{"annotation_id":"f7f44c39-346f-4684-8b6c-fc2b119daf5c","file_hash":"bf1cc0fc42baa905860f2149870eb7fd42ac1593917c91406b121231fdeda680","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"e3cfe319-8a03-4cce-9014-eb848ee5642b","block_type":"box","text":"SEPTEMBER 28, 2026","page_number":1,"box":{"x":754,"y":47,"width":184,"height":11}},{"id":"dfcfe3c9-1d07-4b51-9b86-c2066e00f0cb","block_type":"box","text":"Summary Prospectus","page_number":1,"box":{"x":103,"y":175,"width":502,"height":33}},{"id":"bc0c47f2-5db7-4240-a06e-7725d79ceac7","block_type":"box","text":"BlackRock Series, Inc.","page_number":1,"box":{"x":63,"y":297,"width":178,"height":11}},{"id":"a852b317-199b-4dfa-9c3a-1459e7861c88","block_type":"box","text":"|","page_number":1,"box":{"x":251,"y":296,"width":3,"height":11}},{"id":"7fc79f6d-c58d-47e0-96d2-2117e6ce16b3","block_type":"box","text":"Class K Shares","page_number":1,"box":{"x":264,"y":297,"width":119,"height":9}},{"id":"10898469-78d2-4ef7-9a23-6c03a4fd03eb","block_type":"box","text":"•","page_number":1,"box":{"x":63,"y":325,"width":6,"height":4}},{"id":"be3e46ff-d5c9-474a-adce-e27d1ecf87e5","block_type":"box","text":"BlackRock International Fund","page_number":1,"box":{"x":84,"y":321,"width":243,"height":10}},{"id":"f8d16da7-d165-4942-9dc2-a162f7ca557e","block_type":"box","text":"Class K: MKILX","page_number":1,"box":{"x":83,"y":339,"width":94,"height":7}},{"id":"cab34dc4-0ffb-42fd-8f0c-1142dcb4acfa","block_type":"box","text":"Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund","page_number":1,"box":{"x":64,"y":379,"width":808,"height":11}},{"id":"ad19bd08-812d-4261-9f1f-a0c193e3fd89","block_type":"box","text":"and its risks. You can find the Fund’s prospectus (including amendments and supplements), reports to shareholders","page_number":1,"box":{"x":63,"y":394,"width":821,"height":11}},{"id":"72e319d5-1cc2-4229-8457-f3e985a5c650","block_type":"box","text":"and other information about the Fund, including the Fund’s statement of additional information, online at","page_number":1,"box":{"x":63,"y":410,"width":748,"height":11}},{"id":"ea2511f4-ef54-4c12-9f5e-750c01857060","block_type":"box","text":"https://www.blackrock.com/prospectus. You can also get this information at no cost by calling (800) 537-4942 or by","page_number":1,"box":{"x":63,"y":425,"width":825,"height":11}},{"id":"8a6a71bb-5038-4a7a-8c8e-2633b2a410ba","block_type":"box","text":"sending an e-mail request to","page_number":1,"box":{"x":63,"y":441,"width":203,"height":11}},{"id":"f4986ee6-e5cd-494a-8059-8510303b562f","block_type":"box","text":"prospectus.request@blackrock.com","page_number":1,"box":{"x":271,"y":441,"width":261,"height":10}},{"id":"18a6f9f7-73f8-488b-a5fd-a39a97762b4d","block_type":"box","text":", or from your financial professional. The Fund’s","page_number":1,"box":{"x":534,"y":441,"width":335,"height":11}},{"id":"c961ece1-9ff9-4113-b541-394b240d6c7d","block_type":"box","text":"prospectus and statement of additional information, both dated September 28, 2026, as amended and supplemented","page_number":1,"box":{"x":63,"y":456,"width":831,"height":11}},{"id":"01e5d74c-33fc-4821-9f65-5cf4838d72d0","block_type":"box","text":"from time to time, are incorporated by reference into (legally made a part of) this Summary Prospectus.","page_number":1,"box":{"x":62,"y":472,"width":729,"height":11}},{"id":"ef4cb464-398e-4218-bb19-447bf06b71a6","block_type":"box","text":"This Summary Prospectus contains information you should know before investing, including information about","page_number":1,"box":{"x":63,"y":819,"width":774,"height":10}},{"id":"6e8ff864-fd17-407c-9b14-75f099482426","block_type":"box","text":"risks. Please read it before you invest and keep it for future reference.","page_number":1,"box":{"x":63,"y":834,"width":477,"height":11}},{"id":"bef08390-4025-4239-884d-37eb03eb457a","block_type":"box","text":"The Securities and Exchange Commission has not approved or disapproved these securities or passed upon","page_number":1,"box":{"x":63,"y":855,"width":749,"height":11}},{"id":"9b06a605-247a-4f21-a500-bb180e7bf463","block_type":"box","text":"the adequacy of this Summary Prospectus. Any representation to the contrary is a criminal offense.","page_number":1,"box":{"x":63,"y":870,"width":687,"height":11}},{"id":"ba444ffb-ab3f-4c2c-a8b3-3ee97094f677","block_type":"box","text":"Not FDIC Insured","page_number":1,"box":{"x":101,"y":916,"width":112,"height":8}},{"id":"66ac407c-3a4d-4969-b65f-19d5ac6cdc30","block_type":"box","text":"•","page_number":1,"box":{"x":218,"y":919,"width":5,"height":3}},{"id":"6e21aaa1-a5d3-4375-ae2a-a93f082eafc8","block_type":"box","text":"May Lose Value","page_number":1,"box":{"x":228,"y":916,"width":101,"height":10}},{"id":"1c6fb2a9-4e39-4380-a2e1-298446d13044","block_type":"box","text":"•","page_number":1,"box":{"x":334,"y":919,"width":4,"height":3}},{"id":"238d4cc6-8c39-4d29-a10f-3c5c1052a9b2","block_type":"box","text":"No Bank Guarantee","page_number":1,"box":{"x":344,"y":916,"width":127,"height":8}},{"id":"95360a95-ffd0-402d-b50f-ca1f322c4791","block_type":"box","text":"NM0926U-5975872-1/12","page_number":1,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"3c90e635-536c-4931-82a5-15d2c57cea99","block_type":"box","text":"Summary Prospectus","page_number":2,"box":{"x":62,"y":47,"width":468,"height":34}},{"id":"d552f266-5f88-478c-80e7-4d2d88c3dd00","block_type":"box","text":"Key Facts About BlackRock International Fund","page_number":2,"box":{"x":62,"y":121,"width":421,"height":14}},{"id":"373b36d4-6c4a-4907-9a89-874eb69e61a1","block_type":"box","text":"Investment Objective","page_number":2,"box":{"x":62,"y":152,"width":191,"height":14}},{"id":"290a278f-a9e3-406a-8a2b-85a3ab6c23f9","block_type":"box","text":"The investment objective of BlackRock International Fund (the “Fund”), a series of BlackRock Series, Inc. (the","page_number":2,"box":{"x":60,"y":178,"width":805,"height":12}},{"id":"857f6111-ffd5-41ba-a98e-3926fb48141b","block_type":"box","text":"“Corporation”), is to seek long-term capital growth through investments primarily in a diversified por tfolio of equity","page_number":2,"box":{"x":62,"y":193,"width":836,"height":12}},{"id":"2443ef14-66f6-4032-b257-7ff9225ea376","block_type":"box","text":"securities of companies located outside the United States.","page_number":2,"box":{"x":61,"y":208,"width":431,"height":11}},{"id":"0899b4b1-5100-4047-97ab-0206504226fe","block_type":"box","text":"Fees