{"annotation_id":"b2de07a9-d9f5-4384-98d0-59bcf88617ce","file_hash":"e2eaf14164e7ae9ea49cee9d06b1469dd0dcc019fdf9ed3dde68f52be73a49f4","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"d5e1ee7d-a86b-4760-8bc4-95f949484352","block_type":"box","text":"SEPTEMBER 28, 2026","page_number":1,"box":{"x":754,"y":47,"width":184,"height":11}},{"id":"9a721b61-d1b8-4d56-9668-dcaa85e93fab","block_type":"box","text":"Summary Prospectus","page_number":1,"box":{"x":103,"y":175,"width":502,"height":33}},{"id":"a73040bc-fc3b-4cbf-893e-933a813b08e1","block_type":"box","text":"BlackRock Funds II","page_number":1,"box":{"x":63,"y":297,"width":155,"height":9}},{"id":"cd3dec47-937d-4323-b44b-c06d68d3c447","block_type":"box","text":"|","page_number":1,"box":{"x":229,"y":296,"width":3,"height":11}},{"id":"de3d72cb-c8ff-4ac4-94ce-fd304ce51764","block_type":"box","text":"Class K Shares","page_number":1,"box":{"x":242,"y":297,"width":119,"height":9}},{"id":"8e8c0914-45c1-4e81-bbf2-6fe47ed8b8ad","block_type":"box","text":"•","page_number":1,"box":{"x":63,"y":325,"width":6,"height":4}},{"id":"f9fad4fe-7bcf-4800-9aba-8c77e325fadc","block_type":"box","text":"BlackRock Global Dividend Portfolio","page_number":1,"box":{"x":84,"y":321,"width":296,"height":10}},{"id":"93c5d2e4-47d5-4c53-9fbd-5e1684c89328","block_type":"box","text":"Class K: BKBDX","page_number":1,"box":{"x":83,"y":339,"width":97,"height":7}},{"id":"2cdd9f92-80f1-4285-a0c3-c673d5b8514f","block_type":"box","text":"Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund","page_number":1,"box":{"x":64,"y":379,"width":808,"height":11}},{"id":"1d61dc97-e387-4467-beb7-ca972aec8051","block_type":"box","text":"and its risks. You can find the Fund’s prospectus (including amendments and supplements), reports to shareholders","page_number":1,"box":{"x":63,"y":394,"width":821,"height":11}},{"id":"be09c09f-c5cb-4e6e-8bf1-94924d5439bc","block_type":"box","text":"and other information about the Fund, including the Fund’s statement of additional information, online at","page_number":1,"box":{"x":63,"y":410,"width":748,"height":11}},{"id":"96436442-3dc0-4104-a6c4-6e13a7c58764","block_type":"box","text":"https://www.blackrock.com/prospectus. You can also get this information at no cost by calling (800) 537-4942 or by","page_number":1,"box":{"x":63,"y":425,"width":825,"height":11}},{"id":"35870de4-ec1c-4e47-9494-e71f6fab33df","block_type":"box","text":"sending an e-mail request to","page_number":1,"box":{"x":63,"y":441,"width":203,"height":11}},{"id":"befd41e9-329b-4983-8107-abc35227d60c","block_type":"box","text":"prospectus.request@blackrock.com","page_number":1,"box":{"x":271,"y":441,"width":261,"height":10}},{"id":"4330f968-8626-4cf4-92fb-b390ac8bb8c0","block_type":"box","text":", or from your financial professional. The Fund’s","page_number":1,"box":{"x":534,"y":441,"width":335,"height":11}},{"id":"e7d22b8a-1dd4-4325-8da0-348462c1d26d","block_type":"box","text":"prospectus and statement of additional information, both dated September 28, 2026, as amended and supplemented","page_number":1,"box":{"x":63,"y":456,"width":831,"height":11}},{"id":"91959981-6c97-4c84-88d0-3d1870445331","block_type":"box","text":"from time to time, are incorporated by reference into (legally made a part of) this Summary Prospectus.","page_number":1,"box":{"x":62,"y":472,"width":729,"height":11}},{"id":"bcda76de-7e1e-4f29-b2a2-543c78ea666f","block_type":"box","text":"This Summary Prospectus contains information you should know before investing, including information about","page_number":1,"box":{"x":63,"y":819,"width":774,"height":10}},{"id":"7c857508-a755-4f99-963b-9fff5f617577","block_type":"box","text":"risks. Please read it before you invest and keep it for future reference.","page_number":1,"box":{"x":63,"y":834,"width":477,"height":11}},{"id":"8124e6eb-5d31-4a85-97b7-c8c16dc2fdb5","block_type":"box","text":"The Securities and Exchange Commission has not approved or disapproved these securities or passed upon","page_number":1,"box":{"x":63,"y":855,"width":749,"height":11}},{"id":"8db97fb6-7b32-4e1b-a64b-10f5d6086908","block_type":"box","text":"the adequacy of this Summary Prospectus. Any representation to the contrary is a criminal offense.","page_number":1,"box":{"x":63,"y":870,"width":687,"height":11}},{"id":"fc86f91d-c93e-4359-a9a7-d57db925acdc","block_type":"box","text":"Not FDIC Insured","page_number":1,"box":{"x":101,"y":916,"width":112,"height":8}},{"id":"83dc4cb6-e6cd-4a41-b176-7ddf33fc5d1c","block_type":"box","text":"•","page_number":1,"box":{"x":218,"y":919,"width":5,"height":3}},{"id":"64d20674-0b8b-4a7a-922b-fcdff5eb6841","block_type":"box","text":"May Lose Value","page_number":1,"box":{"x":228,"y":916,"width":101,"height":10}},{"id":"13cacb8b-2208-4cf1-b129-8416305db685","block_type":"box","text":"•","page_number":1,"box":{"x":334,"y":919,"width":4,"height":3}},{"id":"f1586ed2-417f-4d8e-af0e-a463aa3d3659","block_type":"box","text":"No Bank Guarantee","page_number":1,"box":{"x":344,"y":916,"width":127,"height":8}},{"id":"fd6cf818-5f72-4cca-9ecd-f909be76138d","block_type":"box","text":"NM1026U-5988124-1/12","page_number":1,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"59bbe200-be5f-4ba3-874d-a5ef94a29c31","block_type":"box","text":"Summary Prospectus","page_number":2,"box":{"x":62,"y":47,"width":468,"height":34}},{"id":"de651304-87eb-4b97-af31-4060f44c743c","block_type":"box","text":"Key Facts About BlackRock Global Dividend Portfolio","page_number":2,"box":{"x":62,"y":121,"width":480,"height":14}},{"id":"08320a4b-5ba7-4224-a3bc-ad4758543988","block_type":"box","text":"Investment Objective","page_number":2,"box":{"x":62,"y":152,"width":191,"height":14}},{"id":"b55738f0-62ad-46b1-b7c9-dc31a2c8508c","block_type":"box","text":"The investment objective of BlackRock Global Dividend Por tfolio (the “Fund”), a series of BlackRock Funds II (the","page_number":2,"box":{"x":60,"y":178,"width":828,"height":12}},{"id":"727ca081-2873-4131-82f3-e29e5cee3915","block_type":"box","text":"“Trust”), is to seek to provide a level of current income that exceeds the average yield on global stocks generally.","page_number":2,"box":{"x":62,"y":193,"width":830,"height":12}},{"id":"5c371d00-8576-4e96-bcef-179b149857bf","block_type":"box","text":"Additionally, the Fund seeks to provide long-term capital appreciation.","page_number":2,"box":{"x":60,"y":208,"width":510,"height":12}},{"id":"8771257f-61da-4afd-9dfe-03ad2ea28d5a","block_type":"box","text":"Fees and Expenses of the Fund","page_number":2,"box":{"x":61,"y":247,"width":283,"height":13}},{"id":"9b9e8fcb-d993-49ef-af8b-4780cdd816cf","block_type":"box","text":"This table describes the fees and expenses that you may pay if you buy, hold and sell Class K Shares of the Fund.","page_number":2,"box":{"x":60,"y":273,"width":839,"height":12}},{"id":"02a50d4b-26cd-426a-a2c7-dde0c564f314","block_type":"box","text":"Amounts in the table are rounded to the nearest basis point, which in some cases may be “0.00.”","page_number":2,"box":{"x":60,"y":288,"width":724,"height":11}},{"id":"06514726-d86a-4d82-b426-a2774e70fd8b","block_type":"box","text":"You may pay other","page_number":2,"box":{"x":790,"y":288,"width":138,"height":11}},{"id":"55e216b5-9ee7-49e3-94d6-42ae7130ddec","block_type":"box","text":"fees, such as brokerage commissions and other fees to your financial professional or your selected securities","page_number":2,"box":{"x":60,"y":303,"width":824,"height":11}},{"id":"498e561b-c9bd-4bb1-80eb-d6e8d6af8f3f","block_type":"box","text":"dealer, broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC","page_number":2,"box":{"x":61,"y":318,"width":835,"height":11}},{"id":"b6f7d9ed-3763-49bb-b22a-7ce24a89d6b8","block_type":"box","text":"(“BlackRock”) and its affiliates) (each, a “Financial Intermediary”), which are not reflected in the table and","page_number":2,"box":{"x":61,"y":333,"width":813,"height":11}},{"id":"1be7dfc0-134f-484c-9448-3e0a8a146a76","block_type":"box","text":"example below.","page_number":2,"box":{"x":61,"y":348,"width":114,"height":11}},{"id":"db00635b-696e-4269-92e7-f24772877cdf","block_type":"box","text":"Annual Fund Operating Expenses","page_number":2,"box":{"x":69,"y":384,"width":222,"height":10}},{"id":"2e17a47a-3be7-462d-af72-78ce00ae78c3","block_type":"box","text":"(expenses that you pay each year as a","page_number":2,"box":{"x":69,"y":395,"width":261,"height":11}},{"id":"c5fb8a4c-3a64-466a-bf9c-6fbc842dc228","block_type":"box","text":"percentage of the value of your investment)","page_number":2,"box":{"x":70,"y":407,"width":294,"height":10}},{"id":"cc106be1-7f85-4d8e-b06b-396ef750fde4","block_type":"box","text":"Class K","page_number":2,"box":{"x":873,"y":395,"width":51,"height":9}},{"id":"00a8f329-4eab-4401-9f18-6ed080bd34c7","block_type":"box","text":"Shares","page_number":2,"box":{"x":875,"y":407,"width":46,"height":8}},{"id":"b7e2a2fb-2d7f-4b41-8eb7-d900f94dd8a5","block_type":"box","text":"Management Fee","page_number":2,"box":{"x":70,"y":425,"width":112,"height":10}},{"id":"08b5b5b9-5b7f-4aa7-94be-776457797ccc","block_type":"box","text":"1,2","page_number":2,"box":{"x":183,"y":425,"width":11,"height":5}},{"id":"f41ef055-932e-4627-bb0f-648d052cb952","block_type":"box","text":"0.60%","page_number":2,"box":{"x":884,"y":425,"width":41,"height":8}},{"id":"b9ba2c79-ad1b-4c11-aac4-67279485160c","block_type":"box","text":"Distribution and/or Service (12b-1) Fees","page_number":2,"box":{"x":70,"y":443,"width":266,"height":10}},{"id":"2c74e6cb-0c42-47a3-90fb-725dda28ae62","block_type":"box","text":"None","page_number":2,"box":{"x":882,"y":443,"width":33,"height":8}},{"id":"cabc9399-dad1-424d-a53a-9e7ed2bffcf1","block_type":"box","text":"Other Expenses","page_number":2,"box":{"x":69,"y":461,"width":103,"height":10}},{"id":"71126106-322c-4c96-ae81-d9d7b111853a","block_type":"box","text":"0.14%","page_number":2,"box":{"x":884,"y":461,"width":41,"height":8}},{"id":"de441f2f-06c8-4e2c-8bad-2b750c191afc","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":2,"box":{"x":69,"y":479,"width":252,"height":10}},{"id":"30ae64f3-62d1-4218-800b-36d3679f7bc6","block_type":"box","text":"0.74%","page_number":2,"box":{"x":884,"y":479,"width":41,"height":8}},{"id":"c69e791d-edc4-49c2-800a-0ba2d8bac825","block_type":"box","text":"Fee Waivers and/or Expense Reimbursements","page_number":2,"box":{"x":70,"y":497,"width":304,"height":10}},{"id":"fd544eb3-190b-4bc5-9200-c5795f4f8617","block_type":"box","text":"2","page_number":2,"box":{"x":375,"y":497,"width":4,"height":4}},{"id":"385888ab-4584-4bfc-8454-09b7ccc07887","block_type":"box","text":"0.00%","page_number":2,"box":{"x":884,"y":497,"width":41,"height":8}},{"id":"a695a865-ff32-47d7-a3ea-e9dbbf82e388","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements","page_number":2,"box":{"x":69,"y":515,"width":598,"height":11}},{"id":"1ac0525b-0212-46f0-b048-b7f126f8e688","block_type":"box","text":"2","page_number":2,"box":{"x":668,"y":515,"width":3,"height":4}},{"id":"21463091-056c-4782-a415-9c4d48da9501","block_type":"box","text":"0.74%","page_number":2,"box":{"x":884,"y":515,"width":41,"height":8}},{"id":"b3e302bb-062a-4fd6-ae5b-37e00b7022d5","block_type":"box","text":"1","page_number":2,"box":{"x":61,"y":535,"width":3,"height":3}},{"id":"d5516677-48a5-429c-8fb4-43b88d179688","block_type":"box","text":"The