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These securities may be denominated and pay interest in U.S. dollars or other currencies","page_number":5,"box":{"x":61,"y":503,"width":863,"height":11}},{"id":"20d766fe-0d70-466b-ae5b-a97734cb640f","block_type":"box","text":"and may be issued by U.S. or foreign governments or corporations.","page_number":5,"box":{"x":61,"y":517,"width":490,"height":12}},{"id":"751fd61a-2e28-4f1e-a8c8-6b1228ac8285","block_type":"box","text":"The Fund will spread its investments among different types of fixed-income securities and different countries based","page_number":5,"box":{"x":60,"y":540,"width":849,"height":12}},{"id":"33dc036e-56cb-4b75-b7d1-b2a65760300e","block_type":"box","text":"upon Fund management’s analysis of the yield, maturity and currency considerations affecting these securities. The","page_number":5,"box":{"x":61,"y":555,"width":851,"height":11}},{"id":"316b5338-f570-48d7-a343-2ac2a18c9f03","block_type":"box","text":"Fund may invest in U.S. and foreign government and corporate fixed-income securities, including junk bonds and","page_number":5,"box":{"x":62,"y":570,"width":821,"height":11}},{"id":"9a206f16-f9c3-41b4-99a0-f511895e36e5","block_type":"box","text":"unrated securities. The Fund normally will invest at least 80% of its net assets plus any borrowings for investment","page_number":5,"box":{"x":61,"y":584,"width":838,"height":12}},{"id":"e6bfdfeb-bf83-45ff-9adc-b7bbfbaf3268","block_type":"box","text":"purposes in bonds and related derivative instruments with similar economic characteristics. For the purposes of this","page_number":5,"box":{"x":62,"y":599,"width":853,"height":12}},{"id":"1e36dd49-f790-4652-b1f1-b05b29244e54","block_type":"box","text":"strategy, “bonds” include the following: obligations issued or guaranteed by the U.S. Government or a foreign","page_number":5,"box":{"x":61,"y":614,"width":801,"height":12}},{"id":"12cc937b-e3f6-4aeb-9acc-6d76ca8249b0","block_type":"box","text":"government or their agencies, instrumentalities or political subdivisions; mor tgage-backed securities, including agency","page_number":5,"box":{"x":60,"y":629,"width":870,"height":12}},{"id":"2be1ff16-7169-4904-aec1-c979639fb3fd","block_type":"box","text":"mor tgage pass-through securities and commercial mor tgage-backed securities; mor tgage to-be-announced (“TBA”)","page_number":5,"box":{"x":61,"y":644,"width":840,"height":11}},{"id":"8ffb2687-7032-4e82-8f26-508c44bfe44d","block_type":"box","text":"securities; debt obligations of U.S. or foreign issuers; municipal securities; and asset-backed securities. The Fund’s","page_number":5,"box":{"x":61,"y":659,"width":851,"height":11}},{"id":"4181e463-25c0-48c9-97d4-a6f4f2546229","block_type":"box","text":"investments in derivatives will be counted toward the Fund’s 80% policy to the extent that they provide investment","page_number":5,"box":{"x":62,"y":674,"width":837,"height":11}},{"id":"2097200d-fdd5-4675-bd3b-f6d5f1a82617","block_type":"box","text":"exposure to the securities included within that policy or to one or more market risk factors associated with such","page_number":5,"box":{"x":61,"y":688,"width":821,"height":12}},{"id":"449077d6-5b63-4d0f-8da0-600232ad0491","block_type":"box","text":"securities. The Fund may invest up to 100% of its assets in securities classified as junk bonds.","page_number":5,"box":{"x":61,"y":703,"width":700,"height":12}},{"id":"5d63ffda-bef5-4a79-847c-f315cdfbfb4e","block_type":"box","text":"Under normal circumstances, the Fund anticipates it will allocate a substantial amount (approximately 40% or more —","page_number":5,"box":{"x":62,"y":726,"width":869,"height":11}},{"id":"c5db4bd4-1ba6-4f77-ac46-1cdd7d65081a","block_type":"box","text":"unless market conditions are not deemed favorable by BlackRock, in which case the Fund would invest at least 30%)","page_number":5,"box":{"x":61,"y":740,"width":857,"height":12}},{"id":"f9675211-9a61-405b-a0bc-debd1a193ae5","block_type":"box","text":"of its total assets in securities (i) of foreign government issuers, (ii) of issuers organized or located outside the U.S.,","page_number":5,"box":{"x":61,"y":755,"width":856,"height":12}},{"id":"1aa0c138-2a52-417d-9079-df923cc2077e","block_type":"box","text":"(iii) of issuers which primarily trade in a market located outside the U.S., or (iv) of issuers doing a substantial amount","page_number":5,"box":{"x":61,"y":770,"width":862,"height":12}},{"id":"d0db4264-04ad-4dd3-bed5-ac932e0a955e","block_type":"box","text":"of business outside the U.S., which the Fund considers to be companies that derive at least 50% of their revenue or","page_number":5,"box":{"x":61,"y":785,"width":854,"height":11}},{"id":"f5cc793b-8a53-4b14-909c-6eb0fdab9144","block_type":"box","text":"profits from business outside the U.S. or have at least 50% of their sales or assets outside the U.S. The Fund will","page_number":5,"box":{"x":62,"y":800,"width":836,"height":11}},{"id":"aba59496-9f06-45db-8ee8-430c939a209b","block_type":"box","text":"allocate its assets among various regions and countries, including the United States (but in no less than three","page_number":5,"box":{"x":61,"y":815,"width":811,"height":11}},{"id":"1a28ae2b-4189-45aa-8f33-d962e17b3a9e","block_type":"box","text":"different countries). For temporary defensive purposes the Fund may deviate very substantially from the allocation","page_number":5,"box":{"x":61,"y":829,"width":838,"height":12}},{"id":"797a57e9-6bfe-4fc0-b43e-6ce2c2a93515","block_type":"box","text":"described above.","page_number":5,"box":{"x":61,"y":845,"width":123,"height":8}},{"id":"f85f2d76-8c39-4c06-846c-8903f37b0011","block_type":"box","text":"The Fund may invest in securities of any maturity or duration. The average maturity of the Fund’s por tfolio securities","page_number":5,"box":{"x":60,"y":867,"width":851,"height":11}},{"id":"3882eb7d-e226-4f6c-895c-671856912dd3","block_type":"box","text":"will vary based upon BlackRock’s view of economic and market conditions. However, the Fund does not expect the","page_number":5,"box":{"x":60,"y":882,"width":841,"height":11}},{"id":"bb556e04-649b-480a-976d-1e5ebb54e082","block_type":"box","text":"average maturity of its por tfolio to exceed fifteen years.","page_number":5,"box":{"x":61,"y":896,"width":406,"height":12}},{"id":"39eb651a-7b2c-4411-93d4-1d24de22e280","block_type":"box","text":"3","page_number":5,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"cd3b3ae9-b698-4f12-a73d-a727c1b8c292","block_type":"box","text":"NM1026U-5982677-5/14","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"64bc0670-f0be-402a-b898-a5989265e97d","block_type":"box","text":"Fund management presently expects that the Fund will invest primarily in securities denominated in the currencies","page_number":6,"box":{"x":62,"y":42,"width":838,"height":11}},{"id":"a77ab1d8-89b7-47c4-8f73-ef755683d675","block_type":"box","text":"represented in the Bloomberg Global Aggregate Bond Index, but the Fund also can invest in securities denominated in","page_number":6,"box":{"x":61,"y":57,"width":865,"height":11}},{"id":"5d14d05a-6eb3-4ab4-9284-efcaefc45823","block_type":"box","text":"other currencies. Issuers of securities may not always be located in the country in whose currency the securities are","page_number":6,"box":{"x":61,"y":71,"width":855,"height":12}},{"id":"764ee887-85b2-4b0d-a4e4-e569e1d0f0c5","block_type":"box","text":"denominated. The Fund’s investments ordinarily will be denominated in at least three currencies. No set por tion of the","page_number":6,"box":{"x":61,"y":86,"width":871,"height":12}},{"id":"3ebee611-9a4c-4971-a690-7b4b40249847","block_type":"box","text":"Fund’s investments is required to be denominated in any par ticular currency. Substantially all of the Fund’s","page_number":6,"box":{"x":62,"y":101,"width":786,"height":12}},{"id":"5dfb2e83-1d6e-4695-bf2a-74126ea82b5d","block_type":"box","text":"investments may be denominated in a single currency, including U.S. dollars.","page_number":6,"box":{"x":62,"y":116,"width":563,"height":11}},{"id":"51420f53-a9b8-45ed-a8c1-d4a6e9ee4d7f","block_type":"box","text":"The Fund may invest in several different kinds of securities issued by the U.S. Government. These include U.S.","page_number":6,"box":{"x":60,"y":138,"width":815,"height":12}},{"id":"4e199f76-dde7-4a39-89bd-e22fa8bbc6b0","block_type":"box","text":"Treasury obligations (bills, notes and bonds) that have different interest rates and maturities and are issued at","page_number":6,"box":{"x":60,"y":153,"width":818,"height":12}},{"id":"ca14c20c-43eb-4025-8056-48ba57f80c6d","block_type":"box","text":"different times. These securities are backed by the full faith and credit of the U.S. Government. The Fund also may","page_number":6,"box":{"x":61,"y":168,"width":844,"height":12}},{"id":"d1b464f7-09a9-406d-ad34-726f34531a68","block_type":"box","text":"invest in obligations issued or guaranteed by U.S. Government agencies or other U.S. Government organizations.","page_number":6,"box":{"x":62,"y":183,"width":827,"height":12}},{"id":"1538645c-371b-44bb-829e-ee0b184b86b2","block_type":"box","text":"These include but are not limited to government guaranteed mor tgage-related or asset-backed securities. Some of","page_number":6,"box":{"x":60,"y":198,"width":841,"height":11}},{"id":"cad1918f-0822-455b-bcad-b8c04a9878c8","block_type":"box","text":"these securities may be backed by the full faith and credit of the U.S. Treasury, some may be suppor ted by the right of","page_number":6,"box":{"x":60,"y":213,"width":874,"height":11}},{"id":"85ef7eb1-ee21-4234-95ca-487cdeb3c10f","block_type":"box","text":"the issuer to borrow from the U.S. Treasury, and some are backed only by the credit of the issuer itself.","page_number":6,"box":{"x":60,"y":227,"width":761,"height":12}},{"id":"5e245076-ae98-4d01-9b2a-e8f7a31e7969","block_type":"box","text":"The obligations of foreign governments and their related organizations have various kinds of government suppor t.","page_number":6,"box":{"x":60,"y":250,"width":833,"height":12}},{"id":"1544925f-4c88-499a-8d74-6e8ce9e97c0e","block_type":"box","text":"These obligations may or may not be suppor ted by the full faith and credit of a foreign government. The Fund may","page_number":6,"box":{"x":60,"y":265,"width":836,"height":11}},{"id":"531a51db-4335-45ab-97ac-4d24d5d69630","block_type":"box","text":"invest in securities issued by international organizations designated or suppor ted by governments or government","page_number":6,"box":{"x":62,"y":280,"width":829,"height":11}},{"id":"3870f78c-d2c4-427f-95fa-f363a10a7057","block_type":"box","text":"agencies to promote economic reconstruction or development.","page_number":6,"box":{"x":61,"y":295,"width":458,"height":11}},{"id":"fc8d1ae3-f450-4f44-8b2a-78f779fa6a0b","block_type":"box","text":"The debt securities in which the Fund invests may include credit-linked notes, credit-linked trust cer tificates, structured","page_number":6,"box":{"x":60,"y":317,"width":875,"height":11}},{"id":"93ad1fd6-35a8-41ec-bb61-ef190c368eb7","block_type":"box","text":"notes or other instruments evidencing interests in special purpose vehicles, trusts or other entities that hold or","page_number":6,"box":{"x":61,"y":332,"width":818,"height":11}},{"id":"95c2fe74-d71b-40d9-91a9-66c78e5078ed","block_type":"box","text":"represent interests in debt securities. In addition, the Fund may invest in corporate