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You can find the Fund’s prospectus (including amendments and supplements), reports to shareholders","page_number":3,"box":{"x":63,"y":370,"width":821,"height":11}},{"id":"58bf945a-2e4b-45be-be99-8d15fde84ce2","block_type":"box","text":"and other information about the Fund, including the Fund’s statement of additional information, online at","page_number":3,"box":{"x":63,"y":385,"width":748,"height":11}},{"id":"3767014d-29fd-4bc8-b8be-9aae98ea62db","block_type":"box","text":"https://www.blackrock.com/prospectus. 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The Fund’s","page_number":3,"box":{"x":534,"y":416,"width":335,"height":11}},{"id":"d91d4785-faee-434e-b52d-3fe8621ff17f","block_type":"box","text":"prospectus and statement of additional information, both dated April 30, 2026, as amended and supplemented from","page_number":3,"box":{"x":63,"y":432,"width":824,"height":10}},{"id":"647078d2-3777-4b68-8531-bb0a91b49d28","block_type":"box","text":"time to time, are incorporated by reference into (legally made a part of) this Summary Prospectus.","page_number":3,"box":{"x":62,"y":447,"width":691,"height":11}},{"id":"283be91d-18a4-4cde-b97e-c33eed295bdd","block_type":"box","text":"This Summary Prospectus contains information you should know before investing, including information about","page_number":3,"box":{"x":63,"y":803,"width":774,"height":11}},{"id":"3349f695-d3b0-46f6-81c8-c3d0a5d681bf","block_type":"box","text":"risks. Please read it before you invest and keep it for future reference.","page_number":3,"box":{"x":63,"y":819,"width":477,"height":10}},{"id":"80a88e31-c52f-4105-bf44-47ea5c028564","block_type":"box","text":"The Securities and Exchange Commission and the Commodity Futures Trading Commission have not approved","page_number":3,"box":{"x":63,"y":839,"width":773,"height":11}},{"id":"0665c3e1-18e0-45e5-a6c1-d5722bf008ac","block_type":"box","text":"or disapproved these securities or passed upon the adequacy of this Summary Prospectus. 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and","page_number":4,"box":{"x":80,"y":559,"width":833,"height":10}},{"id":"24ef6fff-87d9-42f1-9359-40dbcc0a7989","block_type":"box","text":"fixed-income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee and","page_number":4,"box":{"x":81,"y":570,"width":813,"height":9}},{"id":"02c118a2-71b9-42ff-a36b-0442733b66d6","block_type":"box","text":"(ii) other exchange-traded products sponsored by BlackRock or its affiliates, through June 30, 2027. 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The contractual agreements may be terminated upon 90","page_number":4,"box":{"x":81,"y":600,"width":833,"height":10}},{"id":"d8ba6861-abb5-4ef3-9f39-76b5928bd6e0","block_type":"box","text":"days’ notice by a majority of the non-interested directors of the Fund or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":4,"box":{"x":81,"y":611,"width":835,"height":9}},{"id":"a5ebde79-b614-4f6b-9388-156439ae6446","block_type":"box","text":"2","page_number":4,"box":{"x":61,"y":624,"width":3,"height":3}},{"id":"fff167d6-f493-4369-ac0c-d6a6f1e4fbec","block_type":"box","text":"Other Expenses of Strategic Global Bond Fund (Cayman) (the “Subsidiary”) were less than 0.01% for the Fund’s last fiscal year.","page_number":4,"box":{"x":81,"y":624,"width":748,"height":9}},{"id":"f759c779-de75-4271-8d99-79e13af5a959","block_type":"box","text":"3","page_number":4,"box":{"x":61,"y":637,"width":3,"height":3}},{"id":"4f555366-7664-4754-b5ca-d8f12cbe03d7","block_type":"box","text":"The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets given in the Fund’s most recent","page_number":4,"box":{"x":81,"y":637,"width":813,"height":9}},{"id":"f61cd255-6f07-44b3-b9a2-b1ade97521f8","block_type":"box","text":"Annual Financial Statements and Additional Information, which does not include Acquired Fund Fees and Expenses.","page_number":4,"box":{"x":81,"y":647,"width":677,"height":9}},{"id":"284a10dc-4d19-4467-8c06-8eb0e11da012","block_type":"box","text":"4","page_number":4,"box":{"x":60,"y":660,"width":4,"height":4}},{"id":"5dfc0789-f2d0-4b18-a05f-5e108fe9a5a3","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 38, BlackRock has contractually agreed to","page_number":4,"box":{"x":81,"y":660,"width":837,"height":9}},{"id":"291c717e-d2c7-46c1-bbf6-d6f8a0c97fd3","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":4,"box":{"x":80,"y":670,"width":771,"height":9}},{"id":"7f033cd9-f4de-42c5-aca4-a0e67e866d69","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) to 0.48%","page_number":4,"box":{"x":81,"y":681,"width":844,"height":9}},{"id":"27b1698c-6543-42fd-adad-53c795927a7c","block_type":"box","text":"of average daily net assets through June 30, 2027. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non","page_number":4,"box":{"x":81,"y":691,"width":851,"height":9}},{"id":"771318ef-32b1-47df-9014-431bba947aab","block_type":"box","text":"interested directors of the Fund or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":4,"box":{"x":81,"y":701,"width":618,"height":9}},{"id":"9801be40-2d35-46e6-96ab-55a5f26be088","block_type":"box","text":"Example:","page_number":4,"box":{"x":61,"y":719,"width":74,"height":12}},{"id":"15eef5d0-715f-493f-be93-edc97484f438","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":4,"box":{"x":60,"y":735,"width":830,"height":12}},{"id":"d30aace4-09ad-4199-a088-49bb4fd7115f","block_type":"box","text":"mutual funds. 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Although your actual costs may be higher","page_number":4,"box":{"x":61,"y":780,"width":859,"height":11}},{"id":"fdb0e1f9-181c-4fa2-b7d7-053e8ec5bd53","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":4,"box":{"x":61,"y":795,"width":436,"height":11}},{"id":"ffa56dff-178c-4dda-83bb-5e04af223b4c","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":4,"box":{"x":631,"y":823,"width":292,"height":9}},{"id":"08f29813-dbb8-4290-a92a-00fa702b5258","block_type":"box","text":"Class K Shares $50 $188 $337 $773","page_number":4,"box":{"x":69,"y":841,"width":843,"height":9}},{"id":"881cd752-6bed-4e3d-a8af-ad1616165fbc","block_type":"box","text":"Portfolio Turnover:","page_number":4,"box":{"x":61,"y":866,"width":151,"height":10}},{"id":"d1371874-9889-4aa1-83c6-67cd80adb88e","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":4,"box":{"x":60,"y":883,"width":800,"height":11}},{"id":"51945483-a489-4452-bb03-972edb1705e8","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":4,"box":{"x":62,"y":897,"width":850,"height":12}},{"id":"c1c1d1b4-7d68-4abe-84c7-184493578cbc","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":4,"box":{"x":61,"y":912,"width":870,"height":12}},{"id":"c90e0a14-1d32-4c63-866a-1df3ac7bd284","block_type":"box","text":"2","page_number":4,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"f0694de9-4a91-4dc9-a7b8-b40d7f2d5983","block_type":"box","text":"NM1026U-5982681-4/14","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"cb42625f-9cf3-4ce3-a138-d68ec579d46c","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":42,"width":839,"height":11}},{"id":"51c3b30d-bf5b-46e4-a5b7-bf36e13b76d3","block_type":"box","text":"366% of the average value of its por tfolio.","page_number":5,"box":{"x":61,"y":57,"width":308,"height":11}},{"id":"32c747a8-dfdf-485e-8136-1bc142868e56","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":5,"box":{"x":61,"y":95,"width":394,"height":14}},{"id":"7c74f398-dced-4315-b676-05887204f769","block_type":"box","text":"The Fund mainly invests in bonds and other fixed-income securities that periodically pay interest or dividends. Fixed","page_number":5,"box":{"x":60,"y":122,"width":851,"height":11}},{"id":"2333591b-ea3e-44ca-8059-9f1f4a2fd721","block_type":"box","text":"income securities are securities that represent an obligation by the issuer to pay a specified rate of interest or","page_number":5,"box":{"x":62,"y":137,"width":811,"height":11}},{"id":"0527556c-a60c-44fe-937e-4bc4a0fb49bc","block_type":"box","text":"dividend at specified times. These securities may be denominated and pay interest in U.S. dollars or other currencies","page_number":5,"box":{"x":61,"y":151,"width":863,"height":12}},{"id":"21f9b43c-2ac8-4ee6-b063-e4ea34202b8e","block_type":"box","text":"and may be issued by U.S. or foreign governments or corporations.","page_number":5,"box":{"x":61,"y":166,"width":490,"height":12}},{"id":"ff1f6e6a-d67b-44f4-9011-2cab2c6bbef8","block_type":"box","text":"The Fund will spread its investments among different types of fixed-income securities and different countries based","page_number":5,"box":{"x":60,"y":189,"width":849,"height":11}},{"id":"c245f0f7-e10c-4a8a-bd62-d777ba9aa30e","block_type":"box","text":"upon Fund management’s analysis of the yield, maturity and currency considerations affecting these securities. The","page_number":5,"box":{"x":61,"y":204,"width":851,"height":11}},{"id":"5b6d6c78-34ac-44fa-9b21-a2f3a1157a45","block_type":"box","text":"Fund may invest in U.S. and foreign government and corporate fixed-income securities, including junk bonds and","page_number":5,"box":{"x":62,"y":218,"width":821,"height":12}},{"id":"9603f7b6-607f-4f84-a0d2-ec7941803dd6","block_type":"box","text":"unrated securities. The Fund normally will invest at least 80% of its net assets plus any borrowings for investment","page_number":5,"box":{"x":61,"y":233,"width":838,"height":12}},{"id":"51a517ef-1c90-4653-b333-b4d70f97cebd","block_type":"box","text":"purposes in bonds and related derivative instruments with similar economic characteristics. 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The Fund’s","page_number":5,"box":{"x":61,"y":307,"width":851,"height":12}},{"id":"ffdb607b-4d88-43f7-9752-6ffe1e050b70","block_type":"box","text":"investments in derivatives will be counted toward the Fund’s 80% policy to the extent that they provide investment","page_number":5,"box":{"x":62,"y":322,"width":837,"height":12}},{"id":"0da527fc-53b2-4e93-9e7a-96d6979dcf10","block_type":"box","text":"exposure to the securities included within that policy or to one or more market risk factors associated with such","page_number":5,"box":{"x":61,"y":337,"width":821,"height":11}},{"id":"08ff546c-5be9-4f18-a094-7ecf0dc37fc6","block_type":"box","text":"securities. The Fund may invest up to 100% of its assets in securities classified as junk bonds.","page_number":5,"box":{"x":61,"y":352,"width":700,"height":11}},{"id":"9acfd2d0-a1c3-48c2-8533-2327ee46a0ea","block_type":"box","text":"Under normal circumstances, the Fund anticipates it will allocate a substantial amount (approximately 40% or more —","page_number":5,"box":{"x":62,"y":375,"width":869,"height":11}},{"id":"541031f7-c47d-48b1-8451-e30c89d71939","block_type":"box","text":"unless market conditions are not deemed favorable by BlackRock, in which case the Fund would invest at least 30%)","page_number":5,"box":{"x":61,"y":389,"width":857,"height":12}},{"id":"d468d54f-77ce-4a44-9c7a-ead04ed9a3e2","block_type":"box","text":"of its total assets in securities (i) of foreign government issuers, (ii) of issuers organized or located outside the U.S.,","page_number":5,"box":{"x":61,"y":404,"width":856,"height":12}},{"id":"0d386ebb-eaee-42b4-8bd6-17cf1bfde64b","block_type":"box","text":"(iii) of issuers which primarily trade in a market located outside the U.S., or (iv) of issuers doing a substantial amount","page_number":5,"box":{"x":61,"y":419,"width":862,"height":11}},{"id":"e44b8e26-62d5-4939-9b63-a9f2d1da0fce","block_type":"box","text":"of business outside the U.S., which the Fund considers to be companies that derive at least 50% of their revenue or","page_number":5,"box":{"x":61,"y":434,"width":854,"height":11}},{"id":"c548814c-6098-41a2-8a6a-1afbcefb1472","block_type":"box","text":"profits