management fee payable by the Fund is based on assets estimated to be attributable to the Fund’s direct investments in fixed income and","page_number":2,"box":{"x":81,"y":535,"width":842,"height":9}},{"id":"c628b9ad-50c7-448c-94ac-f8c086e07625","block_type":"box","text":"equity securities and instruments, including exchange-traded funds (“ETFs”) advised by BlackRock or other investment advisers, other","page_number":2,"box":{"x":81,"y":545,"width":786,"height":9}},{"id":"48431547-1ac0-4cfd-a7a2-96cede94a739","block_type":"box","text":"investments and cash and cash equivalents (including money market funds, whether advised by BlackRock or other investment advisers) and","page_number":2,"box":{"x":81,"y":555,"width":828,"height":10}},{"id":"cda27374-155d-4e94-9d4b-18d46030deb7","block_type":"box","text":"excludes investments in other BlackRock mutual funds (the “underlying funds”).","page_number":2,"box":{"x":81,"y":566,"width":468,"height":9}},{"id":"e81c7dee-d756-4ef5-84e1-f1b7d3247595","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":579,"width":3,"height":3}},{"id":"efc3ccb5-cca8-4a79-abae-22e129d23b6a","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 33, BlackRock has contractually agreed to","page_number":2,"box":{"x":81,"y":579,"width":837,"height":9}},{"id":"72ee7bcd-4439-4277-bee3-55df031816e4","block_type":"box","text":"waive the management fee with respect to any por tion of the Fund’s assets estimated to be attributable to investments in other equity and fixed","page_number":2,"box":{"x":80,"y":589,"width":854,"height":9}},{"id":"5d9f7e33-8952-422f-8df0-5b7525ba9fd4","block_type":"box","text":"income ETFs managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. In addition, BlackRock has","page_number":2,"box":{"x":81,"y":599,"width":854,"height":9}},{"id":"b2e58531-ed1c-428e-ae25-6ade477150b2","block_type":"box","text":"contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to BlackRock indirectly through its","page_number":2,"box":{"x":81,"y":610,"width":843,"height":9}},{"id":"dba0b13e-5a25-4fd6-98bb-5f03880be041","block_type":"box","text":"investment in money market funds managed by BlackRock or its affiliates, through June 30, 2028. The contractual agreements may be","page_number":2,"box":{"x":81,"y":620,"width":795,"height":9}},{"id":"1f7646d3-a8f3-4232-81af-5608aad9cccc","block_type":"box","text":"terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting","page_number":2,"box":{"x":80,"y":630,"width":821,"height":9}},{"id":"1f68cb71-7ee4-41d5-b65a-ad5d982c4b60","block_type":"box","text":"securities of the Fund.","page_number":2,"box":{"x":81,"y":640,"width":130,"height":8}},{"id":"c181a12d-0b28-4bc6-8bb0-1110f577d6b3","block_type":"box","text":"Example:","page_number":2,"box":{"x":61,"y":659,"width":74,"height":12}},{"id":"523a9396-9cd7-44e8-ba47-dcb59f1b9f6d","block_type":"box","text":"This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other","page_number":2,"box":{"x":60,"y":675,"width":830,"height":11}},{"id":"23d266d8-008a-482a-96b5-aa3b0baa5a81","block_type":"box","text":"mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then","page_number":2,"box":{"x":61,"y":689,"width":832,"height":12}},{"id":"5ac46480-fc9c-493f-97bb-621faa25c12d","block_type":"box","text":"redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5%","page_number":2,"box":{"x":61,"y":704,"width":832,"height":12}},{"id":"acea58dc-f938-497e-8593-57b0f0de6e3f","block_type":"box","text":"return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher","page_number":2,"box":{"x":61,"y":719,"width":859,"height":12}},{"id":"8aa02bc3-a8f4-4faf-a4eb-3d25818a5e31","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":2,"box":{"x":61,"y":734,"width":436,"height":11}},{"id":"5a254002-e6c8-48ad-a6e3-e1d60fd393de","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":2,"box":{"x":631,"y":763,"width":292,"height":8}},{"id":"8a50657e-f10a-4a7a-85e2-ef92b9b2d583","block_type":"box","text":"Class K Shares $76 $237 $411 $918","page_number":2,"box":{"x":69,"y":780,"width":843,"height":10}},{"id":"beffd4a5-a27d-49d4-b0ca-84bf5dd2bacf","block_type":"box","text":"Portfolio Turnover:","page_number":2,"box":{"x":61,"y":805,"width":151,"height":10}},{"id":"0558c4e3-1611-4547-a2c5-162a36bc06ab","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":2,"box":{"x":60,"y":822,"width":800,"height":11}},{"id":"0a8749d7-76d3-4ac3-ac59-ffae854a7181","block_type":"box","text":"por tfolio). A higher por tfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":2,"box":{"x":62,"y":837,"width":850,"height":11}},{"id":"98f33d27-236b-4ddc-9941-33e39f3b8d2e","block_type":"box","text":"shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the","page_number":2,"box":{"x":61,"y":851,"width":870,"height":12}},{"id":"b91758f3-3496-4fb2-9a4c-882032ebdf30","block_type":"box","text":"Example, affect the Fund’s per formance. During the most recent fiscal year, the Fund’s por tfolio turnover rate was","page_number":2,"box":{"x":62,"y":866,"width":839,"height":12}},{"id":"084d0722-d5a0-4b6e-82a2-b1207eb3b668","block_type":"box","text":"61% of the average value of its por tfolio.","page_number":2,"box":{"x":61,"y":881,"width":298,"height":12}},{"id":"92b0df49-f61c-4664-84d8-99ec78452765","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"769a351d-92ba-4eaf-9421-5b948f338721","block_type":"box","text":"NM1026U-5988124-2/12","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"4fbb186c-76f9-4813-b569-0116d3f73752","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":3,"box":{"x":61,"y":43,"width":394,"height":13}},{"id":"0bda5090-079c-45df-8ed0-0e38ecb3a117","block_type":"box","text":"Under normal circumstances, the Fund will invest at least 80% of its net assets in dividend-paying equity securities","page_number":3,"box":{"x":62,"y":69,"width":843,"height":11}},{"id":"3501278c-02b1-486d-84a9-6b1048a81ae1","block_type":"box","text":"and at least 40% of its assets outside of the United States (unless market conditions are not deemed favorable by","page_number":3,"box":{"x":61,"y":84,"width":844,"height":11}},{"id":"a759a2bd-ff47-44ad-a679-cdb7d9392b2d","block_type":"box","text":"Fund management, in which case the Fund would invest at least 30% of its assets outside of the United States).","page_number":3,"box":{"x":62,"y":98,"width":825,"height":12}},{"id":"205126c1-81d7-43e2-bc97-b88864643e5a","block_type":"box","text":"Investments in derivatives are counted toward the Fund’s 80% policy to the extent that they provide investment","page_number":3,"box":{"x":62,"y":113,"width":815,"height":12}},{"id":"d4069833-0db0-41e7-bdae-4f69c26beb76","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":3,"box":{"x":61,"y":128,"width":821,"height":12}},{"id":"04049d2c-4c8e-4240-b8bb-7f706f6c6da0","block_type":"box","text":"securities. For purposes of the Fund’s 80% policy, dividend-paying equity securities are equity securities of companies","page_number":3,"box":{"x":61,"y":143,"width":865,"height":12}},{"id":"2d974945-014a-4122-bcbc-bd2e2c0d338d","block_type":"box","text":"that pay out a por tion of their profits to shareholders of such securities on a periodic basis (i.e., at least once within","page_number":3,"box":{"x":60,"y":158,"width":856,"height":11}},{"id":"7555f1dc-e888-4a09-b8cc-f7f484b06f6d","block_type":"box","text":"the company’s latest fiscal year). The Fund will primarily invest in common stock, preferred stock and non-conver tible","page_number":3,"box":{"x":60,"y":173,"width":861,"height":11}},{"id":"051e1959-40c6-4931-8d7c-0054c49c0a15","block_type":"box","text":"preferred stock. The Fund may invest in securities of non-U.S. issuers that can be U.S. dollar based or non-U.S. dollar","page_number":3,"box":{"x":62,"y":187,"width":864,"height":12}},{"id":"9c0414db-5e90-4b0b-a814-15ee6df08ed3","block_type":"box","text":"based. The Fund may invest in securities of companies of any market capitalization, but intends to invest primarily in","page_number":3,"box":{"x":61,"y":202,"width":856,"height":12}},{"id":"a0e3e628-ded8-4445-9692-34e05e8fb8fe","block_type":"box","text":"securities of large capitalization companies. The combination of equity securities will be varied from time to time both","page_number":3,"box":{"x":61,"y":217,"width":863,"height":12}},{"id":"3684517c-afcc-4c8d-81c5-c38ed96c76df","block_type":"box","text":"with respect to types of securities and markets in response to changing market and economic trends. The Fund may","page_number":3,"box":{"x":60,"y":232,"width":855,"height":11}},{"id":"7e9b5c2e-0dbb-4f0b-bfa1-da727ac73a81","block_type":"box","text":"invest in shares of companies through initial public offerings (“IPOs”) and “new issues.” The Fund may also purchase","page_number":3,"box":{"x":62,"y":247,"width":863,"height":11}},{"id":"c875bec2-12a4-4e93-8ca2-04917eae12b7","block_type":"box","text":"securities conver tible into common and preferred stock.","page_number":3,"box":{"x":61,"y":262,"width":410,"height":11}},{"id":"601b6a16-bd62-445c-b90b-7eaa3733d470","block_type":"box","text":"The Fund’s 80% policy is non-fundamental and may not be changed without 60 days’ prior notice to shareholders.","page_number":3,"box":{"x":60,"y":284,"width":834,"height":12}},{"id":"b7bd03d5-091e-4f6d-b1ff-4caed15a4f5d","block_type":"box","text":"The Fund may invest up to 20% of its net assets in global fixed-income securities, including corporate bonds, U.S.","page_number":3,"box":{"x":60,"y":307,"width":835,"height":11}},{"id":"eb0a9985-20d1-4032-966e-b3bbc80fd872","block_type":"box","text":"Government debt securities, non-U.S. Government and supranational debt securities (an example of such an entity is","page_number":3,"box":{"x":61,"y":321,"width":859,"height":12}},{"id":"211b8ab8-ac09-4cdc-a71d-8dbc46c0c8a8","block_type":"box","text":"the International Bank for Reconstruction and Development (the “World Bank”)), asset-backed securities, mor tgage","page_number":3,"box":{"x":60,"y":336,"width":851,"height":12}},{"id":"26b3c590-7123-4cc3-9412-e4d9630ed624","block_type":"box","text":"backed securities, corporate loans, emerging market debt securities and non-investment grade debt securities (high","page_number":3,"box":{"x":61,"y":351,"width":850,"height":12}},{"id":"724640a7-b4b0-4288-a318-994c7e3abb9a","block_type":"box","text":"yield or junk bonds). Investment in fixed-income securities will be made on an oppor tunistic basis. The Fund may invest","page_number":3,"box":{"x":60,"y":366,"width":877,"height":11}},{"id":"c5199a10-3588-4a1a-b91b-da115ae2d548","block_type":"box","text":"in fixed-income securities of any duration or maturity.","page_number":3,"box":{"x":62,"y":381,"width":385,"height":11}},{"id":"85e6bbe6-2195-403b-a8d7-1a16e6e4d212","block_type":"box","text":"The Fund has no geographic limits in where it may invest and has no specific policy on the number of different","page_number":3,"box":{"x":60,"y":403,"width":811,"height":12}},{"id":"470bc3a3-4ff9-491f-bf53-44a614677edc","block_type":"box","text":"countries in which it will invest. The Fund may invest in both developed and emerging markets. The Fund