loans.","page_number":6,"box":{"x":61,"y":347,"width":659,"height":11}},{"id":"ad10f479-31dc-4a0d-9472-ec132f32ee83","block_type":"box","text":"The Fund may use a variety of por tfolio strategies to hedge its por tfolio against interest rate and currency risk, or to","page_number":6,"box":{"x":60,"y":369,"width":852,"height":12}},{"id":"9c2e99a2-a15d-4a39-9925-796fe2453615","block_type":"box","text":"seek to enhance its return. These strategies include the use of derivatives, such as options on por tfolio positions or","page_number":6,"box":{"x":61,"y":384,"width":856,"height":12}},{"id":"75a7efb5-1591-4f27-b35f-b0130a7d82d4","block_type":"box","text":"currencies, financial and currency futures and options on these futures, forward foreign currency transactions, interest","page_number":6,"box":{"x":61,"y":399,"width":873,"height":11}},{"id":"40062134-9819-4476-b12d-6f7d654ade4b","block_type":"box","text":"rate swaps and credit default swaps. Derivatives are financial instruments whose value is derived from another","page_number":6,"box":{"x":61,"y":414,"width":817,"height":11}},{"id":"85e94ed7-3385-4852-94e8-57ab3c88361b","block_type":"box","text":"security or an index such as the Bloomberg Global Aggregate Bond Index. The Fund may invest in indexed and inverse","page_number":6,"box":{"x":61,"y":429,"width":863,"height":11}},{"id":"4e26a822-eea4-4e8b-87a7-9efd946047dc","block_type":"box","text":"securities.","page_number":6,"box":{"x":61,"y":444,"width":74,"height":9}},{"id":"4e00e659-bb00-4852-92d0-0edc2bbaea86","block_type":"box","text":"The Fund may seek to provide exposure to the investment returns of real assets that trade in the commodity markets","page_number":6,"box":{"x":60,"y":466,"width":863,"height":11}},{"id":"ea176433-da4a-4b08-93ce-58093440f03c","block_type":"box","text":"through investment in commodity-linked derivative instruments and investment vehicles such as exchange traded","page_number":6,"box":{"x":60,"y":481,"width":831,"height":11}},{"id":"abed97c4-f21e-446c-83d9-068e0af94146","block_type":"box","text":"funds that exclusively invest in commodities and are designed to provide this exposure without direct investment in","page_number":6,"box":{"x":60,"y":496,"width":846,"height":11}},{"id":"9476af4b-979a-4a9a-8c3a-19e1ae4011a2","block_type":"box","text":"physical commodities. The Fund may also gain exposure to commodity markets by investing up to 25% of its total","page_number":6,"box":{"x":62,"y":510,"width":831,"height":12}},{"id":"a6aae71d-00f6-4585-8e78-5532fda9e0d5","block_type":"box","text":"assets in the Subsidiary, a wholly owned subsidiary of the Fund formed in the Cayman Islands, which invests primarily","page_number":6,"box":{"x":61,"y":525,"width":868,"height":12}},{"id":"8a067479-3769-4259-beb2-28951fb68622","block_type":"box","text":"in commodity-related instruments.","page_number":6,"box":{"x":62,"y":540,"width":248,"height":11}},{"id":"fc9587a6-6e60-4c51-a042-9586814fca22","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":6,"box":{"x":61,"y":579,"width":354,"height":13}},{"id":"53b75db2-6088-4ba2-869c-13d5a3bd88ac","block_type":"box","text":"Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive","page_number":6,"box":{"x":62,"y":605,"width":860,"height":12}},{"id":"4b4b9d2c-94b0-4a8a-8db2-71ec0b5e5a59","block_type":"box","text":"on your investment, may fluctuate significantly from day to day and over time. You may lose par t or all of your","page_number":6,"box":{"x":61,"y":620,"width":802,"height":12}},{"id":"6971d6b6-ed4f-4ced-9134-4f1d1f02b87f","block_type":"box","text":"investment in the Fund or your investment may not per form as well as other similar investments. An investment in the","page_number":6,"box":{"x":62,"y":635,"width":866,"height":11}},{"id":"58a0da4e-adbf-4d20-9bf2-8c0f85845880","block_type":"box","text":"Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other","page_number":6,"box":{"x":62,"y":650,"width":869,"height":11}},{"id":"0b07a478-8f91-45ff-91de-f01badbc505f","block_type":"box","text":"Government agency. The following is a summary description of principal risks of investing in the Fund. The relative","page_number":6,"box":{"x":61,"y":664,"width":837,"height":12}},{"id":"3883792f-4cbe-4006-8d49-a65b3ae52b91","block_type":"box","text":"significance of each risk factor below may change over time and you should review each risk factor carefully.","page_number":6,"box":{"x":61,"y":679,"width":793,"height":12}},{"id":"e8c97948-1c4b-4f22-8fd9-8140c439c182","block_type":"box","text":"Debt Securities Risk","page_number":6,"box":{"x":81,"y":699,"width":155,"height":9}},{"id":"160cbd55-6c1d-46c9-9775-2ed5be68a093","block_type":"box","text":"— Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk,","page_number":6,"box":{"x":240,"y":699,"width":633,"height":11}},{"id":"485a75f3-5523-42ab-ad24-f43647863c62","block_type":"box","text":"extension risk, and prepayment risk, each of which is described in fur ther detail below:","page_number":6,"box":{"x":81,"y":714,"width":637,"height":11}},{"id":"697eea54-ff30-4eb5-8861-2df07cc72ad1","block_type":"box","text":"Credit Risk","page_number":6,"box":{"x":82,"y":734,"width":80,"height":9}},{"id":"5fa0b6d6-5ebd-47a4-b236-241e95a7b6a9","block_type":"box","text":"— Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be","page_number":6,"box":{"x":166,"y":734,"width":737,"height":11}},{"id":"df017ee8-0362-458a-8b85-64b226809e8a","block_type":"box","text":"able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s","page_number":6,"box":{"x":81,"y":749,"width":816,"height":11}},{"id":"da6b4f01-3809-4122-9b75-302d3f26d5e6","block_type":"box","text":"perception of an issuer’s creditwor thiness may also affect the value of the Fund’s investment in that issuer. The","page_number":6,"box":{"x":82,"y":764,"width":826,"height":11}},{"id":"c2ca67ce-cb74-45ce-9971-7e038d6a59be","block_type":"box","text":"degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.","page_number":6,"box":{"x":81,"y":778,"width":777,"height":12}},{"id":"b35eb849-5436-4580-bd6d-10bc67460875","block_type":"box","text":"Interest Rate Risk","page_number":6,"box":{"x":82,"y":799,"width":132,"height":9}},{"id":"267216c0-2f4a-4fc9-a3b2-310ed383d1d4","block_type":"box","text":"— The market value of bonds and other fixed-income securities changes in response to interest","page_number":6,"box":{"x":218,"y":798,"width":704,"height":12}},{"id":"c6837ea4-8543-424a-a367-5a852b840ed1","block_type":"box","text":"rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities","page_number":6,"box":{"x":82,"y":813,"width":835,"height":12}},{"id":"cfe29223-00b2-4bba-a19d-4f54155fb70c","block_type":"box","text":"will increase as interest rates fall and decrease as interest rates rise.","page_number":6,"box":{"x":80,"y":828,"width":513,"height":9}},{"id":"0b8e38c7-a935-4e58-a519-04e2cabe53cb","block_type":"box","text":"The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. For","page_number":6,"box":{"x":81,"y":848,"width":855,"height":12}},{"id":"7d932990-146f-432c-85d9-fb040285a663","block_type":"box","text":"example, if interest rates increase by 1%, assuming a current por tfolio duration of ten years, and all other factors","page_number":6,"box":{"x":81,"y":863,"width":834,"height":12}},{"id":"a66b629d-7d0c-42b1-a312-1126d155b366","block_type":"box","text":"being equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of","page_number":6,"box":{"x":81,"y":878,"width":849,"height":11}},{"id":"6f81ed38-00af-4084-a22c-c53defce0f5e","block_type":"box","text":"the price sensitivity of a debt security or por tfolio of debt securities to relative changes in interest rates). The","page_number":6,"box":{"x":80,"y":893,"width":803,"height":11}},{"id":"0c44cca2-5968-4402-ac54-9f38dcac7417","block_type":"box","text":"magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater","page_number":6,"box":{"x":82,"y":907,"width":838,"height":12}},{"id":"ff891c9b-ab68-40f2-a2f1-d6802b4699c3","block_type":"box","text":"4","page_number":6,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"d6d14b38-d996-4415-b8bc-12c53189b114","block_type":"box","text":"NM1026U-5982677-6/14","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"e2da5559-2b8c-4be9-87ae-6c89c7d2e1e6","block_type":"box","text":"for those securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect","page_number":7,"box":{"x":81,"y":42,"width":849,"height":11}},{"id":"0d6d70ef-ea83-48f3-b741-6e04a65e2800","block_type":"box","text":"interest income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset","page_number":7,"box":{"x":82,"y":57,"width":833,"height":11}},{"id":"b3f08df1-9901-4d5a-be4b-0e2a7b0c3ff8","block_type":"box","text":"value. The Fund may lose money if shor t-term or long-term interest rates rise sharply in a manner not anticipated by","page_number":7,"box":{"x":80,"y":71,"width":852,"height":12}},{"id":"b410af06-c49e-4234-ad03-6e6ff9a881e8","block_type":"box","text":"Fund management.","page_number":7,"box":{"x":82,"y":87,"width":138,"height":11}},{"id":"816be38a-766d-4b71-bb9a-4a829ba9251c","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":7,"box":{"x":81,"y":106,"width":852,"height":12}},{"id":"7d7541bd-a553-482b-adce-8218ef251637","block_type":"box","text":"backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of","page_number":7,"box":{"x":81,"y":121,"width":840,"height":12}},{"id":"44240c0a-5677-44b4-85ba-0a5fb28f0406","block_type":"box","text":"the Fund) when interest rates rise. Moreover, because rates on cer tain floating rate debt securities typically reset","page_number":7,"box":{"x":80,"y":136,"width":834,"height":11}},{"id":"386fa3b8-61ca-4bc8-bc72-d773b526e5b4","block_type":"box","text":"only periodically, changes in prevailing interest rates (and par ticularly sudden and significant changes) can be","page_number":7,"box":{"x":81,"y":151,"width":803,"height":11}},{"id":"0e50d11f-9977-495c-9dbf-137065f51ea3","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":7,"box":{"x":81,"y":166,"width":839,"height":11}},{"id":"4bd62626-5d51-406c-b767-926fe0ec5564","block_type":"box","text":"debt securities.","page_number":7,"box":{"x":81,"y":181,"width":112,"height":9}},{"id":"e1b7a6f4-6fdc-434f-818e-f204aed9ce0b","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":7,"box":{"x":81,"y":200,"width":839,"height":12}},{"id":"fe13ea36-c42d-439c-9f37-9a1b1d11786a","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":7,"box":{"x":81,"y":215,"width":839,"height":12}},{"id":"15413d57-65fa-4368-8aa5-d62a874b4b21","block_type":"box","text":"its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in","page_number":7,"box":{"x":82,"y":230,"width":831,"height":12}},{"id":"272cce95-45d7-42c8-b66a-2c9881c8d2b4","block_type":"box","text":"value when interest rates change.","page_number":7,"box":{"x":80,"y":245,"width":248,"height":11}},{"id":"30d19b08-3793-4e67-9603-d4c006a4fbaf","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":7,"box":{"x":81,"y":265,"width":855,"height":11}},{"id":"ced723f8-9502-4f53-be67-fc3e8eb24d76","block_type":"box","text":"scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy","page_number":7,"box":{"x":81,"y":280,"width":801,"height":11}},{"id":"898ede7d-0289-4e23-a292-4f1fb97d8bcd","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":7,"box":{"x":82,"y":295,"width":827,"height":11}},{"id":"ae482b08-28d2-4469-a250-f63cf2455d75","block_type":"box","text":"hur t the Fund’s per