from business outside the U.S. or have at least 50% of their sales or assets outside the U.S. The Fund will","page_number":5,"box":{"x":62,"y":448,"width":836,"height":12}},{"id":"7a4322d4-ae18-4760-b067-1e593331f1be","block_type":"box","text":"allocate its assets among various regions and countries, including the United States (but in no less than three","page_number":5,"box":{"x":61,"y":463,"width":811,"height":12}},{"id":"69b22b9e-2efa-4524-a898-168d7f128eb5","block_type":"box","text":"different countries). For temporary defensive purposes the Fund may deviate very substantially from the allocation","page_number":5,"box":{"x":61,"y":478,"width":838,"height":12}},{"id":"ae71a0d6-2fe4-45af-a3b5-d52bcf3f77ce","block_type":"box","text":"described above.","page_number":5,"box":{"x":61,"y":493,"width":123,"height":9}},{"id":"2a22e5b2-d9cc-4b25-bfe7-d9561f4ff0bc","block_type":"box","text":"The Fund may invest in securities of any maturity or duration. The average maturity of the Fund’s por tfolio securities","page_number":5,"box":{"x":60,"y":516,"width":851,"height":11}},{"id":"b9405c6f-d599-4827-85a7-7aa2cc70a60f","block_type":"box","text":"will vary based upon BlackRock’s view of economic and market conditions. However, the Fund does not expect the","page_number":5,"box":{"x":60,"y":530,"width":841,"height":12}},{"id":"09aa70bf-1b7f-4e0b-88a8-8879843ac5d4","block_type":"box","text":"average maturity of its por tfolio to exceed fifteen years.","page_number":5,"box":{"x":61,"y":545,"width":406,"height":12}},{"id":"5db4d197-f855-4ad7-b2fa-dcc96b1e625e","block_type":"box","text":"Fund management presently expects that the Fund will invest primarily in securities denominated in the currencies","page_number":5,"box":{"x":62,"y":568,"width":838,"height":11}},{"id":"3916c4cd-cafc-4474-8bc1-c5b006c6868f","block_type":"box","text":"represented in the Bloomberg Global Aggregate Bond Index, but the Fund also can invest in securities denominated in","page_number":5,"box":{"x":61,"y":583,"width":865,"height":11}},{"id":"975a0ad5-111a-44e1-97a9-4b955f1a4b48","block_type":"box","text":"other currencies. Issuers of securities may not always be located in the country in whose currency the securities are","page_number":5,"box":{"x":61,"y":597,"width":855,"height":12}},{"id":"87d4e8f1-ed47-4278-9d04-415222421cfb","block_type":"box","text":"denominated. The Fund’s investments ordinarily will be denominated in at least three currencies. No set por tion of the","page_number":5,"box":{"x":61,"y":612,"width":871,"height":12}},{"id":"b7228135-50cf-4874-8e7c-128f9b236987","block_type":"box","text":"Fund’s investments is required to be denominated in any par ticular currency. Substantially all of the Fund’s","page_number":5,"box":{"x":62,"y":627,"width":786,"height":11}},{"id":"d26ac754-6e62-41dc-88a1-e2cfe6a40bf2","block_type":"box","text":"investments may be denominated in a single currency, including U.S. dollars.","page_number":5,"box":{"x":62,"y":642,"width":563,"height":11}},{"id":"7cb6829d-df46-42ad-99d9-e126f7a61e76","block_type":"box","text":"The Fund may invest in several different kinds of securities issued by the U.S. Government. These include U.S.","page_number":5,"box":{"x":60,"y":664,"width":815,"height":12}},{"id":"556c87b9-9c4f-4e6b-aed4-02a007aba610","block_type":"box","text":"Treasury obligations (bills, notes and bonds) that have different interest rates and maturities and are issued at","page_number":5,"box":{"x":60,"y":679,"width":818,"height":12}},{"id":"1fcd428a-e816-4c00-8cc3-c8852fa449b5","block_type":"box","text":"different times. These securities are backed by the full faith and credit of the U.S. Government. The Fund also may","page_number":5,"box":{"x":61,"y":694,"width":844,"height":12}},{"id":"f384769e-5bbb-4795-be05-2dfa3c850e21","block_type":"box","text":"invest in obligations issued or guaranteed by U.S. Government agencies or other U.S. Government organizations.","page_number":5,"box":{"x":62,"y":709,"width":827,"height":11}},{"id":"f06371e1-e840-4977-b326-90805dc6d8be","block_type":"box","text":"These include but are not limited to government guaranteed mor tgage-related or asset-backed securities. Some of","page_number":5,"box":{"x":60,"y":724,"width":841,"height":11}},{"id":"533ad56c-c351-462a-8585-cd227a5e6886","block_type":"box","text":"these securities may be backed by the full faith and credit of the U.S. Treasury, some may be suppor ted by the right of","page_number":5,"box":{"x":60,"y":739,"width":874,"height":11}},{"id":"aac11ce2-2fe6-4548-a939-6b099f9aaa71","block_type":"box","text":"the issuer to borrow from the U.S. Treasury, and some are backed only by the credit of the issuer itself.","page_number":5,"box":{"x":60,"y":753,"width":761,"height":12}},{"id":"b334a64d-4fd5-4d36-8f45-722238ec6ea9","block_type":"box","text":"The obligations of foreign governments and their related organizations have various kinds of government suppor t.","page_number":5,"box":{"x":60,"y":776,"width":833,"height":12}},{"id":"91766bfd-95ca-42ad-8f90-abf5e3b87bea","block_type":"box","text":"These obligations may or may not be suppor ted by the full faith and credit of a foreign government. The Fund may","page_number":5,"box":{"x":60,"y":791,"width":836,"height":11}},{"id":"5298a26a-2591-4965-b0d6-e6385a921805","block_type":"box","text":"invest in securities issued by international organizations designated or suppor ted by governments or government","page_number":5,"box":{"x":62,"y":806,"width":829,"height":11}},{"id":"3eb3c8f7-235c-4e22-9995-c1784134d3b5","block_type":"box","text":"agencies to promote economic reconstruction or development.","page_number":5,"box":{"x":61,"y":821,"width":458,"height":11}},{"id":"d1d6c239-6c99-47e5-bdd4-f310b943c8cc","block_type":"box","text":"The debt securities in which the Fund invests may include credit-linked notes, credit-linked trust cer tificates, structured","page_number":5,"box":{"x":60,"y":843,"width":875,"height":11}},{"id":"eb49d2e8-61cb-46c3-b0e2-be06de64006f","block_type":"box","text":"notes or other instruments evidencing interests in special purpose vehicles, trusts or other entities that hold or","page_number":5,"box":{"x":61,"y":858,"width":818,"height":11}},{"id":"ed2e7595-cb2e-42a0-9df5-83daf08f7e46","block_type":"box","text":"represent interests in debt securities. In addition, the Fund may invest in corporate loans.","page_number":5,"box":{"x":61,"y":873,"width":659,"height":11}},{"id":"e6c08bd0-0e8a-4305-9b62-5b1998f2780f","block_type":"box","text":"The Fund may use a variety of por tfolio strategies to hedge its por tfolio against interest rate and currency risk, or to","page_number":5,"box":{"x":60,"y":895,"width":852,"height":12}},{"id":"0ce876ba-2deb-4bf3-ba01-02aaac532db5","block_type":"box","text":"seek to enhance its return. These strategies include the use of derivatives, such as options on por tfolio positions or","page_number":5,"box":{"x":61,"y":910,"width":856,"height":12}},{"id":"5b0ef366-0655-4628-988a-78fafa80f6d5","block_type":"box","text":"3","page_number":5,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"02436978-aa19-414d-8a82-8d66795af8b2","block_type":"box","text":"NM1026U-5982681-5/14","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"010c8a1d-5e79-47a2-ac28-41c3d90aa5d6","block_type":"box","text":"currencies, financial and currency futures and options on these futures, forward foreign currency transactions, interest","page_number":6,"box":{"x":61,"y":42,"width":873,"height":11}},{"id":"d8f3c48c-8205-4820-b161-8747cdc66e7f","block_type":"box","text":"rate swaps and credit default swaps. Derivatives are financial instruments whose value is derived from another","page_number":6,"box":{"x":61,"y":57,"width":817,"height":11}},{"id":"5ae02ee1-7183-41b2-9511-b7261c37a431","block_type":"box","text":"security or an index such as the Bloomberg Global Aggregate Bond Index. The Fund may invest in indexed and inverse","page_number":6,"box":{"x":61,"y":72,"width":863,"height":11}},{"id":"39df2627-1f3b-40db-872b-f3eb2672d3b5","block_type":"box","text":"securities.","page_number":6,"box":{"x":61,"y":87,"width":74,"height":8}},{"id":"ed7b5f2d-4421-4c80-b826-69cbb99745c6","block_type":"box","text":"The Fund may seek to provide exposure to the investment returns of real assets that trade in the commodity markets","page_number":6,"box":{"x":60,"y":109,"width":863,"height":11}},{"id":"40186813-b0cd-4186-99b6-19579173b930","block_type":"box","text":"through investment in commodity-linked derivative instruments and investment vehicles such as exchange traded","page_number":6,"box":{"x":60,"y":124,"width":831,"height":11}},{"id":"a6c4e672-10af-49f8-8d0b-1a2221179402","block_type":"box","text":"funds that exclusively invest in commodities and are designed to provide this exposure without direct investment in","page_number":6,"box":{"x":60,"y":138,"width":846,"height":12}},{"id":"5dcca332-7f95-4716-bc6c-82a41ae0a4a8","block_type":"box","text":"physical commodities. The Fund may also gain exposure to commodity markets by investing up to 25% of its total","page_number":6,"box":{"x":62,"y":153,"width":831,"height":12}},{"id":"7f86657b-abcb-4efb-a94f-2b6e1a4230ae","block_type":"box","text":"assets in the Subsidiary, a wholly owned subsidiary of the Fund formed in the Cayman Islands, which invests primarily","page_number":6,"box":{"x":61,"y":168,"width":868,"height":12}},{"id":"15d371e5-63bc-4fe1-bb65-c06682614c06","block_type":"box","text":"in commodity-related instruments.","page_number":6,"box":{"x":62,"y":183,"width":248,"height":11}},{"id":"1dee2b14-d424-4797-a037-a0eb6dfea313","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":6,"box":{"x":61,"y":222,"width":354,"height":13}},{"id":"767a5551-e985-462c-95b9-bb1e23f89ba9","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":248,"width":860,"height":12}},{"id":"b3f35c6b-c0d7-4fe4-9767-1a85a1de142f","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":263,"width":802,"height":11}},{"id":"4e2d0e86-7684-49dd-85c7-d33b7fef6559","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":6,"box":{"x":62,"y":278,"width":866,"height":11}},{"id":"5f3bcc59-8ab0-499b-bbea-d36692ab789c","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":6,"box":{"x":62,"y":293,"width":869,"height":11}},{"id":"f8d8f797-2d5d-482e-9766-d5ab254c2089","block_type":"box","text":"Government agency. The following is a summary description of principal risks of investing in the Fund. The relative","page_number":6,"box":{"x":61,"y":307,"width":837,"height":12}},{"id":"f989ef31-763f-4d75-bee0-27d0fa2a79fe","block_type":"box","text":"significance of each risk factor below may change over time and you should review each risk factor carefully.","page_number":6,"box":{"x":61,"y":322,"width":793,"height":12}},{"id":"135aea0e-8acc-48b2-8c5f-1d1b41a29a2b","block_type":"box","text":"Debt Securities Risk","page_number":6,"box":{"x":81,"y":342,"width":155,"height":9}},{"id":"38ceecd5-d7c1-4529-987f-de43b2205a92","block_type":"box","text":"— Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk,","page_number":6,"box":{"x":240,"y":342,"width":633,"height":11}},{"id":"2b01453f-74e1-4d57-a112-3b5648e4f08d","block_type":"box","text":"extension risk, and prepayment risk, each of which is described in fur ther detail below:","page_number":6,"box":{"x":81,"y":357,"width":637,"height":11}},{"id":"e7e6648d-c3f9-4c20-baf3-b1c2d1c20074","block_type":"box","text":"Credit Risk","page_number":6,"box":{"x":82,"y":377,"width":80,"height":9}},{"id":"8e52e4e2-a8c3-44f3-9a23-333d90293b7d","block_type":"box","text":"— Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be","page_number":6,"box":{"x":166,"y":377,"width":737,"height":11}},{"id":"8f5c8c6d-335c-4cc5-b029-016fc712aee3","block_type":"box","text":"able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s","page_number":6,"box":{"x":81,"y":392,"width":816,"height":11}},{"id":"d6d727c5-fe6f-4785-90cc-94acca3f5f81","block_type":"box","text":"perception