y":600,"width":668,"height":12}},{"id":"72da5b9f-3ff5-4de2-aed1-0da475d5c835","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":6,"box":{"x":82,"y":615,"width":531,"height":11}},{"id":"c225b742-0c72-42f8-a143-4fb9ec0345c1","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":6,"box":{"x":101,"y":635,"width":823,"height":11}},{"id":"5d5f57df-01b4-4e62-8a73-37f5e46623f4","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":6,"box":{"x":102,"y":650,"width":823,"height":11}},{"id":"1769719a-c5c9-4f2d-804d-d49f33c76ef3","block_type":"box","text":"oversight.","page_number":6,"box":{"x":101,"y":665,"width":70,"height":11}},{"id":"55b09aa5-20bf-4f3b-9abb-ba5ac62bc12d","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s por tfolio.","page_number":6,"box":{"x":101,"y":684,"width":644,"height":12}},{"id":"56f8a1da-39a6-4056-8b55-ee2de7ae747d","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":6,"box":{"x":101,"y":704,"width":830,"height":12}},{"id":"d93e3e7a-8626-40f0-8a60-09eb69021bed","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":6,"box":{"x":102,"y":719,"width":808,"height":12}},{"id":"a16db42b-07da-41d1-a26e-09be64ad6d3f","block_type":"box","text":"payments position.","page_number":6,"box":{"x":102,"y":734,"width":137,"height":11}},{"id":"287e463a-e3c8-4368-8999-2b8f670cf783","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":6,"box":{"x":101,"y":754,"width":821,"height":12}},{"id":"62556b94-ad31-43ea-ad8b-4226e88a5882","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":6,"box":{"x":102,"y":769,"width":809,"height":11}},{"id":"0d9b6b57-0c29-458a-a53a-8bb45f23e836","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":6,"box":{"x":102,"y":784,"width":784,"height":11}},{"id":"33bbecfc-fb92-4be7-b968-bd9c0909ae03","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":6,"box":{"x":101,"y":799,"width":352,"height":11}},{"id":"aa817344-b3d5-46d2-b71d-4debd4aeed24","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":6,"box":{"x":102,"y":818,"width":823,"height":12}},{"id":"5b30b589-4205-427c-806a-5da1c57ab6b9","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":6,"box":{"x":101,"y":833,"width":811,"height":12}},{"id":"e220f90f-b1a9-47d5-a194-5a65d8bfb107","block_type":"box","text":"U.S. securities laws.","page_number":6,"box":{"x":102,"y":848,"width":148,"height":9}},{"id":"dd1f026f-76c9-4f72-98fd-8515c3f4f193","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":6,"box":{"x":101,"y":868,"width":834,"height":12}},{"id":"b9338375-fb2c-4489-9938-1e1fb323b297","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":6,"box":{"x":101,"y":883,"width":628,"height":11}},{"id":"e30025fb-58f9-4df6-8517-4459a11aa593","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":6,"box":{"x":101,"y":903,"width":830,"height":11}},{"id":"950ef555-8938-4749-ba80-fe6db90083fb","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":6,"box":{"x":101,"y":918,"width":831,"height":11}},{"id":"c252560e-f300-4621-b355-07d4f878fee3","block_type":"box","text":"3","page_number":6,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"a38feb62-204a-4acf-8e20-3d7b341ed635","block_type":"box","text":"NM1026U-5973054-6/11","page_number":6,"box":{"x":757,"y":969,"width":137,"height":7}},{"id":"58a06620-5f78-4020-a77a-bcb17e127b9f","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":7,"box":{"x":101,"y":42,"width":813,"height":11}},{"id":"85862d4d-47fb-4c98-920e-445387ab9c50","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":7,"box":{"x":101,"y":57,"width":395,"height":11}},{"id":"a230566e-96fa-4407-b005-8d3917347105","block_type":"box","text":"Convertible Securities Risk","page_number":7,"box":{"x":81,"y":77,"width":206,"height":9}},{"id":"3e8c3a68-55f9-4d0b-903a-5e713dbb37c4","block_type":"box","text":"— The market value of a conver tible security per forms like that of a regular