and Expenses of the Fund","page_number":2,"box":{"x":61,"y":247,"width":283,"height":13}},{"id":"8beea353-6884-403d-83db-7ae8dfcd1d48","block_type":"box","text":"This table describes the fees and expenses that you may pay if you buy, hold and sell Class K Shares of the Fund.","page_number":2,"box":{"x":60,"y":273,"width":839,"height":12}},{"id":"f876efbb-3a6b-4a78-87c5-72529bd64d25","block_type":"box","text":"Amounts in the table are rounded to the nearest basis point, which in some cases may be “0.00.”","page_number":2,"box":{"x":60,"y":288,"width":724,"height":11}},{"id":"d3411e46-39e2-4d6d-b607-4ad31f1afc60","block_type":"box","text":"You may pay other","page_number":2,"box":{"x":790,"y":288,"width":138,"height":11}},{"id":"c1f6d335-27e2-4f2e-9918-1e907b6eae8d","block_type":"box","text":"fees, such as brokerage commissions and other fees to your financial professional or your selected securities","page_number":2,"box":{"x":60,"y":303,"width":824,"height":11}},{"id":"d7bb43b0-d935-45ac-beeb-b88fafc0e9a9","block_type":"box","text":"dealer, broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC","page_number":2,"box":{"x":61,"y":318,"width":835,"height":11}},{"id":"bf9c158f-f5f3-4854-80f6-9ba63bcfcaab","block_type":"box","text":"(“BlackRock”) and its affiliates) (each, a “Financial Intermediary”), which are not reflected in the table and","page_number":2,"box":{"x":61,"y":333,"width":813,"height":11}},{"id":"174c08e5-33da-409e-bd67-e579cf4df8b0","block_type":"box","text":"example below.","page_number":2,"box":{"x":61,"y":348,"width":114,"height":11}},{"id":"c0d384b9-70f3-4cf4-8fe5-5bac92753833","block_type":"box","text":"Annual Fund Operating Expenses","page_number":2,"box":{"x":69,"y":384,"width":222,"height":10}},{"id":"a5f334db-74ba-422c-a48d-24c7379bbc8d","block_type":"box","text":"(expenses that you pay each year as a","page_number":2,"box":{"x":69,"y":395,"width":261,"height":11}},{"id":"4f28e716-3888-4860-b432-e24122d49259","block_type":"box","text":"percentage of the value of your investment)","page_number":2,"box":{"x":70,"y":407,"width":294,"height":10}},{"id":"0a7d6c0d-d001-42fb-8e46-91e8daa1762c","block_type":"box","text":"Class K","page_number":2,"box":{"x":873,"y":395,"width":51,"height":9}},{"id":"03a3982d-b03a-4bc6-9313-e1211bbbef31","block_type":"box","text":"Shares","page_number":2,"box":{"x":875,"y":407,"width":46,"height":8}},{"id":"afcb8331-0d24-4798-86d7-faae06c5a60d","block_type":"box","text":"Management Fee","page_number":2,"box":{"x":70,"y":425,"width":112,"height":10}},{"id":"0d050b82-182a-4585-81a5-4fe5302e97d3","block_type":"box","text":"1","page_number":2,"box":{"x":183,"y":425,"width":4,"height":4}},{"id":"57c9ccce-7d5c-4589-923a-050f32032092","block_type":"box","text":"0.59%","page_number":2,"box":{"x":885,"y":425,"width":41,"height":8}},{"id":"6048008a-1361-4c6a-9d73-c783ce11f76c","block_type":"box","text":"Distribution and/or Service (12b-1) 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Reimbursements","page_number":2,"box":{"x":69,"y":515,"width":598,"height":11}},{"id":"acd5ba74-e123-4699-8a7f-f06150520923","block_type":"box","text":"1,2","page_number":2,"box":{"x":668,"y":515,"width":10,"height":5}},{"id":"2ace50eb-97e1-4552-8aad-dfd67ca89baa","block_type":"box","text":"0.60%","page_number":2,"box":{"x":885,"y":515,"width":41,"height":8}},{"id":"7c94a3d0-1be2-464f-92c4-974cf0b1e3f1","block_type":"box","text":"1","page_number":2,"box":{"x":61,"y":535,"width":3,"height":3}},{"id":"53383910-9e18-4f97-b068-42b2cda88947","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 34, BlackRock has contractually agreed to","page_number":2,"box":{"x":81,"y":535,"width":837,"height":9}},{"id":"a79e0f3b-4087-4435-a5a9-5f3abcff8a29","block_type":"box","text":"waive the management fee with respect to any por tion of the Fund’s assets estimated to be attributable to investments in other equity and fixed","page_number":2,"box":{"x":80,"y":545,"width":854,"height":9}},{"id":"1e911740-ab1f-40a7-b592-387a01139e5d","block_type":"box","text":"income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through","page_number":2,"box":{"x":81,"y":555,"width":810,"height":10}},{"id":"1c5f6f30-97d5-49cd-8841-20cff5f22eaa","block_type":"box","text":"June 30, 2028. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the","page_number":2,"box":{"x":81,"y":566,"width":832,"height":9}},{"id":"68750d0a-1761-45ea-83cf-b8a7f2f03233","block_type":"box","text":"Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2028.","page_number":2,"box":{"x":81,"y":576,"width":847,"height":9}},{"id":"d9ce5a5c-6372-4e79-bdb4-f8205625a6e5","block_type":"box","text":"The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Corporation or by a vote","page_number":2,"box":{"x":81,"y":586,"width":849,"height":10}},{"id":"9fe85163-3c73-4735-bfcb-1e83f67a998d","block_type":"box","text":"of a majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":597,"width":356,"height":9}},{"id":"819940f8-ceb3-4592-ba50-e76a85724519","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":610,"width":3,"height":3}},{"id":"ab03811c-7dd0-4f1d-8e9c-0e4e8aead5a5","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 34, BlackRock has contractually agreed to","page_number":2,"box":{"x":81,"y":610,"width":837,"height":9}},{"id":"ba422137-dc98-4b9f-9ab4-bea4b8acfb4a","block_type":"box","text":"waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense","page_number":2,"box":{"x":80,"y":620,"width":771,"height":9}},{"id":"fe6a0dc2-e402-484c-a2ee-49d11b7ee0fd","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) as a","page_number":2,"box":{"x":81,"y":630,"width":816,"height":9}},{"id":"908fc117-b63e-4481-978e-459b00484958","block_type":"box","text":"percentage of average daily net assets to 0.60% of average daily net assets through June 30, 2028. The contractual agreement may be","page_number":2,"box":{"x":81,"y":640,"width":799,"height":10}},{"id":"59ae6281-eeb3-4b7b-97af-cdc89f2cab18","block_type":"box","text":"terminated upon 90 days’ notice by a majority of the non-interested directors of the Corporation or by a vote of a majority of the outstanding","page_number":2,"box":{"x":80,"y":651,"width":823,"height":9}},{"id":"6ba182a2-94d4-428d-b94d-a28aca682537","block_type":"box","text":"voting securities of the