of an issuer’s creditwor thiness may also affect the value of the Fund’s investment in that issuer. The","page_number":6,"box":{"x":82,"y":407,"width":826,"height":11}},{"id":"1b104d15-9e98-482d-96a6-5a1f8e29d579","block_type":"box","text":"degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.","page_number":6,"box":{"x":81,"y":421,"width":777,"height":12}},{"id":"981176a8-7a81-4da6-a59f-87bd8dfe62ea","block_type":"box","text":"Interest Rate Risk","page_number":6,"box":{"x":82,"y":442,"width":132,"height":9}},{"id":"7bbf241e-6239-4988-9f13-5058b8abaf3f","block_type":"box","text":"— The market value of bonds and other fixed-income securities changes in response to interest","page_number":6,"box":{"x":218,"y":441,"width":704,"height":12}},{"id":"1e930a58-7973-43f0-b1ea-8f2115cf18bf","block_type":"box","text":"rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities","page_number":6,"box":{"x":82,"y":456,"width":835,"height":12}},{"id":"0e9b8a6c-b3e6-43a5-9445-30bcc44fe421","block_type":"box","text":"will increase as interest rates fall and decrease as interest rates rise.","page_number":6,"box":{"x":80,"y":471,"width":513,"height":9}},{"id":"e9e6a1a7-86fc-4be8-98d0-4b6c6128a44e","block_type":"box","text":"The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. For","page_number":6,"box":{"x":81,"y":491,"width":855,"height":12}},{"id":"4d959f5b-0545-4647-bcc5-e35e91c2643f","block_type":"box","text":"example, if interest rates increase by 1%, assuming a current por tfolio duration of ten years, and all other factors","page_number":6,"box":{"x":81,"y":506,"width":834,"height":11}},{"id":"742be72c-d767-43f0-ad9f-d121a84a5de2","block_type":"box","text":"being equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of","page_number":6,"box":{"x":81,"y":521,"width":849,"height":11}},{"id":"e9304c09-2414-4a6f-8dee-d7558ca989df","block_type":"box","text":"the price sensitivity of a debt security or por tfolio of debt securities to relative changes in interest rates). The","page_number":6,"box":{"x":80,"y":535,"width":803,"height":12}},{"id":"277d16c0-4db4-411c-b8ee-bc5a87541ebc","block_type":"box","text":"magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater","page_number":6,"box":{"x":82,"y":550,"width":838,"height":12}},{"id":"963a9c17-40b7-404f-a239-84b2622dc7b2","block_type":"box","text":"for those securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect","page_number":6,"box":{"x":81,"y":565,"width":849,"height":12}},{"id":"baa5eb1b-d25d-42af-a865-c3ff1850d129","block_type":"box","text":"interest income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset","page_number":6,"box":{"x":82,"y":580,"width":833,"height":11}},{"id":"9e2ba729-7c24-4433-9008-1512418e6f6e","block_type":"box","text":"value. The Fund may lose money if shor t-term or long-term interest rates rise sharply in a manner not anticipated by","page_number":6,"box":{"x":80,"y":595,"width":852,"height":11}},{"id":"2a082b62-7506-43af-a61a-a9f8dadf3065","block_type":"box","text":"Fund management.","page_number":6,"box":{"x":82,"y":610,"width":138,"height":11}},{"id":"ff7de218-de35-4e1e-bb31-0c5e019afc95","block_type":"box","text":"To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mor tgage","page_number":6,"box":{"x":81,"y":630,"width":852,"height":11}},{"id":"16189b38-9fa8-4331-967c-88cdfa9971b9","block_type":"box","text":"backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of","page_number":6,"box":{"x":81,"y":644,"width":840,"height":12}},{"id":"0fb34cb4-996e-4335-85b3-9d3686be5eb3","block_type":"box","text":"the Fund) when interest rates rise. Moreover, because rates on cer tain floating rate debt securities typically reset","page_number":6,"box":{"x":80,"y":659,"width":834,"height":12}},{"id":"fb7675b3-0ec2-4ae7-9d4a-1c1b92ee197d","block_type":"box","text":"only periodically, changes in prevailing interest rates (and par ticularly sudden and significant changes) can be","page_number":6,"box":{"x":81,"y":674,"width":803,"height":12}},{"id":"80c49169-670f-43b2-8d62-bc30cdc4e724","block_type":"box","text":"expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate","page_number":6,"box":{"x":81,"y":689,"width":839,"height":11}},{"id":"08554ebc-93d9-45d9-aeee-0dfa4413577c","block_type":"box","text":"debt securities.","page_number":6,"box":{"x":81,"y":704,"width":112,"height":9}},{"id":"75fbd8fb-6942-49c4-8a5c-15e3834fb07d","block_type":"box","text":"These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith","page_number":6,"box":{"x":81,"y":724,"width":839,"height":11}},{"id":"aace76dd-2961-4b96-b973-93421171c059","block_type":"box","text":"and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not","page_number":6,"box":{"x":81,"y":739,"width":839,"height":11}},{"id":"ee16c4ca-85fe-4cf5-8d4e-e1faaab1d8ae","block_type":"box","text":"its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in","page_number":6,"box":{"x":82,"y":753,"width":831,"height":12}},{"id":"218b5a2c-4110-4ae5-b685-da40433016fc","block_type":"box","text":"value when interest rates change.","page_number":6,"box":{"x":80,"y":768,"width":248,"height":12}},{"id":"4cd394a3-f9bc-45a7-a718-16996bf8d9ac","block_type":"box","text":"A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large","page_number":6,"box":{"x":81,"y":788,"width":855,"height":12}},{"id":"f6e8a75e-40c7-42ba-8906-2a9d8a4b2442","block_type":"box","text":"scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy","page_number":6,"box":{"x":81,"y":803,"width":801,"height":12}},{"id":"f082cd40-5f27-47c6-a040-85f57fb9bceb","block_type":"box","text":"redemptions could cause the Fund to sell assets at inoppor tune times or at a loss or depressed value and could","page_number":6,"box":{"x":82,"y":818,"width":827,"height":11}},{"id":"2edc6d90-6e9f-4fc4-984d-12421ce6ff72","block_type":"box","text":"hur t the Fund’s per formance.","page_number":6,"box":{"x":82,"y":833,"width":214,"height":11}},{"id":"b737b26c-a7cf-4741-9f88-461611c4c647","block_type":"box","text":"Extension Risk","page_number":6,"box":{"x":82,"y":853,"width":107,"height":9}},{"id":"83baef50-e8c4-4aab-bb58-ce6ee0e5dbc3","block_type":"box","text":"— When interest rates rise, cer tain obligations will be paid off by the obligor more slowly than","page_number":6,"box":{"x":193,"y":853,"width":691,"height":11}},{"id":"e1062415-10d8-4de3-9a69-c517974a5b51","block_type":"box","text":"anticipated, causing the value of these obligations to fall.","page_number":6,"box":{"x":81,"y":867,"width":420,"height":12}},{"id":"0afff7cf-33c0-4377-a929-1979f370bb9e","block_type":"box","text":"Prepayment Risk","page_number":6,"box":{"x":81,"y":888,"width":124,"height":11}},{"id":"379b1402-5724-4c6f-98fc-5374a5188ba0","block_type":"box","text":"— When interest rates fall, cer tain obligations will be paid off by the obligor more quickly than","page_number":6,"box":{"x":209,"y":887,"width":691,"height":12}},{"id":"6cccf8cf-a44b-4e41-a5b1-9141583d465c","block_type":"box","text":"originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.","page_number":6,"box":{"x":81,"y":903,"width":724,"height":11}},{"id":"4c8521ad-a83a-47f5-b269-3044aeee9208","block_type":"box","text":"4","page_number":6,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"07ebc01f-ba6b-4c44-a0b2-154036eef597","block_type":"box","text":"NM1026U-5982681-6/14","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"e1e342fd-7b69-4dbd-911d-659316e1b7be","block_type":"box","text":"Foreign Securities Risk","page_number":7,"box":{"x":81,"y":42,"width":176,"height":11}},{"id":"9295dbc1-26ec-4224-afbe-ad5350851154","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":7,"box":{"x":260,"y":42,"width":668,"height":11}},{"id":"0570ed94-6b24-4513-9f10-804a43018a0f","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":7,"box":{"x":82,"y":57,"width":531,"height":11}},{"id":"7d38d80b-03bf-434d-905f-c74431fc8aa2","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":7,"box":{"x":101,"y":77,"width":823,"height":11}},{"id":"0d4cdb65-492c-4f69-8af5-10a5b4336359","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":7,"box":{"x":102,"y":91,"width":823,"height":12}},{"id":"a17efb7c-f744-4823-867c-d3cb2a89abbd","block_type":"box","text":"oversight.","page_number":7,"box":{"x":101,"y":106,"width":70,"height":12}},{"id":"3c01095c-7d80-4584-9aea-a3c52a43f51f","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s por tfolio.","page_number":7,"box":{"x":101,"y":126,"width":644,"height":12}},{"id":"4f8b0587-f3b2-4691-a1a1-0716e9383027","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":7,"box":{"x":101,"y":146,"width":830,"height":12}},{"id":"4841324e-5483-4188-9211-a531a488b319","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":7,"box":{"x":102,"y":161,"width":808,"height":12}},{"id":"17a08d5c-6e00-491d-8d73-1ccab36c7f6d","block_type":"box","text":"payments position.","page_number":7,"box":{"x":102,"y":176,"width":137,"height":11}},{"id":"7405be42-21d1-4714-b1d0-652eda4ad66f","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":7,"box":{"x":101,"y":196,"width":821,"height":11}},{"id":"fd5f0ccd-b36d-4d4b-a3d5-df267367e78c","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":7,"box":{"x":102,"y":211,"width":809,"height":11}},{"id":"79a84363-e9f2-4903-8bea-ba74e258d0bf","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":7,"box":{"x":102,"y":225,"width":784,"height":12}},{"id":"037ed8f5-0aad-458b-b4f7-b4a169a0bb8e","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":7,"box":{"x":101,"y":241,"width":352,"height":11}},{"id":"75b92436-12ef-45b9-97bb-3c4af29722bb","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":7,"box":{"x":102,"y":260,"width":823,"height":12}},{"id":"1be72228-7c6f-4009-8de5-9048f3ef4b20","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":7,"box":{"x":101,"y":275,"width":811,"height":12}},{"id":"5a70033d-ed8c-48ce-ab41-ae4d903f1227","block_type":"box","text":"U.S. securities laws.","page_number":7,"box":{"x":102,"y":290,"width":148,"height":9}},{"id":"51d34dd1-10dc-4a2a-9fe1-fb0a750fe349","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":7,"box":{"x":101,"y":310,"width":834,"height":11}},{"id":"e5f8ffe1-5c11-4dd7-9fb5-6820239f33a3","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":7,"box":{"x":101,"y":325,"width":628,"height":11}},{"id":"4014cd75-537a-4274-815e-d3d4fcead1e3","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":7,"box":{"x":101,"y":345,"width":830,"height":11}},{"id":"1c9dda1c-d745-4527-a295-425286d0a9a4","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":7,"box":{"x":101,"y":360,"width":831,"height":11}},{"id":"b585a618-8ded-42ac-9ad5-40abbc630e29","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":374,"width":813,"height":12}},{"id":"b8a6cb7d-0237-4ba4-bad6-f9b1e50d7d23","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":7,"box":{"x":101,"y":389,"width":395,"height":12}},{"id":"e5ea08d0-5b21-40be-89e3-68bac4b419e0","block_type":"box","text":"Emerging Markets Risk","page_number":7,"box":{"x":81,"y":409,"width":178,"height":12}},{"id":"baafe893-74fe-4554-b7e1-3870380be524","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":7,"box":{"x":263,"y":409,"width":617,"height":12}},{"id":"51ce3a2b-89ae-4dad-a8ef-bdec093065e7","block_type":"box","text":"develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative.","page_number":7,"box":{"x":81,"y":424,"width":825,"height":12}},{"id":"c7d6a290-2eea-44da-a238-7f63808d3677","block_type":"box","text":"Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":7,"box":{"x":82,"y":439,"width":822,"height":11}},{"id":"2d363976-6b25-45fe-aa39-3a5b748a86df","block_type":"box","text":"returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less","page_number":7,"box":{"x":82,"y":454,"width":816,"height":11}},{"id":"7a3a1602-9fb7-4756-b487-f337daa5af9e","block_type":"box","text":"liquidity