debt","page_number":7,"box":{"x":291,"y":77,"width":593,"height":11}},{"id":"b5e9af62-7253-44db-907a-58b2ac9877e8","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":7,"box":{"x":81,"y":91,"width":853,"height":12}},{"id":"e4dce5d6-f9ed-43b0-bf59-e0727a59ebfd","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":7,"box":{"x":81,"y":106,"width":855,"height":12}},{"id":"91512354-a7a5-48e4-a438-b40b5788cb3c","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":7,"box":{"x":80,"y":121,"width":816,"height":12}},{"id":"a0d5cdf0-f43e-453c-8c0e-60dcfe6368e9","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":7,"box":{"x":82,"y":136,"width":796,"height":11}},{"id":"5dce6825-a9b0-489d-a631-9fc8d4a38494","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":7,"box":{"x":81,"y":151,"width":812,"height":11}},{"id":"00bf9f48-f536-46b3-bccb-33b7e29a0fef","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the conver tible security.","page_number":7,"box":{"x":82,"y":166,"width":809,"height":11}},{"id":"fa324ee7-a5b7-4594-a6dc-bb090ad833c6","block_type":"box","text":"Market Risk and Selection Risk","page_number":7,"box":{"x":81,"y":186,"width":240,"height":9}},{"id":"fcc8ee97-4023-4cf4-a163-8d0d33af0024","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":7,"box":{"x":324,"y":186,"width":593,"height":9}},{"id":"266e2cbf-a3f8-436f-b202-c63fe73f7a20","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a","page_number":7,"box":{"x":81,"y":200,"width":829,"height":12}},{"id":"00c78322-d7bb-466b-bbc3-7841b2b41fbe","block_type":"box","text":"security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":7,"box":{"x":81,"y":215,"width":829,"height":12}},{"id":"e360a90a-946c-4b68-ab09-ab9a1071e04a","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":7,"box":{"x":81,"y":230,"width":830,"height":11}},{"id":"d164b5f6-99c3-41a7-8ae5-55ed44ecea2a","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":7,"box":{"x":82,"y":245,"width":840,"height":11}},{"id":"6dd6fcac-0ce0-4bda-9b77-5a8ee8c705ba","block_type":"box","text":"Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health","page_number":7,"box":{"x":82,"y":260,"width":851,"height":11}},{"id":"8881f315-cc20-4d6a-8f43-b6c358b7e0ff","block_type":"box","text":"issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its","page_number":7,"box":{"x":82,"y":274,"width":852,"height":12}},{"id":"371f32af-9437-4e68-b5e7-5221b32cc164","block_type":"box","text":"investments. Selection risk is the risk that the securities selected by Fund management will underper form the","page_number":7,"box":{"x":82,"y":289,"width":806,"height":12}},{"id":"ba32f26b-6142-4809-a860-497c79e6daf7","block_type":"box","text":"markets, the relevant indices or the securities selected by other funds with similar investment objectives and","page_number":7,"box":{"x":82,"y":304,"width":799,"height":12}},{"id":"61f1973c-6a39-4a5b-a269-5e4e2261be4b","block_type":"box","text":"investment strategies. This means you may lose money.","page_number":7,"box":{"x":82,"y":319,"width":409,"height":12}},{"id":"831fc189-7dde-4ece-9773-97551fbe6ec1","block_type":"box","text":"Operational and Technology Risks","page_number":7,"box":{"x":82,"y":339,"width":254,"height":11}},{"id":"c72fc64e-26c7-426e-b84d-eabfa4aa5f6b","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":7,"box":{"x":340,"y":339,"width":578,"height":11}},{"id":"4e7f8e7c-6b53-4455-8961-822ed4c29dfd","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":7,"box":{"x":82,"y":354,"width":779,"height":11}},{"id":"b3f2d7a1-b3ec-49dd-a648-718029f6c824","block_type":"box","text":"cybersecurity incidents, and the use of ar tificial intelligence and machine learning (“AI”), which may result in