may","page_number":3,"box":{"x":61,"y":418,"width":801,"height":12}},{"id":"0601b19e-2e30-4b60-a0d8-2b5c3b8c0101","block_type":"box","text":"emphasize foreign securities when Fund management expects these investments to outper form U.S. securities. The","page_number":3,"box":{"x":61,"y":433,"width":853,"height":12}},{"id":"9a63576b-d2d7-4ac2-addb-484f67df0f6b","block_type":"box","text":"Fund may use derivatives, including options, futures, swaps and forward contracts both to seek to increase the return","page_number":3,"box":{"x":62,"y":448,"width":865,"height":11}},{"id":"53e20cfd-8027-439a-97ec-8c1c694a6acc","block_type":"box","text":"of the Fund or to hedge (or protect) the value of its assets against adverse movements in currency exchange rates,","page_number":3,"box":{"x":61,"y":463,"width":844,"height":11}},{"id":"a47f380c-1386-4826-b896-aa515129207c","block_type":"box","text":"interest rates and movements in the securities markets. The Fund may enter into currency transactions on a hedged or","page_number":3,"box":{"x":62,"y":478,"width":874,"height":11}},{"id":"70f33ea1-1cbf-4899-8ee7-63a7424d7d6b","block_type":"box","text":"unhedged basis in order to seek total return. The Fund may use indexed and inverse securities.","page_number":3,"box":{"x":61,"y":493,"width":700,"height":11}},{"id":"909e3f43-f0e1-40bb-8020-587b645c09ae","block_type":"box","text":"Under normal circumstances, the Fund anticipates it will allocate a substantial amount (at least 40% or more —","page_number":3,"box":{"x":62,"y":515,"width":823,"height":11}},{"id":"d64725ca-3c4f-4ac5-a069-80742a72308e","block_type":"box","text":"unless market conditions are not deemed favorable by Fund management, in which case the Fund would invest at least","page_number":3,"box":{"x":61,"y":530,"width":876,"height":11}},{"id":"6f4f573e-7cc4-4569-8165-80796b2e338b","block_type":"box","text":"30%) of its total assets in foreign securities, which may include securities (i) of foreign government issuers, (ii) of","page_number":3,"box":{"x":61,"y":545,"width":833,"height":11}},{"id":"5d73c6f8-9377-4fa1-8419-e85d2cfb1412","block_type":"box","text":"issuers organized or located outside the United States, (iii) of issuers which primarily trade in a market located outside","page_number":3,"box":{"x":62,"y":559,"width":872,"height":12}},{"id":"7c89c411-f635-4ef4-95cb-798d22caec49","block_type":"box","text":"the United States, or (iv) of issuers doing a substantial amount of business outside the United States, which the Fund","page_number":3,"box":{"x":60,"y":574,"width":868,"height":12}},{"id":"4adad7ca-8fab-44fb-bec2-c70c78dd2f92","block_type":"box","text":"considers to be companies that derive at least 50% of their revenue or profits from business outside the United States","page_number":3,"box":{"x":61,"y":589,"width":874,"height":11}},{"id":"6f753f8a-bea9-419c-8ebd-1193c7aa3d78","block_type":"box","text":"or have at least 50% of their sales or assets outside the United States. The Fund will allocate its assets among","page_number":3,"box":{"x":61,"y":604,"width":821,"height":11}},{"id":"60ee9071-f9e5-4980-b9ae-e6b461dda30e","block_type":"box","text":"various regions and countries, including the United States (but in no less than three different countries). For temporary","page_number":3,"box":{"x":60,"y":619,"width":876,"height":11}},{"id":"516273af-515f-49bd-8e23-317e9cac46e8","block_type":"box","text":"defensive purposes the Fund may deviate very substantially from this allocation.","page_number":3,"box":{"x":61,"y":633,"width":588,"height":12}},{"id":"f73d8d56-8b7f-4869-ae4a-2e3753e03af9","block_type":"box","text":"The Fund may engage in active and frequent trading of por tfolio securities to achieve its principal investment","page_number":3,"box":{"x":60,"y":656,"width":799,"height":12}},{"id":"ac7e0bd4-001d-4c95-bad8-a6b62d1bef3c","block_type":"box","text":"strategies.","page_number":3,"box":{"x":61,"y":671,"width":76,"height":11}},{"id":"3803b0a3-40a7-4a24-8d06-86ebee49088f","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":3,"box":{"x":61,"y":710,"width":354,"height":13}},{"id":"3cfb0a9f-7d07-40a9-a8d8-0e154e299394","block_type":"box","text":"Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive","page_number":3,"box":{"x":62,"y":736,"width":860,"height":12}},{"id":"a7d8341f-0fa2-4f65-a493-d30f3e7b5721","block_type":"box","text":"on your investment, may fluctuate significantly from day to day and over time. You may lose par t or all of your","page_number":3,"box":{"x":61,"y":751,"width":802,"height":11}},{"id":"d4166aaa-5b7f-4df5-a3bc-4a402616588e","block_type":"box","text":"investment in the Fund or your investment may not per form as well as other similar investments. The following is a","page_number":3,"box":{"x":62,"y":766,"width":842,"height":11}},{"id":"fb02d006-6c3b-4345-9a60-dc45bb6f7ae9","block_type":"box","text":"summary description of the principal risks of investing in the Fund. The relative significance of each risk factor below","page_number":3,"box":{"x":61,"y":780,"width":857,"height":12}},{"id":"09a50e3a-46c4-49d0-b6b5-77b4930eebc2","block_type":"box","text":"may change over time and you should review each risk factor carefully.","page_number":3,"box":{"x":61,"y":795,"width":515,"height":12}},{"id":"fd5c9bc3-84f5-4bfb-a5f8-3badbc727358","block_type":"box","text":"Equity Securities Risk","page_number":3,"box":{"x":81,"y":815,"width":166,"height":12}},{"id":"0fee242f-7361-4c04-a28e-1f6ad0c574fa","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":3,"box":{"x":251,"y":815,"width":685,"height":12}},{"id":"9a2d6090-a00b-4cb1-b147-d686fce28523","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":3,"box":{"x":81,"y":830,"width":550,"height":12}},{"id":"20ab809e-22e6-4bf3-8371-51e0899c74cc","block_type":"box","text":"Income Producing Stock Availability Risk","page_number":3,"box":{"x":81,"y":850,"width":310,"height":11}},{"id":"ae28536d-0e68-427e-a61e-3b3c9711ea9f","block_type":"box","text":"—","page_number":3,"box":{"x":396,"y":855,"width":17,"height":1}},{"id":"d5bad1b0-ece6-4dde-8d1d-5257eda6d16a","block_type":"box","text":"Depending upon market conditions, income producing common stock","page_number":3,"box":{"x":418,"y":850,"width":507,"height":12}},{"id":"8b3a126a-3f49-4127-9659-5987a6a6287b","block_type":"box","text":"that meets the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a","page_number":3,"box":{"x":80,"y":865,"width":837,"height":11}},{"id":"6bb84f16-7214-47ad-815e-de306fdc976e","block_type":"box","text":"few market sectors. This may limit the ability of the Fund to produce current income while remaining fully diversified.","page_number":3,"box":{"x":81,"y":880,"width":852,"height":11}},{"id":"01eb2941-2aab-4ca7-afa4-18e67db8b838","block_type":"box","text":"Foreign Securities Risk","page_number":3,"box":{"x":81,"y":900,"width":176,"height":11}},{"id":"7d7d0608-c4f9-42f3-a8fd-ff44d774984f","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":3,"box":{"x":260,"y":900,"width":668,"height":11}},{"id":"a16eb493-ede0-4715-b2d7-69905e3b7a0c","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":3,"box":{"x":82,"y":915,"width":531,"height":11}},{"id":"2a287e5d-6bdf-44ba-ae43-62fc450b0557","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"a97779d1-9908-4f21-b24d-bb280f3e3196","block_type":"box","text":"NM1026U-5988124-3/12","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"5df94807-63fe-4b24-b4ae-a91db75e4b77","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":4,"box":{"x":101,"y":42,"width":823,"height":11}},{"id":"a44282dd-b0f5-450e-b4bd-63ad58fe4e2c","block_type":"box","text":"be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory","page_number":4,"box":{"x":102,"y":57,"width":823,"height":11}},{"id":"60926484-c3c0-4436-91ae-eb49a16d1c42","block_type":"box","text":"oversight.","page_number":4,"box":{"x":101,"y":72,"width":70,"height":11}},{"id":"6293d99e-7415-4ad7-bb8d-ac2a03c2ab48","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s por tfolio.","page_number":4,"box":{"x":101,"y":91,"width":644,"height":12}},{"id":"fd121919-09d6-4649-ba9c-044892438132","block_type":"box","text":"The economies of cer tain foreign markets may not compare favorably with the economy of the United States with","page_number":4,"box":{"x":101,"y":111,"width":830,"height":12}},{"id":"bc66bb9f-5313-4a9e-8008-2c7edf860059","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":4,"box":{"x":102,"y":126,"width":808,"height":12}},{"id":"d6709365-571d-437f-8525-7a1c0b800748","block_type":"box","text":"payments position.","page_number":4,"box":{"x":102,"y":141,"width":137,"height":11}},{"id":"4e777246-745e-4cff-bb15-b48d21a33bd9","block_type":"box","text":"The governments of cer tain countries, or the U.S. Government with respect to cer tain countries, may prohibit or","page_number":4,"box":{"x":101,"y":161,"width":821,"height":12}},{"id":"d16e6bf6-97e1-4710-a85a-c5be7883e0f3","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":4,"box":{"x":102,"y":176,"width":809,"height":11}},{"id":"991867d9-7cd0-4093-af74-76742764cc3c","block_type":"box","text":"markets or cer tain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":4,"box":{"x":102,"y":191,"width":784,"height":11}},{"id":"f67dd25e-f89e-4674-a752-95488b8792e6","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":4,"box":{"x":101,"y":206,"width":352,"height":11}},{"id":"d9719ad0-8597-465c-b1d9-60cb8fd3fb4e","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":4,"box":{"x":102,"y":225,"width":823,"height":12}},{"id":"49e52ff6-c7d0-4511-bd1c-3d9af905ab5f","block_type":"box","text":"the same extent as does the United States and may not have laws to protect investors that are comparable to","page_number":4,"box":{"x":101,"y":240,"width":811,"height":12}},{"id":"4790fcf3-c729-4c82-b959-1b76446e19d3","block_type":"box","text":"U.S. securities laws.","page_number":4,"box":{"x":102,"y":255,"width":148,"height":9}},{"id":"c04f7418-f439-4b2c-a904-68d17bd28e83","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets may result in delays in payment for or delivery of","page_number":4,"box":{"x":101,"y":275,"width":834,"height":12}},{"id":"d1726ca0-3aff-41e4-a14b-44a62b529e73","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":4,"box":{"x":101,"y":290,"width":628,"height":11}},{"id":"30de6c1c-cf8b-40ba-b36a-2cb96d03ca78","block_type":"box","text":"The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of","page_number":4,"box":{"x":101,"y":310,"width":830,"height":11}},{"id":"959b64b5-f112-4c45-aa06-81f7dbfecad5","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":4,"box":{"x":101,"y":325,"width":831,"height":11}},{"id":"4f1e1b59-d35b-4671-9f55-1489685400c3","block_type":"box","text":"foreign country, accruals in the Fund’s net asset value for such refunds may be written down par tially or in full,","page_number":4,"box":{"x":101,"y":340,"width":813,"height":11}},{"id":"e2869d4b-8748-41b8-908f-77b8ebc3bc51","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":4,"box":{"x":101,"y":354,"width":395,"height":12}},{"id":"efb8206b-1db3-415b-8c5b-3366a25e4915","block_type":"box","text":"Convertible Securities