Fund.","page_number":2,"box":{"x":80,"y":661,"width":170,"height":9}},{"id":"2612b33b-c9ce-483d-9d26-87a1795e0df7","block_type":"box","text":"Example:","page_number":2,"box":{"x":61,"y":679,"width":74,"height":12}},{"id":"7efaf2ca-0254-4c1e-9696-882ee7decb85","block_type":"box","text":"This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other","page_number":2,"box":{"x":60,"y":695,"width":830,"height":12}},{"id":"cc3091d0-313f-4288-a633-e98d4b62c8bf","block_type":"box","text":"mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then","page_number":2,"box":{"x":61,"y":710,"width":832,"height":12}},{"id":"e2957e13-0a08-40d0-a7b9-a84639ac485b","block_type":"box","text":"redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5%","page_number":2,"box":{"x":61,"y":725,"width":832,"height":11}},{"id":"cd98afd1-2cf9-4ebe-b4bd-01c44aff8ab6","block_type":"box","text":"return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher","page_number":2,"box":{"x":61,"y":740,"width":859,"height":11}},{"id":"6e8c6829-106c-4791-95a3-1f174665863d","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":2,"box":{"x":61,"y":755,"width":436,"height":11}},{"id":"fb400b1f-6510-4afd-bbf3-49a97844ef21","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":2,"box":{"x":631,"y":783,"width":292,"height":9}},{"id":"337bdbe4-dcb2-408c-bcbc-e46c70fab63a","block_type":"box","text":"Class K Shares $61 $203 $357 $806","page_number":2,"box":{"x":69,"y":801,"width":843,"height":9}},{"id":"1f5df02f-1b91-494e-b5dc-a07375662d0c","block_type":"box","text":"Portfolio Turnover:","page_number":2,"box":{"x":61,"y":826,"width":151,"height":10}},{"id":"58891525-1b1b-478f-bdfc-847b23382c03","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":2,"box":{"x":60,"y":843,"width":800,"height":11}},{"id":"2dda14dc-fe43-44c0-91af-4c3c35a6a396","block_type":"box","text":"por tfolio). A higher por tfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":2,"box":{"x":62,"y":857,"width":850,"height":12}},{"id":"c294bf8d-e6de-42fc-8c5b-2607e9915930","block_type":"box","text":"shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the","page_number":2,"box":{"x":61,"y":872,"width":870,"height":12}},{"id":"ac2334d7-ca05-4175-85b4-602fe8dc081c","block_type":"box","text":"Example, affect the Fund’s per formance. During the most recent fiscal year, the Fund’s por tfolio turnover rate was","page_number":2,"box":{"x":62,"y":887,"width":839,"height":11}},{"id":"24c73ef7-c3e7-4582-861f-4666f954f1b4","block_type":"box","text":"66% of the average value of its por tfolio.","page_number":2,"box":{"x":61,"y":902,"width":298,"height":11}},{"id":"b940667f-a542-41e4-b2fc-ee088f1e6e64","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"143a606d-729d-495b-bb03-ace07428daec","block_type":"box","text":"NM0926U-5975872-2/12","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"96741baa-9a11-401b-b1c9-2f13a3cd4ea3","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":3,"box":{"x":61,"y":43,"width":394,"height":13}},{"id":"480eac82-5108-4f79-b9b6-82ac2ce8bd10","block_type":"box","text":"The Fund invests primarily in stocks of companies located outside the United States. The Fund may purchase common","page_number":3,"box":{"x":60,"y":69,"width":871,"height":11}},{"id":"3fc7e72c-0142-4eea-a637-828b3c99ae9a","block_type":"box","text":"stock, preferred stock, conver tible securities and other instruments.","page_number":3,"box":{"x":61,"y":84,"width":501,"height":11}},{"id":"f4065aa9-7d33-4482-925f-40fb3a021189","block_type":"box","text":"The Fund will invest at least 75% of its total assets in global equity securities of any market capitalization, selected for","page_number":3,"box":{"x":60,"y":106,"width":873,"height":12}},{"id":"264cf1fa-5560-4914-8c8c-32489296d627","block_type":"box","text":"their above average return potential. The Fund may invest in securities issued by companies of all sizes but will focus","page_number":3,"box":{"x":60,"y":121,"width":863,"height":12}},{"id":"aea5333b-35f6-4d0d-8f12-a53d6b358e2f","block_type":"box","text":"mainly on medium and large capitalization companies. Companies will be located in developed countries of Europe and","page_number":3,"box":{"x":61,"y":136,"width":874,"height":11}},{"id":"3f414034-0a0e-4e61-922b-7e2e5b8d2ee2","block_type":"box","text":"the Far East, and in countries with emerging capital markets anywhere in the world. The Fund may invest up to 25% of","page_number":3,"box":{"x":60,"y":151,"width":868,"height":11}},{"id":"bc0ef0dc-b853-47d4-b163-1ff1db792e83","block_type":"box","text":"its total assets in global fixed income securities, including corporate bonds, U.S. Government debt securities, non-U.S.","page_number":3,"box":{"x":62,"y":166,"width":870,"height":11}},{"id":"e41024fb-0245-4c0e-9047-c02e06225f86","block_type":"box","text":"Government and supranational debt securities, asset-backed securities, mor tgage-backed securities, emerging market","page_number":3,"box":{"x":61,"y":180,"width":871,"height":12}},{"id":"936fe0a8-799f-4eef-ba6c-3bea88daa285","block_type":"box","text":"debt securities and non-investment grade debt securities (high yield or junk bonds).","page_number":3,"box":{"x":61,"y":195,"width":610,"height":12}},{"id":"930b5899-eb10-4086-a44c-da209f0df513","block_type":"box","text":"The por tfolio management team’s investment process seeks to identify and benefit from diverse sources of","page_number":3,"box":{"x":60,"y":218,"width":793,"height":11}},{"id":"23fe824f-2184-484b-99ad-3f44b121c3f9","block_type":"box","text":"inefficiency by applying a combination of stock-specific analysis, and top-down economic research, across the equity","page_number":3,"box":{"x":62,"y":233,"width":854,"height":11}},{"id":"0d356b0f-a807-4020-99d3-d8cde132536e","block_type":"box","text":"universe and macro-economic environment. The Fund’s allocations to par ticular countries are based on Fund","page_number":3,"box":{"x":61,"y":248,"width":798,"height":11}},{"id":"2ebf6891-c151-4df7-aba1-eac959998860","block_type":"box","text":"management’s evaluation of individual companies.","page_number":3,"box":{"x":61,"y":262,"width":371,"height":12}},{"id":"e7ddd389-bc2a-4c92-80aa-09d78d4bf643","block_type":"box","text":"Under normal circumstances, the Fund will allocate a substantial amount (approximately 40% or more — unless","page_number":3,"box":{"x":62,"y":285,"width":821,"height":11}},{"id":"6572dcd4-9b4b-4a21-888a-409c1068f2aa","block_type":"box","text":"market conditions are not deemed favorable by Fund management, in which case