than developed markets.","page_number":7,"box":{"x":82,"y":469,"width":240,"height":11}},{"id":"a524e79a-3133-4e8d-a2bd-e549d2d2ad87","block_type":"box","text":"Commodities Related Investments Risk","page_number":7,"box":{"x":81,"y":489,"width":298,"height":9}},{"id":"0d4e405c-33a3-40aa-8bc8-f6c234f92601","block_type":"box","text":"—","page_number":7,"box":{"x":384,"y":494,"width":17,"height":1}},{"id":"edef24a8-a1a8-49c4-a662-f473c04fa480","block_type":"box","text":"Exposure to the commodities markets may subject the Fund to greater","page_number":7,"box":{"x":406,"y":489,"width":517,"height":11}},{"id":"4019341e-79be-434a-8a7d-4648ca510ada","block_type":"box","text":"volatility than investments in traditional securities. The value of commodity-linked derivative investments may be","page_number":7,"box":{"x":80,"y":503,"width":824,"height":12}},{"id":"afee280b-516c-452f-99bc-247464ac28b3","block_type":"box","text":"affected by changes in overall market movements, commodity index volatility, changes in inflation, interest rates, or","page_number":7,"box":{"x":81,"y":518,"width":849,"height":12}},{"id":"d9388b2f-5986-4665-ac7a-88a8a937d863","block_type":"box","text":"factors affecting a par ticular industry or commodity, such as drought, floods, weather, embargoes, tariffs and","page_number":7,"box":{"x":81,"y":533,"width":804,"height":12}},{"id":"479978e1-398d-48c1-b03c-a6ccb779d8a8","block_type":"box","text":"international economic, political and regulatory developments.","page_number":7,"box":{"x":82,"y":548,"width":455,"height":11}},{"id":"393f6c85-504d-4548-9a46-cd440bfb570c","block_type":"box","text":"Corporate Loans Risk","page_number":7,"box":{"x":81,"y":568,"width":162,"height":11}},{"id":"e80aecd6-ba02-4ecd-a41f-c7cf6676e1e0","block_type":"box","text":"— Commercial banks and other financial institutions or institutional investors make corporate","page_number":7,"box":{"x":247,"y":568,"width":689,"height":11}},{"id":"bda7d193-ece2-4b4d-adb8-8b18093bfc58","block_type":"box","text":"loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at","page_number":7,"box":{"x":82,"y":583,"width":845,"height":11}},{"id":"ae22394d-966e-4490-a3e4-815f4602e5d4","block_type":"box","text":"rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate","page_number":7,"box":{"x":82,"y":598,"width":827,"height":11}},{"id":"8fde31e0-78d4-456f-bda5-bb53af3372fa","block_type":"box","text":"(“SOFR”) or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less","page_number":7,"box":{"x":81,"y":612,"width":821,"height":12}},{"id":"1ca42b2f-ccbf-4479-974a-8cee07db7865","block_type":"box","text":"exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest.","page_number":7,"box":{"x":81,"y":627,"width":840,"height":11}},{"id":"765a4047-ded2-4033-9183-ead00b25b027","block_type":"box","text":"The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition,","page_number":7,"box":{"x":81,"y":642,"width":826,"height":11}},{"id":"98c0212b-e711-484b-949e-19516aa0d5ef","block_type":"box","text":"transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate","page_number":7,"box":{"x":80,"y":657,"width":846,"height":11}},{"id":"7bdc677b-5566-4731-a531-b73f26cd4245","block_type":"box","text":"loans may not be readily available to make additional investments or to meet the Fund’s redemption obligations. To","page_number":7,"box":{"x":82,"y":672,"width":847,"height":11}},{"id":"9b46d0ae-6c69-4ccf-8dca-1103ae5aaf80","block_type":"box","text":"the extent the extended settlement process gives rise to shor t-term liquidity needs, the Fund may hold additional","page_number":7,"box":{"x":80,"y":687,"width":830,"height":11}},{"id":"c94ab942-2858-46a7-a27c-72aab83bb459","block_type":"box","text":"cash, sell investments or temporarily borrow from banks and other lenders. The corporate loans in which the Fund","page_number":7,"box":{"x":81,"y":701,"width":837,"height":12}},{"id":"f78e884d-7fd0-4fdc-b656-c1d2850a59ff","block_type":"box","text":"invests are usually rated below investment grade.","page_number":7,"box":{"x":82,"y":716,"width":362,"height":12}},{"id":"90d9579b-c89c-4a4b-8027-7930b55d6dd4","block_type":"box","text":"Derivatives Risk","page_number":7,"box":{"x":81,"y":736,"width":123,"height":9}},{"id":"6964218a-da68-40d6-870a-b075dc226c12","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":7,"box":{"x":207,"y":736,"width":664,"height":11}},{"id":"a8b48283-3b81-4cf2-a14a-68391f66fc26","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":7,"box":{"x":82,"y":751,"width":469,"height":11}},{"id":"28b70827-bdfc-41c2-87e2-aa0e215fdc2a","block_type":"box","text":"Leverage Risk","page_number":7,"box":{"x":82,"y":771,"width":102,"height":11}},{"id":"74a425dd-c852-4046-b567-088816d1e7b1","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":7,"box":{"x":188,"y":771,"width":723,"height":11}},{"id":"effa92e6-6208-4b4d-a743-f2969f23b921","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":7,"box":{"x":82,"y":786,"width":832,"height":11}},{"id":"5700b5c1-9f9d-453f-8095-e177e30913c3","block_type":"box","text":"exceed the amount originally invested.","page_number":7,"box":{"x":81,"y":801,"width":280,"height":11}},{"id":"8db83b93-262d-4fb8-8740-bf600b27daa3","block_type":"box","text":"Market Risk","page_number":7,"box":{"x":82,"y":821,"width":87,"height":9}},{"id":"d638ee83-e7b4-47a9-a0b4-9252adfc7518","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":7,"box":{"x":173,"y":820,"width":728,"height":12}},{"id":"070e79d3-cd6e-4084-b4bc-ad777fafc751","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":7,"box":{"x":81,"y":835,"width":834,"height":11}},{"id":"35c96a99-09dd-48ab-87c6-0eba3d36d90a","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":7,"box":{"x":82,"y":850,"width":832,"height":11}},{"id":"3626b28d-1d4a-4d1c-a239-154b7a0b90cd","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":7,"box":{"x":80,"y":865,"width":779,"height":11}},{"id":"a57aa0de-a7d4-4112-9af6-8812baca80f8","block_type":"box","text":"derivatives positions to lose value.","page_number":7,"box":{"x":81,"y":880,"width":253,"height":11}},{"id":"663095d8-39a1-4016-bcc8-cc11fb10d018","block_type":"box","text":"5","page_number":7,"box":{"x":928,"y":947,"width":9,"height":9}},{"id":"5b36c5ea-c881-42bb-900a-dece5c74881a","block_type":"box","text":"NM1026U-5982681-7/14","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"b6a25f07-7e13-499d-9444-4f68a05d9c41","block_type":"box","text":"Counterpar ty Risk","page_number":8,"box":{"x":82,"y":42,"width":131,"height":11}},{"id":"8ff554cb-32c5-4032-ac1b-a6bf4f56ad2d","block_type":"box","text":"— Derivatives are also subject to counterpar ty risk, which is the risk that the other par ty in the","page_number":8,"box":{"x":217,"y":42,"width":697,"height":11}},{"id":"abd12a78-0416-40d1-aa93-ad39556a69bc","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":8,"box":{"x":80,"y":57,"width":855,"height":11}},{"id":"0c86a876-3c5a-4a13-85c6-64072c8c4703","block_type":"box","text":"exposure to such a counterpar ty.","page_number":8,"box":{"x":81,"y":72,"width":240,"height":11}},{"id":"4d778b59-2e9c-4deb-8e1d-34e0392bdc8b","block_type":"box","text":"Illiquidity Risk","page_number":8,"box":{"x":82,"y":92,"width":100,"height":11}},{"id":"50e40c57-1330-4c45-92fd-b4eed6b5e59c","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":8,"box":{"x":186,"y":91,"width":750,"height":12}},{"id":"c7f909a4-0217-4537-827d-8d7ffdb204a9","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":8,"box":{"x":80,"y":106,"width":839,"height":11}},{"id":"d3be6bc0-30b4-4de7-8d10-ef8644d38d78","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":8,"box":{"x":81,"y":121,"width":293,"height":11}},{"id":"5d413a20-3cb8-4386-b4b8-4abdde214f7f","block_type":"box","text":"Operational Risk","page_number":8,"box":{"x":82,"y":141,"width":120,"height":11}},{"id":"6073ef4a-df0d-453d-b36e-0986d6d29b4a","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":8,"box":{"x":206,"y":141,"width":727,"height":12}},{"id":"9f0e4cb7-6f3d-4f4d-bbb3-7304c74e452f","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":8,"box":{"x":82,"y":156,"width":607,"height":11}},{"id":"837e95a1-6e71-4e2a-b369-22b9daac2cfd","block_type":"box","text":"Legal Risk","page_number":8,"box":{"x":82,"y":176,"width":75,"height":11}},{"id":"4495c68f-6cb6-4da8-b754-f7566a1bfc7f","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality or","page_number":8,"box":{"x":161,"y":176,"width":761,"height":11}},{"id":"7318972e-88e3-4fe7-8175-cd53eeba450d","block_type":"box","text":"enforceability of a contract.","page_number":8,"box":{"x":81,"y":191,"width":198,"height":11}},{"id":"fa6fbfb7-efd5-4de1-ad72-d366b31826b5","block_type":"box","text":"Volatility and Correlation Risk","page_number":8,"box":{"x":83,"y":211,"width":214,"height":11}},{"id":"80d515d2-e032-48e5-be68-eb94f66ce850","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":8,"box":{"x":300,"y":211,"width":590,"height":11}},{"id":"8b0c0f69-597c-4e73-8a08-efead9bb728a","block_type":"box","text":"fluctuate significantly in price within a shor t time period. A risk of the Fund’s use of derivatives is that the","page_number":8,"box":{"x":81,"y":225,"width":775,"height":12}},{"id":"e9ca4a3f-b609-4935-b2e9-f93b34acdc08","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":8,"box":{"x":81,"y":240,"width":589,"height":12}},{"id":"78ad19c4-bdf6-48b3-9440-dd91d66f4a1e","block_type":"box","text":"Valuation Risk","page_number":8,"box":{"x":83,"y":261,"width":102,"height":9}},{"id":"abab2ec4-c4aa-43dd-ae7b-927dc2a801ff","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":8,"box":{"x":189,"y":260,"width":747,"height":12}},{"id":"f2de2750-edd6-47ef-93b9-46edea2ff030","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":8,"box":{"x":82,"y":275,"width":783,"height":12}},{"id":"ca596099-60e9-4551-b20a-8936ebbd386b","block_type":"box","text":"instruments or quote prices for them.","page_number":8,"box":{"x":82,"y":290,"width":273,"height":11}},{"id":"1d0c7986-dad5-4f3a-8fd5-a40606fb8711","block_type":"box","text":"Hedging Risk","page_number":8,"box":{"x":82,"y":310,"width":95,"height":11}},{"id":"8c0a513a-b320-47e4-906f-bb7dd4e2611c","block_type":"box","text":"— Hedges are sometimes subject to imper fect matching between the derivative and the underlying","page_number":8,"box":{"x":181,"y":310,"width":728,"height":11}},{"id":"3dad79d8-b53a-46a9-88e6-27c54b2da71c","block_type":"box","text":"security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging","page_number":8,"box":{"x":81,"y":325,"width":839,"height":11}},{"id":"fda5dde8-2d31-4fc4-82cf-2d4fb099cf1e","block_type":"box","text":"may result in cer tain adverse tax consequences.","page_number":8,"box":{"x":82,"y":340,"width":354,"height":11}},{"id":"74e0a046-1810-4522-b4a7-ff3525960b56","block_type":"box","text":"Tax Risk","page_number":8,"box":{"x":83,"y":360,"width":59,"height":9}},{"id":"d7833aad-dff1-4a49-9d8f-745614d30b0e","block_type":"box","text":"— Cer tain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":8,"box":{"x":145,"y":360,"width":719,"height":11}},{"id":"6b9e55f7-36f5-4eb7-aef9-01389da7df6f","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":8,"box":{"x":81,"y":374,"width":801,"height":12}},{"id":"442b4f2f-8890-4e24-b4e2-4335db40d5d9","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":8,"box":{"x":82,"y":389,"width":802,"height":12}},{"id":"84fde803-e149-4456-80a3-1018e79f8966","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":8,"box":{"x":82,"y":404,"width":830,"height":12}},{"id":"631e21e7-cf91-4765-9e97-7aa83cba9774","block_type":"box","text":"realizes