formance.","page_number":7,"box":{"x":82,"y":309,"width":214,"height":12}},{"id":"d3ec4e75-26de-426d-9017-d23572792339","block_type":"box","text":"Extension Risk","page_number":7,"box":{"x":82,"y":330,"width":107,"height":8}},{"id":"68666c6b-c62c-4674-b1a6-3bea869fe695","block_type":"box","text":"— When interest rates rise, cer tain obligations will be paid off by the obligor more slowly than","page_number":7,"box":{"x":193,"y":329,"width":691,"height":12}},{"id":"7cd4be3b-212b-4083-848c-227d0ddc3fee","block_type":"box","text":"anticipated, causing the value of these obligations to fall.","page_number":7,"box":{"x":81,"y":344,"width":420,"height":12}},{"id":"d6f1374f-e874-4ffd-9f4c-de7143252035","block_type":"box","text":"Prepayment Risk","page_number":7,"box":{"x":81,"y":364,"width":124,"height":11}},{"id":"faccbdb0-d1ef-4599-b24f-fa1791184ca6","block_type":"box","text":"— When interest rates fall, cer tain obligations will be paid off by the obligor more quickly than","page_number":7,"box":{"x":209,"y":364,"width":691,"height":12}},{"id":"37b126ad-f010-4795-9232-a4bae634960a","block_type":"box","text":"originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.","page_number":7,"box":{"x":81,"y":379,"width":724,"height":11}},{"id":"e7f239af-1c72-4113-90de-d01e856ce4c2","block_type":"box","text":"Foreign Securities Risk","page_number":7,"box":{"x":81,"y":399,"width":176,"height":11}},{"id":"3c365732-90be-469d-8ec7-f142a2f27986","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":7,"box":{"x":260,"y":399,"width":668,"height":11}},{"id":"67449819-5b51-4fa2-83f2-dbc460df45f5","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":7,"box":{"x":82,"y":414,"width":531,"height":11}},{"id":"b210f3b0-e14b-4cfd-be1a-cae1272517f8","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":7,"box":{"x":101,"y":434,"width":823,"height":11}},{"id":"bb30086d-c6c7-4244-b2cf-814bb2efdb2a","block_type":"box","text":"be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory","page_number":7,"box":{"x":102,"y":448,"width":823,"height":12}},{"id":"6b932c98-08c2-4aff-99af-6ad67999acbd","block_type":"box","text":"oversight.","page_number":7,"box":{"x":101,"y":464,"width":70,"height":11}},{"id":"98ad7a2b-2687-456c-b7ed-4b0aaeb43530","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s por tfolio.","page_number":7,"box":{"x":101,"y":483,"width":644,"height":12}},{"id":"198fd0e9-0ecb-425f-9541-e5b4c23aaa5e","block_type":"box","text":"The economies of cer tain foreign markets may not compare favorably with the economy of the United States with","page_number":7,"box":{"x":101,"y":503,"width":830,"height":12}},{"id":"7d7772e3-803f-438f-b071-1450ec6bf31a","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":7,"box":{"x":102,"y":518,"width":808,"height":12}},{"id":"8c028bb8-394a-43d8-adc0-d95f4397fdd0","block_type":"box","text":"payments position.","page_number":7,"box":{"x":102,"y":533,"width":137,"height":11}},{"id":"7dcdbbe5-425b-416b-84ea-4475f954331e","block_type":"box","text":"The governments of cer tain countries, or the U.S. Government with respect to cer tain countries, may prohibit or","page_number":7,"box":{"x":101,"y":553,"width":821,"height":11}},{"id":"11a192cc-33c7-4f1e-a3e2-87e4b6648e37","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":7,"box":{"x":102,"y":568,"width":809,"height":11}},{"id":"40f7d75d-dd18-487d-a63a-f2627c675e20","block_type":"box","text":"markets or cer tain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":7,"box":{"x":102,"y":583,"width":784,"height":11}},{"id":"471da0ec-6e07-40ee-a7df-02e67c30f10d","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":7,"box":{"x":101,"y":598,"width":352,"height":11}},{"id":"4397646f-a72d-4551-8ae8-8fa74884e32f","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":7,"box":{"x":102,"y":617,"width":823,"height":12}},{"id":"19181343-5ae9-4b19-8e88-5e6afd02bd4b","block_type":"box","text":"the same extent as does the United States and may not have laws to protect investors that are comparable to","page_number":7,"box":{"x":101,"y":632,"width":811,"height":12}},{"id":"056b0739-d9b3-4e49-90ef-d3883dd2dad5","block_type":"box","text":"U.S. securities laws.","page_number":7,"box":{"x":102,"y":647,"width":148,"height":9}},{"id":"86ea91a1-d6ca-43db-96a3-5abc90568509","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets may result in delays in payment for or delivery of","page_number":7,"box":{"x":101,"y":667,"width":834,"height":12}},{"id":"0c02edc6-3ea9-47cd-8502-d41f1e33b46b","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":7,"box":{"x":101,"y":682,"width":628,"height":11}},{"id":"4c271857-0c0b-4f6a-a351-edae73e240a7","block_type":"box","text":"The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of","page_number":7,"box":{"x":101,"y":702,"width":830,"height":11}},{"id":"e658b738-2987-44a5-b2a9-1fd0223df45b","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":7,"box":{"x":101,"y":717,"width":831,"height":11}},{"id":"7d497337-5215-48c9-a652-9e269fda6556","block_type":"box","text":"foreign country, accruals in the Fund’s net asset value for such refunds may be written down par tially or in full,","page_number":7,"box":{"x":101,"y":731,"width":813,"height":12}},{"id":"febc337e-c6d0-4509-b66a-457cdb4eb7d4","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":7,"box":{"x":101,"y":746,"width":395,"height":12}},{"id":"54c0474c-0ea6-4cd6-a0ec-8807d3ba13ea","block_type":"box","text":"Emerging Markets Risk","page_number":7,"box":{"x":81,"y":766,"width":178,"height":12}},{"id":"f44c5aa1-5db7-40d8-8c20-53525e2965bc","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":7,"box":{"x":263,"y":767,"width":617,"height":11}},{"id":"4a5061d3-b2b1-43e7-ae48-2b748606ffeb","block_type":"box","text":"develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative.","page_number":7,"box":{"x":81,"y":781,"width":825,"height":12}},{"id":"52aaa2c4-e626-4da7-9559-3ae41816e7be","block_type":"box","text":"Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":7,"box":{"x":82,"y":796,"width":822,"height":11}},{"id":"f48a81de-65a6-4e6f-af5f-128c211526d1","block_type":"box","text":"returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less","page_number":7,"box":{"x":82,"y":811,"width":816,"height":11}},{"id":"e6c8c6e0-3528-412b-be60-3395431b03ca","block_type":"box","text":"liquidity than developed markets.","page_number":7,"box":{"x":82,"y":826,"width":240,"height":11}},{"id":"154a545f-7de4-404c-9e76-95704445ef5e","block_type":"box","text":"Commodities Related Investments Risk","page_number":7,"box":{"x":81,"y":846,"width":298,"height":9}},{"id":"1ca59587-abfb-496b-8448-15f16cc9abf9","block_type":"box","text":"—","page_number":7,"box":{"x":384,"y":851,"width":17,"height":1}},{"id":"9ad0a608-5274-4ba2-88e3-66056e27e7b6","block_type":"box","text":"Exposure to the commodities markets may subject the Fund to greater","page_number":7,"box":{"x":406,"y":846,"width":517,"height":11}},{"id":"58662402-02b7-403d-b10e-df3c6d4b92cd","block_type":"box","text":"volatility than investments in traditional securities. The value of commodity-linked derivative investments may be","page_number":7,"box":{"x":80,"y":860,"width":824,"height":12}},{"id":"108391f6-ac1b-4205-be8f-6c13b863e4f0","block_type":"box","text":"affected by changes in overall market movements, commodity index volatility, changes in inflation, interest rates, or","page_number":7,"box":{"x":81,"y":875,"width":849,"height":12}},{"id":"60ee3bdc-5eaa-4916-9613-a28bd3929a7f","block_type":"box","text":"factors affecting a par ticular industry or commodity, such as drought, floods, weather, embargoes, tariffs and","page_number":7,"box":{"x":81,"y":890,"width":804,"height":12}},{"id":"fd0ce62e-0a9e-456e-98bc-7f18356a67af","block_type":"box","text":"international economic, political and regulatory developments.","page_number":7,"box":{"x":82,"y":905,"width":455,"height":11}},{"id":"fc1d8813-da53-4576-95bc-5bcdb7cbb3e1","block_type":"box","text":"5","page_number":7,"box":{"x":928,"y":947,"width":9,"height":9}},{"id":"8d82d69f-1296-4c93-a565-b1be3c330ef9","block_type":"box","text":"NM1026U-5982677-7/14","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"dea7a1f3-deb6-4816-89d3-a3ef300931b5","block_type":"box","text":"Corporate Loans Risk","page_number":8,"box":{"x":81,"y":42,"width":162,"height":11}},{"id":"583946d3-06ad-4288-b06d-059f445e177f","block_type":"box","text":"— Commercial banks and other financial institutions or institutional investors make corporate","page_number":8,"box":{"x":247,"y":42,"width":689,"height":11}},{"id":"0cbaefcc-ddd2-4019-8dbb-4a4b0ffa8625","block_type":"box","text":"loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at","page_number":8,"box":{"x":82,"y":57,"width":845,"height":11}},{"id":"89f6fb0a-ef2d-4bab-b7f0-40e55922f5a2","block_type":"box","text":"rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate","page_number":8,"box":{"x":82,"y":72,"width":827,"height":11}},{"id":"c5d0464a-2bd6-413e-be5a-61226e2655de","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":8,"box":{"x":81,"y":86,"width":821,"height":12}},{"id":"ead4cfac-ea4f-465c-b4fc-739e00a9b818","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":8,"box":{"x":81,"y":101,"width":840,"height":12}},{"id":"ba6884fc-2e31-4bdf-b9a5-9f9cedc4293b","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":8,"box":{"x":81,"y":116,"width":826,"height":11}},{"id":"57ec0407-55ae-4c6f-8ce6-1cd83f00b14f","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":8,"box":{"x":80,"y":131,"width":846,"height":11}},{"id":"b06b87d1-76c6-448f-941c-afc173df0c9b","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":8,"box":{"x":82,"y":146,"width":847,"height":11}},{"id":"9359259f-9520-468b-a16a-e35c770393c4","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":8,"box":{"x":80,"y":161,"width":830,"height":11}},{"id":"4a187daf-2d27-4e0c-a8f4-7e74a9e4f778","block_type":"box","text":"cash, sell investments or temporarily borrow from banks and other lenders. The corporate loans in which the Fund","page_number":8,"box":{"x":81,"y":175,"width":837,"height":12}},{"id":"efe4b211-fd17-4063-9c21-ec4ee29826a8","block_type":"box","text":"invests are usually rated below investment grade.","page_number":8,"box":{"x":82,"y":190,"width":362,"height":12}},{"id":"148b0022-ca2a-43ca-9ac7-a2bc4342e00e","block_type":"box","text":"Derivatives Risk","page_number":8,"box":{"x":81,"y":210,"width":123,"height":9}},{"id":"ca8a2da5-4900-485f-8a04-7c87e3498e2a","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":8,"box":{"x":207,"y":210,"width":664,"height":11}},{"id":"5dc524ed-4414-41ee-b82d-2d2890b63f20","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":8,"box":{"x":82,"y":225,"width":469,"height":11}},{"id":"05d846ae-3ba0-4e90-84fc-72a592f031b8","block_type":"box","text":"Leverage Risk","page_number":8,"box":{"x":82,"y":245,"width":102,"height":11}},{"id":"5c150303-bc03-4571-9e47-c8c04d71e293","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":8,"box":{"x":188,"y":245,"width":723,"height":11}},{"id":"e58125c1-16bf-4798-90d7-1f59953ea386","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":8,"box":{"x":82,"y":260,"width":832,"height":11}},{"id":"2ebaaa53-703f-4858-a170-8b9e76589af2","block_type":"box","text":"exceed the amount originally invested.","page_number":8,"box":{"x":81,"y":275,"width":280,"height":11}},{"id":"b55c1490-d6f1-44ed-8660-db066ae79149","block_type":"box","text":"Market