the Fund would invest at least 30%)","page_number":3,"box":{"x":61,"y":300,"width":863,"height":11}},{"id":"dea51d51-e316-4367-b0d0-31299e4f68b2","block_type":"box","text":"of its total assets in securities (i) of foreign government issuers, (ii) of issuers organized or located outside the United","page_number":3,"box":{"x":61,"y":314,"width":867,"height":12}},{"id":"af6cd1ca-9f37-4d1f-837d-19277199bfca","block_type":"box","text":"States, (iii) of issuers which primarily trade in a market located outside the United States, or (iv) of issuers doing a","page_number":3,"box":{"x":61,"y":329,"width":841,"height":12}},{"id":"c32ac01a-ec78-41b8-a3ad-29241e64fa37","block_type":"box","text":"substantial amount of business outside the United States, which the Fund considers to be companies that derive at","page_number":3,"box":{"x":61,"y":344,"width":852,"height":11}},{"id":"0dc4548b-8994-415c-b7bb-e19fc52c9918","block_type":"box","text":"least 50% of their revenue or profits from business outside the United States or have at least 50% of their sales or","page_number":3,"box":{"x":62,"y":359,"width":845,"height":11}},{"id":"1cb08b50-c955-4c63-8f17-d267222dd0cc","block_type":"box","text":"assets outside the United States. The Fund will allocate its assets among various regions and countries, including the","page_number":3,"box":{"x":61,"y":374,"width":868,"height":11}},{"id":"cf7e30ad-484d-4d0c-b199-4750967dd821","block_type":"box","text":"United States (but in no less than three different countries). For temporary defensive purposes the Fund may deviate","page_number":3,"box":{"x":62,"y":389,"width":858,"height":11}},{"id":"a84c93e4-beba-4746-8f86-cd7915fdfee1","block_type":"box","text":"very substantially from the allocation described above.","page_number":3,"box":{"x":60,"y":403,"width":400,"height":12}},{"id":"0469e702-304c-48f4-b320-2a3252c9a7f7","block_type":"box","text":"Fund management may, when consistent with the Fund’s investment objective, buy or sell options or futures on a","page_number":3,"box":{"x":62,"y":426,"width":829,"height":12}},{"id":"56645242-0013-4e41-aa07-409fe9ad8d53","block_type":"box","text":"security or an index of securities, or enter into interest rate or foreign currency transactions, including swaps","page_number":3,"box":{"x":61,"y":441,"width":797,"height":11}},{"id":"827f11f6-4a58-4f88-a412-53763ff6eb1e","block_type":"box","text":"(collectively, commonly known as derivatives).","page_number":3,"box":{"x":61,"y":456,"width":333,"height":11}},{"id":"91e90cf4-76ba-43ad-98a7-b61b500c6db1","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":3,"box":{"x":61,"y":494,"width":354,"height":14}},{"id":"b5133ecc-a875-4d25-b0a9-12807e9435ae","block_type":"box","text":"Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive","page_number":3,"box":{"x":62,"y":521,"width":860,"height":11}},{"id":"63d459d3-584e-46b1-a3b9-761048463fa3","block_type":"box","text":"on your investment, may fluctuate significantly from day to day and over time. You may lose par t or all of your","page_number":3,"box":{"x":61,"y":535,"width":802,"height":12}},{"id":"8693b110-c26f-484f-b86e-47ab306632a5","block_type":"box","text":"investment in the Fund or your investment may not per form as well as other similar investments. The following is a","page_number":3,"box":{"x":62,"y":550,"width":842,"height":12}},{"id":"a688f149-663c-4f76-8650-1cc35917f50b","block_type":"box","text":"summary description of the principal risks of investing in the Fund. An investment in the Fund is not a deposit in any","page_number":3,"box":{"x":61,"y":565,"width":855,"height":12}},{"id":"f7c96828-4309-4c5f-9796-a36246e2b947","block_type":"box","text":"bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or governmental","page_number":3,"box":{"x":61,"y":580,"width":851,"height":12}},{"id":"89774db4-64e2-4e88-9be6-ec668a70fec8","block_type":"box","text":"agency. The relative significance of each risk factor below may change over time and you should review each risk factor","page_number":3,"box":{"x":61,"y":595,"width":874,"height":11}},{"id":"4deac1a9-57c6-4b99-90c9-290f61bdb2a0","block_type":"box","text":"carefully.","page_number":3,"box":{"x":61,"y":610,"width":63,"height":11}},{"id":"4e533ef0-d35b-492b-aa8c-f4e9388f40ce","block_type":"box","text":"Equity Securities Risk","page_number":3,"box":{"x":81,"y":630,"width":166,"height":11}},{"id":"f4a85b63-2a27-4811-8af1-f0fd1d126bf6","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":3,"box":{"x":251,"y":630,"width":685,"height":11}},{"id":"3d4fa8b4-e6a9-4f1b-b0e2-df03ac389860","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":3,"box":{"x":81,"y":644,"width":550,"height":12}},{"id":"b4f36850-842b-467d-8536-00d2cb436858","block_type":"box","text":"Foreign Securities Risk","page_number":3,"box":{"x":81,"y":665,"width":176,"height":11}},{"id":"60cf09d0-336e-40a5-83fa-7b5bd65f21eb","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":3,"box":{"x":260,"y":664,"width":668,"height":12}},{"id":"c03912cd-01a6-475a-bed9-00c0d4754152","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":3,"box":{"x":82,"y":680,"width":531,"height":11}},{"id":"4925a714-e2bf-4a68-97d5-dcbd50e58157","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":3,"box":{"x":101,"y":699,"width":823,"height":12}},{"id":"46594541-9426-4892-9a6c-be4689e5d5a4","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":3,"box":{"x":102,"y":714,"width":823,"height":12}},{"id":"11b02158-64a1-4c76-a1a0-939d2a657c39","block_type":"box","text":"oversight.","page_number":3,"box":{"x":101,"y":729,"width":70,"height":11}},{"id":"368c5941-ebdb-447d-9bc0-c68bbde7d731","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s por tfolio.","page_number":3,"box":{"x":101,"y":749,"width":644,"height":11}},{"id":"486437cc-d53d-4400-a87d-78ad56c271aa","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":3,"box":{"x":101,"y":769,"width":830,"height":11}},{"id":"d64e9e4f-cc29-48dc-aba2-35a9f4e34533","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":3,"box":{"x":102,"y":784,"width":808,"height":11}},{"id":"852bd721-9329-4ed8-8077-9800ac01f931","block_type":"box","text":"payments