losses","page_number":7,"box":{"x":81,"y":369,"width":848,"height":11}},{"id":"c3b710a1-7d7d-4535-b6df-60df48af2e99","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":7,"box":{"x":81,"y":383,"width":806,"height":12}},{"id":"b533e71f-7c8b-420e-8bfb-0dc522ab1d60","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":7,"box":{"x":82,"y":398,"width":807,"height":12}},{"id":"629c94ac-0e0d-42f6-9a3e-ff7fdd647462","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":7,"box":{"x":82,"y":413,"width":846,"height":12}},{"id":"19f6e51e-03e8-4276-9d7e-1330cd132a0d","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":7,"box":{"x":81,"y":428,"width":836,"height":11}},{"id":"0d32a515-5421-45b1-9a06-327d7c4e5f02","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":7,"box":{"x":82,"y":443,"width":474,"height":11}},{"id":"05f8f9fd-62e4-4653-b4f0-0b6e6f9418b6","block_type":"box","text":"Preferred Securities Risk","page_number":7,"box":{"x":81,"y":463,"width":189,"height":9}},{"id":"4887b59d-f366-4172-97e3-8633a35d410f","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":7,"box":{"x":274,"y":463,"width":636,"height":11}},{"id":"3a4cd295-7752-4769-b530-0d50dac37799","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":7,"box":{"x":81,"y":477,"width":824,"height":12}},{"id":"067c5cde-0119-43a6-9af4-96b194d83de2","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":7,"box":{"x":82,"y":492,"width":806,"height":12}},{"id":"0874e9d1-8f30-445f-b8d4-5014ec23cfcd","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":7,"box":{"x":81,"y":507,"width":842,"height":12}},{"id":"6fe852b4-2584-4df2-8d04-ef9fce1d274c","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":7,"box":{"x":81,"y":522,"width":781,"height":12}},{"id":"4f982c9b-3e74-4dc3-a965-16d41a034380","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":7,"box":{"x":81,"y":537,"width":812,"height":11}},{"id":"e81a0019-3725-4da3-90c3-cde94441a932","block_type":"box","text":"larger companies.","page_number":7,"box":{"x":82,"y":552,"width":129,"height":11}},{"id":"51a6e785-d125-4d5d-a91b-f068e61bbb35","block_type":"box","text":"Risk of Investing in the United States","page_number":7,"box":{"x":81,"y":572,"width":283,"height":11}},{"id":"fbb7b647-650d-45d2-bd05-b74a8ffe4edb","block_type":"box","text":"—","page_number":7,"box":{"x":369,"y":577,"width":17,"height":1}},{"id":"7eea1482-84a2-40ce-afcb-2ce6ae0590ba","block_type":"box","text":"Cer tain changes in the U.S. economy, such as when the U.S. economy","page_number":7,"box":{"x":391,"y":572,"width":518,"height":11}},{"id":"bd3614ed-d6cf-4d2a-99fa-c1de0913424d","block_type":"box","text":"weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has","page_number":7,"box":{"x":80,"y":586,"width":847,"height":12}},{"id":"466e2f43-0187-40ac-8eac-052df84a2ae1","block_type":"box","text":"exposure.","page_number":7,"box":{"x":81,"y":604,"width":70,"height":8}},{"id":"0c4fb9ee-d7d2-42e2-8e32-c1380edd79b0","block_type":"box","text":"Performance Information","page_number":7,"box":{"x":61,"y":640,"width":224,"height":11}},{"id":"1a1d3795-f301-4268-b38b-24dde9248d78","block_type":"box","text":"The information shows you how the Fund’s per formance has varied year by year and provides some indication of the","page_number":7,"box":{"x":60,"y":666,"width":855,"height":12}},{"id":"8de10d6a-806c-491d-bc22-e1904be2debb","block_type":"box","text":"risks of investing in the Fund. The per formance information for periods prior to March 28, 2016, the commencement","page_number":7,"box":{"x":61,"y":681,"width":859,"height":12}},{"id":"664ac66c-d756-4081-b4c4-61e539db024d","block_type":"box","text":"of Class K Shares, shows the per formance of the Fund’s Institutional Shares. The per formance of Class K Shares","page_number":7,"box":{"x":61,"y":696,"width":840,"height":11}},{"id":"b72d53ca-c213-4937-9d1c-dee75aba9835","block_type":"box","text":"would be substantially similar to Institutional Shares because Class K Shares are invested in the same por tfolio of","page_number":7,"box":{"x":60,"y":711,"width":846,"height":11}},{"id":"84728e06-7205-48c1-a37c-7d5cca98202a","block_type":"box","text":"securities and per formance would differ only to the extent that Institutional Shares and Class K Shares have