from its investments.","page_number":8,"box":{"x":82,"y":419,"width":215,"height":9}},{"id":"b1b8d88c-4877-4b1f-a8c7-2afe400c7b81","block_type":"box","text":"High Portfolio Turnover Risk","page_number":8,"box":{"x":81,"y":439,"width":212,"height":11}},{"id":"e84ab875-670e-4e81-a7da-30ff4a5f2c77","block_type":"box","text":"— The Fund may engage in active and frequent trading of its por tfolio securities. High","page_number":8,"box":{"x":297,"y":439,"width":629,"height":11}},{"id":"73858477-8b1b-4572-a7fa-73bd3255f581","block_type":"box","text":"por tfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":8,"box":{"x":82,"y":454,"width":812,"height":11}},{"id":"f964fd30-0ee0-4623-a42d-04a09ccf643f","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":8,"box":{"x":81,"y":468,"width":817,"height":12}},{"id":"db2b3c34-6c1b-46cf-a566-65e09691c27c","block_type":"box","text":"other securities. The sale of Fund por tfolio securities may result in the realization and/or distribution to","page_number":8,"box":{"x":81,"y":483,"width":760,"height":12}},{"id":"2846af8f-ec2a-4961-aea1-2742d901060d","block_type":"box","text":"shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects","page_number":8,"box":{"x":81,"y":498,"width":852,"height":12}},{"id":"db078289-3246-4906-bcc4-aa8500f646be","block_type":"box","text":"of higher than normal por tfolio turnover may adversely affect Fund per formance.","page_number":8,"box":{"x":81,"y":513,"width":589,"height":12}},{"id":"d5ec2fb5-1090-497e-b92e-573b0a99f47a","block_type":"box","text":"High Yield Bonds Risk","page_number":8,"box":{"x":81,"y":533,"width":167,"height":11}},{"id":"4882599a-7f93-46af-86a0-9a3d27150433","block_type":"box","text":"— Although junk bonds generally pay higher rates of interest than investment grade bonds,","page_number":8,"box":{"x":252,"y":533,"width":667,"height":12}},{"id":"e4a9d9b2-5059-4fc4-aef6-6b45c9b9a3c7","block_type":"box","text":"junk bonds are high risk investments that are considered speculative and may cause income and principal losses","page_number":8,"box":{"x":79,"y":548,"width":835,"height":11}},{"id":"7d728375-e2ef-4388-91f8-083f8bd1e74d","block_type":"box","text":"for the Fund.","page_number":8,"box":{"x":81,"y":563,"width":91,"height":9}},{"id":"7cd68be3-8362-4203-8cfa-89525ec65075","block_type":"box","text":"Illiquid Investments Risk","page_number":8,"box":{"x":81,"y":583,"width":186,"height":11}},{"id":"f0090340-c7a2-4257-8ddd-e289f729953c","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":8,"box":{"x":271,"y":583,"width":648,"height":11}},{"id":"8bff845b-7724-4265-937b-4d25324a5b42","block_type":"box","text":"the Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":8,"box":{"x":80,"y":597,"width":841,"height":12}},{"id":"b8acc45c-5f5a-4870-a96d-41ea1aabb903","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":8,"box":{"x":82,"y":612,"width":831,"height":12}},{"id":"31c6e7c4-7285-49d9-aa28-c51a8b591b7b","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. The","page_number":8,"box":{"x":81,"y":627,"width":843,"height":12}},{"id":"19ca6a9c-60ff-499f-ac0c-9f9ea312ff39","block_type":"box","text":"Subsidiary will also limit its investment in illiquid investments to 15% of its net assets. In applying the illiquid","page_number":8,"box":{"x":81,"y":642,"width":802,"height":11}},{"id":"36eed563-f289-4e42-a8c6-5a539aa57e7f","block_type":"box","text":"investments restriction to the Fund, the Fund’s investment in the Subsidiary is considered to be liquid. Liquid","page_number":8,"box":{"x":82,"y":657,"width":802,"height":11}},{"id":"1a4272f4-46cc-436c-beb7-60f60b43cb39","block_type":"box","text":"investments may become illiquid after purchase by the Fund, par ticularly during periods of market turmoil. There can","page_number":8,"box":{"x":82,"y":671,"width":854,"height":12}},{"id":"8867015d-02f8-412a-aa13-6565a32f0722","block_type":"box","text":"be no assurance that a security or instrument that is deemed to be liquid when purchased will continue to be liquid","page_number":8,"box":{"x":81,"y":687,"width":846,"height":11}},{"id":"d4c3835c-be55-461d-8156-f4ef8f5725dc","block_type":"box","text":"for as long as it is held by the Fund, and any security or instrument held by the Fund may be deemed an illiquid","page_number":8,"box":{"x":81,"y":701,"width":815,"height":12}},{"id":"f3a82b62-1738-4ebf-bdaf-b1df9c10c602","block_type":"box","text":"investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may reduce","page_number":8,"box":{"x":82,"y":716,"width":837,"height":12}},{"id":"8f2ff57b-5954-4f0d-8e24-d8c8c0213dbf","block_type":"box","text":"the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous time or price.","page_number":8,"box":{"x":80,"y":731,"width":847,"height":11}},{"id":"6d5363a2-2084-4dfd-8cdc-d98ff18f886a","block_type":"box","text":"In addition, if the Fund is limited in its ability to dispose of illiquid investments during periods when shareholders","page_number":8,"box":{"x":82,"y":746,"width":827,"height":11}},{"id":"0933f8f7-5589-4405-9307-d6d680e82572","block_type":"box","text":"are redeeming or selling their shares or the Fund’s net assets otherwise shrink, the Fund will need to dispose of","page_number":8,"box":{"x":81,"y":760,"width":828,"height":12}},{"id":"e07a8c2a-5aa2-4838-8636-b0b11d023396","block_type":"box","text":"liquid securities to meet redemption requests and illiquid securities will become a larger por tion of the Fund’s","page_number":8,"box":{"x":82,"y":775,"width":806,"height":12}},{"id":"2f11a79e-f2e2-4c67-94c1-ac7b3bfc3851","block_type":"box","text":"holdings. An investment may be illiquid due to, among other things, the reduced number and capacity of traditional","page_number":8,"box":{"x":82,"y":790,"width":840,"height":12}},{"id":"4985c17a-7ff5-4841-8120-74f06f6bc368","block_type":"box","text":"market par ticipants to make a market in fixed-income securities or the lack of an active trading market. To the","page_number":8,"box":{"x":82,"y":805,"width":807,"height":12}},{"id":"a6c9163e-06e1-4d4f-8e94-ba318f55c4e6","block_type":"box","text":"extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market and/","page_number":8,"box":{"x":81,"y":820,"width":845,"height":11}},{"id":"4f8aea46-e4c8-4db6-9ab9-8c7f4d72fc22","block_type":"box","text":"or credit risk, the Fund will tend to have greater exposure to the risks associated with illiquid investments. Illiquid","page_number":8,"box":{"x":81,"y":835,"width":832,"height":11}},{"id":"1e834a7e-5968-45c2-8655-d2eec1d1b556","block_type":"box","text":"investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these","page_number":8,"box":{"x":82,"y":849,"width":782,"height":12}},{"id":"c36357a2-b876-4ca1-9dba-fc47e332878d","block_type":"box","text":"investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. This may be","page_number":8,"box":{"x":82,"y":864,"width":790,"height":12}},{"id":"ec7d216a-d6ee-4971-baec-6272d480c8db","block_type":"box","text":"magnified in a rising interest rate environment or other circumstances where investor redemptions or sales of Fund","page_number":8,"box":{"x":82,"y":879,"width":844,"height":12}},{"id":"b0d2075f-b304-40cd-b66e-974d6fdc30ba","block_type":"box","text":"shares may be higher than normal. In addition, when there is illiquidity in the market for cer tain securities, the","page_number":8,"box":{"x":81,"y":894,"width":810,"height":11}},{"id":"ef04528c-d7b3-43ef-bd46-0fdc756a2a7b","block_type":"box","text":"Fund, due to limitations on illiquid investments, may be subject to purchase and sale restrictions.","page_number":8,"box":{"x":82,"y":909,"width":715,"height":11}},{"id":"4114c42e-8f11-4b29-9f41-36c0582579c1","block_type":"box","text":"6","page_number":8,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"ce7dea5c-009a-4067-acbb-c0ade6b5a525","block_type":"box","text":"NM1026U-5982681-8/14","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"9c07ed5b-2190-468f-8c52-74e6e2a1426e","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":9,"box":{"x":81,"y":42,"width":271,"height":9}},{"id":"95f3f21d-9a2a-4030-9eed-e421d8301b62","block_type":"box","text":"—","page_number":9,"box":{"x":356,"y":47,"width":17,"height":1}},{"id":"d37ca345-6457-4aeb-8d4c-08682ee2f860","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":9,"box":{"x":379,"y":42,"width":499,"height":11}},{"id":"b45252dd-fe74-49b1-935c-a175e0ace112","block_type":"box","text":"par ticular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect","page_number":9,"box":{"x":82,"y":57,"width":839,"height":11}},{"id":"9119afaf-c884-426b-a660-7659d52a6519","block_type":"box","text":"to the value of the par ticular index. These securities are subject to leverage risk and correlation risk. Cer tain","page_number":9,"box":{"x":80,"y":71,"width":799,"height":12}},{"id":"35d03611-d671-47d5-90e7-0e8e708debbd","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":9,"box":{"x":82,"y":87,"width":796,"height":11}},{"id":"55ac677f-cae5-4c1c-a4ef-efdf498f7970","block_type":"box","text":"securities, and the Fund’s investment in such instruments may decline significantly in value if interest rates or index","page_number":9,"box":{"x":81,"y":101,"width":855,"height":12}},{"id":"38066c84-58f3-4c75-af49-5e19d100689c","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":9,"box":{"x":82,"y":116,"width":441,"height":11}},{"id":"d68308f7-9200-451a-9022-750ddec06dc7","block_type":"box","text":"Leverage Risk","page_number":9,"box":{"x":81,"y":136,"width":107,"height":11}},{"id":"96665179-5422-424d-9cab-8c8e49575394","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":9,"box":{"x":192,"y":136,"width":741,"height":11}},{"id":"87dc79fa-b28f-47db-8f94-a23488a44a84","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may","page_number":9,"box":{"x":81,"y":151,"width":853,"height":11}},{"id":"c47806e8-2e81-47c1-91c6-9d421c838795","block_type":"box","text":"cause the Fund to liquidate por tfolio positions when it may not be advantageous to do so to satisfy its obligations or","page_number":9,"box":{"x":81,"y":166,"width":856,"height":11}},{"id":"eb68711b-6a74-447d-91de-11bbccc5b5bc","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act (as defined below) and the rules thereunder.","page_number":9,"box":{"x":80,"y":180,"width":833,"height":12}},{"id":"9c3139d0-be93-43c1-baa2-6d321bd9aadc","block_type":"box","text":"Increases and decreases in the value of the Fund’s por tfolio will be magnified when the Fund uses leverage.","page_number":9,"box":{"x":82,"y":195,"width":794,"height":12}},{"id":"eb2b8fdf-655a-4bcd-baa9-1361d3780f6a","block_type":"box","text":"Market Risk and Selection Risk","page_number":9,"box":{"x":81,"y":215,"width":240,"height":9}},{"id":"6e5bb32d-c1f2-450a-a3ac-b6d1b967c906","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":9,"box":{"x":324,"y":215,"width":593,"height":9}},{"id":"8e329c1d-abbe-4da3-ae4f-8244a5c856ad","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":9,"box":{"x":81,"y":230,"width":829,"height":12}},{"id":"9578d8a5-01ba-4fbb-aa0f-3d66dd1397f2","block_type":"box","text":"security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":9,"box":{"x":81,"y":245,"width":829,"height":11}},{"id":"7eb61225-a3b3-4e74-88fe-a6e3bc185f9e","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":9,"box":{"x":81,"y":260,"width":830,"height":11}},{"id":"ca6bb087-64ed-48e6-a719-335eb0d46306","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":9,"box":{"x":82,"y":274,"width":840,"height":12}},{"id":"372d8377-0ea9-4905-bddf-83726c362a33","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":9,"box":{"x":82,"y":289,"width":851,"height":12}},{"id":"04c69004-7c2a-4fef-a3d0-34117f0bf491","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":9,"box":{"x":82,"y":304,"width":852,"height":12}},{"id":"95485352-a759-4b44-ba20-23a4470214de","block_type":"box","text":"investments. Selection