Risk","page_number":8,"box":{"x":82,"y":295,"width":87,"height":9}},{"id":"d2a9d1f1-7ddb-4795-8027-78704520800e","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":8,"box":{"x":173,"y":294,"width":728,"height":12}},{"id":"ee390551-d01d-432f-bf97-4f1591e584d5","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":8,"box":{"x":81,"y":309,"width":834,"height":12}},{"id":"7e6cbede-6bda-4cc5-8519-7e8f7883fb10","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":8,"box":{"x":82,"y":324,"width":832,"height":12}},{"id":"9db7be20-6c79-44ba-9e73-b68c0d27b5a8","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":8,"box":{"x":80,"y":339,"width":779,"height":11}},{"id":"2dbc60fb-005f-4038-ae3a-e1648059d263","block_type":"box","text":"derivatives positions to lose value.","page_number":8,"box":{"x":81,"y":354,"width":253,"height":11}},{"id":"4a2e4c66-51d4-4562-85df-7c0cdadf1c49","block_type":"box","text":"Counterpar ty Risk","page_number":8,"box":{"x":82,"y":374,"width":131,"height":11}},{"id":"56ab8e2c-3cca-46fc-8513-e23edc3cfc41","block_type":"box","text":"— Derivatives are also subject to counterpar ty risk, which is the risk that the other par ty in the","page_number":8,"box":{"x":217,"y":374,"width":697,"height":11}},{"id":"b25d1717-60f3-4b1a-9b41-0446b448f039","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":8,"box":{"x":80,"y":389,"width":855,"height":11}},{"id":"27f4f532-4b00-4dd8-b137-987b22fef6d8","block_type":"box","text":"exposure to such a counterpar ty.","page_number":8,"box":{"x":81,"y":404,"width":240,"height":11}},{"id":"964c4986-40e8-4ffd-b3e1-9f6f3e0aeb13","block_type":"box","text":"Illiquidity Risk","page_number":8,"box":{"x":82,"y":424,"width":100,"height":11}},{"id":"7e75f472-2287-41fb-9334-aad1a0b5955c","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":8,"box":{"x":186,"y":423,"width":750,"height":12}},{"id":"5aebd588-5ccd-4abc-9cdf-53c7afd400f0","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":8,"box":{"x":80,"y":438,"width":839,"height":11}},{"id":"4b01177d-d673-4c24-91cc-0b5b4253d007","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":8,"box":{"x":81,"y":453,"width":293,"height":11}},{"id":"638dc9f0-9b4c-4868-b581-41357f062af6","block_type":"box","text":"Operational Risk","page_number":8,"box":{"x":82,"y":473,"width":120,"height":11}},{"id":"f449936d-fd41-458b-924f-1e8b58eee55c","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":8,"box":{"x":206,"y":473,"width":727,"height":12}},{"id":"4f551b0c-24e7-4216-b66f-c2e4013aeb7f","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":8,"box":{"x":82,"y":488,"width":607,"height":11}},{"id":"497b16bb-99ea-44a3-850e-c352a2e89a3d","block_type":"box","text":"Legal Risk","page_number":8,"box":{"x":82,"y":508,"width":75,"height":11}},{"id":"33e40bb5-0ca9-4995-a926-636b801d66da","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality or","page_number":8,"box":{"x":161,"y":508,"width":761,"height":11}},{"id":"9bd4fcc3-283d-43f8-87d8-4785fe8d8300","block_type":"box","text":"enforceability of a contract.","page_number":8,"box":{"x":81,"y":523,"width":198,"height":11}},{"id":"d844af6c-476e-4d80-a245-bb69642770d2","block_type":"box","text":"Volatility and Correlation Risk","page_number":8,"box":{"x":83,"y":543,"width":214,"height":11}},{"id":"49fcb72b-e4de-4aff-b46e-b49e93495259","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":8,"box":{"x":300,"y":543,"width":590,"height":11}},{"id":"dc445054-85e2-4cd0-831c-4d137bb2c17f","block_type":"box","text":"fluctuate significantly in price within a shor t time period. A risk of the Fund’s use of derivatives is that the","page_number":8,"box":{"x":81,"y":557,"width":775,"height":12}},{"id":"6a81f781-8a2a-4f0f-96b2-6326aae96268","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":8,"box":{"x":81,"y":572,"width":589,"height":12}},{"id":"6274c9c5-c557-4b0f-85e2-b36aa017858b","block_type":"box","text":"Valuation Risk","page_number":8,"box":{"x":83,"y":593,"width":102,"height":8}},{"id":"4b56fbb7-84ed-4c07-97aa-d7ae5d3aebbd","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":8,"box":{"x":189,"y":592,"width":747,"height":12}},{"id":"5c1d7fe8-d5ff-400c-8872-418f4e3d862f","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":8,"box":{"x":82,"y":607,"width":783,"height":11}},{"id":"05b3956a-bf6c-4228-9622-e258a2b30ee5","block_type":"box","text":"instruments or quote prices for them.","page_number":8,"box":{"x":82,"y":622,"width":273,"height":11}},{"id":"4a35193e-5558-4c0d-895e-c3a33b0c7458","block_type":"box","text":"Hedging Risk","page_number":8,"box":{"x":82,"y":642,"width":95,"height":11}},{"id":"76d091ee-23ff-40da-9fd2-cbd600f4798c","block_type":"box","text":"— Hedges are sometimes subject to imper fect matching between the derivative and the underlying","page_number":8,"box":{"x":181,"y":642,"width":728,"height":11}},{"id":"b47d6566-1839-47cc-9f4b-6e155e6d8112","block_type":"box","text":"security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging","page_number":8,"box":{"x":81,"y":657,"width":839,"height":11}},{"id":"68613381-f043-4006-971d-570d26a06fa7","block_type":"box","text":"may result in cer tain adverse tax consequences.","page_number":8,"box":{"x":82,"y":672,"width":354,"height":11}},{"id":"536ffde7-cd38-4ccb-8b9f-f896bbb04dfc","block_type":"box","text":"Tax Risk","page_number":8,"box":{"x":83,"y":692,"width":59,"height":9}},{"id":"80e1d068-88ca-4e35-9bdc-b2bceeca58a8","block_type":"box","text":"— Cer tain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":8,"box":{"x":145,"y":691,"width":719,"height":12}},{"id":"f4eb4b84-7e39-40bb-9779-45b4046bfe07","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":8,"box":{"x":81,"y":706,"width":801,"height":12}},{"id":"aeb2a6cd-9413-428a-8295-b1e079b4dce7","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":8,"box":{"x":82,"y":721,"width":802,"height":12}},{"id":"8a3d5654-fc88-461d-8430-2306593c5e9e","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":8,"box":{"x":82,"y":736,"width":830,"height":12}},{"id":"c11d18e8-cdcc-4ee2-a339-6761094eda70","block_type":"box","text":"realizes from its investments.","page_number":8,"box":{"x":82,"y":751,"width":215,"height":9}},{"id":"6a479327-ac39-4e59-bd98-7d2914573beb","block_type":"box","text":"High Portfolio Turnover Risk","page_number":8,"box":{"x":81,"y":771,"width":212,"height":11}},{"id":"2df524a0-13ff-4509-b70f-74dd82d20f8e","block_type":"box","text":"— The Fund may engage in active and frequent trading of its por tfolio securities. High","page_number":8,"box":{"x":297,"y":771,"width":629,"height":11}},{"id":"5748fe0d-9ad8-4c33-93f3-9842e25608a9","block_type":"box","text":"por tfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":8,"box":{"x":82,"y":786,"width":812,"height":11}},{"id":"03f4acf5-b10d-4fe5-97f8-8ea20f9957a6","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":8,"box":{"x":81,"y":800,"width":817,"height":12}},{"id":"e8800845-9506-4e22-bc8d-5faa703e72f7","block_type":"box","text":"other securities. The sale of Fund por tfolio securities may result in the realization and/or distribution to","page_number":8,"box":{"x":81,"y":815,"width":760,"height":12}},{"id":"3cb81ff7-8965-4f98-a201-eb81d6371529","block_type":"box","text":"shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects","page_number":8,"box":{"x":81,"y":830,"width":852,"height":12}},{"id":"1263efe4-15bf-4701-a91c-db0dec4758f4","block_type":"box","text":"of higher than normal por tfolio turnover may adversely affect Fund per formance.","page_number":8,"box":{"x":81,"y":845,"width":589,"height":11}},{"id":"d77ca145-e328-412b-8802-803fd97ebcf0","block_type":"box","text":"High Yield Bonds Risk","page_number":8,"box":{"x":81,"y":865,"width":167,"height":11}},{"id":"cb3e416c-8823-4170-b4af-0487b7a4e534","block_type":"box","text":"— Although junk bonds generally pay higher rates of interest than investment grade bonds,","page_number":8,"box":{"x":252,"y":865,"width":667,"height":11}},{"id":"261aa0d5-fafb-46e2-826c-087a48242d46","block_type":"box","text":"junk bonds are high risk investments that are considered speculative and may cause income and principal losses","page_number":8,"box":{"x":79,"y":880,"width":835,"height":11}},{"id":"97ca4344-e76e-4d78-8d19-bc7f13522212","block_type":"box","text":"for the Fund.","page_number":8,"box":{"x":81,"y":895,"width":91,"height":9}},{"id":"e379427a-f2f8-42d1-9883-d7fb4ebb6762","block_type":"box","text":"6","page_number":8,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"61e53e1e-0301-4f3c-ad09-1ee931832b45","block_type":"box","text":"NM1026U-5982677-8/14","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"f8bd5efe-e16a-4e0b-a830-ebc0945c139f","block_type":"box","text":"Illiquid Investments Risk","page_number":9,"box":{"x":81,"y":42,"width":186,"height":11}},{"id":"dcd32118-a291-491f-a8fe-3582daebf8e4","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":9,"box":{"x":271,"y":42,"width":648,"height":11}},{"id":"20f03db1-9574-4e43-8009-190f3c13a293","block_type":"box","text":"the Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":9,"box":{"x":80,"y":57,"width":841,"height":11}},{"id":"8e7fae08-58a7-41a5-9147-3311c0ed2638","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":9,"box":{"x":82,"y":71,"width":831,"height":12}},{"id":"2b952299-f0d4-4937-9327-65493909c73a","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. The","page_number":9,"box":{"x":81,"y":86,"width":843,"height":12}},{"id":"41da377e-20cb-4bd4-b97b-f7f7a97250a9","block_type":"box","text":"Subsidiary will also limit its investment in illiquid investments to 15% of its net assets. In applying the illiquid","page_number":9,"box":{"x":81,"y":101,"width":802,"height":12}},{"id":"ccf71db1-cd3b-4033-aeaa-e06e276cb156","block_type":"box","text":"investments restriction to the Fund, the Fund’s investment in the Subsidiary is considered to be liquid. Liquid","page_number":9,"box":{"x":82,"y":116,"width":802,"height":11}},{"id":"7e7377bc-02d6-46e7-8190-5807d68da44f","block_type":"box","text":"investments may become illiquid after purchase by the Fund, par ticularly during periods of market turmoil. There can","page_number":9,"box":{"x":82,"y":131,"width":854,"height":11}},{"id":"b73f950f-8329-4d4a-bc1f-68c187665d1c","block_type":"box","text":"be no assurance that a security or instrument that is deemed to be liquid when purchased will continue to be liquid","page_number":9,"box":{"x":81,"y":146,"width":846,"height":11}},{"id":"113bf1e8-525c-4aa3-8237-d874f7569df6","block_type":"box","text":"for as long as it is held by the Fund, and any security or instrument held by the Fund may be deemed an illiquid","page_number":9,"box":{"x":81,"y":160,"width":815,"height":12}},{"id":"27184ed0-0fce-4fce-b59e-e09266911b6c","block_type":"box","text":"investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may reduce","page_number":9,"box":{"x":82,"y":175,"width":837,"height":12}},{"id":"6a4747db-0772-42d7-ae94-a0f23ebb1edb","block_type":"box","text":"the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous time or price.","page_number":9,"box":{"x":80,"y":190,"width":847,"height":12}},{"id":"c0385b32-4c63-4509-85dc-25424e061884","block_type":"box","text":"In addition, if the Fund is limited in its ability to dispose of illiquid investments during periods when shareholders","page_number":9,"box":{"x":82,"y":205,"width":827,"height":11}},{"id":"6d2fbcf9-1af0-433f-b17a-1b113e08c9cd","block_type":"box","text":"are