different","page_number":7,"box":{"x":61,"y":726,"width":867,"height":11}},{"id":"34f50638-8c1b-4feb-b2eb-54dc95ff438b","block_type":"box","text":"expenses. The actual returns of Class K Shares would have been higher than those of Institutional Shares because","page_number":7,"box":{"x":61,"y":740,"width":848,"height":12}},{"id":"020eb820-dad8-4da6-9508-0d569d3efde6","block_type":"box","text":"Class K Shares have lower expenses than Institutional Shares. The table compares the Fund’s per formance to that of","page_number":7,"box":{"x":61,"y":755,"width":868,"height":12}},{"id":"0766646a-3c9e-4b1f-895e-394bcff30072","block_type":"box","text":"the Standard & Poor’s (S&P) 500","page_number":7,"box":{"x":60,"y":770,"width":245,"height":11}},{"id":"e20f77a7-c4ab-4a31-872f-e599868fb5b8","block_type":"box","text":"®","page_number":7,"box":{"x":306,"y":771,"width":6,"height":4}},{"id":"adfce955-a5b5-46c9-9446-c38c3278a080","block_type":"box","text":"Index and the Russell 1000","page_number":7,"box":{"x":318,"y":770,"width":202,"height":9}},{"id":"b5871b54-dd72-44b2-870b-37f5d0f419ca","block_type":"box","text":"®","page_number":7,"box":{"x":521,"y":771,"width":6,"height":4}},{"id":"b8ec9ae0-c1a9-468d-b960-1b41495cd982","block_type":"box","text":"Value Index, which are relevant to the Fund because","page_number":7,"box":{"x":533,"y":770,"width":382,"height":11}},{"id":"b7172c0d-6e37-4ac7-a3e1-752b2d689644","block_type":"box","text":"they have characteristics similar to the Fund’s investment strategies. To the extent that dividends and distributions","page_number":7,"box":{"x":60,"y":785,"width":845,"height":12}},{"id":"2413187b-eba7-45f0-a8b8-2ae11f2f2280","block_type":"box","text":"have been paid by the Fund, the per formance information for the Fund in the char t and table assumes reinvestment of","page_number":7,"box":{"x":61,"y":800,"width":873,"height":11}},{"id":"1e97bcfd-c07a-4002-8d6e-dce59138b7a9","block_type":"box","text":"the dividends and distributions. As with all such investments, past per formance (before and after taxes) is not an","page_number":7,"box":{"x":60,"y":815,"width":834,"height":11}},{"id":"bf654c4a-9bfd-462c-abe3-58c8f3f87dc6","block_type":"box","text":"indication of future results. The table includes all applicable fees. If the Fund’s investment manager and its affiliates","page_number":7,"box":{"x":62,"y":829,"width":857,"height":12}},{"id":"532c0667-ca54-40ed-b4e8-5d3d4fa805ac","block_type":"box","text":"had not waived or reimbursed cer tain Fund expenses during these periods, the Fund’s returns would have been lower.","page_number":7,"box":{"x":61,"y":845,"width":865,"height":11}},{"id":"22e006af-a1ad-4404-ac14-e39fafc38710","block_type":"box","text":"Updated information on the Fund’s per formance, including its current net asset value, can be obtained by visiting","page_number":7,"box":{"x":62,"y":859,"width":832,"height":12}},{"id":"ac35b401-a934-4fb4-9dbc-9a9d1ddadee3","block_type":"box","text":"www.blackrock.com or can be obtained by phone at 800-882-0052.","page_number":7,"box":{"x":60,"y":874,"width":494,"height":11}},{"id":"6e1a1aaf-c527-4d7a-857d-707d4721a1ea","block_type":"box","text":"4","page_number":7,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"dadefcfd-3362-4998-aed0-5a922edba9b1","block_type":"box","text":"NM1026U-5973054-7/11","page_number":7,"box":{"x":757,"y":969,"width":137,"height":7}},{"id":"5ca75fec-49ec-4617-b3b0-82a98df5906a","block_type":"box","text":"Class K Shares","page_number":8,"box":{"x":437,"y":42,"width":124,"height":10}},{"id":"786f5d30-a9d6-41c1-b92d-ec266a8ea6f7","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":8,"box":{"x":392,"y":58,"width":212,"height":10}},{"id":"66121a99-b290-4e52-bc5c-f77f02be9d63","block_type":"box","text":"BlackRock Equity Dividend Fund","page_number":8,"box":{"x":366,"y":75,"width":266,"height":12}},{"id":"eec87048-2239-4c41-9ba0-a8565ebd9fad","block_type":"box","text":"As of 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