position.","page_number":3,"box":{"x":102,"y":799,"width":137,"height":11}},{"id":"1c517d58-6796-474b-a58f-ae99331211cb","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":3,"box":{"x":101,"y":818,"width":821,"height":12}},{"id":"30b0a93d-3cba-477e-968b-4a74703ab87b","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":3,"box":{"x":102,"y":833,"width":809,"height":12}},{"id":"6c4197f0-a348-4262-aa99-ab682b5601b1","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":3,"box":{"x":102,"y":848,"width":784,"height":12}},{"id":"fcea472e-7302-4195-b312-b68079912eb9","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":3,"box":{"x":101,"y":863,"width":352,"height":11}},{"id":"5d4dc334-22e4-4efe-933c-1a96863c4b66","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":3,"box":{"x":102,"y":883,"width":823,"height":12}},{"id":"a17aee61-bf2f-4cc9-94f1-277548c5aea3","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":3,"box":{"x":101,"y":898,"width":811,"height":11}},{"id":"5195a35d-d1e7-4553-846c-8089b3cb01ad","block_type":"box","text":"U.S. securities laws.","page_number":3,"box":{"x":102,"y":913,"width":148,"height":9}},{"id":"2a5c323d-e2e4-4f2a-adcf-b770163d09a7","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"235ec9fd-18a4-4009-835d-98a605fbab6a","block_type":"box","text":"NM0926U-5975872-3/12","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"bf4d0176-4650-4dff-8e78-f27ddbf09c92","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets may result in delays in payment for or delivery of","page_number":4,"box":{"x":101,"y":42,"width":834,"height":11}},{"id":"c680a6de-b6a2-4139-ab41-fe2af77bc952","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":4,"box":{"x":101,"y":57,"width":628,"height":11}},{"id":"eff9fec7-507f-4bc1-8c1a-9a6f3c5dfdd5","block_type":"box","text":"The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of","page_number":4,"box":{"x":101,"y":77,"width":830,"height":11}},{"id":"78a6cccd-7138-458e-8a6f-68a26618062f","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":4,"box":{"x":101,"y":91,"width":831,"height":12}},{"id":"1279f6c4-ff37-4a0a-a4f4-79e9ad1b6c5e","block_type":"box","text":"foreign country, accruals in the Fund’s net asset value for such refunds may be written down par tially or in full,","page_number":4,"box":{"x":101,"y":106,"width":813,"height":12}},{"id":"06840da3-eb85-40dd-8efe-8a3989d1bb28","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":4,"box":{"x":101,"y":121,"width":395,"height":11}},{"id":"38fb826a-b0b1-49bc-bc11-2629b79f5820","block_type":"box","text":"Emerging Markets Risk","page_number":4,"box":{"x":81,"y":141,"width":178,"height":11}},{"id":"1a4a3583-1c50-415b-b2f5-a7209bbcd40b","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":4,"box":{"x":263,"y":141,"width":617,"height":12}},{"id":"66fb46f1-b1e5-4d1d-aebd-5f5be2cd5272","block_type":"box","text":"develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative.","page_number":4,"box":{"x":81,"y":156,"width":825,"height":11}},{"id":"524a7e8f-807b-4418-854d-ecdec7cd10a2","block_type":"box","text":"Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":4,"box":{"x":82,"y":171,"width":822,"height":11}},{"id":"2ad3ab3e-f45a-45c5-9666-16266d4789a5","block_type":"box","text":"returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less","page_number":4,"box":{"x":82,"y":185,"width":816,"height":12}},{"id":"1e1f31a4-9fdb-4612-b045-729f5b0ddd51","block_type":"box","text":"liquidity than developed markets.","page_number":4,"box":{"x":82,"y":201,"width":240,"height":11}},{"id":"89133652-09bb-49bd-a478-c082bb813046","block_type":"box","text":"Geographic Concentration Risk","page_number":4,"box":{"x":81,"y":220,"width":235,"height":12}},{"id":"f20eabd2-4d64-4fb8-9d41-4ec46deddae3","block_type":"box","text":"— From time to time the Fund may invest a substantial amount of its assets in","page_number":4,"box":{"x":320,"y":220,"width":581,"height":12}},{"id":"aabff025-6367-4649-b845-dafd593af3d0","block_type":"box","text":"issuers located in a single country or a limited number of countries. If the Fund concentrates its investments in this","page_number":4,"box":{"x":82,"y":235,"width":848,"height":12}},{"id":"a6f7677c-c320-4948-b8b0-ba0eb774b4a9","block_type":"box","text":"manner, it assumes the risk that economic, political and social conditions in those countries will have a significant","page_number":4,"box":{"x":82,"y":250,"width":841,"height":12}},{"id":"654c20f3-444e-4f68-b7f2-e5999901d867","block_type":"box","text":"impact on its investment per formance. The Fund’s investment per formance may also be more volatile if it","page_number":4,"box":{"x":82,"y":265,"width":777,"height":11}},{"id":"d7bee413-dc0c-488d-bf4c-e1438602c354","block_type":"box","text":"concentrates its investments in cer tain countries, especially emerging market countries.","page_number":4,"box":{"x":81,"y":280,"width":648,"height":11}},{"id":"d40e0808-662b-4397-ac8f-462b5786f04a","block_type":"box","text":"Convertible Securities Risk","page_number":4,"box":{"x":81,"y":300,"width":206,"height":9}},{"id":"fc51bb1c-ee3f-4636-98c1-5364f9ef2581","block_type":"box","text":"— The market value of a conver tible security per forms like that of a regular debt","page_number":4,"box":{"x":291,"y":300,"width":593,"height":11}},{"id":"32032712-6079-433e-a8a6-5494b805a27e","block_type":"box","text":"security; that is, if market interest rates rise, the value of a conver tible security usually falls. In addition, conver tible","page_number":4,"box":{"x":81,"y":314,"width":853,"height":12}},{"id":"9df6f598-9070-4785-9518-75b61b83fd70","block_type":"box","text":"securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and","page_number":4,"box":{"x":81,"y":330,"width":855,"height":11}},{"id":"e8dc349b-6232-41fe-865c-d833dd1f0b6b","block_type":"box","text":"their market value may change based on changes in the issuer’s credit rating or the market’s perception of the","page_number":4,"box":{"x":80,"y":344,"width":816,"height":12}},{"id":"525e9efa-d351-4542-b43a-b5b223b0f3ec","block_type":"box","text":"issuer’s creditwor thiness. Since it derives a por tion of its value from the common stock into which it may be","page_number":4,"box":{"x":82,"y":359,"width":796,"height":11}},{"id":"41eca6d6-af50-40bf-8870-907ce32c60e9","block_type":"box","text":"conver ted, a conver tible security is also subject to the same types of market and issuer risks that apply to the","page_number":4,"box":{"x":81,"y":374,"width":812,"height":11}},{"id":"23f21670-d123-4c18-bd51-4bda369ed8bd","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the conver tible