redeeming or selling their shares or the Fund’s net assets otherwise shrink, the Fund will need to dispose of","page_number":9,"box":{"x":81,"y":220,"width":828,"height":11}},{"id":"a6038601-00e3-44d0-acca-f6e21500a607","block_type":"box","text":"liquid securities to meet redemption requests and illiquid securities will become a larger por tion of the Fund’s","page_number":9,"box":{"x":82,"y":234,"width":806,"height":12}},{"id":"4abe64c8-ed25-4059-8c05-0bec77d81200","block_type":"box","text":"holdings. An investment may be illiquid due to, among other things, the reduced number and capacity of traditional","page_number":9,"box":{"x":82,"y":249,"width":840,"height":12}},{"id":"16e07edb-5fc5-4d21-a66c-f86e09a98635","block_type":"box","text":"market par ticipants to make a market in fixed-income securities or the lack of an active trading market. To the","page_number":9,"box":{"x":82,"y":264,"width":807,"height":12}},{"id":"15c9e9fc-846e-4410-939c-d6e6176420de","block_type":"box","text":"extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market and/","page_number":9,"box":{"x":81,"y":279,"width":845,"height":12}},{"id":"870d3dc9-a7e8-4e4b-8bd9-663a43dadb09","block_type":"box","text":"or credit risk, the Fund will tend to have greater exposure to the risks associated with illiquid investments. Illiquid","page_number":9,"box":{"x":81,"y":294,"width":832,"height":11}},{"id":"3550a99a-58ad-4a87-a17a-be3bdadd25fa","block_type":"box","text":"investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these","page_number":9,"box":{"x":82,"y":309,"width":782,"height":11}},{"id":"ffc1b583-70d9-47f3-9f15-9e33c86cca89","block_type":"box","text":"investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. This may be","page_number":9,"box":{"x":82,"y":323,"width":790,"height":12}},{"id":"54db0735-8e33-46e0-af03-1e775a7fd996","block_type":"box","text":"magnified in a rising interest rate environment or other circumstances where investor redemptions or sales of Fund","page_number":9,"box":{"x":82,"y":338,"width":844,"height":12}},{"id":"1652253c-01bf-40d3-b225-6fcd7377fc4b","block_type":"box","text":"shares may be higher than normal. In addition, when there is illiquidity in the market for cer tain securities, the","page_number":9,"box":{"x":81,"y":353,"width":810,"height":12}},{"id":"2e3adfe8-4e94-4249-b5bf-e3bc5e58ae5f","block_type":"box","text":"Fund, due to limitations on illiquid investments, may be subject to purchase and sale restrictions.","page_number":9,"box":{"x":82,"y":368,"width":715,"height":11}},{"id":"088de387-ee73-4fc7-8a08-8dbab3f77491","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":9,"box":{"x":81,"y":388,"width":271,"height":9}},{"id":"210cdb32-94e1-472a-807e-bb3bd6eb45ba","block_type":"box","text":"—","page_number":9,"box":{"x":356,"y":393,"width":17,"height":1}},{"id":"7ef44b57-6833-4ff4-b86e-32c4f233410e","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":9,"box":{"x":379,"y":388,"width":499,"height":11}},{"id":"81e642b3-ac7b-4f50-8426-b749ec4c6847","block_type":"box","text":"par ticular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect","page_number":9,"box":{"x":82,"y":403,"width":839,"height":11}},{"id":"3c41e999-e25c-48e7-a3c3-e1afafcfa9eb","block_type":"box","text":"to the value of the par ticular index. These securities are subject to leverage risk and correlation risk. Cer tain","page_number":9,"box":{"x":80,"y":418,"width":799,"height":11}},{"id":"8a9332f9-a260-4249-a207-6d31cebe7df6","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":9,"box":{"x":82,"y":433,"width":796,"height":11}},{"id":"e61f1978-e886-44b4-8c80-cae32850f6e0","block_type":"box","text":"securities, and the Fund’s investment in such instruments may decline significantly in value if interest rates or index","page_number":9,"box":{"x":81,"y":447,"width":855,"height":12}},{"id":"70de3a6c-166c-46cd-8465-6d9a037296c6","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":9,"box":{"x":82,"y":462,"width":441,"height":12}},{"id":"feb35fdb-818f-4318-a413-fd165e580337","block_type":"box","text":"Leverage Risk","page_number":9,"box":{"x":81,"y":482,"width":107,"height":11}},{"id":"5e179032-4cb9-40d7-903c-ad8cf2561608","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":9,"box":{"x":192,"y":482,"width":741,"height":12}},{"id":"68d47609-2294-475b-96f4-7219500050fd","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may","page_number":9,"box":{"x":81,"y":497,"width":853,"height":11}},{"id":"7e65654d-e888-4b59-8494-eda04850b3e0","block_type":"box","text":"cause the Fund to liquidate por tfolio positions when it may not be advantageous to do so to satisfy its obligations or","page_number":9,"box":{"x":81,"y":512,"width":856,"height":11}},{"id":"3df3fe3e-6f71-4166-8281-ec35ec019191","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act (as defined below) and the rules thereunder.","page_number":9,"box":{"x":80,"y":526,"width":833,"height":12}},{"id":"bc2b6117-a902-41b7-9ee0-90e455e18ad8","block_type":"box","text":"Increases and decreases in the value of the Fund’s por tfolio will be magnified when the Fund uses leverage.","page_number":9,"box":{"x":82,"y":541,"width":794,"height":12}},{"id":"6c740fbe-adbe-44ff-8e44-d5b9505a9542","block_type":"box","text":"Market Risk and Selection Risk","page_number":9,"box":{"x":81,"y":561,"width":240,"height":10}},{"id":"9bfc1f60-5fe1-4cd3-af48-5babe65d7303","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":9,"box":{"x":324,"y":562,"width":593,"height":9}},{"id":"b92f2e51-68be-4fba-8c10-06bb9f6efbcd","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a","page_number":9,"box":{"x":81,"y":576,"width":829,"height":12}},{"id":"6e939515-4fb4-45d5-8e37-c6d0de9b3048","block_type":"box","text":"security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":9,"box":{"x":81,"y":591,"width":829,"height":12}},{"id":"1ab9b9a6-ec74-483e-8809-b7a7eca0006d","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a par ticular issuer or","page_number":9,"box":{"x":81,"y":606,"width":830,"height":11}},{"id":"1267609b-81b2-4b89-846d-294c81caab7c","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":9,"box":{"x":82,"y":621,"width":840,"height":11}},{"id":"4c4e5b65-8e5e-465f-b273-26118fe3fc64","block_type":"box","text":"Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health","page_number":9,"box":{"x":82,"y":635,"width":851,"height":12}},{"id":"9d7d6f96-19d8-4634-8435-33773f499538","block_type":"box","text":"issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its","page_number":9,"box":{"x":82,"y":650,"width":852,"height":12}},{"id":"a8bbcee6-c7c5-4d1e-a7ba-cd40f19ce3e6","block_type":"box","text":"investments. Selection risk is the risk that the securities selected by Fund management will underper form the","page_number":9,"box":{"x":82,"y":665,"width":806,"height":12}},{"id":"2f664c66-9ba9-47f5-a3fa-ac6d44e7db02","block_type":"box","text":"markets, the relevant indices or the securities selected by other funds with similar investment objectives and","page_number":9,"box":{"x":82,"y":680,"width":799,"height":11}},{"id":"cbbac2d1-6c6e-4402-9565-efe107aa52a4","block_type":"box","text":"investment strategies. This means you may lose money.","page_number":9,"box":{"x":82,"y":695,"width":409,"height":11}},{"id":"459821e1-2281-4d93-bfee-572a6f41743a","block_type":"box","text":"Recent policy initiatives under taken by the U.S. government have the potential to impact international relations,","page_number":9,"box":{"x":82,"y":715,"width":818,"height":11}},{"id":"c5cc623a-98e4-475e-a91d-09a8779bf370","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncer tainty and instability in","page_number":9,"box":{"x":80,"y":730,"width":819,"height":11}},{"id":"59572a6b-773f-4c8e-a3eb-25d9264fa18c","block_type":"box","text":"domestic and global markets, and could adversely affect the investment per formance of the Fund. In par ticular,","page_number":9,"box":{"x":81,"y":744,"width":819,"height":12}},{"id":"757dda7c-51c4-4a1e-adad-64615d7d3cad","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":9,"box":{"x":81,"y":759,"width":846,"height":12}},{"id":"d995ccab-2bd6-469f-adb4-4ebd3e6994f1","block_type":"box","text":"costs for impor ted goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":9,"box":{"x":81,"y":774,"width":848,"height":12}},{"id":"ac180cbc-a5b7-4ffa-8ed8-a9c1576a7992","block_type":"box","text":"the Fund invests.","page_number":9,"box":{"x":80,"y":789,"width":125,"height":9}},{"id":"a1eccede-7e0f-43b2-a201-a1b36d185aad","block_type":"box","text":"Mortgage- and Asset-Backed Securities Risks","page_number":9,"box":{"x":81,"y":809,"width":346,"height":11}},{"id":"16392fd0-c533-42e9-ae6e-eb94ce6505f4","block_type":"box","text":"— Mor tgage- and asset-backed securities represent interests in","page_number":9,"box":{"x":432,"y":809,"width":469,"height":11}},{"id":"dfd47c1f-b355-442e-9892-ab20c8eb0ec0","block_type":"box","text":"“pools” of mor tgages or other assets, including consumer loans or receivables held in trust. Mor tgage- and asset","page_number":9,"box":{"x":82,"y":824,"width":839,"height":11}},{"id":"b46ea9e7-b0d9-4119-b9e3-efdfcd5ab8e9","block_type":"box","text":"backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are","page_number":9,"box":{"x":81,"y":839,"width":822,"height":11}},{"id":"3ab7dba0-e662-4b5b-aa7f-275420341590","block_type":"box","text":"subject to risk of default on the underlying mor tgage or asset, par ticularly during periods of economic downturn.","page_number":9,"box":{"x":81,"y":853,"width":821,"height":12}},{"id":"e4ff58d1-8446-41b5-b6d3-b7d21e2196e7","block_type":"box","text":"Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of","page_number":9,"box":{"x":81,"y":868,"width":851,"height":12}},{"id":"deab66f0-5ba6-4f0f-b1a9-1a8c7e859be7","block_type":"box","text":"cer tain mor tgage-backed securities.","page_number":9,"box":{"x":81,"y":883,"width":263,"height":12}},{"id":"d2a85219-cdf5-49cc-a24e-1cd8f91ee692","block_type":"box","text":"Operational and Technology Risks","page_number":9,"box":{"x":82,"y":903,"width":254,"height":11}},{"id":"7a8f6430-ef9e-4bc6-9d36-345b04f2d19d","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":9,"box":{"x":340,"y":903,"width":578,"height":11}},{"id":"279f4cd2-4565-4778-a568-59ceca33ac37","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":9,"box":{"x":82,"y":918,"width":779,"height":11}},{"id":"1a23a476-cc8a-4b13-b56d-5bc354bf785e","block_type":"box","text":"7","page_number":9,"box":{"x":928,"y":947,"width":8,"height":9}},{"id":"86f6f6bf-e315-4914-88b0-efe90723cd39","block_type":"box","text":"NM1026U-5982677-9/14","page_number":9,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"9e1288fb-8828-4f8b-964c-99465cc57af3","block_type":"box","text":"cybersecurity incidents, and the use of ar tificial intelligence and machine learning (“AI”),, which may result in losses","page_number":10,"box":{"x":81,"y":42,"width":853,"height":11}},{"id":"be6377d5-2207-4ffc-a70a-10fa4d66c8e4","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":10,"box":{"x":81,"y":57,"width":806,"height":11}},{"id":"861958bc-312e-4b35-bffe-4e80b29fcacf","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":10,"box":{"x":82,"y":71,"width":807,"height":12}},{"id":"76274ccd-b082-4a5a-897f-e6f705140ee1","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":10,"box":{"x":82,"y":86,"width":846,"height":12}},{"id":"2532647b-ce2e-47c4-8770-337f173e1bab","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":10,"box":{"x":81,"y":101,"width":836,"height":11}},{"id":"fc66e32f-5fd7-4a80-9801-7127aeaf55bb","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":10,"box":{"x":82,"y":116,"width":474,"height":11}},{"id":"aa1fbd43-fed6-42ef-bf6f-41105ea7a331","block_type":"box","text":"Preferred