risk is the risk that the securities selected by Fund management will underper form the","page_number":9,"box":{"x":82,"y":319,"width":806,"height":12}},{"id":"0ab1abd2-c17f-4e6e-9984-24e88a4b1750","block_type":"box","text":"markets, the relevant indices or the securities selected by other funds with similar investment objectives and","page_number":9,"box":{"x":82,"y":334,"width":799,"height":11}},{"id":"58d7ccc1-aba0-4aee-aff5-5ae7bd598a72","block_type":"box","text":"investment strategies. This means you may lose money.","page_number":9,"box":{"x":82,"y":349,"width":409,"height":11}},{"id":"8b22b3d8-2002-4daa-9361-a76a49b569b9","block_type":"box","text":"Recent policy initiatives under taken by the U.S. government have the potential to impact international relations,","page_number":9,"box":{"x":82,"y":369,"width":818,"height":11}},{"id":"78713be5-758e-4807-9e32-52c69defe222","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncer tainty and instability in","page_number":9,"box":{"x":80,"y":384,"width":819,"height":11}},{"id":"b50df900-d3c5-43e9-89ac-371994c2613e","block_type":"box","text":"domestic and global markets, and could adversely affect the investment per formance of the Fund. In par ticular,","page_number":9,"box":{"x":81,"y":398,"width":819,"height":12}},{"id":"b0f7acaa-c0b1-4c3d-bcd5-702bc3b28c80","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":9,"box":{"x":81,"y":413,"width":846,"height":12}},{"id":"f9813e63-a329-4a15-a831-8526209dd4c7","block_type":"box","text":"costs for impor ted goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":9,"box":{"x":81,"y":428,"width":848,"height":11}},{"id":"3be8dbaf-5828-4671-a110-b76aa05632b8","block_type":"box","text":"the Fund invests.","page_number":9,"box":{"x":80,"y":443,"width":125,"height":9}},{"id":"a94435ca-e1ab-47f5-ab25-67714a43a8b2","block_type":"box","text":"Mortgage- and Asset-Backed Securities Risks","page_number":9,"box":{"x":81,"y":463,"width":346,"height":11}},{"id":"35e515ee-9df7-4274-b340-67c2e584deaa","block_type":"box","text":"— Mor tgage- and asset-backed securities represent interests in","page_number":9,"box":{"x":432,"y":463,"width":469,"height":11}},{"id":"dcbc422a-27dc-4b0a-acf9-22c81aac5f88","block_type":"box","text":"“pools” of mor tgages or other assets, including consumer loans or receivables held in trust. Mor tgage- and asset","page_number":9,"box":{"x":82,"y":477,"width":839,"height":12}},{"id":"d8a4294e-d3e5-4d23-86bd-e6555df6ffdc","block_type":"box","text":"backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are","page_number":9,"box":{"x":81,"y":493,"width":822,"height":11}},{"id":"254656e1-d0da-40f1-996b-ec811f26cee0","block_type":"box","text":"subject to risk of default on the underlying mor tgage or asset, par ticularly during periods of economic downturn.","page_number":9,"box":{"x":81,"y":507,"width":821,"height":12}},{"id":"b5170174-a711-443e-a046-c8b534518e82","block_type":"box","text":"Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of","page_number":9,"box":{"x":81,"y":522,"width":851,"height":12}},{"id":"bf96897a-fc79-461b-a22a-674a3085a697","block_type":"box","text":"cer tain mor tgage-backed securities.","page_number":9,"box":{"x":81,"y":537,"width":263,"height":11}},{"id":"34793129-2d16-435f-8e38-754d05c2f693","block_type":"box","text":"Operational and Technology Risks","page_number":9,"box":{"x":82,"y":557,"width":254,"height":11}},{"id":"16b3e04f-2315-4aa4-9614-5783b7cacece","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":9,"box":{"x":340,"y":557,"width":578,"height":11}},{"id":"b2d0d3b3-dc90-4929-b569-e81c3a5d1a69","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":9,"box":{"x":82,"y":572,"width":779,"height":11}},{"id":"8fe81fa2-c9b8-408a-8bdc-f6f892bc20e4","block_type":"box","text":"cybersecurity incidents, and the use of ar tificial intelligence and machine learning (“AI”), which may result in losses","page_number":9,"box":{"x":81,"y":586,"width":848,"height":12}},{"id":"1199cea0-1bf8-449c-813f-d2e8d3e344b7","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":9,"box":{"x":81,"y":601,"width":806,"height":12}},{"id":"5dab6b20-3c65-409c-b4b8-e5a43d7da738","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":9,"box":{"x":82,"y":616,"width":807,"height":12}},{"id":"931062da-db62-41f0-a8c2-fb3e1e9c22ca","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":9,"box":{"x":82,"y":631,"width":846,"height":11}},{"id":"3bafec97-1d66-41ec-be43-6cec634a2ae2","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":9,"box":{"x":81,"y":646,"width":836,"height":11}},{"id":"504e497b-08f7-4953-90cc-7c722df0135d","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":9,"box":{"x":82,"y":661,"width":474,"height":11}},{"id":"90b6314f-10f6-4f49-af35-425062ab8a30","block_type":"box","text":"Preferred Securities Risk","page_number":9,"box":{"x":81,"y":681,"width":189,"height":9}},{"id":"4b9ad61d-6fdd-4717-9dec-ca2839d728fd","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":9,"box":{"x":274,"y":681,"width":636,"height":11}},{"id":"16870257-0ee3-4e85-89c3-5129c25b24dd","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":9,"box":{"x":81,"y":695,"width":824,"height":12}},{"id":"fca5642a-f1cb-4b01-b1a0-d0aa0ff323c2","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":9,"box":{"x":82,"y":710,"width":806,"height":12}},{"id":"064d2b4d-8d0a-4922-a210-577db6a65e44","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":9,"box":{"x":81,"y":725,"width":842,"height":12}},{"id":"20e1194b-6211-4df4-af57-d97af4f336d2","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":9,"box":{"x":81,"y":740,"width":781,"height":11}},{"id":"c949e1cd-541b-4fd9-baba-af98e2f6d1f2","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":9,"box":{"x":81,"y":755,"width":812,"height":11}},{"id":"daa88ba4-9741-41be-aaea-de893a7bb106","block_type":"box","text":"larger companies.","page_number":9,"box":{"x":82,"y":770,"width":129,"height":11}},{"id":"ea12d587-a6c3-4cc1-8b6f-9f4e2e763a5b","block_type":"box","text":"Risks of Concentrating in One Country","page_number":9,"box":{"x":81,"y":790,"width":290,"height":11}},{"id":"a6559d25-8c2a-4728-893a-2ad65ecd58eb","block_type":"box","text":"—","page_number":9,"box":{"x":376,"y":795,"width":17,"height":1}},{"id":"e9f06d21-1a48-4466-a1f3-62515853afa9","block_type":"box","text":"Investing a significant por tion of assets in one country makes the Fund","page_number":9,"box":{"x":398,"y":789,"width":522,"height":12}},{"id":"6aabf6a8-d685-4cfc-9515-4b28ff2e0a79","block_type":"box","text":"more dependent upon the political and economic circumstances of that par ticular country than a mutual fund that is","page_number":9,"box":{"x":82,"y":804,"width":853,"height":12}},{"id":"74c808b1-6b73-4a29-a4c5-c15fc5e64b2b","block_type":"box","text":"more widely diversified. The Fund may not invest more than 25% of its total assets, at the time of purchase, in","page_number":9,"box":{"x":82,"y":819,"width":811,"height":12}},{"id":"8201b5e6-c2c9-4309-a6bf-e5f9312dd929","block_type":"box","text":"sovereign debt instruments of any one foreign government.","page_number":9,"box":{"x":81,"y":834,"width":432,"height":12}},{"id":"63f58deb-e894-49b4-acc0-34557f6236ae","block_type":"box","text":"Sovereign Debt Risk","page_number":9,"box":{"x":81,"y":854,"width":154,"height":11}},{"id":"fc410e13-d47b-4243-b0df-32b140fbf0d5","block_type":"box","text":"—","page_number":9,"box":{"x":239,"y":859,"width":17,"height":1}},{"id":"687c0da6-e45e-4481-b1ee-48e1a1a9213b","block_type":"box","text":"Sovereign debt instruments are subject to the risk that a governmental entity may delay or","page_number":9,"box":{"x":261,"y":854,"width":664,"height":11}},{"id":"9cbb9d0a-4da6-4e84-9c54-3aea95271980","block_type":"box","text":"refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient","page_number":9,"box":{"x":82,"y":869,"width":844,"height":11}},{"id":"701be354-0d09-4af2-ae2e-445129955f3c","block_type":"box","text":"foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in","page_number":9,"box":{"x":81,"y":884,"width":821,"height":11}},{"id":"3cd5e6d3-c55f-4a64-9e1c-fc231ec07642","block_type":"box","text":"relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund","page_number":9,"box":{"x":82,"y":898,"width":845,"height":12}},{"id":"49baf242-6668-4c84-8b83-b0712eba35cf","block_type":"box","text":"or other multilateral agencies.","page_number":9,"box":{"x":81,"y":913,"width":218,"height":12}},{"id":"51c577a8-dc70-455b-9100-431c1ab8d289","block_type":"box","text":"7","page_number":9,"box":{"x":928,"y":947,"width":8,"height":9}},{"id":"1822ab60-ee9a-4eab-91e5-df8b460e683f","block_type":"box","text":"NM1026U-5982681-9/14","page_number":9,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"6d261bf2-b1a8-490f-97c1-8f4415d993ca","block_type":"box","text":"Structured Notes Risk","page_number":10,"box":{"x":81,"y":42,"width":168,"height":9}},{"id":"bbc4b3de-7eb1-4101-934f-b1b0de262ab1","block_type":"box","text":"—","page_number":10,"box":{"x":254,"y":47,"width":17,"height":1}},{"id":"76594721-d110-4ae7-a548-3efef084f37a","block_type":"box","text":"Structured notes and other related instruments purchased by the Fund are generally","page_number":10,"box":{"x":276,"y":42,"width":618,"height":11}},{"id":"f6d1bab8-bbf9-4e07-bf7d-1b83ce3c1dac","block_type":"box","text":"privately negotiated debt obligations where the principal and/or interest is determined by reference to the","page_number":10,"box":{"x":82,"y":57,"width":775,"height":11}},{"id":"e1331993-0def-44ab-9a28-fa83e4a158de","block_type":"box","text":"per formance of a specific asset, benchmark asset, market or interest rate (“reference measure”). The purchase of","page_number":10,"box":{"x":82,"y":71,"width":845,"height":12}},{"id":"468d9680-b254-4093-b4a2-3e05894e18be","block_type":"box","text":"structured notes exposes the Fund to the credit risk of the issuer of the structured product. Structured notes may","page_number":10,"box":{"x":81,"y":86,"width":837,"height":12}},{"id":"0219c255-f905-41d6-aebf-e6f3b9e709c6","block_type":"box","text":"be leveraged, increasing the volatility of each structured note’s value relative to the change in the reference","page_number":10,"box":{"x":81,"y":101,"width":792,"height":12}},{"id":"f5a1cf81-5f64-4ca3-872a-20e691fc65cd","block_type":"box","text":"measure. Structured notes may also be less liquid and more difficult to price accurately than less complex","page_number":10,"box":{"x":82,"y":116,"width":783,"height":11}},{"id":"01fc283d-2402-4e63-bd9b-6e011fc5c08e","block_type":"box","text":"securities and instruments or more traditional debt securities.","page_number":10,"box":{"x":81,"y":131,"width":455,"height":9}},{"id":"3c17123e-e880-4007-a1d8-1f610a8520d5","block_type":"box","text":"Structured Securities Risk","page_number":10,"box":{"x":81,"y":151,"width":200,"height":9}},{"id":"fcab73c3-839c-4d2f-9e2b-21b66387021c","block_type":"box","text":"— Because structured securities of the type in which the Fund may invest typically","page_number":10,"box":{"x":285,"y":151,"width":605,"height":11}},{"id":"40a28108-d622-483f-99df-0bfdda8d266c","block_type":"box","text":"involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments,","page_number":10,"box":{"x":82,"y":166,"width":823,"height":11}},{"id":"da69355e-0575-4eb5-9d5e-d4cb6cdf194e","block_type":"box","text":"index or reference obligation and will also be subject to counterpar ty risk. The Fund may have the right to receive","page_number":10,"box":{"x":82,"y":180,"width":827,"height":12}},{"id":"02d746b5-bf47-49c1-9ce7-e6cbb919047e","block_type":"box","text":"payments