security.","page_number":4,"box":{"x":82,"y":389,"width":809,"height":11}},{"id":"3a2510c7-bdaa-48cb-a98a-f64f14fda96c","block_type":"box","text":"Corporate Loans Risk","page_number":4,"box":{"x":81,"y":409,"width":162,"height":11}},{"id":"5d7519d0-f426-443c-b795-f54e7d57cae7","block_type":"box","text":"— Commercial banks and other financial institutions or institutional investors make corporate","page_number":4,"box":{"x":247,"y":409,"width":689,"height":11}},{"id":"99d612a3-dad3-42d7-835d-6590de399ba9","block_type":"box","text":"loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at","page_number":4,"box":{"x":82,"y":424,"width":845,"height":11}},{"id":"9ec24383-1a77-401b-9fc7-c8404070bda9","block_type":"box","text":"rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate","page_number":4,"box":{"x":82,"y":438,"width":827,"height":12}},{"id":"35ff3a23-57fb-4ac1-91b0-e781474628fa","block_type":"box","text":"(“SOFR”) or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less","page_number":4,"box":{"x":81,"y":453,"width":821,"height":12}},{"id":"e3150b56-3c5d-4db6-8208-58f7b31b42a8","block_type":"box","text":"exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest.","page_number":4,"box":{"x":81,"y":468,"width":840,"height":11}},{"id":"6710a13b-89f5-4ff1-981e-69eccf034a92","block_type":"box","text":"The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition,","page_number":4,"box":{"x":81,"y":483,"width":826,"height":11}},{"id":"e94a2339-9da9-4071-8204-1d812dd6e189","block_type":"box","text":"transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate","page_number":4,"box":{"x":80,"y":497,"width":846,"height":12}},{"id":"99703f3e-a7b0-4e87-90f3-6bbb6df2a75a","block_type":"box","text":"loans may not be readily available to make additional investments or to meet the Fund’s redemption obligations. To","page_number":4,"box":{"x":82,"y":513,"width":847,"height":11}},{"id":"f98bf450-f31c-46f2-8c75-3b476613a0ca","block_type":"box","text":"the extent the extended settlement process gives rise to shor t-term liquidity needs, the Fund may hold additional","page_number":4,"box":{"x":80,"y":527,"width":830,"height":12}},{"id":"ca6489ca-b74a-4727-acca-6ad896569f6f","block_type":"box","text":"cash, sell investments or temporarily borrow from banks and other lenders.","page_number":4,"box":{"x":81,"y":542,"width":552,"height":11}},{"id":"ff57dac6-e97b-4d1b-abe5-c28b02bd35cd","block_type":"box","text":"Debt Securities Risk","page_number":4,"box":{"x":81,"y":562,"width":155,"height":9}},{"id":"367e2f1c-398f-40b5-a518-c11273a5ac18","block_type":"box","text":"— Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk,","page_number":4,"box":{"x":240,"y":562,"width":633,"height":11}},{"id":"d3c2504d-d456-49b7-848c-03f1a816d50d","block_type":"box","text":"extension risk, and prepayment risk, each of which are described in fur ther detail below:","page_number":4,"box":{"x":81,"y":577,"width":648,"height":11}},{"id":"18e5146f-dec3-4468-b9d7-3b15bd5083f7","block_type":"box","text":"Credit Risk","page_number":4,"box":{"x":82,"y":597,"width":80,"height":9}},{"id":"f61cad0f-2bf7-49d8-be4c-258da889c469","block_type":"box","text":"— Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be","page_number":4,"box":{"x":166,"y":597,"width":737,"height":11}},{"id":"43de59bf-2eb6-476c-a5c5-40e46b50e130","block_type":"box","text":"able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s","page_number":4,"box":{"x":81,"y":612,"width":816,"height":11}},{"id":"b8ab7244-2aa0-4347-b7f1-36e7ff239d49","block_type":"box","text":"perception of an issuer’s creditwor thiness may also affect the value of the Fund’s investment in that issuer. The","page_number":4,"box":{"x":82,"y":626,"width":826,"height":12}},{"id":"13a204c3-519f-4ec0-acdd-e51c6e33280a","block_type":"box","text":"degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.","page_number":4,"box":{"x":81,"y":641,"width":777,"height":12}},{"id":"eaf3a348-a7ae-4d24-80af-106d74178b36","block_type":"box","text":"Interest Rate Risk","page_number":4,"box":{"x":82,"y":661,"width":132,"height":9}},{"id":"6728562e-b311-41fc-b2d2-abab0e5e07c3","block_type":"box","text":"— The market value of bonds and other fixed-income securities changes in response to interest","page_number":4,"box":{"x":218,"y":661,"width":704,"height":12}},{"id":"d5e248f0-f84a-424a-bbfc-f2e2044bb71e","block_type":"box","text":"rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities","page_number":4,"box":{"x":82,"y":676,"width":835,"height":12}},{"id":"91d66818-1f47-4eb1-9a34-dafeb9bd61dc","block_type":"box","text":"will increase as interest rates fall and decrease as interest rates rise.","page_number":4,"box":{"x":80,"y":691,"width":513,"height":9}},{"id":"02d878b9-1e07-4f3b-9238-d59052cbea5f","block_type":"box","text":"The Fund may be subject to a greater risk of rising interest rates during a period of low interest rates. For example,","page_number":4,"box":{"x":81,"y":711,"width":843,"height":11}},{"id":"acca03c5-9aa6-43f2-8afa-5ffc3c3d6878","block_type":"box","text":"if interest rates increase by 1%, assuming a current por tfolio duration of ten years, and all other factors being","page_number":4,"box":{"x":82,"y":726,"width":806,"height":11}},{"id":"535ec1e8-e408-4834-9fa6-129cd20a8e60","block_type":"box","text":"equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of the","page_number":4,"box":{"x":81,"y":740,"width":831,"height":12}},{"id":"3561f683-8176-4279-8fcd-53c2cb977adc","block_type":"box","text":"price sensitivity of a debt security or por tfolio of debt securities to relative changes in interest rates.) The magnitude","page_number":4,"box":{"x":82,"y":755,"width":854,"height":12}},{"id":"f31dc348-8c61-4258-b2cc-0a725e9bd393","block_type":"box","text":"of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those","page_number":4,"box":{"x":81,"y":770,"width":827,"height":12}},{"id":"8261ddcc-eeec-41dc-864b-10a51395ad55","block_type":"box","text":"securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest","page_number":4,"box":{"x":81,"y":785,"width":840,"height":12}},{"id":"99639654-ce08-4dda-b6c1-e985a3db5357","block_type":"box","text":"income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The","page_number":4,"box":{"x":82,"y":800,"width":851,"height":11}},{"id":"5edca105-ceba-4121-9c3d-d436124c1b4d","block_type":"box","text":"Fund may lose money if shor t-term or long-term interest rates rise sharply in a manner not anticipated by