Securities Risk","page_number":10,"box":{"x":81,"y":136,"width":189,"height":9}},{"id":"b81e1b4d-eb1a-4af0-9416-1f9abceb2799","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":10,"box":{"x":274,"y":136,"width":636,"height":11}},{"id":"919bfd73-ba49-4132-9d7d-92931077f5d5","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":10,"box":{"x":81,"y":151,"width":824,"height":11}},{"id":"d9f62203-ad30-446c-a61c-38600748fff4","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":10,"box":{"x":82,"y":166,"width":806,"height":11}},{"id":"17004e6d-9272-49f9-bb22-7b564abe1fc3","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":10,"box":{"x":81,"y":180,"width":842,"height":12}},{"id":"d0ddbf93-50c7-4599-bd71-83fa11123cd4","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":10,"box":{"x":81,"y":195,"width":781,"height":12}},{"id":"925897fb-741f-418e-9068-283850685a8c","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":10,"box":{"x":81,"y":210,"width":812,"height":11}},{"id":"9d5a1207-d3f8-4365-a630-2d3fe4767244","block_type":"box","text":"larger companies.","page_number":10,"box":{"x":82,"y":225,"width":129,"height":11}},{"id":"b4f0bb7c-4be8-4a5b-acb1-8170d5228938","block_type":"box","text":"Risks of Concentrating in One Country","page_number":10,"box":{"x":81,"y":245,"width":290,"height":11}},{"id":"699dded5-ec54-4191-ae28-bcad17307da7","block_type":"box","text":"—","page_number":10,"box":{"x":376,"y":250,"width":17,"height":1}},{"id":"bc04eaa2-bf58-4558-b205-c81730e081b3","block_type":"box","text":"Investing a significant por tion of assets in one country makes the Fund","page_number":10,"box":{"x":398,"y":245,"width":522,"height":11}},{"id":"3205be57-40f9-4516-82d9-8dc39e95f67f","block_type":"box","text":"more dependent upon the political and economic circumstances of that par ticular country than a mutual fund that is","page_number":10,"box":{"x":82,"y":260,"width":853,"height":11}},{"id":"c57a3a0d-fdfe-4d59-af4a-b5fa613751d7","block_type":"box","text":"more widely diversified. The Fund may not invest more than 25% of its total assets, at the time of purchase, in","page_number":10,"box":{"x":82,"y":274,"width":811,"height":12}},{"id":"bbb94315-4fcc-437c-8d13-34a97c9a2f46","block_type":"box","text":"sovereign debt instruments of any one foreign government.","page_number":10,"box":{"x":81,"y":289,"width":432,"height":12}},{"id":"fbfc40e9-6055-47b9-ae85-08a85187b8f2","block_type":"box","text":"Sovereign Debt Risk","page_number":10,"box":{"x":81,"y":309,"width":154,"height":12}},{"id":"d37c2ce2-40af-494f-a1a6-a85c6ae5d780","block_type":"box","text":"—","page_number":10,"box":{"x":239,"y":315,"width":17,"height":0}},{"id":"9d4ac5f8-64d2-4653-abf7-6f5a53113ae0","block_type":"box","text":"Sovereign debt instruments are subject to the risk that a governmental entity may delay or","page_number":10,"box":{"x":261,"y":309,"width":664,"height":12}},{"id":"51c0fa49-c638-44fe-8ae4-f14883b33e4d","block_type":"box","text":"refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient","page_number":10,"box":{"x":82,"y":324,"width":844,"height":12}},{"id":"ec73efa9-64bf-4ec0-9048-1a9d8e364a4c","block_type":"box","text":"foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in","page_number":10,"box":{"x":81,"y":339,"width":821,"height":11}},{"id":"701b03a0-64bb-426e-9cb0-b4c15a5e573e","block_type":"box","text":"relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund","page_number":10,"box":{"x":82,"y":354,"width":845,"height":11}},{"id":"d1d3f1f3-555b-402b-8beb-74d908bdbc14","block_type":"box","text":"or other multilateral agencies.","page_number":10,"box":{"x":81,"y":369,"width":218,"height":11}},{"id":"88232e11-2688-4ab2-a39e-e29b1d1e4c12","block_type":"box","text":"Structured Notes Risk","page_number":10,"box":{"x":81,"y":389,"width":168,"height":9}},{"id":"e80ac266-df83-4d36-bb79-2144234be9c5","block_type":"box","text":"—","page_number":10,"box":{"x":254,"y":394,"width":17,"height":1}},{"id":"359e9fc1-5026-4da5-84aa-942426797da1","block_type":"box","text":"Structured notes and other related instruments purchased by the Fund are generally","page_number":10,"box":{"x":276,"y":389,"width":618,"height":11}},{"id":"1c9f6934-aaf4-4784-8255-78cce909dd75","block_type":"box","text":"privately negotiated debt obligations where the principal and/or interest is determined by reference to the","page_number":10,"box":{"x":82,"y":403,"width":775,"height":12}},{"id":"37d00988-26a4-4279-8fb3-798c03212fac","block_type":"box","text":"per formance of a specific asset, benchmark asset, market or interest rate (“reference measure”). The purchase of","page_number":10,"box":{"x":82,"y":418,"width":845,"height":11}},{"id":"84371011-3ae6-44cd-b49f-107aa57e44a6","block_type":"box","text":"structured notes exposes the Fund to the credit risk of the issuer of the structured product. Structured notes may","page_number":10,"box":{"x":81,"y":433,"width":837,"height":11}},{"id":"bf92efde-ff45-4d22-bc5e-75af9eb241b9","block_type":"box","text":"be leveraged, increasing the volatility of each structured note’s value relative to the change in the reference","page_number":10,"box":{"x":81,"y":448,"width":792,"height":11}},{"id":"ff08ed85-be46-46f7-8934-0774afc01524","block_type":"box","text":"measure. Structured notes may also be less liquid and more difficult to price accurately than less complex","page_number":10,"box":{"x":82,"y":463,"width":783,"height":11}},{"id":"e4ace128-51a0-4df7-8f0f-3b44a2f68022","block_type":"box","text":"securities and instruments or more traditional debt securities.","page_number":10,"box":{"x":81,"y":478,"width":455,"height":9}},{"id":"1e8e977e-aecb-4184-8e55-34b9aa4e99c7","block_type":"box","text":"Structured Securities Risk","page_number":10,"box":{"x":81,"y":498,"width":200,"height":9}},{"id":"ef9f2551-8591-4b4f-b99e-cd38f5ae84d9","block_type":"box","text":"— Because structured securities of the type in which the Fund may invest typically","page_number":10,"box":{"x":285,"y":497,"width":605,"height":12}},{"id":"9e056fd8-4d2b-40bd-be80-3c5a69cda8c0","block_type":"box","text":"involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments,","page_number":10,"box":{"x":82,"y":512,"width":823,"height":12}},{"id":"8f7a2ed5-1aad-4627-83ff-aa7ddbfbabc6","block_type":"box","text":"index or reference obligation and will also be subject to counterpar ty risk. The Fund may have the right to receive","page_number":10,"box":{"x":82,"y":527,"width":827,"height":12}},{"id":"0be00ae3-1c6d-4f31-ab6e-5d45e90edf54","block_type":"box","text":"payments only from the structured security, and generally does not have direct rights against the issuer or the entity","page_number":10,"box":{"x":82,"y":542,"width":852,"height":12}},{"id":"8d335e3c-5eb2-4915-bec0-ae7a63dc1e46","block_type":"box","text":"that sold the assets to be securitized. In addition to the general risks associated with debt securities discussed","page_number":10,"box":{"x":80,"y":557,"width":823,"height":11}},{"id":"92ac1127-34ce-4c10-9c90-8eb35939b94a","block_type":"box","text":"herein, structured securities carry additional risks, including, but not limited to: the possibility that distributions","page_number":10,"box":{"x":82,"y":572,"width":818,"height":11}},{"id":"9240297b-565e-48d7-b3d1-b3df944d053c","block_type":"box","text":"from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may","page_number":10,"box":{"x":81,"y":586,"width":842,"height":12}},{"id":"2ee9c1ca-c3c2-44dd-a6ac-524bfdb023ea","block_type":"box","text":"decline in value or default; and the possibility that the structured securities are subordinate to other classes. The","page_number":10,"box":{"x":81,"y":601,"width":834,"height":12}},{"id":"a7f3a662-0f20-41d4-b979-6e44603d5eec","block_type":"box","text":"Fund is permitted to invest in a class of structured securities that is either subordinated or unsubordinated to the","page_number":10,"box":{"x":82,"y":616,"width":834,"height":11}},{"id":"83263698-c806-4b83-8f5e-fb78d1a5daff","block_type":"box","text":"right of payment of another class. Subordinated structured securities typically have higher yields and present","page_number":10,"box":{"x":82,"y":631,"width":799,"height":11}},{"id":"529e8976-fa60-4446-9bfa-fdd950b22a02","block_type":"box","text":"greater risks than unsubordinated structured securities. Structured securities are typically sold in private placement","page_number":10,"box":{"x":81,"y":646,"width":851,"height":11}},{"id":"c8d40b14-844a-440d-95f0-1fc171be963e","block_type":"box","text":"transactions, and there currently is no active trading market for structured securities. Structured securities are","page_number":10,"box":{"x":80,"y":661,"width":814,"height":11}},{"id":"a070b737-6911-4586-8548-b1517c576174","block_type":"box","text":"based upon the movement of one or more factors, including currency exchange rates, interest rates, reference","page_number":10,"box":{"x":81,"y":675,"width":812,"height":12}},{"id":"836921cf-0c65-4524-a01a-8b8595746d88","block_type":"box","text":"bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price","page_number":10,"box":{"x":81,"y":690,"width":816,"height":12}},{"id":"30e13ca9-2a12-430e-ba5c-fe797bccf958","block_type":"box","text":"fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the","page_number":10,"box":{"x":81,"y":705,"width":795,"height":12}},{"id":"bb0c6140-ab2e-4e86-80ba-8861d0d12d4a","block_type":"box","text":"structured security to be reduced to zero. Cer tain issuers of such structured securities may be deemed to be","page_number":10,"box":{"x":81,"y":720,"width":802,"height":11}},{"id":"047550a2-de20-4550-bf67-05405e63e9ad","block_type":"box","text":"“investment companies” as defined in the Investment Company Act of 1940, as amended (the “Investment","page_number":10,"box":{"x":82,"y":735,"width":789,"height":11}},{"id":"693e2c27-1361-4ec9-92e3-3caa0bb5412f","block_type":"box","text":"Company Act”). As a result, the Fund’s investment in such securities may be limited by cer tain investment","page_number":10,"box":{"x":81,"y":750,"width":781,"height":11}},{"id":"cf46748a-ce6e-4867-a485-724f59bffca0","block_type":"box","text":"restrictions contained in the Investment Company Act.","page_number":10,"box":{"x":82,"y":764,"width":395,"height":12}},{"id":"43425d4c-dd29-482a-8157-53938eeae932","block_type":"box","text":"Subsidiary Risk","page_number":10,"box":{"x":81,"y":784,"width":117,"height":12}},{"id":"25680194-9a08-4fde-ba53-f2d265646026","block_type":"box","text":"—","page_number":10,"box":{"x":202,"y":790,"width":17,"height":1}},{"id":"a1ddf446-dc0a-4a80-abb5-0c3cf524dfd0","block_type":"box","text":"By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the","page_number":10,"box":{"x":225,"y":784,"width":679,"height":12}},{"id":"b7e61d05-a19a-41d4-b9ec-6c691de4ec04","block_type":"box","text":"Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are generally similar to