only from the structured security, and generally does not have direct rights against the issuer or the entity","page_number":10,"box":{"x":82,"y":195,"width":852,"height":12}},{"id":"8d0e999d-9329-41e2-8b5f-9fa328f044cd","block_type":"box","text":"that sold the assets to be securitized. In addition to the general risks associated with debt securities discussed","page_number":10,"box":{"x":80,"y":210,"width":823,"height":12}},{"id":"45617293-9c8f-4496-a7e4-37af668b5143","block_type":"box","text":"herein, structured securities carry additional risks, including, but not limited to: the possibility that distributions","page_number":10,"box":{"x":82,"y":225,"width":818,"height":11}},{"id":"49644473-76e3-475e-a4ca-9c4e633e0331","block_type":"box","text":"from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may","page_number":10,"box":{"x":81,"y":240,"width":842,"height":11}},{"id":"17606e5e-d933-41d8-8947-0753fc7bc5e1","block_type":"box","text":"decline in value or default; and the possibility that the structured securities are subordinate to other classes. The","page_number":10,"box":{"x":81,"y":254,"width":834,"height":12}},{"id":"64441634-8bf7-4651-bb8a-4ba7b2c1483f","block_type":"box","text":"Fund is permitted to invest in a class of structured securities that is either subordinated or unsubordinated to the","page_number":10,"box":{"x":82,"y":269,"width":834,"height":12}},{"id":"e6c3cd3f-9e92-43af-9598-46bcf5a9ed9d","block_type":"box","text":"right of payment of another class. Subordinated structured securities typically have higher yields and present","page_number":10,"box":{"x":82,"y":284,"width":799,"height":12}},{"id":"03a7467e-8941-4849-b7ff-98dcc550661a","block_type":"box","text":"greater risks than unsubordinated structured securities. Structured securities are typically sold in private placement","page_number":10,"box":{"x":81,"y":299,"width":851,"height":12}},{"id":"dcb87633-bd22-4f9b-9d14-ff15c960bae8","block_type":"box","text":"transactions, and there currently is no active trading market for structured securities. Structured securities are","page_number":10,"box":{"x":80,"y":314,"width":814,"height":11}},{"id":"5555804c-2565-4528-b73e-a46e562c1659","block_type":"box","text":"based upon the movement of one or more factors, including currency exchange rates, interest rates, reference","page_number":10,"box":{"x":81,"y":329,"width":812,"height":11}},{"id":"efb03e28-279b-4056-9bb7-613806cf1ff0","block_type":"box","text":"bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price","page_number":10,"box":{"x":81,"y":343,"width":816,"height":12}},{"id":"660f97e9-186b-4a59-a78b-b502062bdaf1","block_type":"box","text":"fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the","page_number":10,"box":{"x":81,"y":358,"width":795,"height":12}},{"id":"fda8dcfb-1772-4ad0-b7ba-105e989bd624","block_type":"box","text":"structured security to be reduced to zero. Cer tain issuers of such structured securities may be deemed to be","page_number":10,"box":{"x":81,"y":373,"width":802,"height":12}},{"id":"85e85752-b434-44f5-8edf-a5d7b26e638d","block_type":"box","text":"“investment companies” as defined in the Investment Company Act of 1940, as amended (the “Investment","page_number":10,"box":{"x":82,"y":388,"width":789,"height":11}},{"id":"5f11c1e7-5e15-4103-96d4-524c063d3c1d","block_type":"box","text":"Company Act”). As a result, the Fund’s investment in such securities may be limited by cer tain investment","page_number":10,"box":{"x":81,"y":403,"width":781,"height":11}},{"id":"1766f2f2-2f76-446c-bbc0-95015df749c6","block_type":"box","text":"restrictions contained in the Investment Company Act.","page_number":10,"box":{"x":82,"y":418,"width":395,"height":11}},{"id":"b43dc78c-be1f-4de8-8913-63c4c730f2e0","block_type":"box","text":"Subsidiary Risk","page_number":10,"box":{"x":81,"y":438,"width":117,"height":11}},{"id":"2bcc784f-7c10-42bf-a0be-46c490f82355","block_type":"box","text":"—","page_number":10,"box":{"x":202,"y":443,"width":17,"height":1}},{"id":"4f8edae7-3929-40aa-a33b-37f49a6cddb2","block_type":"box","text":"By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the","page_number":10,"box":{"x":225,"y":438,"width":679,"height":11}},{"id":"66dff632-ed40-46cd-a228-44852a02d7c0","block_type":"box","text":"Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are generally similar to those","page_number":10,"box":{"x":81,"y":452,"width":841,"height":12}},{"id":"b15c253c-d456-4334-87cd-7e06636ee685","block_type":"box","text":"that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held","page_number":10,"box":{"x":80,"y":467,"width":851,"height":12}},{"id":"8e67f700-b731-48fe-9564-a0ac0852a9af","block_type":"box","text":"directly by the Fund (see “Commodities Related Investments Risk” above). There can be no assurance that the","page_number":10,"box":{"x":81,"y":482,"width":814,"height":11}},{"id":"8f8b0c16-fd68-4d0f-b5a7-5bc9acbab420","block_type":"box","text":"investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the Investment","page_number":10,"box":{"x":82,"y":497,"width":807,"height":11}},{"id":"d9dc9398-4768-4041-9427-fec51b121412","block_type":"box","text":"Company Act, and, unless otherwise noted in this prospectus, is not subject to all the investor protections of the","page_number":10,"box":{"x":81,"y":512,"width":830,"height":11}},{"id":"742885b6-70d3-40d9-8f3f-77ad0714b8e7","block_type":"box","text":"Investment Company Act. However, the Fund wholly owns and controls the Subsidiary, and the Fund and the","page_number":10,"box":{"x":82,"y":527,"width":790,"height":11}},{"id":"db90c8aa-1307-46fc-8325-7c7d2d13f13b","block_type":"box","text":"Subsidiary are both managed by BlackRock, making it unlikely that the Subsidiary will take action contrary to the","page_number":10,"box":{"x":81,"y":541,"width":827,"height":12}},{"id":"131819a1-33de-4606-ab4d-960c6e14468a","block_type":"box","text":"interests of the Fund and its shareholders. The Board has oversight responsibility for the investment activities of","page_number":10,"box":{"x":82,"y":556,"width":827,"height":12}},{"id":"7593e8e1-bde6-43a7-a138-fb6c4b895bb3","block_type":"box","text":"the Fund, including its investment in the Subsidiary, and the Fund’s role as sole shareholder of the Subsidiary. The","page_number":10,"box":{"x":80,"y":571,"width":845,"height":12}},{"id":"87bf6be8-41e1-486f-ba08-ccce9a5ed666","block_type":"box","text":"Subsidiary is subject to the same investment restrictions and limitations, and follows the same compliance policies","page_number":10,"box":{"x":81,"y":586,"width":850,"height":11}},{"id":"57264fa0-8bce-4315-8dc8-3d62a25bb78c","block_type":"box","text":"and procedures, as the Fund, except that the Subsidiary may invest without limitation in commodity-related","page_number":10,"box":{"x":81,"y":601,"width":785,"height":11}},{"id":"13d1a299-596c-4333-8def-07053340167d","block_type":"box","text":"instruments. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the","page_number":10,"box":{"x":82,"y":615,"width":850,"height":12}},{"id":"a681a031-cd22-40de-87f0-85c2ed9a7e37","block_type":"box","text":"Fund and/or the Subsidiary to operate as described in this prospectus and the SAI and could adversely affect the","page_number":10,"box":{"x":82,"y":630,"width":834,"height":12}},{"id":"0dcb48d0-1287-46af-af72-0cde463bfe8b","block_type":"box","text":"Fund.","page_number":10,"box":{"x":82,"y":645,"width":37,"height":9}},{"id":"6aa49aac-dfe0-4b41-9b3d-68180d094ae6","block_type":"box","text":"U.S. Government Obligations Risk","page_number":10,"box":{"x":82,"y":665,"width":254,"height":11}},{"id":"dde2488a-8fd3-4305-bbb7-9f75b5f8a644","block_type":"box","text":"— Cer tain securities in which the Fund may invest, including securities issued by","page_number":10,"box":{"x":340,"y":665,"width":596,"height":12}},{"id":"196e7fa5-add4-44fc-93d5-dcb0810bf40a","block_type":"box","text":"cer tain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S.","page_number":10,"box":{"x":81,"y":680,"width":819,"height":11}},{"id":"0711720e-76df-4838-bac3-b9135cc2a63b","block_type":"box","text":"Government or suppor ted by the full faith and credit of the United States. In addition, circumstances could arise","page_number":10,"box":{"x":81,"y":695,"width":824,"height":11}},{"id":"a8e69d86-8cf3-455d-9bef-d236bd417560","block_type":"box","text":"that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the","page_number":10,"box":{"x":80,"y":710,"width":846,"height":11}},{"id":"acb77e8c-5085-4981-bfb6-acb55f31dd08","block_type":"box","text":"legislative “debt ceiling.” Such non-payment could result in losses to the Fund and substantial negative","page_number":10,"box":{"x":82,"y":725,"width":757,"height":11}},{"id":"db691364-c18c-4016-b521-829a11fa02b4","block_type":"box","text":"consequences for the U.S. economy and the global financial system.","page_number":10,"box":{"x":81,"y":739,"width":502,"height":12}},{"id":"ab8e8aa4-f68b-48b6-9f4c-74274f8bdd93","block_type":"box","text":"Performance Information","page_number":10,"box":{"x":61,"y":778,"width":224,"height":11}},{"id":"d342e385-287a-4f33-b40e-0e23716e920c","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":10,"box":{"x":60,"y":804,"width":855,"height":12}},{"id":"16c284e4-0971-45b9-80d7-2a4492b1880e","block_type":"box","text":"risks of investing in the Fund. The table compares the Fund’s per formance to that of the Bloomberg Global Aggregate","page_number":10,"box":{"x":61,"y":819,"width":862,"height":12}},{"id":"4c474027-92c3-4db5-8f28-bf76dbff5477","block_type":"box","text":"Bond Index and a customized per formance benchmark comprised of 80% Bloomberg Global Aggregate ex EM Bond","page_number":10,"box":{"x":62,"y":834,"width":842,"height":12}},{"id":"d38f5407-746d-4af0-b34a-a7e8846430ae","block_type":"box","text":"Index and 20% Bloomberg EM ex Korea Bond Index (the “Custom Benchmark”). To the extent that dividends and","page_number":10,"box":{"x":62,"y":849,"width":823,"height":11}},{"id":"8b7d9e87-9c36-4d8b-b734-b311ca926787","block_type":"box","text":"distributions have been paid by the Fund, the per formance information for the Fund in the char t and table assumes","page_number":10,"box":{"x":61,"y":864,"width":848,"height":11}},{"id":"3f381bee-8921-4160-b571-8b0c07d3fa8b","block_type":"box","text":"reinvestment of the dividends and distributions. As with all such investments, past per formance (before and after","page_number":10,"box":{"x":61,"y":878,"width":835,"height":12}},{"id":"c85c5435-3130-49c5-9484-87c9fc760d57","block_type":"box","text":"taxes) is not an indication of future results. The table includes all applicable fees. If the Fund’s investment manager","page_number":10,"box":{"x":60,"y":893,"width":854,"height":12}},{"id":"9adcb802-5ff9-4fc6-9f24-e55fc08d4b7c","block_type":"box","text":"and its affiliates had not waived or reimbursed cer tain Fund expenses during these periods, the Fund’s returns would","page_number":10,"box":{"x":61,"y":908,"width":862,"height":12}},{"id":"00ad1b74-195c-4e7e-abed-cca14b7a803a","block_type":"box","text":"8","page_number":10,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"4f24f4aa-50a0-40c0-9977-db596c0a7a87","block_type":"box","text":"NM1026U-5982681-10/14","page_number":10,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d15b72cd-ca7d-4386-b853-8ec95ea352b8","block_type":"box","text":"have been lower. Updated information on the Fund’s per formance, including its current net asset value, can be","page_number":11,"box":{"x":61,"y":42,"width":816,"height":11}},{"id":"4c72bbc8-57b6-4afb-9d2d-05c60c8578e9","block_type":"box","text":"obtained by visiting www.blackrock.com or can be obtained by phone at (800) 