Fund","page_number":4,"box":{"x":82,"y":815,"width":808,"height":11}},{"id":"d98e0706-6d4b-4fb6-a81f-02e601b1f1ae","block_type":"box","text":"management.","page_number":4,"box":{"x":82,"y":830,"width":98,"height":11}},{"id":"c2f97e93-3503-4de5-97d6-b27124ebfda3","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":4,"box":{"x":81,"y":849,"width":852,"height":12}},{"id":"db7fe95f-10c5-4ed9-b335-70fca59458ed","block_type":"box","text":"backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of","page_number":4,"box":{"x":81,"y":864,"width":840,"height":12}},{"id":"b84a4391-8da3-402d-8d6e-34d7e98d03d6","block_type":"box","text":"the Fund) when interest rates rise. Moreover, because rates on cer tain floating rate debt securities typically reset","page_number":4,"box":{"x":80,"y":879,"width":834,"height":12}},{"id":"2d819647-0752-438e-ae40-d1baf8a39b59","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"2e9f99f2-5bcc-401e-aa4d-30943fa635e1","block_type":"box","text":"NM0926U-5975872-4/12","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"331b0b33-9857-48d3-becc-97a6331afc6a","block_type":"box","text":"only periodically, changes in prevailing interest rates (and par ticularly sudden and significant changes) can be","page_number":5,"box":{"x":81,"y":42,"width":803,"height":11}},{"id":"47dd07e2-8c85-47d6-a274-96e917e0cbff","block_type":"box","text":"expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate","page_number":5,"box":{"x":81,"y":57,"width":839,"height":11}},{"id":"6fcb7e5b-9e85-44c3-9099-8ed512733a1b","block_type":"box","text":"debt securities.","page_number":5,"box":{"x":81,"y":72,"width":112,"height":9}},{"id":"07c42067-ae40-48ef-a248-33f8c988f6fc","block_type":"box","text":"These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith","page_number":5,"box":{"x":81,"y":91,"width":839,"height":12}},{"id":"e0121c49-bb0d-4ffc-b1eb-72b3827717fd","block_type":"box","text":"and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not","page_number":5,"box":{"x":81,"y":106,"width":839,"height":12}},{"id":"ae75eeba-beef-4768-8711-6f844e08effb","block_type":"box","text":"its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in","page_number":5,"box":{"x":82,"y":121,"width":831,"height":12}},{"id":"a889c3c1-5f7b-4aaa-91c2-ef01734f4721","block_type":"box","text":"value when interest rates change.","page_number":5,"box":{"x":80,"y":136,"width":248,"height":11}},{"id":"9c5a2c2c-351e-4b94-9b31-2a7021a62e8d","block_type":"box","text":"A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large","page_number":5,"box":{"x":81,"y":156,"width":855,"height":11}},{"id":"50587d6c-24e7-4d50-b8ca-9d34f04c1007","block_type":"box","text":"scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy","page_number":5,"box":{"x":81,"y":171,"width":801,"height":11}},{"id":"db88b11d-8dc8-452c-9617-99a6da21d81b","block_type":"box","text":"redemptions could cause the Fund to sell assets at inoppor tune times or at a loss or depressed value and could","page_number":5,"box":{"x":82,"y":186,"width":827,"height":11}},{"id":"ce0a5e19-dfbc-459d-b544-b3c846717dc5","block_type":"box","text":"hur t the Fund’s per formance.","page_number":5,"box":{"x":82,"y":200,"width":214,"height":12}},{"id":"db968bb4-6f89-4103-9b71-021d358d8ec1","block_type":"box","text":"Extension Risk","page_number":5,"box":{"x":82,"y":221,"width":107,"height":9}},{"id":"412d5fd0-3d15-4432-bba3-21b7b5913d2f","block_type":"box","text":"— When interest rates rise, cer tain obligations will be paid off by the obligor more slowly than","page_number":5,"box":{"x":193,"y":220,"width":691,"height":12}},{"id":"cfe4eb42-3fda-488a-8bc1-c9d5f6875095","block_type":"box","text":"anticipated, causing the value of these obligations to fall.","page_number":5,"box":{"x":81,"y":235,"width":420,"height":12}},{"id":"797a15a9-1be8-4e88-9cc3-28be13d4c86d","block_type":"box","text":"Prepayment Risk","page_number":5,"box":{"x":81,"y":255,"width":124,"height":12}},{"id":"5bbc189e-e3ea-4596-87c0-48f3d4319c38","block_type":"box","text":"— When interest rates fall, cer tain obligations will be paid off by the obligor more quickly than","page_number":5,"box":{"x":209,"y":255,"width":691,"height":12}},{"id":"1474b2e3-59b6-44b6-bf49-f5e80765814b","block_type":"box","text":"originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.","page_number":5,"box":{"x":81,"y":270,"width":724,"height":12}},{"id":"4ea88ae6-8a95-4b4a-84f9-b54e53311491","block_type":"box","text":"Derivatives Risk","page_number":5,"box":{"x":81,"y":290,"width":123,"height":9}},{"id":"ca25b61f-7b70-4ff6-8751-7be33816df3a","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":5,"box":{"x":207,"y":290,"width":664,"height":11}},{"id":"c1e5d563-65a5-4ced-856f-486477445e19","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":5,"box":{"x":82,"y":305,"width":469,"height":11}},{"id":"4f70d86d-7e75-484c-b4b4-be5b0e5830ce","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":82,"y":325,"width":102,"height":11}},{"id":"b4b733dd-64dc-4567-a74f-36f529d6f8b9","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":5,"box":{"x":188,"y":325,"width":723,"height":11}},{"id":"88653fbf-829d-4c9f-9a05-eea5c4c79a0d","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":5,"box":{"x":82,"y":340,"width":832,"height":11}},{"id":"ce28cd6e-89df-48a2-9e89-57e12b248884","block_type":"box","text":"exceed the amount originally invested.","page_number":5,"box":{"x":81,"y":355,"width":280,"height":11}},{"id":"aa4496ff-7ba8-4bf9-942e-56548d3d1347","block_type":"box","text":"Market Risk","page_number":5,"box":{"x":82,"y":375,"width":87,"height":9}},{"id":"e750f1f9-eb9d-4fb2-b0e7-28efda274147","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":5,"box":{"x":173,"y":374,"width":728,"height":12}},{"id":"f950108e-06e7-49fc-be49-48c42983e86a","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":5,"box":{"x":81,"y":389,"width":834,"height":11}},{"id":"23cc5c92-a312-466f-84db-212cca04fc39","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":5,"box":{"x":82,"y":404,"width":832,"height":11}},{"id":"652ed7c5-2a65-4fba-a5f4-bb5bf0832374","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":5,"box":{"x":80,"y":419,"width":779,"height":11}},{"id":"e959a684-d3cd-4520-a73f-df674f88bbe7","block_type":"box","text":"derivatives positions to lose value.","page_number":5,"box":{"x":81,"y":434,"width":253,"height":11}},{"id":"bee6eb02-85f5-4fa9-a3b0-2771dbf2c6e0","block_type":"box","text":"Counterpar