Risk","page_number":4,"box":{"x":81,"y":375,"width":206,"height":9}},{"id":"1082733b-473d-45e7-8775-be5f4ffa7bb1","block_type":"box","text":"— The market value of a conver tible security per forms like that of a regular debt","page_number":4,"box":{"x":291,"y":374,"width":593,"height":12}},{"id":"e034e70d-f3ff-4dae-8cd9-9ce21f479285","block_type":"box","text":"security; that is, if market interest rates rise, the value of a conver tible security usually falls. In addition, conver tible","page_number":4,"box":{"x":81,"y":389,"width":853,"height":12}},{"id":"0f0927e1-22db-447c-a28e-e02c6ede95af","block_type":"box","text":"securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and","page_number":4,"box":{"x":81,"y":404,"width":855,"height":11}},{"id":"4d8093f4-2b1c-42b2-bc0f-375c84d1c428","block_type":"box","text":"their market value may change based on changes in the issuer’s credit rating or the market’s perception of the","page_number":4,"box":{"x":80,"y":419,"width":816,"height":11}},{"id":"d3605579-a528-438e-94be-3bbea0474ba6","block_type":"box","text":"issuer’s creditwor thiness. Since it derives a por tion of its value from the common stock into which it may be","page_number":4,"box":{"x":82,"y":434,"width":796,"height":11}},{"id":"42952789-2382-4238-957f-8062675f9a7d","block_type":"box","text":"conver ted, a conver tible security is also subject to the same types of market and issuer risks that apply to the","page_number":4,"box":{"x":81,"y":448,"width":812,"height":12}},{"id":"acca7359-7b2d-48fe-8fa5-5c85584e2acf","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the conver tible security.","page_number":4,"box":{"x":82,"y":463,"width":809,"height":12}},{"id":"efb09e3f-8ee9-414f-8ead-8fc7b7f26134","block_type":"box","text":"Corporate Loans Risk","page_number":4,"box":{"x":81,"y":483,"width":162,"height":12}},{"id":"2b9fc8ef-d346-4832-907e-acf89e118ce9","block_type":"box","text":"— Commercial banks and other financial institutions or institutional investors make corporate","page_number":4,"box":{"x":247,"y":483,"width":689,"height":12}},{"id":"54425813-d3f6-4f64-a89e-e13287a2e82a","block_type":"box","text":"loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at","page_number":4,"box":{"x":82,"y":498,"width":845,"height":12}},{"id":"746fddd7-994f-404f-94f0-c09a305d32d8","block_type":"box","text":"rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate","page_number":4,"box":{"x":82,"y":513,"width":827,"height":12}},{"id":"2407fe63-59a7-4aca-97b3-73d01fbda2ea","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":4,"box":{"x":81,"y":528,"width":821,"height":11}},{"id":"d7016e7b-5cb3-49a9-8f4b-1592c5ce694b","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":4,"box":{"x":81,"y":543,"width":840,"height":11}},{"id":"ffbd7de5-48a0-4dd2-a69a-0eb23afcab25","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":4,"box":{"x":81,"y":557,"width":826,"height":12}},{"id":"860d7e69-a256-4790-9bcc-b755eded823a","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":4,"box":{"x":80,"y":572,"width":846,"height":12}},{"id":"f32139b3-80c6-4c60-8339-e4ab66afb714","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":4,"box":{"x":82,"y":587,"width":847,"height":12}},{"id":"26e30147-316c-4a51-8ad2-e491b0de8b26","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":4,"box":{"x":80,"y":602,"width":830,"height":11}},{"id":"4f42b7f9-b71f-4c06-a652-f363e11e00cd","block_type":"box","text":"cash, sell investments or temporarily borrow from banks and other lenders.","page_number":4,"box":{"x":81,"y":617,"width":552,"height":11}},{"id":"c87dd080-73b9-4b25-afd2-e1cd8a768b92","block_type":"box","text":"Debt Securities Risk","page_number":4,"box":{"x":81,"y":637,"width":155,"height":9}},{"id":"5ff71d41-d304-44de-8430-bcef112f177f","block_type":"box","text":"— Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk,","page_number":4,"box":{"x":240,"y":637,"width":633,"height":10}},{"id":"500249a6-48e3-4136-bed0-b0318fdc9acb","block_type":"box","text":"extension risk, and prepayment risk, each of which are described in fur ther detail below:","page_number":4,"box":{"x":81,"y":652,"width":648,"height":11}},{"id":"29f71d9b-6e9c-4da9-9843-4e430bdc6703","block_type":"box","text":"Credit Risk","page_number":4,"box":{"x":82,"y":672,"width":80,"height":9}},{"id":"24478a55-ce90-4eee-9c51-8e863ef8f6b6","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":4,"box":{"x":166,"y":671,"width":737,"height":12}},{"id":"04d6af0b-d9f2-46e5-969e-27a48e5c2082","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":4,"box":{"x":81,"y":686,"width":816,"height":12}},{"id":"dcc43b57-e98e-48b4-b89d-491e9b0da9a6","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":4,"box":{"x":82,"y":701,"width":826,"height":12}},{"id":"8b96b004-5c6f-4699-b68f-f019f094d7dc","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":4,"box":{"x":81,"y":716,"width":777,"height":12}},{"id":"c65fa57c-4fc5-4f6d-882c-4155a58652e0","block_type":"box","text":"Interest Rate Risk","page_number":4,"box":{"x":82,"y":736,"width":132,"height":9}},{"id":"0ac42b6b-36e6-409b-842e-a03da9c4f356","block_type":"box","text":"— The market value of bonds and other fixed-income securities changes in response to interest","page_number":4,"box":{"x":218,"y":736,"width":704,"height":12}},{"id":"f172e39e-00b5-4d41-9909-1f0e96777e64","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":4,"box":{"x":82,"y":751,"width":835,"height":11}},{"id":"cd4dd645-0a83-4dba-af7a-8270b8de1b31","block_type":"box","text":"will increase as interest rates fall and decrease as interest rates rise.","page_number":4,"box":{"x":80,"y":766,"width":513,"height":9}},{"id":"2b0c6789-074d-463e-af29-8370dde5d316","block_type":"box","text":"The Fund may be subject to a greater risk of rising interest rates during a period of low interest rates. For example,","page_number":4,"box":{"x":81,"y":786,"width":843,"height":11}},{"id":"26f7fb47-5168-4d09-8b30-207aca0c8cb7","block_type":"box","text":"if interest rates increase by 1%, assuming a current por tfolio duration of ten years, and all other factors being","page_number":4,"box":{"x":82,"y":800,"width":806,"height":12}},{"id":"c40899ee-10ca-44e9-aee6-820da49b08e4","block_type":"box","text":"equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of the","page_number":4,"box":{"x":81,"y":815,"width":831,"height":12}},{"id":"c57b8c59-950a-4723-8706-f78a28858ae4","block_type":"box","text":"price sensitivity of a debt security or por tfolio of debt securities to relative changes in interest rates.) The magnitude","page_number":4,"box":{"x":82,"y":830,"width":854,"height":12}},{"id":"8b8e7708-25b3-4096-b1d4-8a791eb8f38d","block_type":"box","text":"of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those","page_number":4,"box":{"x":81,"y":845,"width":827,"height":11}},{"id":"97cb7390-9291-45f8-8e6d-3a38b366f418","block_type":"box","text":"securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest","page_number":4,"box":{"x":81,"y":860,"width":840,"height":11}},{"id":"8e1c08ed-c8b6-476a-9d99-6b6a6d45f5b0","block_type":"box","text":"income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The","page_number":4,"box":{"x":82,"y":875,"width":851,"height":11}},{"id":"b6081432-290a-4dc0-b39a-b66c881ac377","block_type":"box","text":"Fund may lose money if shor t-term or long-term interest rates rise sharply in a manner not anticipated by Fund","page_number":4,"box":{"x":82,"y":889,"width":808,"height":12}},{"id":"8043a551-9b53-4e42-979a-772f0cfd486b","block_type":"box","text":"management.","page_number":4,"box":{"x":82,"y":905,"width":98,"height":11}},{"id":"6e1ee48c-f282-4687-8bf1-49d1a0e64766","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"9a93d589-8900-4ad7-bd4e-97035d87e4d1","block_type":"box","text":"NM1026U-5988124-4/12","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"0f8c47ee-f90d-4dcd-852b-93589622ccb7","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":5,"box":{"x":81,"y":42,"width":852,"height":11}},{"id":"ca62b48a-a25a-4f8c-9e0d-07de452a802a","block_type":"box","text":"backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of","page_number":5,"box":{"x":81,"y":57,"width":840,"height":11}},{"id":"48296732-1c27-414e-9691-6723af572337","block_type":"box","text":"the Fund) when interest rates rise. Moreover, because rates on cer tain floating rate debt securities typically reset","page_number":5,"box":{"x":80,"y":71,"width":834,"height":12}},{"id":"1a4dc199-781e-4cdb-aecf-7894b657e0a7","block_type":"box","text":"only periodically, changes in prevailing interest rates (and par ticularly sudden and significant changes) can be","page_number":5,"box":{"x":81,"y":86,"width":803,"height":12}},{"id":"2be4c16d-840f-4360-ab8e-ef16e225cdd5","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":5,"box":{"x":81,"y":101,"width":839,"height":12}},{"id":"c065967f-4bdf-4319-a452-13b31d525a54","block_type":"box","text":"debt securities.","page_number":5,"box":{"x":81,"y":116,"width":112,"height":9}},{"id":"6c20fa63-e31f-481b-ab1d-ca9bb8fe0ff2","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":5,"box":{"x":81,"y":136,"width":839,"height":11}},{"id":"84bae883-eeeb-440e-9750-5cb547202ba7","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":5,"box":{"x":81,"y":151,"width":839,"height":11}},{"id":"0f12866d-83b8-4b09-95b5-fb1ed2e0849e","block_type":"box","text":"its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in","page_number":5,"box":{"x":82,"y":166,"width":831,"height":11}},{"id":"a65eb43a-db8a-46ca-9f24-40035444bf8e","block_type":"box","text":"value when interest rates change.","page_number":5,"box":{"x":80,"y":181,"width":248,"height":11}},{"id":"c4e7fff9-d2d5-41ec-af83-7918d017c7a5","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":5,"box":{"x":81,"y":200,"width":855,"height":12}},{"id":"d75a7e11-e672-4fb6-abc6-2c29a607a1e6","block_type":"box","text":"scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy","page_number":5,"box":{"x":81,"y":215,"width":801,"height":12}},{"id":"301b178b-897a-4b1d-8e1e-a9f3d9e73db4","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":5,"box":{"x":82,"y":230,"width":827,"height":11}},{"id":"fbeea53c-73f9-40dd-b5ff-a6f6ad6ec229","block_type":"box","text":"hur t the Fund’s per formance.","page_number":5,"box":{"x":82,"y":245,"width":214,"height":11}},{"id":"a919b879-8208-425a-a5fa-3c727533682e","block_type":"box","text":"Extension Risk","page_number":5,"box":{"x":82,"y":265,"width":107,"height":9}},{"id":"cffe7595-d3d2-4b48-bd18-a136fc4c9395","block_type":"box","text":"— When interest rates rise, cer tain obligations will be paid off by the obligor more slowly than","page_number":5,"box":{"x":193,"y":265,"width":691,"height":11}},{"id":"d81ace1f-93a0-4771-afa9-69c0e92a71da","block_type":"box","text":"anticipated, causing the value of these obligations to fall.","page_number":5,"box":{"x":81,"y":280,"width":420,"height":11}},{"id":"e73aa2be-b56f-4eb4-b121-7f3dbc5e8228","block_type":"box","text":"Prepayment Risk","page_number":5,"box":{"x":81,"y":300,"width":124,"height":11}},{"id":"e7bd5f5e-0486-4bf6-ad3b-d93d50150ac1","block_type":"box","text":"— When interest rates fall, cer tain obligations will be paid off by the obligor more quickly