those","page_number":10,"box":{"x":81,"y":799,"width":841,"height":12}},{"id":"9afa111c-bcb6-4ac2-a18b-748b3ba31871","block_type":"box","text":"that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held","page_number":10,"box":{"x":80,"y":814,"width":851,"height":11}},{"id":"c56dbf86-5b02-4ec8-b96f-3a70688f113f","block_type":"box","text":"directly by the Fund (see “Commodities Related Investments Risk” above). There can be no assurance that the","page_number":10,"box":{"x":81,"y":829,"width":814,"height":11}},{"id":"6f720abb-90e6-4e17-a67a-c5754fdbbf9c","block_type":"box","text":"investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the Investment","page_number":10,"box":{"x":82,"y":844,"width":807,"height":11}},{"id":"0db28c90-490e-411f-a513-8d14b93ca274","block_type":"box","text":"Company Act, and, unless otherwise noted in this prospectus, is not subject to all the investor protections of the","page_number":10,"box":{"x":81,"y":858,"width":830,"height":12}},{"id":"79511bc4-764f-421c-9222-cd6cf9b3b4f1","block_type":"box","text":"Investment Company Act. However, the Fund wholly owns and controls the Subsidiary, and the Fund and the","page_number":10,"box":{"x":82,"y":873,"width":790,"height":12}},{"id":"e85fb8d0-e320-4915-af32-573bfa66315b","block_type":"box","text":"Subsidiary are both managed by BlackRock, making it unlikely that the Subsidiary will take action contrary to the","page_number":10,"box":{"x":81,"y":888,"width":827,"height":12}},{"id":"40470cd1-adf2-4c0f-a162-170627c9a238","block_type":"box","text":"interests of the Fund and its shareholders. The Board has oversight responsibility for the investment activities of","page_number":10,"box":{"x":82,"y":903,"width":827,"height":11}},{"id":"b75139f6-6572-4701-b7de-bf339e39c788","block_type":"box","text":"the Fund, including its investment in the Subsidiary, and the Fund’s role as sole shareholder of the Subsidiary. The","page_number":10,"box":{"x":80,"y":918,"width":845,"height":11}},{"id":"df7efb1b-d4d9-41c1-8129-3ef2c36bb915","block_type":"box","text":"8","page_number":10,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"0a88922b-ec50-4b9a-8863-9ce85cfb957d","block_type":"box","text":"NM1026U-5982677-10/14","page_number":10,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8a561c34-c8bd-498a-92f1-f9e83bbcde73","block_type":"box","text":"Subsidiary is subject to the same investment restrictions and limitations, and follows the same compliance policies","page_number":11,"box":{"x":81,"y":42,"width":850,"height":11}},{"id":"92f62c55-5b46-402f-b8ef-5d0e56f0b787","block_type":"box","text":"and procedures, as the Fund, except that the Subsidiary may invest without limitation in commodity-related","page_number":11,"box":{"x":81,"y":57,"width":785,"height":11}},{"id":"5560b0a5-b65c-473c-93d2-1cd197a4704e","block_type":"box","text":"instruments. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the","page_number":11,"box":{"x":82,"y":71,"width":850,"height":12}},{"id":"847ffa4b-126f-45d2-8bc4-ffba955c03aa","block_type":"box","text":"Fund and/or the Subsidiary to operate as described in this prospectus and the SAI and could adversely affect the","page_number":11,"box":{"x":82,"y":86,"width":834,"height":12}},{"id":"49afe173-77c5-43ea-b956-46d18ade6ee6","block_type":"box","text":"Fund.","page_number":11,"box":{"x":82,"y":101,"width":37,"height":9}},{"id":"0d1ed0ab-fb63-4e5a-a904-22cf240664e0","block_type":"box","text":"U.S. Government Obligations Risk","page_number":11,"box":{"x":82,"y":121,"width":254,"height":11}},{"id":"f239db71-a98c-49e2-b26a-503b0c5e6667","block_type":"box","text":"— Cer tain securities in which the Fund may invest, including securities issued by","page_number":11,"box":{"x":340,"y":121,"width":596,"height":12}},{"id":"0372f901-e56f-4ae1-b275-4dcc6ffc47d1","block_type":"box","text":"cer tain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S.","page_number":11,"box":{"x":81,"y":136,"width":819,"height":11}},{"id":"92808ee8-9b70-4cee-badf-6866476688c5","block_type":"box","text":"Government or suppor ted by the full faith and credit of the United States. In addition, circumstances could arise","page_number":11,"box":{"x":81,"y":151,"width":824,"height":11}},{"id":"92d74d60-5548-4e0c-ae45-a5b3c001d9e1","block_type":"box","text":"that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the","page_number":11,"box":{"x":80,"y":166,"width":846,"height":11}},{"id":"f9cd617a-b601-4d26-a3df-07943e3d859a","block_type":"box","text":"legislative “debt ceiling.” Such non-payment could result in losses to the Fund and substantial negative","page_number":11,"box":{"x":82,"y":180,"width":757,"height":12}},{"id":"3e427759-d8be-4c94-8699-a1426bd63bb6","block_type":"box","text":"consequences for the U.S. economy and the global financial system.","page_number":11,"box":{"x":81,"y":195,"width":502,"height":12}},{"id":"77847241-c21b-4450-b207-99fda677c1e8","block_type":"box","text":"Performance Information","page_number":11,"box":{"x":61,"y":234,"width":224,"height":11}},{"id":"4ea98cd9-112c-4530-b8ac-fd4adbcfb7d4","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":11,"box":{"x":60,"y":260,"width":855,"height":12}},{"id":"9d90a8f8-6fbd-4a47-a783-2392a68fbe49","block_type":"box","text":"risks of investing in the Fund. The table compares the Fund’s per formance to that of the Bloomberg Global Aggregate","page_number":11,"box":{"x":61,"y":275,"width":862,"height":12}},{"id":"39f0eac8-c74c-4f08-aba2-05fbb67cc1c3","block_type":"box","text":"Bond Index and a customized per formance benchmark comprised of 80% Bloomberg Global Aggregate ex EM Bond","page_number":11,"box":{"x":62,"y":290,"width":842,"height":12}},{"id":"6554cef7-ed2f-44c9-a11e-d386ea888a20","block_type":"box","text":"Index and 20% Bloomberg EM ex Korea Bond Index (the “Custom Benchmark”). To the extent that dividends and","page_number":11,"box":{"x":62,"y":305,"width":823,"height":11}},{"id":"1ef33a18-ac23-48b4-9fc6-d2f23c9259c3","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":11,"box":{"x":61,"y":320,"width":848,"height":11}},{"id":"4a624290-ef96-428d-8a1e-f3ade844d222","block_type":"box","text":"reinvestment of the dividends and distributions. As with all such investments, past per formance (before and after","page_number":11,"box":{"x":61,"y":334,"width":835,"height":12}},{"id":"26693285-cc47-40d6-9a29-5f84340d155c","block_type":"box","text":"taxes) is not an indication of future results. Sales charges are not reflected in the bar char t. If they were, returns","page_number":11,"box":{"x":60,"y":349,"width":831,"height":12}},{"id":"8c6e0d69-223a-486b-b104-8bfd3be87fca","block_type":"box","text":"would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s","page_number":11,"box":{"x":60,"y":364,"width":831,"height":12}},{"id":"dc6477f9-1e13-4c19-af2b-8b4a6806902e","block_type":"box","text":"investment manager and its affiliates had not waived or reimbursed cer tain Fund expenses during these periods, the","page_number":11,"box":{"x":62,"y":379,"width":857,"height":11}},{"id":"f58d4930-aaee-4572-9873-25c44892e82f","block_type":"box","text":"Fund’s returns would have been lower. Updated information on the Fund’s per formance, including its current net asset","page_number":11,"box":{"x":62,"y":394,"width":871,"height":11}},{"id":"97d28d85-9acf-4d0c-a3e9-45383aa6a682","block_type":"box","text":"value, can be obtained by visiting www.blackrock.com or can be obtained by phone at (800) 882-0052.","page_number":11,"box":{"x":60,"y":409,"width":754,"height":11}},{"id":"6be5d090-0c7b-4365-912a-9cae2f0de301","block_type":"box","text":"Investor A Shares","page_number":11,"box":{"x":427,"y":432,"width":144,"height":10}},{"id":"605d9597-a426-4f75-a2fc-9fd84718200a","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":11,"box":{"x":392,"y":448,"width":212,"height":10}},{"id":"5c6a9cdf-6416-46dc-bf85-9c5e1c183d9a","block_type":"box","text":"BlackRock Strategic Global Bond Fund","page_number":11,"box":{"x":339,"y":464,"width":320,"height":12}},{"id":"24039fad-ca7f-4e35-8cf4-6b728ea7d611","block_type":"box","text":"As of 12/31","page_number":11,"box":{"x":447,"y":480,"width":103,"height":12}},{"id":"82c2d66e-827a-4284-8978-d9b8ecbf7dba","block_type":"box","text":"4.80%","page_number":11,"box":{"x":295,"y":541,"width":37,"height":7}},{"id":"6171faa1-638c-4253-b6a9-fc1803347a44","block_type":"box","text":"7.04%","page_number":11,"box":{"x":344,"y":531,"width":36,"height":7}},{"id":"776034b6-7093-4d06-a6c1-957ceefa1252","block_type":"box","text":"-1.07%","page_number":11,"box":{"x":389,"y":582,"width":41,"height":7}},{"id":"7ae5c883-32a4-4f30-a7c2-b8acb6012cda","block_type":"box","text":"7.95%","page_number":11,"box":{"x":440,"y":527,"width":36,"height":7}},{"id":"baad785a-30fe-49d5-86d4-70b13730d2a2","block_type":"box","text":"8.95%","page_number":11,"box":{"x":488,"y":522,"width":37,"height":8}},{"id":"ef1bfd87-6ee5-49d5-8867-2d4de566deff","block_type":"box","text":"-1.49%","page_number":11,"box":{"x":534,"y":584,"width":40,"height":7}},{"id":"9bfee5df-c3ee-47a3-a9a2-32c7b627ea5c","block_type":"box","text":"-14.92%","page_number":11,"box":{"x":578,"y":644,"width":49,"height":7}},{"id":"0149273c-ac93-4d16-b0a6-4cd47a14ff5f","block_type":"box","text":"6.69%","page_number":11,"box":{"x":632,"y":532,"width":37,"height":8}},{"id":"7634169d-2b64-40dc-803e-ff6bda420b3f","block_type":"box","text":"0.20%","page_number":11,"box":{"x":681,"y":561,"width":36,"height":8}},{"id":"3454c1ed-d674-425e-958b-70eebf190e2f","block_type":"box","text":"8.21%","page_number":11,"box":{"x":729,"y":526,"width":37,"height":7}},{"id":"6a9bf376-4a4f-493f-b790-40f97b7486ed","block_type":"box","text":"-20%","page_number":11,"box":{"x":237,"y":659,"width":28,"height":7}},{"id":"96a57325-94e1-457d-9c79-f2df84680923","block_type":"box","text":"-15%","page_number":11,"box":{"x":237,"y":636,"width":28,"height":8}},{"id":"e07a5a01-896d-450c-acb0-c32e4edaf7eb","block_type":"box","text":"-10%","page_number":11,"box":{"x":237,"y":614,"width":28,"height":7}},{"id":"b8f8b3d3-bbc3-447b-980c-1166714123ed","block_type":"box","text":"-5%","page_number":11,"box":{"x":245,"y":592,"width":20,"height":7}},{"id":"29a24f7f-38ce-4ba0-8cc8-e638ebe7552c","block_type":"box","text":"0%","page_number":11,"box":{"x":248,"y":570,"width":17,"height":7}},{"id":"bb971f5d-fbe8-4a43-b9e9-7c4b754f5385","block_type":"box","text":"5%","page_number":11,"box":{"x":248,"y":547,"width":17,"height":8}},{"id":"961c159b-261d-4bfe-89bb-53f0111c9667","block_type":"box","text":"10%","page_number":11,"box":{"x":241,"y":525,"width":24,"height":8}},{"id":"d7e2a635-6738-4815-a551-3b4e34774bad","block_type":"box","text":"15%","page_number":11,"box":{"x":241,"y":503,"width":24,"height":7}},{"id":"9eb0f868-6814-4a6f-98f1-415b48bff070","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":11,"box":{"x":298,"y":668,"width":465,"height":8}},{"id":"092b8d1d-7e1b-4be9-9c93-ce35e7e104a6","block_type":"box","text":"During the ten-year period shown in the bar char t, the highest return for a quar ter was 8.16% (quar ter ended","page_number":11,"box":{"x":62,"y":689,"width":796,"height":11}},{"id":"52cc3144-3527-4a4f-8b10-4bb6e957ed5f","block_type":"box","text":"December 31, 2023) and the lowest return for a quar ter was -6.46% (quar ter ended March 31, 2022).","page_number":11,"box":{"x":62,"y":704,"width":752,"height":11}},{"id":"85f3e7bf-fff7-4752-8f84-4a92142dc48c","block_type":"box","text":"For the periods ended 