882-0052.","page_number":11,"box":{"x":61,"y":57,"width":650,"height":11}},{"id":"f132ed97-26a4-4b0e-93ac-4ab348e63bba","block_type":"box","text":"Class K Shares","page_number":11,"box":{"x":437,"y":80,"width":124,"height":10}},{"id":"1115abe8-0e14-4722-a18a-65f48c7a53f5","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":11,"box":{"x":392,"y":96,"width":212,"height":10}},{"id":"f0783751-ff47-4884-b736-b803c85eb674","block_type":"box","text":"BlackRock Strategic Global Bond Fund","page_number":11,"box":{"x":339,"y":112,"width":320,"height":12}},{"id":"c521cd1d-4d6c-4c39-b2bb-21820b9d448e","block_type":"box","text":"As of 12/31","page_number":11,"box":{"x":447,"y":128,"width":103,"height":12}},{"id":"6589b9f0-d68d-4af5-a1a1-0e288772a9b4","block_type":"box","text":"4.93%","page_number":11,"box":{"x":295,"y":188,"width":37,"height":8}},{"id":"0158fe5a-1137-4afa-be16-a8f75e0419e9","block_type":"box","text":"7.54%","page_number":11,"box":{"x":344,"y":177,"width":36,"height":7}},{"id":"98cdf1e8-af31-4268-b09a-e303cf2a03a9","block_type":"box","text":"-0.76%","page_number":11,"box":{"x":389,"y":229,"width":41,"height":7}},{"id":"1e688473-81d3-42a3-bef2-41d7a50ce9b9","block_type":"box","text":"8.26%","page_number":11,"box":{"x":440,"y":173,"width":36,"height":8}},{"id":"4cf57d72-32e8-4067-b84e-e41b98ab0839","block_type":"box","text":"9.10%","page_number":11,"box":{"x":488,"y":170,"width":37,"height":7}},{"id":"8e21f69e-8ccd-4ddc-a8eb-2527cb59836d","block_type":"box","text":"-1.19%","page_number":11,"box":{"x":534,"y":231,"width":40,"height":7}},{"id":"9f2ba66d-206a-4ab1-82b2-1875ea8ee469","block_type":"box","text":"-14.67%","page_number":11,"box":{"x":578,"y":290,"width":49,"height":8}},{"id":"6bb85e5f-e207-48b3-b125-c56c7fac552b","block_type":"box","text":"7.01%","page_number":11,"box":{"x":633,"y":179,"width":36,"height":7}},{"id":"edf271e1-6f44-46c9-96b5-2e43e11cf0f5","block_type":"box","text":"0.51%","page_number":11,"box":{"x":681,"y":208,"width":36,"height":7}},{"id":"0fa39346-523d-4973-99bf-d509ddfff02b","block_type":"box","text":"8.53%","page_number":11,"box":{"x":729,"y":172,"width":37,"height":8}},{"id":"fc6034cb-5604-493d-8f67-bad23d7c90fb","block_type":"box","text":"-20%","page_number":11,"box":{"x":237,"y":307,"width":28,"height":7}},{"id":"b1ca63e1-2ec0-4311-a56e-a058e2c5fbbe","block_type":"box","text":"-15%","page_number":11,"box":{"x":237,"y":284,"width":28,"height":8}},{"id":"4e982e40-f898-439f-b591-ca499f721482","block_type":"box","text":"-10%","page_number":11,"box":{"x":237,"y":262,"width":28,"height":7}},{"id":"b7d05a65-ba99-4b14-a2fe-13aa2e75e15a","block_type":"box","text":"-5%","page_number":11,"box":{"x":245,"y":240,"width":20,"height":7}},{"id":"79570140-db8c-47b8-b3ac-a8cb6ff81bbf","block_type":"box","text":"0%","page_number":11,"box":{"x":248,"y":218,"width":17,"height":7}},{"id":"516c217e-aa69-46a2-9f44-17da4b6b2a75","block_type":"box","text":"5%","page_number":11,"box":{"x":248,"y":196,"width":17,"height":7}},{"id":"c2b3712c-de34-4e1a-8235-f58537ad812d","block_type":"box","text":"10%","page_number":11,"box":{"x":241,"y":173,"width":24,"height":8}},{"id":"84c74abe-3214-4ea7-ba56-3c15518ce88b","block_type":"box","text":"15%","page_number":11,"box":{"x":241,"y":151,"width":24,"height":7}},{"id":"19bde8e1-43d9-4fc0-bea4-50a91a51a513","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":11,"box":{"x":298,"y":316,"width":465,"height":8}},{"id":"e5d07aa9-3092-4ed7-a231-a9cf399de40b","block_type":"box","text":"During the ten-year period shown in the bar char t, the highest return for a quar ter was 8.25% (quar ter ended","page_number":11,"box":{"x":62,"y":337,"width":796,"height":12}},{"id":"c085c271-adb7-40c1-b57f-fbf8a497e389","block_type":"box","text":"December 31, 2023) and the lowest return for a quar ter was -6.39% (quar ter ended March 31, 2022).","page_number":11,"box":{"x":62,"y":352,"width":752,"height":11}},{"id":"0e7121cd-05e4-4907-b4df-85e3185e10c4","block_type":"box","text":"For the periods ended 12/31/25","page_number":11,"box":{"x":70,"y":381,"width":223,"height":10}},{"id":"30ea570a-c3a9-4b17-b997-a271b4e03f81","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":11,"box":{"x":69,"y":392,"width":854,"height":10}},{"id":"68f196d3-e242-473e-806b-47b5e016a286","block_type":"box","text":"BlackRock Strategic Global Bond Fund — Class K Shares","page_number":11,"box":{"x":70,"y":410,"width":377,"height":11}},{"id":"dcb0fb99-e591-4cf6-8f3d-459267c93190","block_type":"box","text":"Return Before Taxes 8.53% (0.32)% 2.67%","page_number":11,"box":{"x":85,"y":423,"width":835,"height":10}},{"id":"7263707b-8000-4ba9-a433-f42676dc4107","block_type":"box","text":"Return After Taxes on Distributions 6.60% (1.11)% 1.64%","page_number":11,"box":{"x":85,"y":436,"width":835,"height":10}},{"id":"f54c721d-2e2c-4cf0-99a3-15746038ba86","block_type":"box","text":"Return After Taxes on Distributions","page_number":11,"box":{"x":85,"y":449,"width":228,"height":8}},{"id":"eb501a69-9c4a-4476-bae9-31bb58acd614","block_type":"box","text":"and Sale of Fund Shares 5.01% (0.58)% 1.62%","page_number":11,"box":{"x":85,"y":460,"width":835,"height":11}},{"id":"f17a361b-7a4e-4789-b22b-8835e22f4b08","block_type":"box","text":"Bloomberg Global Aggregate Bond Index","page_number":11,"box":{"x":70,"y":479,"width":264,"height":10}},{"id":"c3892348-65f6-4a24-b94e-c75c0f30085a","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 8.17% (2.15)% 1.26%","page_number":11,"box":{"x":69,"y":492,"width":851,"height":10}},{"id":"eb79b324-feac-4492-a7cd-20112a10cb10","block_type":"box","text":"Custom Benchmark","page_number":11,"box":{"x":69,"y":510,"width":129,"height":8}},{"id":"35e96f29-97c3-4587-8dfa-333d531b365f","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 8.49% (1.98)% 1.52%","page_number":11,"box":{"x":69,"y":524,"width":851,"height":10}},{"id":"158f7f36-1ec8-48a2-bbd4-ea5b25864995","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":11,"box":{"x":60,"y":555,"width":840,"height":12}},{"id":"fca2ccfd-8588-4a7f-8e97-3a1d2f86a47d","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":11,"box":{"x":61,"y":570,"width":835,"height":12}},{"id":"b9c60585-3376-46e1-8c07-1c51ca93838d","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":11,"box":{"x":61,"y":585,"width":851,"height":12}},{"id":"8fba061e-14a3-4784-b31a-d03223dab355","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.","page_number":11,"box":{"x":60,"y":600,"width":611,"height":12}},{"id":"2efc02ca-2340-42df-ba18-6cb21ebec39f","block_type":"box","text":"Investment Manager","page_number":11,"box":{"x":62,"y":639,"width":187,"height":13}},{"id":"1d6212bc-72b9-45d3-92fa-f8fa02ed4b26","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”). The Fund’s sub","page_number":11,"box":{"x":60,"y":665,"width":832,"height":12}},{"id":"78359247-086e-4552-b2d4-ab91e63c0b15","block_type":"box","text":"advisers are BlackRock International Limited and BlackRock (Singapore) Limited. 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Rieder 2015","page_number":11,"box":{"x":70,"y":850,"width":333,"height":8}},{"id":"366f612b-6a56-4f7c-8bf5-561dbd847801","block_type":"box","text":"Chief Investment Officer of Global Fixed Income,","page_number":11,"box":{"x":578,"y":796,"width":318,"height":9}},{"id":"4f2ddbbd-005f-410a-a4ba-392cd7905897","block_type":"box","text":"Head of Global Allocation Investment Team,","page_number":11,"box":{"x":594,"y":809,"width":286,"height":10}},{"id":"ccc72aaa-5df6-48c1-9256-a109d6a4ef9d","block_type":"box","text":"member of the Global Executive Committee,","page_number":11,"box":{"x":593,"y":823,"width":288,"height":9}},{"id":"0a5f10bb-58ca-4520-b461-a66d77349b39","block_type":"box","text":"Global Operating Committee and Chairman of","page_number":11,"box":{"x":588,"y":836,"width":300,"height":11}},{"id":"8067b42a-edb6-430e-926d-ffda11576f1b","block_type":"box","text":"the BlackRock, Inc. firmwide Investment 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K Shares of the Fund are available only to (i) cer tain employee benefit plans, such as health savings accounts,","page_number":12,"box":{"x":61,"y":69,"width":859,"height":11}},{"id":"89a8aafc-3af8-4a14-9dc5-1eae1cd7ed1c","block_type":"box","text":"and cer tain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively,","page_number":12,"box":{"x":61,"y":84,"width":844,"height":11}},{"id":"30c05f32-7627-421a-b9b0-1c17d9265e55","block_type":"box","text":"“Employer-Sponsored Retirement Plans”), (ii) collective trust funds, investment companies and other pooled","page_number":12,"box":{"x":62,"y":98,"width":791,"height":12}},{"id":"989ac827-bd9c-4cb2-a2ae-a2ba9606567b","block_type":"box","text":"investment vehicles, each of which may purchase shares of the Fund through a Financial Intermediary that has entered","page_number":12,"box":{"x":62,"y":113,"width":874,"height":12}},{"id":"f41ca971-3321-443c-adc8-863521b782f9","block_type":"box","text":"into an agreement with the Fund’s distributor to purchase such shares, (iii) “Institutional Investors,” which include, but","page_number":12,"box":{"x":62,"y":128,"width":871,"height":12}},{"id":"02fe1e23-ca01-4c10-9c58-8f93aeeb2eb4","block_type":"box","text":"are not limited to, endowments, foundations, family offices, banks and bank trusts, local, city, and state governmental","page_number":12,"box":{"x":61,"y":143,"width":870,"height":12}},{"id":"87d2f8ed-49e8-42c2-b458-122ec39102e9","block_type":"box","text":"institutions, corporations and insurance company separate accounts, each of which may purchase shares of the Fund","page_number":12,"box":{"x":62,"y":158,"width":863,"height":11}},{"id":"ad1bd1bb-c0cb-49e7-8925-7473b792a210","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Fund’s distributor to purchase such","page_number":12,"box":{"x":60,"y":173,"width":832,"height":11}},{"id":"511ada18-6667-4112-8896-153cbe309848","block_type":"box","text":"shares, (iv) clients of private banks that purchase shares of the Fund through a Financial Intermediary that has","page_number":12,"box":{"x":61,"y":187,"width":815,"height":12}},{"id":"93fa0c96-faed-432a-acc2-0b13f899581f","block_type":"box","text":"entered into an agreement with the Fund’s distributor to sell such shares, (v) fee-based advisory platforms of a","page_number":12,"box":{"x":61,"y":202,"width":816,"height":12}},{"id":"a1994383-adba-4987-a6f3-9218f2cbc3ae","block_type":"box","text":"Financial Intermediary that (a) has specifically acknowledged in a written agreement with the Fund’s distributor and/or","page_number":12,"box":{"x":62,"y":217,"width":867,"height":12}},{"id":"50d1ad99-7b9c-4fe1-8418-a94091a8735a","block_type":"box","text":"its affiliate(s) that the Financial Intermediary shall offer such shares to fee-based advisory clients through an omnibus","page_number":12,"box":{"x":62,"y":232,"width":868,"height":11}},{"id":"5bfb2f88-1931-45e0-a457-44122cfbd887","block_type":"box","text":"account held at the Fund or (b) transacts in the Fund’s shares through another intermediary that has executed such an","page_number":12,"box":{"x":61,"y":247,"width":874,"height":11}},{"id":"3ce9ea86-95a0-4629-9980-32656041da87","block_type":"box","text":"agreement and (vi) any other investors who met the eligibility criteria for BlackRock Shares or Class K Shares prior to","page_number":12,"box":{"x":61,"y":262,"width":859,"height":11}},{"id":"f135fafa-42f1-4b78-a38a-c48bd1648f36","block_type":"box","text":"August 15, 2016 and have continually held Class K Shares of the Fund in the same account since August 15, 2016.","page_number":12,"box":{"x":60,"y":276,"width":857,"height":12}},{"id":"28ce4a5e-83c5-404f-a6ef-804f0649392d","block_type":"box","text":"You may purchase or redeem shares of the Fund 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