than","page_number":5,"box":{"x":209,"y":300,"width":691,"height":11}},{"id":"ad16e907-08c1-4ecd-a06b-1c999495680b","block_type":"box","text":"originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.","page_number":5,"box":{"x":81,"y":315,"width":724,"height":11}},{"id":"d8a654ef-6c8f-4199-85a4-b9776821cfb6","block_type":"box","text":"Derivatives Risk","page_number":5,"box":{"x":81,"y":335,"width":123,"height":9}},{"id":"da0469f6-055b-43f3-8835-cd89639b7969","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":5,"box":{"x":207,"y":334,"width":664,"height":12}},{"id":"c2e4ab34-df70-4a9d-b745-41302359c74f","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":5,"box":{"x":82,"y":349,"width":469,"height":12}},{"id":"ce67a857-c835-4564-bcc0-45ceeafd9648","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":82,"y":369,"width":102,"height":12}},{"id":"56532a64-be1b-40bb-874b-1e4617bcbaed","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":5,"box":{"x":188,"y":369,"width":723,"height":12}},{"id":"ee5f8b06-78a6-44c9-acc0-f6b4344318e6","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":5,"box":{"x":82,"y":384,"width":832,"height":12}},{"id":"5969bfc3-2023-4e98-9030-868781762b06","block_type":"box","text":"exceed the amount originally invested.","page_number":5,"box":{"x":81,"y":399,"width":280,"height":11}},{"id":"9811870b-7b45-47a2-8059-8adf43f040e2","block_type":"box","text":"Market Risk","page_number":5,"box":{"x":82,"y":419,"width":87,"height":9}},{"id":"a62b5f2d-3d32-4e74-a76c-9dd09a214df2","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":5,"box":{"x":173,"y":419,"width":728,"height":11}},{"id":"cfba87bd-a588-4c88-a0bc-28214d968501","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":5,"box":{"x":81,"y":434,"width":834,"height":11}},{"id":"9887d9d7-481e-4a94-b059-201249063bad","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":5,"box":{"x":82,"y":449,"width":832,"height":11}},{"id":"0e295b97-d1c1-4899-a72e-a5b69d06ecea","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":5,"box":{"x":80,"y":463,"width":779,"height":12}},{"id":"7263f550-b6e8-4651-8e83-d963665661ac","block_type":"box","text":"derivatives positions to lose value.","page_number":5,"box":{"x":81,"y":478,"width":253,"height":11}},{"id":"cb38b750-8f67-43e0-883a-83b95faae520","block_type":"box","text":"Counterpar ty Risk","page_number":5,"box":{"x":82,"y":498,"width":131,"height":12}},{"id":"a51fbc4a-948c-4772-9668-cf865f495fe9","block_type":"box","text":"— Derivatives are also subject to counterpar ty risk, which is the risk that the other par ty in the","page_number":5,"box":{"x":217,"y":498,"width":697,"height":12}},{"id":"2766d18f-f85b-4fa2-93c6-325fba51ae21","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":5,"box":{"x":80,"y":513,"width":855,"height":12}},{"id":"533ed66a-5e3e-495e-a850-8677e2cc8c39","block_type":"box","text":"exposure to such a counterpar ty.","page_number":5,"box":{"x":81,"y":528,"width":240,"height":11}},{"id":"421a4210-1f24-470a-be40-0a5af3970e01","block_type":"box","text":"Illiquidity Risk","page_number":5,"box":{"x":82,"y":548,"width":100,"height":11}},{"id":"b13d976e-9e1f-4af1-9e05-b7da56bc1b82","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":5,"box":{"x":186,"y":548,"width":750,"height":11}},{"id":"3242665e-7c53-4026-bdb6-a2436b277f54","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":5,"box":{"x":80,"y":563,"width":839,"height":11}},{"id":"5b3f38a2-4abc-4acc-a331-96d63e541929","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":5,"box":{"x":81,"y":577,"width":293,"height":12}},{"id":"7dbd4026-d487-4b4c-8923-a6d7ecbe902a","block_type":"box","text":"Operational Risk","page_number":5,"box":{"x":82,"y":598,"width":120,"height":11}},{"id":"6d1af426-233e-482e-a65e-32df9b2d84cf","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":5,"box":{"x":206,"y":597,"width":727,"height":12}},{"id":"584aaf57-57af-4f4b-85b6-643ed0f71b5f","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":5,"box":{"x":82,"y":612,"width":607,"height":12}},{"id":"b13a9330-8609-4191-aaa1-de032003298b","block_type":"box","text":"Legal Risk","page_number":5,"box":{"x":82,"y":632,"width":75,"height":12}},{"id":"3d2d2bef-5044-4982-ad45-1e3637ae3c14","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality or","page_number":5,"box":{"x":161,"y":632,"width":761,"height":12}},{"id":"75534bdf-2f0e-4756-8328-7e4f2eff339a","block_type":"box","text":"enforceability of a contract.","page_number":5,"box":{"x":81,"y":647,"width":198,"height":11}},{"id":"419b5432-8163-4273-83a0-f1a91aca30e4","block_type":"box","text":"Volatility and Correlation Risk","page_number":5,"box":{"x":83,"y":667,"width":214,"height":11}},{"id":"e4c89c8f-8e33-43a1-83f6-f5a3baa84a7a","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":5,"box":{"x":300,"y":667,"width":590,"height":11}},{"id":"0aab752c-8638-4ec6-8335-f901cad5be64","block_type":"box","text":"fluctuate significantly in price within a shor t time period. A risk of the Fund’s use of derivatives is that the","page_number":5,"box":{"x":81,"y":682,"width":775,"height":11}},{"id":"d100a4fa-eca3-4fcb-8ca8-2d4a6ac0f413","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":5,"box":{"x":81,"y":697,"width":589,"height":11}},{"id":"c53a8151-f6a4-4069-b450-45e50e2a57eb","block_type":"box","text":"Valuation Risk","page_number":5,"box":{"x":83,"y":717,"width":102,"height":9}},{"id":"883a5fae-b396-446f-8c1a-c8bca7740c7e","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":5,"box":{"x":189,"y":717,"width":747,"height":11}},{"id":"b3f9b993-a6b6-42e8-b52b-e720e3b4a43b","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":5,"box":{"x":82,"y":731,"width":783,"height":12}},{"id":"13e168f3-583b-4bee-a74c-c022afa9ff9f","block_type":"box","text":"instruments or quote prices for them.","page_number":5,"box":{"x":82,"y":746,"width":273,"height":12}},{"id":"9260b663-816e-4d47-a0f5-145858076faa","block_type":"box","text":"Hedging Risk","page_number":5,"box":{"x":82,"y":767,"width":95,"height":11}},{"id":"fd938268-4aad-4310-a4b3-a7518b995e80","block_type":"box","text":"— Hedges are sometimes subject to imper fect matching between the derivative and the underlying","page_number":5,"box":{"x":181,"y":766,"width":728,"height":12}},{"id":"2b583f4b-7d9c-49ae-9d31-f288f4085f37","block_type":"box","text":"security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging","page_number":5,"box":{"x":81,"y":781,"width":839,"height":12}},{"id":"36a20d15-7561-4721-9e8c-e76177cf7252","block_type":"box","text":"may result in cer tain adverse tax consequences.","page_number":5,"box":{"x":82,"y":796,"width":354,"height":11}},{"id":"07cb8e72-2d16-491f-9066-575fd741fbc6","block_type":"box","text":"Tax Risk","page_number":5,"box":{"x":83,"y":816,"width":59,"height":9}},{"id":"685b85e5-28f6-46fc-9fc1-1bde4d897b70","block_type":"box","text":"— Cer tain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":5,"box":{"x":145,"y":816,"width":719,"height":11}},{"id":"61777adb-795c-4ef3-b8f8-c017d6e02eef","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":5,"box":{"x":81,"y":831,"width":801,"height":11}},{"id":"64b1095b-eec2-4139-9824-53cc09a00668","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":5,"box":{"x":82,"y":846,"width":802,"height":11}},{"id":"1f9dbe18-18c1-4b5f-8559-376aa852ef5b","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":5,"box":{"x":82,"y":860,"width":830,"height":12}},{"id":"fb5b8a43-38b3-43ff-92bc-6d6df870fbf4","block_type":"box","text":"realizes from its investments.","page_number":5,"box":{"x":82,"y":875,"width":215,"height":9}},{"id":"02088807-f92a-42a1-ab0f-630464484c2e","block_type":"box","text":"Emerging Markets Risk","page_number":5,"box":{"x":81,"y":895,"width":178,"height":12}},{"id":"c6e19e0b-7a24-48ff-969c-f597de794423","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":5,"box":{"x":263,"y":895,"width":617,"height":12}},{"id":"0be53a03-1d47-4a77-ab76-33759a687959","block_type":"box","text":"develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative.","page_number":5,"box":{"x":81,"y":910,"width":825,"height":12}},{"id":"065ef136-4e92-4630-997e-392abd957af7","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":947,"width":9,"height":9}},{"id":"7518466f-2ffd-417f-af72-380d9b39c1e5","block_type":"box","text":"NM1026U-5988124-5/12","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"334336f4-f075-49b8-9239-b3dfa2abb16d","block_type":"box","text":"Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":6,"box":{"x":82,"y":42,"width":822,"height":11}},{"id":"3830da7e-eecb-48dd-9f2d-40e5062f1c6d","block_type":"box","text":"returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less","page_number":6,"box":{"x":82,"y":57,"width":816,"height":11}},{"id":"bc3da321-8f5a-489d-b781-22d1ca0f402b","block_type":"box","text":"liquidity than developed markets.","page_number":6,"box":{"x":82,"y":72,"width":240,"height":11}},{"id":"eb91a6bc-2fa0-4af9-a587-de65bdbd4f65","block_type":"box","text":"Focus Risk","page_number":6,"box":{"x":81,"y":92,"width":84,"height":9}},{"id":"3581c540-0b09-41d6-b22a-51a1dad8ddf7","block_type":"box","text":"— Under normal circumstances, the Fund focuses its investments in the securities of a limited number","page_number":6,"box":{"x":168,"y":91,"width":760,"height":11}},{"id":"21f15bbd-6923-475f-949c-1433517fa9e1","block_type":"box","text":"of issuers. This may subject the Fund to greater issuer-specific risk and potential losses than a fund that invests in","page_number":6,"box":{"x":81,"y":106,"width":845,"height":12}},{"id":"4a4742d8-fa34-462e-a065-61f06f2c3564","block_type":"box","text":"the securities of a greater number of issuers.","page_number":6,"box":{"x":80,"y":121,"width":333,"height":12}},{"id":"d65f644e-dcce-4af8-90d4-4b2cd19ac8d1","block_type":"box","text":"High Yield Bonds Risk","page_number":6,"box":{"x":81,"y":141,"width":167,"height":11}},{"id":"6bfd7f0b-f77b-4eee-afc6-01f6e1f3bb55","block_type":"box","text":"— Although junk bonds generally pay higher rates of interest than investment grade bonds,","page_number":6,"box":{"x":252,"y":141,"width":667,"height":12}},{"id":"53f05e9c-f34b-4920-a743-57312386c289","block_type":"box","text":"junk bonds are high risk investments that are considered speculative and may cause income and principal losses","page_number":6,"box":{"x":79,"y":156,"width":835,"height":11}},{"id":"b4731ba0-33df-4d54-963c-50918f4891f9","block_type":"box","text":"for the Fund.","page_number":6,"box":{"x":81,"y":171,"width":91,"height":9}},{"id":"cf4f70a9-5f3c-4797-a770-c361d9acdb0c","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":6,"box":{"x":81,"y":191,"width":271,"height":9}},{"id":"599fb708-2a55-40e6-9e20-e2b6b60d1ad5","block_type":"box","text":"— Indexed and inverse securities provide a potential return based on