12/31/25","page_number":11,"box":{"x":70,"y":732,"width":223,"height":11}},{"id":"b2c35286-a241-4ac3-99bd-188cae87b1fd","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":11,"box":{"x":69,"y":744,"width":854,"height":10}},{"id":"424c28b6-c6c7-450a-9348-f58d162dbf7a","block_type":"box","text":"BlackRock Strategic Global Bond Fund — Investor A Shares","page_number":11,"box":{"x":70,"y":762,"width":391,"height":10}},{"id":"e13d1554-4350-4552-8fc6-ecf3c0e4fd69","block_type":"box","text":"Return Before Taxes 3.88% (1.43)% 1.97%","page_number":11,"box":{"x":85,"y":775,"width":835,"height":10}},{"id":"0fb1b107-8789-4b5d-b0ad-9143e6e77cfd","block_type":"box","text":"Return After Taxes on Distributions 2.16% (2.13)% 1.04%","page_number":11,"box":{"x":85,"y":788,"width":835,"height":10}},{"id":"7896a6d6-31bd-4d26-8b5c-4d470a31eac1","block_type":"box","text":"Return After Taxes on Distributions","page_number":11,"box":{"x":85,"y":801,"width":228,"height":8}},{"id":"6706b7c0-0aea-420d-9b4d-6cec9953ee1a","block_type":"box","text":"and Sale of Fund Shares 2.27% (1.37)% 1.12%","page_number":11,"box":{"x":85,"y":812,"width":835,"height":10}},{"id":"312e26b7-d190-4234-b5fe-b3b2de57c049","block_type":"box","text":"BlackRock Strategic Global Bond Fund — Institutional Shares","page_number":11,"box":{"x":70,"y":830,"width":404,"height":11}},{"id":"79807828-b260-48c2-8f0c-eb6a01ca51ab","block_type":"box","text":"Return Before Taxes 8.48% (0.37)% 2.62%","page_number":11,"box":{"x":85,"y":843,"width":835,"height":10}},{"id":"6ad76b89-8bd0-43e7-9276-74443eb83d3d","block_type":"box","text":"BlackRock Strategic Global Bond Fund — Investor C Shares","page_number":11,"box":{"x":70,"y":861,"width":392,"height":11}},{"id":"99dd0628-173a-4b75-bd55-114c044cdf03","block_type":"box","text":"Return Before Taxes 6.41% (1.37)% 1.77%","page_number":11,"box":{"x":85,"y":874,"width":835,"height":10}},{"id":"acd016fb-d04c-4c26-a70c-ec89281ea7f8","block_type":"box","text":"Bloomberg Global Aggregate Bond Index","page_number":11,"box":{"x":70,"y":892,"width":264,"height":11}},{"id":"a1dba227-577e-4baf-ae3a-9b63a90857cf","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 8.17% (2.15)% 1.26%","page_number":11,"box":{"x":69,"y":906,"width":851,"height":10}},{"id":"b170c35b-d2f7-4c96-9191-3554183b9ba7","block_type":"box","text":"9","page_number":11,"box":{"x":928,"y":947,"width":8,"height":9}},{"id":"b42dcbdf-dbdc-4b3d-b702-31ca9b558a2d","block_type":"box","text":"NM1026U-5982677-11/14","page_number":11,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4ebddb2c-7063-424f-9b1d-2f9715a76ba1","block_type":"box","text":"For the periods ended 12/31/25","page_number":12,"box":{"x":70,"y":47,"width":223,"height":10}},{"id":"b72bb29e-3f6d-410f-a721-923e25dd8b4a","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":12,"box":{"x":69,"y":58,"width":854,"height":10}},{"id":"7974ae69-1113-4be7-944b-66a725261a7b","block_type":"box","text":"Custom Benchmark","page_number":12,"box":{"x":69,"y":76,"width":129,"height":9}},{"id":"cad980df-dc73-4af6-986c-5fc79285ee23","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 8.49% (1.98)% 1.52%","page_number":12,"box":{"x":69,"y":90,"width":851,"height":10}},{"id":"633c7497-c262-4275-86ee-ff1860180e1e","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":12,"box":{"x":60,"y":122,"width":840,"height":11}},{"id":"149bdf89-53ce-4aa1-a666-0d96265f2040","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":12,"box":{"x":61,"y":137,"width":835,"height":11}},{"id":"0695e569-8cd0-4663-a907-2b453d0bd191","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":12,"box":{"x":61,"y":151,"width":851,"height":12}},{"id":"3871d09f-0f93-493c-93a1-850de0a6aab5","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for","page_number":12,"box":{"x":60,"y":166,"width":840,"height":12}},{"id":"410f6d41-4cfd-4f87-9674-dbda0e9c4182","block_type":"box","text":"Investor A Shares only, and the after-tax returns for Investor C and Institutional Shares will vary.","page_number":12,"box":{"x":62,"y":181,"width":700,"height":11}},{"id":"12e0114c-0800-4962-b004-8d1967190aae","block_type":"box","text":"Investment Manager","page_number":12,"box":{"x":62,"y":220,"width":187,"height":13}},{"id":"9be37e78-1418-4a71-886e-beb7ede17265","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”). The Fund’s sub","page_number":12,"box":{"x":60,"y":246,"width":832,"height":12}},{"id":"c6844f4c-591b-4476-b4a4-7a5553757c33","block_type":"box","text":"advisers are BlackRock International Limited and BlackRock (Singapore) Limited. Where applicable, the use of the term","page_number":12,"box":{"x":61,"y":261,"width":875,"height":11}},{"id":"c00afa41-38a8-4f1e-9f3c-f7f0a3ed6bd0","block_type":"box","text":"BlackRock also refers to the Fund’s sub-advisers.","page_number":12,"box":{"x":62,"y":276,"width":361,"height":9}},{"id":"5cd5fd1a-6085-47ad-9403-973777628fe5","block_type":"box","text":"Portfolio Managers","page_number":12,"box":{"x":61,"y":315,"width":173,"height":13}},{"id":"781482ce-be59-4985-9530-642754df65a8","block_type":"box","text":"Portfolio Manager","page_number":12,"box":{"x":70,"y":359,"width":121,"height":10}},{"id":"c6d13bb6-221c-4fd8-ba83-67ad13d76185","block_type":"box","text":"Portfolio Manager","page_number":12,"box":{"x":326,"y":347,"width":121,"height":10}},{"id":"a85f751b-05a1-45e5-823c-09603398cbbc","block_type":"box","text":"of the Fund Since Title","page_number":12,"box":{"x":327,"y":359,"width":425,"height":8}},{"id":"54fb8e77-2104-411f-9515-bf7c72e396cb","block_type":"box","text":"Rick Rieder 2015","page_number":12,"box":{"x":70,"y":431,"width":333,"height":8}},{"id":"b63c66f2-0c33-49d4-9148-62487f503231","block_type":"box","text":"Chief Investment Officer of Global Fixed Income,","page_number":12,"box":{"x":578,"y":377,"width":318,"height":9}},{"id":"5ebbf36a-5749-4404-bdbf-0861c5a5fe33","block_type":"box","text":"Head of Global Allocation Investment Team,","page_number":12,"box":{"x":594,"y":390,"width":286,"height":10}},{"id":"0269e266-7a47-4ef3-9f7a-4cd0dc05f77f","block_type":"box","text":"member of the Global Executive Committee,","page_number":12,"box":{"x":593,"y":404,"width":288,"height":9}},{"id":"4cb0e8a9-375d-45f2-8a3f-35dbe87a1f36","block_type":"box","text":"Global Operating Committee and Chairman of","page_number":12,"box":{"x":588,"y":417,"width":300,"height":11}},{"id":"7c70ca91-ac7a-40aa-9289-0890769e6b34","block_type":"box","text":"the BlackRock, Inc. firmwide Investment Council","page_number":12,"box":{"x":578,"y":431,"width":317,"height":9}},{"id":"de2d797d-c2d5-4b9b-8300-b4d70780822e","block_type":"box","text":"Russell Brownback 2018 Managing Director of BlackRock, Inc.","page_number":12,"box":{"x":70,"y":449,"width":788,"height":10}},{"id":"a1cd3565-f4d4-4ea9-bb87-2a2ace64529d","block_type":"box","text":"Dylan Price 2024 Director of BlackRock, Inc.","page_number":12,"box":{"x":70,"y":467,"width":753,"height":10}},{"id":"7ab81fa0-a9a4-490e-9888-d671ca7c04e4","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":12,"box":{"x":61,"y":507,"width":309,"height":11}},{"id":"c7529479-fece-4ab6-b3ab-45b04e395434","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. To purchase or sell","page_number":12,"box":{"x":60,"y":534,"width":857,"height":11}},{"id":"cf559eaa-1972-4096-97a1-b0c0c091a127","block_type":"box","text":"shares you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should contact","page_number":12,"box":{"x":61,"y":548,"width":873,"height":12}},{"id":"a27d5f91-da86-4b86-bf82-a868f4dd48f2","block_type":"box","text":"the Fund by phone at (800) 441-7762, by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania","page_number":12,"box":{"x":60,"y":563,"width":833,"height":12}},{"id":"f69b7e01-7799-4290-9eff-3750f4d3e068","block_type":"box","text":"15253-4429), or by the Internet at www.blackrock.com. The Fund’s initial and subsequent investment minimums","page_number":12,"box":{"x":62,"y":578,"width":827,"height":11}},{"id":"580e73d1-9e91-4b7e-bc8b-9cb1e8d0eb49","block_type":"box","text":"generally are as follows, although the Fund may reduce or waive the minimums in some cases:","page_number":12,"box":{"x":60,"y":593,"width":696,"height":11}},{"id":"79ee97e2-3fb9-4982-9cd3-0fe49315f489","block_type":"box","text":"Investor A and Investor C Shares Institutional Shares","page_number":12,"box":{"x":232,"y":621,"width":480,"height":8}},{"id":"a33142f1-938d-491b-9ead-5f1a8c28f98d","block_type":"box","text":"Minimum Initial","page_number":12,"box":{"x":61,"y":638,"width":104,"height":9}},{"id":"a1ddc2c9-8530-4528-a783-6e526cf3a08c","block_type":"box","text":"Investment","page_number":12,"box":{"x":61,"y":652,"width":75,"height":8}},{"id":"b243181f-4247-4a3f-bded-71b838dd8f96","block_type":"box","text":"$1,000 for all accounts except:","page_number":12,"box":{"x":232,"y":638,"width":207,"height":10}},{"id":"04763bab-6f7c-43a9-afc4-2bafe0fc7331","block_type":"box","text":"•","page_number":12,"box":{"x":235,"y":655,"width":4,"height":3}},{"id":"ab115e21-d34f-4aef-864c-13c4035f1bd4","block_type":"box","text":"$50, if establishing an Automatic Investment","page_number":12,"box":{"x":243,"y":651,"width":296,"height":11}},{"id":"4b79f34d-2714-4c35-9bcf-5947c2428f08","block_type":"box","text":"Plan.","page_number":12,"box":{"x":243,"y":666,"width":30,"height":8}},{"id":"aa270567-21c2-4dad-8e57-8eea364ea791","block_type":"box","text":"•","page_number":12,"box":{"x":235,"y":682,"width":4,"height":3}},{"id":"b22ec83d-fe7f-46ee-a904-c9205911f961","block_type":"box","text":"There is no investment minimum for employer","page_number":12,"box":{"x":242,"y":679,"width":306,"height":10}},{"id":"89b0540f-a1d9-46ac-8950-cc6e145ea80c","block_type":"box","text":"sponsored retirement plans (not including SEP","page_number":12,"box":{"x":242,"y":693,"width":306,"height":10}},{"id":"99ecdc6f-b72f-45c3-9976-2b5a74f3f380","block_type":"box","text":"IRAs, SIMPLE IRAs or SARSEPs).","page_number":12,"box":{"x":243,"y":706,"width":213,"height":10}},{"id":"3de5353a-5e2f-4a55-83fc-bb4af99840bd","block_type":"box","text":"•","page_number":12,"box":{"x":235,"y":722,"width":4,"height":3}},{"id":"af4dad74-6384-4181-81a8-49334ce89ed1","block_type":"box","text":"There is no investment minimum for cer tain fee","page_number":12,"box":{"x":242,"y":719,"width":318,"height":9}},{"id":"f2c48de5-ffae-4a94-8fd3-0c9589161fcb","block_type":"box","text":"based programs.","page_number":12,"box":{"x":243,"y":733,"width":109,"height":10}},{"id":"cbac515c-25a4-4abc-bfff-d8f89eaff6e8","block_type":"box","text":"There is no minimum initial investment for:","page_number":12,"box":{"x":595,"y":638,"width":282,"height":9}},{"id":"9f9c4266-2fcf-48a8-8fcd-0d4cbd8ad115","block_type":"box","text":"•","page_number":12,"box":{"x":598,"y":655,"width":4,"height":3}},{"id":"374eff31-efa8-438e-8584-e11eaf66ef79","block_type":"box","text":"Employer-sponsored retirement plans (not","page_number":12,"box":{"x":606,"y":652,"width":275,"height":10}},{"id":"cbc679c4-aba0-4e58-bb0b-ee46b497ce65","block_type":"box","text":"including SEP IRAs, SIMPLE IRAs or SARSEPs),","page_number":12,"box":{"x":606,"y":665,"width":306,"height":11}},{"id":"2fe0843a-2657-4116-885b-07ff42efa072","block_type":"box","text":"state sponsored 529 college savings plans,","page_number":12,"box":{"x":605,"y":679,"width":289,"height":10}},{"id":"62e974e2-7479-4627-a3ca-c09077c4fae6","block_type":"box","text":"collective trust funds, investment companies 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