a","page_number":6,"box":{"x":356,"y":191,"width":522,"height":11}},{"id":"31997ed4-e760-47f6-9220-128b0cbb436f","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":6,"box":{"x":82,"y":205,"width":839,"height":12}},{"id":"fb4abe46-93f4-4cea-9851-d848d3021f4d","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":6,"box":{"x":80,"y":220,"width":799,"height":12}},{"id":"7881b98e-7068-491c-bfe4-53796285776e","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":6,"box":{"x":82,"y":235,"width":796,"height":12}},{"id":"b81bb41a-660e-450e-8956-435bb802258e","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":6,"box":{"x":81,"y":250,"width":855,"height":12}},{"id":"d0e0ef4f-6cef-43a8-b8bf-d09d87c825c1","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":6,"box":{"x":82,"y":265,"width":441,"height":11}},{"id":"936020f6-0e53-48c7-a899-c7ae99577991","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":6,"box":{"x":81,"y":285,"width":276,"height":11}},{"id":"f1526046-e0d1-47e2-8428-d9285930f7f6","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":6,"box":{"x":361,"y":285,"width":573,"height":11}},{"id":"e39a7223-1c9b-4e83-8f76-6b38a7d42465","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":6,"box":{"x":81,"y":300,"width":848,"height":11}},{"id":"46a871a1-0d2c-438e-b291-ff12221f5817","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":6,"box":{"x":81,"y":315,"width":839,"height":11}},{"id":"ba2d612b-03d7-4b69-9bca-7b04fe55d520","block_type":"box","text":"per formance of large-capitalization companies could trail the overall per formance of the broader securities markets.","page_number":6,"box":{"x":82,"y":329,"width":851,"height":12}},{"id":"25c272a6-0007-4eb9-91e2-09630b4615c3","block_type":"box","text":"Leverage Risk","page_number":6,"box":{"x":81,"y":349,"width":107,"height":12}},{"id":"763d6e03-340d-41b9-9bb9-4b192a116c2d","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":6,"box":{"x":192,"y":349,"width":741,"height":12}},{"id":"6532f48f-a347-4379-885b-b8e431a13ec4","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may","page_number":6,"box":{"x":81,"y":364,"width":853,"height":12}},{"id":"fac7f8aa-08ff-4657-839a-73aee3a95e9f","block_type":"box","text":"cause the Fund to liquidate por tfolio positions when it may not be advantageous to do so to satisfy its obligations or","page_number":6,"box":{"x":81,"y":379,"width":856,"height":11}},{"id":"f11964fa-a76e-4f62-b69d-4374f641aad7","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended, and the rules","page_number":6,"box":{"x":80,"y":394,"width":775,"height":11}},{"id":"66d8177f-5637-49cd-861e-630583881684","block_type":"box","text":"thereunder. Increases and decreases in the value of the Fund’s por tfolio will be magnified when the Fund uses","page_number":6,"box":{"x":80,"y":409,"width":814,"height":11}},{"id":"0a550c3f-244f-487f-ac97-7f3b7a614e4a","block_type":"box","text":"leverage.","page_number":6,"box":{"x":82,"y":424,"width":63,"height":11}},{"id":"c033ffa8-d232-45f2-81de-37d80f4f4baa","block_type":"box","text":"Market Risk and Selection Risk","page_number":6,"box":{"x":81,"y":443,"width":240,"height":10}},{"id":"b2dd8fa7-e6cc-4586-80ae-fb6469cd8621","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":6,"box":{"x":324,"y":444,"width":593,"height":9}},{"id":"0130288c-91e4-4e3c-9d4f-77f37735340c","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could","page_number":6,"box":{"x":81,"y":458,"width":851,"height":12}},{"id":"a9847b83-68b9-4e31-b48b-9f13a9bd1c5b","block_type":"box","text":"lose money over shor t periods due to fluctuation in the Fund’s net asset value in response to shor t-term market","page_number":6,"box":{"x":82,"y":473,"width":824,"height":11}},{"id":"f9221611-c088-4667-b9e1-5e323faf1eaa","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":6,"box":{"x":82,"y":488,"width":851,"height":11}},{"id":"d718f500-9c9f-47e4-bf78-19b8da97cbcf","block_type":"box","text":"underper form the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":6,"box":{"x":82,"y":503,"width":802,"height":11}},{"id":"8ec511cf-21a9-4c98-b2c8-b62516789ad7","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to per form as intended. The value of","page_number":6,"box":{"x":81,"y":517,"width":849,"height":12}},{"id":"aae101f7-7a4d-486d-8080-6a01f494f91b","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":6,"box":{"x":81,"y":533,"width":843,"height":11}},{"id":"04e4ae93-caa7-4449-ab75-7794f5967592","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a par ticular issuer or","page_number":6,"box":{"x":81,"y":547,"width":830,"height":12}},{"id":"c287dd83-163c-4518-94b7-438e3badae6f","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":6,"box":{"x":82,"y":562,"width":840,"height":12}},{"id":"e539e079-a987-4df7-b546-422ea3caa3be","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":6,"box":{"x":81,"y":577,"width":789,"height":11}},{"id":"0fed328a-68f4-4c6b-ad73-3f1d500bfc9f","block_type":"box","text":"economic uncer tainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":6,"box":{"x":81,"y":592,"width":823,"height":11}},{"id":"414007e7-acce-44fc-9ea1-988289979641","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":6,"box":{"x":81,"y":606,"width":784,"height":12}},{"id":"b2bd93e4-b251-4533-8fbe-6e4bb22fcc50","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":6,"box":{"x":81,"y":621,"width":844,"height":11}},{"id":"a382a55c-dd3e-41f7-86a5-46115070fb7b","block_type":"box","text":"Recent policy initiatives under taken by the U.S. government have the potential to impact international relations,","page_number":6,"box":{"x":82,"y":641,"width":818,"height":12}},{"id":"588d2073-b573-461e-a6d7-964bae498b47","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncer tainty and instability in","page_number":6,"box":{"x":80,"y":656,"width":819,"height":12}},{"id":"3c5ab266-5660-451d-bdfa-7d54d3d98dee","block_type":"box","text":"domestic and global markets, and could adversely affect the investment per formance of the Fund. In par ticular,","page_number":6,"box":{"x":81,"y":671,"width":819,"height":11}},{"id":"af789fa6-0f0b-4f95-b9b7-603133b59e13","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":6,"box":{"x":81,"y":686,"width":846,"height":11}},{"id":"7749a7a8-98a1-4876-8d3e-5b02ef750fe2","block_type":"box","text":"costs for impor ted goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":6,"box":{"x":81,"y":701,"width":848,"height":11}},{"id":"afdcb9e9-b721-409d-8e43-143600f2cad4","block_type":"box","text":"the Fund invests.","page_number":6,"box":{"x":80,"y":716,"width":125,"height":9}},{"id":"2e2a24d5-5645-498c-863a-750969d1b3b7","block_type":"box","text":"Mortgage- and Asset-Backed Securities Risks","page_number":6,"box":{"x":81,"y":735,"width":346,"height":12}},{"id":"2f2667b4-370c-4a1f-9013-1a45faf8411a","block_type":"box","text":"— Mor tgage- and asset-backed securities represent interests in","page_number":6,"box":{"x":432,"y":736,"width":469,"height":11}},{"id":"2b8b0d17-34ea-485c-9227-bec30976f894","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":6,"box":{"x":82,"y":750,"width":839,"height":12}},{"id":"1135b6f1-38d8-4469-9e2e-098067b18a4a","block_type":"box","text":"backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are","page_number":6,"box":{"x":81,"y":765,"width":822,"height":11}},{"id":"cb7602ab-deae-47bd-b59a-bbc43c228c0c","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":6,"box":{"x":81,"y":780,"width":821,"height":11}},{"id":"358f4f6e-1083-481c-9eb0-521a7b180fad","block_type":"box","text":"Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of","page_number":6,"box":{"x":81,"y":795,"width":851,"height":11}},{"id":"407c343f-80ab-479d-80f0-c683438da338","block_type":"box","text":"cer tain mor tgage-backed securities.","page_number":6,"box":{"x":81,"y":810,"width":263,"height":11}},{"id":"94800489-48c5-4cf7-a882-7d0f42c9dfb6","block_type":"box","text":"“New Issues” Risk","page_number":6,"box":{"x":83,"y":830,"width":139,"height":9}},{"id":"e2d6557a-9202-4ec9-a814-7b8a79df44b6","block_type":"box","text":"—","page_number":6,"box":{"x":227,"y":835,"width":17,"height":1}},{"id":"53e772f1-707f-425c-bc35-4611205ee800","block_type":"box","text":"“New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history,","page_number":6,"box":{"x":249,"y":829,"width":681,"height":12}},{"id":"b63518c4-0970-4a14-b4d6-f715f217a035","block_type":"box","text":"and information about the companies may be available for very limited periods. In addition, the prices of securities","page_number":6,"box":{"x":81,"y":844,"width":843,"height":12}},{"id":"ac46028d-2b85-417f-8fc0-18a6b5437ed1","block_type":"box","text":"sold in IPOs may be highly volatile or may decline shor tly after the IPO.","page_number":6,"box":{"x":81,"y":859,"width":517,"height":12}},{"id":"7cc8db62-b1cd-4dc3-98fb-5f47b0693e9c","block_type":"box","text":"Operational and Technology Risks","page_number":6,"box":{"x":82,"y":879,"width":254,"height":11}},{"id":"0ec8b79e-5329-4a45-8466-f1df4d0bc4dd","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":6,"box":{"x":340,"y":879,"width":578,"height":12}},{"id":"700869b8-00c3-4b70-a115-53a202fcb852","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":6,"box":{"x":82,"y":894,"width":779,"height":11}},{"id":"0f7885b6-8c4e-498a-bae0-f7cb4b8de690","block_type":"box","text":"cybersecurity incidents, and the use of ar tificial intelligence and machine learning (“AI”), which may result in losses","page_number":6,"box":{"x":81,"y":909,"width":848,"height":11}},{"id":"155fe7a8-5786-416a-b5f7-73bfe7e2c22e","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"706cd687-24f5-413d-b836-2138e2c5ef7b","block_type":"box","text":"NM1026U-5988124-6/12","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"1001444e-14c6-409e-897e-ca569d6bd940","block_type":"box","text":"for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are","page_number":7,"box":{"x":81,"y":42,"width":806,"height":11}},{"id":"3a1c4b46-0d63-4826-bea7-c5ccd3b172e0","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":7,"box":{"x":82,"y":57,"width":807,"height":11}},{"id":"b047460c-7ad5-44d9-8154-90c97042df68","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":7,"box":{"x":82,"y":71,"width":846,"height":12}},{"id":"e282eeb5-9c2e-430e-9727-1ef0c4e33cf9","block_type":"box","text":"for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and","page_number":7,"box":{"x":81,"y":86,"width":836,"height":11}},{"id":"2c9cf7c2-4f66-4510-8d79-39a7458d7fea","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":7,"box":{"x":82,"y":101,"width":474,"height":12}},{"id":"b1c30f8d-c1c8-4aa1-876c-c0d9e12e68c4","block_type":"box","text":"Preferred Securities Risk","page_number":7,"box":{"x":81,"y":121,"width":189,"height":9}},{"id":"07cd3178-370b-4e91-a76b-130da716c062","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":7,"box":{"x":274,"y":121,"width":636,"height":11}},{"id":"0c0b86d7-b13c-43d7-863b-fe1bd5d812c8","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":7,"box":{"x":81,"y":136,"width":824,"height":11}},{"id":"b3edf2a5-b88e-4914-9cf1-8ef956569f24","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":7,"box":{"x":82,"y":151,"width":806,"height":11}},{"id":"d744d81d-f05c-4233-b359-18fecc2ea07b","block_type":"box","text":"bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds","page_number":7,"box":{"x":81,"y":166,"width":842,"height":11}},{"id":"9f8c351d-65fb-427b-9c48-722355f65109","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":7,"box":{"x":81,"y":180,"width":781,"height":12}},{"id":"0409e20b-0237-4aa0-83a7-bf4983c5c263","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":7,"box":{"x":81,"y":195,"width":812,"height":12}},{"id":"5c1c4671-c2f6-49a3-8afd-44d735dc07aa","block_type":"box","text":"larger companies.","page_number":7,"box":{"x":82,"y":210,"width":129,"height":12}},{"id":"f5b30726-c86d-4607-ba0c-fd39a6359707","block_type":"box","text":"Risk of Investing in the United States","page_number":7,"box":{"x":81,"y":230,"width":283,"height":11}},{"id":"a4a7a97f-ee41-4583-a11f-9aa05a516b61","block_type":"box","text":"—","page_number":7,"box":{"x":369,"y":235,"width":17,"height":1}},{"id":"72ead2ef-327a-4388-a8d8-e99b1472c5b1","block_type":"box","text":"Cer tain changes in the U.S. economy, such as when the U.S. economy","page_number":7,"box":{"x":391,"y":230,"width":518,"height":12}},{"id":"aa72fc3c-ec92-4c1e-8bbe-52405ecb66c5","block_type":"box","text":"weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has","page_number":7,"box":{"x":80,"y":245,"width":847,"height":11}},{"id":"8fc58020-6610-4feb-96df-be3b35f8306d","block_type":"box","text":"exposure.","page_number":7,"box":{"x":81,"y":262,"width":70,"height":9}},{"id":"94e60be0-6de4-4674-8d78-01be2778416f","block_type":"box","text":"Small and Mid-Capitalization Company Risk","page_number":7,"box":{"x":81,"y":280,"width":327,"height":11}},{"id":"ff14ebe8-17a5-42be-ba77-dcb351522637","block_type":"box","text":"— Companies with small or mid-size market capitalizations will","page_number":7,"box":{"x":412,"y":280,"width":461,"height":11}},{"id":"7d45e204-fe35-4727-8a96-bd1f358a38bc","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more","page_number":7,"box":{"x":82,"y":294,"width":808,"height":12}},{"id":"c08e0897-021b-4910-b884-2567a84a69f7","block_type":"box","text":"limited management group than larger capitalized companies. In addition, it is more difficult to get information on","page_number":7,"box":{"x":82,"y":309,"width":833,"height":12}},{"id":"7591eeef-a0c3-4c03-bfbb-de787662af62","block_type":"box","text":"smaller companies, which tend to be less well known, have shor ter operating histories, do not have significant","page_number":7,"box":{"x":81,"y":324,"width":812,"height":12}},{"id":"3a6cd4d8-2164-451c-80e7-3268792da4d6","block_type":"box","text":"ownership by large investors and are followed by relatively few securities analysts.","page_number":7,"box":{"x":81,"y":339,"width":603,"height":11}},{"id":"f6848ada-8dc8-40cb-8488-5c0df4f7c63d","block_type":"box","text":"Supranational Entities Risk","page_number":7,"box":{"x":81,"y":359,"width":205,"height":11}},{"id":"f7075129-7c41-4c53-b0e4-194c257abad8","block_type":"box","text":"— The Fund may invest in obligations issued or guaranteed by the World Bank. The","page_number":7,"box":{"x":290,"y":359,"width":610,"height":11}},{"id":"08502092-a972-4248-abc3-924baff27f32","block_type":"box","text":"government members, or “stockholders,” usually make initial capital contributions to the World Bank and in many","page_number":7,"box":{"x":81,"y":374,"width":834,"height":11}},{"id":"878cd340-a5a8-434b-bd93-285131dd264a","block_type":"box","text":"cases are committed to make additional capital contributions if the World Bank is unable to repay its borrowings.","page_number":7,"box":{"x":81,"y":389,"width":830,"height":11}},{"id":"5d8ef536-baf0-4e57-b2dd-6d3529db1074","block_type":"box","text":"There is no guarantee that one or more stockholders of the World Bank will continue to make any necessary","page_number":7,"box":{"x":81,"y":403,"width":795,"height":12}},{"id":"b96692f7-2479-47d6-a1a0-93b82772ca31","block_type":"box","text":"additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay","page_number":7,"box":{"x":81,"y":418,"width":855,"height":12}},{"id":"327258b8-3caa-4765-a2b5-83fbf5012918","block_type":"box","text":"principal on its debt securities, and the Fund may lose money on such investments.","page_number":7,"box":{"x":82,"y":433,"width":612,"height":11}},{"id":"b5bbe048-6248-4f2e-be30-0ad4e3948c0a","block_type":"box","text":"U.S. Government Issuer Risk","page_number":7,"box":{"x":82,"y":453,"width":215,"height":9}},{"id":"0c25fd2f-a577-4c34-b1e1-1b65d387c8b8","block_type":"box","text":"—","page_number":7,"box":{"x":302,"y":458,"width":17,"height":1}},{"id":"9bfd7832-76e9-41dd-9835-ac493f4c744e","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":7,"box":{"x":323,"y":453,"width":612,"height":12}},{"id":"5b213e52-871f-44d1-b56e-78824743731e","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are suppor ted by varying","page_number":7,"box":{"x":81,"y":468,"width":797,"height":11}},{"id":"6611453a-4fa2-4d56-a8b1-cb2101d9ada0","block_type":"box","text":"degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can","page_number":7,"box":{"x":81,"y":483,"width":850,"height":11}},{"id":"4ea2bcb8-0186-414e-88a8-eaa2ca7addec","block_type":"box","text":"be given that the U.S. Government will provide financial suppor t to its agencies and authorities if it is not obligated","page_number":7,"box":{"x":81,"y":497,"width":843,"height":12}},{"id":"3ba7f7fe-daed-4b23-9e12-51a35f609435","block_type":"box","text":"by law to do so.","page_number":7,"box":{"x":81,"y":513,"width":114,"height":11}},{"id":"e0ac4fbe-c65d-4628-aa5c-d7e7e75a3047","block_type":"box","text":"Performance Information","page_number":7,"box":{"x":61,"y":551,"width":224,"height":11}},{"id":"f8e95707-0d03-4586-9552-85b972708288","block_type":"box","text":"The information shows you how the Fund’s per formance has varied year by year and provides some indication of the","page_number":7,"box":{"x":60,"y":577,"width":855,"height":12}},{"id":"57306061-bc99-4f31-bd84-c9b3b8bd100e","block_type":"box","text":"risks of investing in the Fund. The per formance information for periods prior to June 8, 2016, the commencement of","page_number":7,"box":{"x":61,"y":592,"width":857,"height":12}},{"id":"058bfd38-d0c8-4997-a370-aecea3a6f588","block_type":"box","text":"operations of Class K Shares, shows the per formance of the Fund’s Institutional Shares. The per formance of the","page_number":7,"box":{"x":61,"y":607,"width":833,"height":11}},{"id":"11d3914c-7401-4315-8b66-d89c378f8498","block_type":"box","text":"Fund’s Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional","page_number":7,"box":{"x":62,"y":622,"width":865,"height":11}},{"id":"c742ffe8-7876-4064-9d1b-17158045d99e","block_type":"box","text":"Shares invest in the same por tfolio of securities and per formance would only differ to the extent that Class K Shares","page_number":7,"box":{"x":61,"y":637,"width":862,"height":11}},{"id":"279168ea-d97f-40ff-8128-e5e0f2befb1b","block_type":"box","text":"and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than","page_number":7,"box":{"x":61,"y":652,"width":854,"height":11}},{"id":"f7edbda6-d87a-46c5-871c-2f5efbcaee63","block_type":"box","text":"those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares. The table","page_number":7,"box":{"x":60,"y":666,"width":875,"height":12}},{"id":"e1365236-a7c5-4b1f-a1c7-01365340f9e7","block_type":"box","text":"compares the Fund’s per formance to that of the MSCI All Country World Index (Net). To the extent that dividends and","page_number":7,"box":{"x":61,"y":681,"width":859,"height":12}},{"id":"4b7abafd-c337-463f-85d5-644a18db0d03","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":7,"box":{"x":61,"y":696,"width":848,"height":11}},{"id":"6544054d-a79d-4618-83c3-c193700f2b40","block_type":"box","text":"reinvestment of the dividends and distributions. As with all such investments, past per formance (before and after","page_number":7,"box":{"x":61,"y":711,"width":835,"height":11}},{"id":"55f157a4-4488-46a9-bf50-3b9f2f376aab","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":7,"box":{"x":60,"y":726,"width":854,"height":11}},{"id":"471a1c3f-fe1f-4072-b06c-92dea6ba1ff2","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":7,"box":{"x":61,"y":740,"width":862,"height":12}},{"id":"dec719de-7531-4e2e-925e-0e47f344442b","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":7,"box":{"x":61,"y":755,"width":816,"height":12}},{"id":"e7d74790-dc01-4bf3-9d64-9a143eb37139","block_type":"box","text":"obtained by visiting www.blackrock.com or can be obtained by phone at 800-882-0052.","page_number":7,"box":{"x":61,"y":770,"width":639,"height":12}},{"id":"8fbec15a-31ea-4a8e-b278-777db832c71a","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":947,"width":8,"height":9}},{"id":"12a14bd8-06ee-4a2d-8ffa-9d4736d37bcf","block_type":"box","text":"NM1026U-5988124-7/12","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"f9334d38-a14e-4f51-bade-7a682c6a8f0b","block_type":"box","text":"Class K Shares","page_number":8,"box":{"x":437,"y":42,"width":124,"height":10}},{"id":"48f90bbb-6cad-402e-aeab-470d17a8a5ed","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":8,"box":{"x":392,"y":58,"width":212,"height":10}},{"id":"a28267da-9b59-4662-917f-6b57611a6d98","block_type":"box","text":"BlackRock Global Dividend Portfolio","page_number":8,"box":{"x":350,"y":74,"width":298,"height":11}},{"id":"c274a125-6827-4570-85d7-3c867d731e29","block_type":"box","text":"As of 12/31","page_number":8,"box":{"x":447,"y":91,"width":103,"height":12}},{"id":"86dd6569-a4d8-4cfd-a208-a411ce7ade7b","block_type":"box","text":"6.09%","page_number":8,"box":{"x":295,"y":181,"width":37,"height":7}},{"id":"2690cf0c-f72f-4ca5-967f-4a3bcb21becf","block_type":"box","text":"19.94%","page_number":8,"box":{"x":340,"y":137,"width":44,"height":8}},{"id":"81d2896c-7ebf-4568-9a4a-a66586901012","block_type":"box","text":"-10.41%","page_number":8,"box":{"x":385,"y":247,"width":49,"height":7}},{"id":"4adbeab6-358c-4c2a-bd4f-be2114d96429","block_type":"box","text":"22.88%","page_number":8,"box":{"x":436,"y":128,"width":45,"height":8}},{"id":"9478a3ce-d257-43ac-bce7-7eeb6790c5d6","block_type":"box","text":"6.90%","page_number":8,"box":{"x":488,"y":178,"width":37,"height":7}},{"id":"a110e390-8bf7-467c-aeae-d3f6466a5a02","block_type":"box","text":"17.90%","page_number":8,"box":{"x":532,"y":144,"width":45,"height":7}},{"id":"8ebeba24-4a1d-4601-9296-6805409a7549","block_type":"box","text":"-13.63%","page_number":8,"box":{"x":578,"y":257,"width":49,"height":7}},{"id":"60c6ba53-d6a4-4b03-83f1-c352f58b1012","block_type":"box","text":"16.65%","page_number":8,"box":{"x":629,"y":148,"width":44,"height":7}},{"id":"6bec1708-89f3-42d5-8b92-9889bb342a17","block_type":"box","text":"9.77%","page_number":8,"box":{"x":681,"y":169,"width":36,"height":7}},{"id":"5232575b-fbe2-447f-8e18-d7a70292b032","block_type":"box","text":"19.41%","page_number":8,"box":{"x":725,"y":139,"width":45,"height":7}},{"id":"7ba59a27-97b8-455c-9b02-a34c2810b571","block_type":"box","text":"-20%","page_number":8,"box":{"x":237,"y":269,"width":28,"height":7}},{"id":"40c79c5d-6237-404f-bfeb-78bdb0d9f469","block_type":"box","text":"-10%","page_number":8,"box":{"x":237,"y":238,"width":28,"height":7}},{"id":"23012988-ec9a-49fe-89c1-964f49ea83ef","block_type":"box","text":"0%","page_number":8,"box":{"x":248,"y":207,"width":17,"height":7}},{"id":"81175a46-54c2-4f3c-b151-19c09efca3f7","block_type":"box","text":"10%","page_number":8,"box":{"x":241,"y":176,"width":24,"height":7}},{"id":"87e4dfb4-b642-4810-9fed-223377233f8d","block_type":"box","text":"20%","page_number":8,"box":{"x":240,"y":145,"width":25,"height":7}},{"id":"7c57a5b5-d23b-4091-b949-c4f62e2ca6c9","block_type":"box","text":"30%","page_number":8,"box":{"x":240,"y":114,"width":25,"height":7}},{"id":"5813989e-acff-475a-9f65-14de7914d01c","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":8,"box":{"x":298,"y":279,"width":465,"height":7}},{"id":"8a7e43bf-2832-443e-8eca-2b2c4589cd2b","block_type":"box","text":"During the ten-year period shown in the bar char t, the highest return for a quar ter was 13.35% (quar ter ended","page_number":8,"box":{"x":62,"y":300,"width":806,"height":11}},{"id":"d95e0f1b-c848-4286-86b7-37f4474da6a5","block_type":"box","text":"December 31, 2022) and the lowest return for a quar ter was -20.19% (quar ter ended March 31, 2020). The year-to","page_number":8,"box":{"x":62,"y":314,"width":853,"height":12}},{"id":"31fbd34a-246e-4418-95cf-701d4e610ddc","block_type":"box","text":"date return as of June 30, 2026 was 9.16%.","page_number":8,"box":{"x":61,"y":329,"width":327,"height":11}},{"id":"ee32d054-4aa5-48d8-a7c5-ffc3001e0c3f","block_type":"box","text":"For the periods ended 12/31/25","page_number":8,"box":{"x":70,"y":358,"width":223,"height":10}},{"id":"c7db691c-bc4a-4f1f-86b9-bf18ba88c315","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":8,"box":{"x":69,"y":370,"width":854,"height":10}},{"id":"b8f47abe-e99e-47b9-b660-c63cc202193b","block_type":"box","text":"BlackRock Global Dividend Por tfolio — Class K Shares","page_number":8,"box":{"x":70,"y":388,"width":360,"height":8}},{"id":"7a1d2b80-8c22-43e2-8d82-966499e39276","block_type":"box","text":"Return Before Taxes 19.41% 9.26% 8.83%","page_number":8,"box":{"x":85,"y":400,"width":840,"height":9}},{"id":"fc0b2dfb-b8a7-499f-8c4b-e349070bd330","block_type":"box","text":"Return After Taxes on Distributions 14.14% 6.49% 6.75%","page_number":8,"box":{"x":85,"y":413,"width":840,"height":9}},{"id":"07877faf-f023-438c-8121-ddf6ac541ed2","block_type":"box","text":"Return After Taxes on Distributions","page_number":8,"box":{"x":85,"y":426,"width":228,"height":9}},{"id":"94e73c2b-e589-41ab-aaeb-4bc81b88fc69","block_type":"box","text":"and Sale of Fund Shares 14.64% 6.80% 6.74%","page_number":8,"box":{"x":85,"y":438,"width":840,"height":8}},{"id":"9f150211-cdc8-4e02-b46e-42db851dcbcc","block_type":"box","text":"MSCI All Country World Index (Net)","page_number":8,"box":{"x":70,"y":456,"width":227,"height":10}},{"id":"af70b70d-e3de-4b8f-a5d4-97db056b56bc","block_type":"box","text":"1","page_number":8,"box":{"x":298,"y":456,"width":4,"height":4}},{"id":"13a1c0ec-fb0d-4368-a102-6837c2eb1e93","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes,","page_number":8,"box":{"x":69,"y":469,"width":337,"height":11}},{"id":"dab48807-0459-45c1-a765-aa6966fc1233","block_type":"box","text":"except for withholding taxes on reinvested dividends) 22.34% 11.19% 11.72%","page_number":8,"box":{"x":69,"y":483,"width":856,"height":10}},{"id":"9f04f8b2-51b3-475d-9b22-20f2975707a9","block_type":"box","text":"1","page_number":8,"box":{"x":61,"y":503,"width":3,"height":3}},{"id":"8cfc3b03-2c75-43ca-ab2f-65e3f06400b7","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country","page_number":8,"box":{"x":69,"y":503,"width":819,"height":9}},{"id":"56f8a8ea-2366-4f27-8888-006803fbe9b4","block_type":"box","text":"applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate","page_number":8,"box":{"x":61,"y":513,"width":870,"height":9}},{"id":"c7c9eaff-d88e-4972-9707-225cffc9ba30","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":8,"box":{"x":60,"y":523,"width":862,"height":9}},{"id":"13d66c72-2021-4c12-b9fb-74ee46617d9c","block_type":"box","text":"the case, index per formance will be lower than if the index used the Fund’s applicable withholding tax rates, if any. For additional comparative","page_number":8,"box":{"x":60,"y":533,"width":834,"height":10}},{"id":"7febafee-7979-41de-a3f2-51e7d5029af5","block_type":"box","text":"per formance information for the MSCI All Country World Index, please see the Fund’s Statement of Additional Information.","page_number":8,"box":{"x":61,"y":544,"width":718,"height":9}},{"id":"36a63fc4-336d-4832-a2d5-58915c3438cb","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":8,"box":{"x":60,"y":569,"width":840,"height":12}},{"id":"11bd9210-e4c7-498e-886d-dc725d91f057","block_type":"box","text":"reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may","page_number":8,"box":{"x":61,"y":584,"width":835,"height":11}},{"id":"6bd94dac-6f88-478a-9eb7-66c3fe909772","block_type":"box","text":"differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through","page_number":8,"box":{"x":61,"y":599,"width":851,"height":11}},{"id":"c449da48-2b8c-4fb1-bb25-5ffdb335a38c","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.","page_number":8,"box":{"x":60,"y":613,"width":611,"height":12}},{"id":"c186c3fc-0ce1-48d9-a1d9-4802f9398f56","block_type":"box","text":"Investment Manager","page_number":8,"box":{"x":62,"y":653,"width":187,"height":13}},{"id":"cf3ebf96-1c98-4c1f-afdd-08ea25ec8500","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”). The Fund’s sub","page_number":8,"box":{"x":60,"y":679,"width":832,"height":11}},{"id":"c4d989a5-77f3-4309-8e73-160a387b4a6b","block_type":"box","text":"adviser is BlackRock International Limited. Where applicable, the use of the term BlackRock also refers to the Fund’s","page_number":8,"box":{"x":61,"y":693,"width":862,"height":12}},{"id":"9855758f-885d-4845-9de0-f7b9d9b9b11e","block_type":"box","text":"sub-adviser.","page_number":8,"box":{"x":61,"y":709,"width":85,"height":8}},{"id":"33c5e53f-8d2e-4dde-a72e-20732ec3a836","block_type":"box","text":"Portfolio Managers","page_number":8,"box":{"x":61,"y":747,"width":173,"height":14}},{"id":"6ea239f1-5231-4174-9b4c-44c9f54457c6","block_type":"box","text":"Portfolio Manager","page_number":8,"box":{"x":70,"y":791,"width":121,"height":10}},{"id":"44811700-5c39-4fb1-ad23-bd267933506f","block_type":"box","text":"Portfolio Manager","page_number":8,"box":{"x":362,"y":779,"width":121,"height":11}},{"id":"b954aaec-152b-4a81-b763-0ccf7a3bf766","block_type":"box","text":"of the Fund Since Title","page_number":8,"box":{"x":364,"y":791,"width":426,"height":8}},{"id":"a0236e77-7e6e-4b28-bd80-48f1bec0430d","block_type":"box","text":"Zeshan Azam 2026 Managing Director of BlackRock, Inc.","page_number":8,"box":{"x":69,"y":809,"width":826,"height":10}},{"id":"bede3872-2f92-418f-b57b-aac3ce1f5800","block_type":"box","text":"Wendy Agnew, CFA 2026 Director of BlackRock, Inc.","page_number":8,"box":{"x":69,"y":827,"width":758,"height":11}},{"id":"c7a3b535-aa53-49b0-9c39-879c397efb5e","block_type":"box","text":"8","page_number":8,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"1a1a8434-1936-43c9-abb8-af4383471c2c","block_type":"box","text":"NM1026U-5988124-8/12","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"06eeb3f7-b6b0-4b62-8afa-9f7b30bbde15","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":9,"box":{"x":61,"y":43,"width":309,"height":11}},{"id":"dbbaa4d4-c670-4713-a9a0-116632b154b1","block_type":"box","text":"Class K Shares of the Fund are available only to (i) cer tain employee benefit plans, such as health savings accounts,","page_number":9,"box":{"x":61,"y":69,"width":859,"height":11}},{"id":"cd7fc6c9-abbd-4e11-8df7-45a540525655","block_type":"box","text":"and cer tain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively,","page_number":9,"box":{"x":61,"y":84,"width":844,"height":11}},{"id":"3ed181a2-c1a2-4e15-8d32-9096b4d45f75","block_type":"box","text":"“Employer-Sponsored Retirement Plans”), (ii) collective trust funds, investment companies and other pooled","page_number":9,"box":{"x":62,"y":98,"width":791,"height":12}},{"id":"d877680f-b888-4fd4-bf3c-537ae951de80","block_type":"box","text":"investment vehicles, each of which may purchase shares of the Fund through a Financial Intermediary that has entered","page_number":9,"box":{"x":62,"y":113,"width":874,"height":12}},{"id":"e00fc19f-1f93-4a6d-83a4-f8dcbfb3b7e5","block_type":"box","text":"into an agreement with the Fund’s distributor to purchase such shares, (iii) “Institutional Investors,” which include, but","page_number":9,"box":{"x":62,"y":128,"width":871,"height":12}},{"id":"2eae5f51-8d59-4bfe-b2fa-1a14c07fbe95","block_type":"box","text":"are not limited to, endowments, foundations, family offices, banks and bank trusts, local, city, and state governmental","page_number":9,"box":{"x":61,"y":143,"width":870,"height":12}},{"id":"8028765b-0dcd-47e5-9ff6-d97bd28f0a02","block_type":"box","text":"institutions, corporations and insurance company separate accounts, each of which may purchase shares of the Fund","page_number":9,"box":{"x":62,"y":158,"width":863,"height":11}},{"id":"569a274c-75c8-447a-bc3a-22a22c156393","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Fund’s distributor to purchase such","page_number":9,"box":{"x":60,"y":173,"width":832,"height":11}},{"id":"61c42b05-d721-4141-860f-c9dd0a3365df","block_type":"box","text":"shares, (iv) clients of private banks that purchase shares of the Fund through a Financial Intermediary that has","page_number":9,"box":{"x":61,"y":187,"width":815,"height":12}},{"id":"a2a10d9c-dc45-411a-948f-4f0c0d777d74","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":9,"box":{"x":61,"y":202,"width":816,"height":12}},{"id":"3a3b4c82-8fa4-454e-afce-a6d33ef75252","block_type":"box","text":"Financial Intermediary that (a) has specifically acknowledged in a written agreement with the Fund’s distributor and/or","page_number":9,"box":{"x":62,"y":217,"width":867,"height":12}},{"id":"38ea74e2-427f-48df-9bb6-ff9a38cceab1","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":9,"box":{"x":62,"y":232,"width":868,"height":11}},{"id":"5ed157a7-22d8-452d-9e3c-9af7ae80077d","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":9,"box":{"x":61,"y":247,"width":874,"height":11}},{"id":"ce57b9d3-acae-4a10-af25-9105f95765a0","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":9,"box":{"x":61,"y":262,"width":859,"height":11}},{"id":"406de3bd-892f-4eb5-a15a-616071778be1","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":9,"box":{"x":60,"y":276,"width":857,"height":12}},{"id":"c5475564-9114-45d4-8cfc-efaa99a4fb05","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. 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If you are invested through such a plan (and","page_number":9,"box":{"x":62,"y":438,"width":842,"height":12}},{"id":"05be8b4c-026f-484e-96ef-f34b9c511e5c","block_type":"box","text":"Fund shares are not “debt-financed proper ty” to the plan), then the dividends paid by the Fund and the gain realized","page_number":9,"box":{"x":62,"y":453,"width":850,"height":12}},{"id":"fa8e79b7-337a-45b2-8f42-0580dc680e1a","block_type":"box","text":"from a redemption or exchange of Fund shares will generally not be subject to U.S. federal income taxes until you","page_number":9,"box":{"x":60,"y":468,"width":833,"height":11}},{"id":"b5da8319-bb07-43ef-8b16-896671b83b20","block_type":"box","text":"withdraw or receive distributions from the plan. 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