ty Risk","page_number":5,"box":{"x":82,"y":454,"width":131,"height":11}},{"id":"81cd2ac2-ff7b-41f8-be78-c43c57ed7240","block_type":"box","text":"— Derivatives are also subject to counterpar ty risk, which is the risk that the other par ty in the","page_number":5,"box":{"x":217,"y":454,"width":697,"height":11}},{"id":"672e4721-82f9-4402-b155-a31b8c095e67","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":5,"box":{"x":80,"y":468,"width":855,"height":12}},{"id":"a8a0ccdf-3ad2-4644-a08d-72f4b3783980","block_type":"box","text":"exposure to such a counterpar ty.","page_number":5,"box":{"x":81,"y":484,"width":240,"height":11}},{"id":"ea88f616-dc4c-40ca-b865-3a5bda15d8b0","block_type":"box","text":"Illiquidity Risk","page_number":5,"box":{"x":82,"y":504,"width":100,"height":11}},{"id":"f5bc1eda-feea-4031-a6e7-ca06425fed11","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":5,"box":{"x":186,"y":503,"width":750,"height":12}},{"id":"703168de-6eed-4346-a598-8e1c4408343d","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":5,"box":{"x":80,"y":518,"width":839,"height":11}},{"id":"271688cd-692b-4b5c-8df6-e6b2ef40edbb","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":5,"box":{"x":81,"y":533,"width":293,"height":11}},{"id":"f8a6ad9c-bf04-4dfe-bddd-83492d535ca7","block_type":"box","text":"Operational Risk","page_number":5,"box":{"x":82,"y":553,"width":120,"height":11}},{"id":"21640e06-d4d5-4a8f-b11b-9bce7ab20b9a","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":5,"box":{"x":206,"y":553,"width":727,"height":11}},{"id":"64cadf1b-dcdf-4563-95fe-160c730593ac","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":5,"box":{"x":82,"y":568,"width":607,"height":11}},{"id":"505758cf-0cac-4dc8-99c4-5df86cc4ab32","block_type":"box","text":"Legal Risk","page_number":5,"box":{"x":82,"y":588,"width":75,"height":11}},{"id":"999c30d8-f310-40ba-a0fc-bf9d8f0a3951","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality or","page_number":5,"box":{"x":161,"y":588,"width":761,"height":11}},{"id":"a37f118c-ff11-40e4-9ba7-9fbbad0df000","block_type":"box","text":"enforceability of a contract.","page_number":5,"box":{"x":81,"y":603,"width":198,"height":11}},{"id":"b73bd1a0-ddae-497d-970b-22c6ba1f8ae8","block_type":"box","text":"Volatility and Correlation Risk","page_number":5,"box":{"x":83,"y":623,"width":214,"height":11}},{"id":"cf740287-b912-433d-8355-c70bb32f25da","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":5,"box":{"x":300,"y":623,"width":590,"height":11}},{"id":"01880f61-7e92-4176-8f56-269b95d93ab5","block_type":"box","text":"fluctuate significantly in price within a shor t time period. A risk of the Fund’s use of derivatives is that the","page_number":5,"box":{"x":81,"y":637,"width":775,"height":12}},{"id":"f4ab5e28-a814-4683-8666-c25d41e5f3ae","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":5,"box":{"x":81,"y":652,"width":589,"height":12}},{"id":"d5fdb3ba-3aa8-4060-9433-0baca44ef5b2","block_type":"box","text":"Valuation Risk","page_number":5,"box":{"x":83,"y":672,"width":102,"height":9}},{"id":"35bad91a-89c5-46a1-9f92-e9c42b4a55d7","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":5,"box":{"x":189,"y":672,"width":747,"height":12}},{"id":"dd10e030-b413-4ca4-b6c2-1179068a5832","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":5,"box":{"x":82,"y":687,"width":783,"height":11}},{"id":"48aadf75-d228-4c75-bcd1-c60e03d38e82","block_type":"box","text":"instruments or quote prices for them.","page_number":5,"box":{"x":82,"y":702,"width":273,"height":11}},{"id":"41e54244-918a-49ee-987a-da9389273af2","block_type":"box","text":"Hedging Risk","page_number":5,"box":{"x":82,"y":722,"width":95,"height":11}},{"id":"101aeed4-aff6-4c45-88b7-7bf3f7ed7301","block_type":"box","text":"— Hedges are sometimes subject to imper fect matching between the derivative and the underlying","page_number":5,"box":{"x":181,"y":722,"width":728,"height":11}},{"id":"2353c0e2-f1c2-4937-b928-93c2885352a7","block_type":"box","text":"security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging","page_number":5,"box":{"x":81,"y":737,"width":839,"height":11}},{"id":"17b8ef44-a982-49e3-95fc-6f922656c275","block_type":"box","text":"may result in cer tain adverse tax consequences.","page_number":5,"box":{"x":82,"y":752,"width":354,"height":11}},{"id":"ba7ddd9e-7e75-42bf-94db-0f160dd7f8f8","block_type":"box","text":"Tax Risk","page_number":5,"box":{"x":83,"y":772,"width":59,"height":9}},{"id":"17920ba6-f931-4bda-84dd-60fdc566000a","block_type":"box","text":"— Cer tain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":5,"box":{"x":145,"y":771,"width":719,"height":12}},{"id":"90bc64b3-0169-4255-82a1-5c4cd887b0c1","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":5,"box":{"x":81,"y":786,"width":801,"height":12}},{"id":"1da243d7-5692-4ee7-8c4b-66ef9af09d42","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":5,"box":{"x":82,"y":801,"width":802,"height":12}},{"id":"82274320-1c4f-4f55-b302-c82c3cccddad","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":5,"box":{"x":82,"y":816,"width":830,"height":11}},{"id":"16942fa5-a7d5-4e91-9dd8-e73fbfb848c0","block_type":"box","text":"realizes from its investments.","page_number":5,"box":{"x":82,"y":831,"width":215,"height":9}},{"id":"e39d4058-39bd-4f82-a10c-2b329e2eacac","block_type":"box","text":"Focus Risk","page_number":5,"box":{"x":81,"y":851,"width":84,"height":9}},{"id":"617d7cf0-9c90-4eb5-958d-0c1f151099b1","block_type":"box","text":"— Under normal circumstances, the Fund focuses its investments in the securities of a limited number","page_number":5,"box":{"x":168,"y":851,"width":760,"height":10}},{"id":"8bb1769e-7562-4fbf-9f64-faa1c9b11f52","block_type":"box","text":"of issuers. This may subject the Fund to greater issuer-specific risk and potential losses than a fund that invests in","page_number":5,"box":{"x":81,"y":866,"width":845,"height":11}},{"id":"25fd77f9-6527-4849-8d0f-97b3225f4370","block_type":"box","text":"the securities of a greater number of issuers.","page_number":5,"box":{"x":80,"y":880,"width":333,"height":12}},{"id":"bff07e0d-4bc3-4c74-9225-53fa075bc014","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":947,"width":9,"height":9}},{"id":"fd2f4547-c33a-4536-b3be-4251eee54021","block_type":"box","text":"NM0926U-5975872-5/12","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"f7944681-7bdf-405f-864f-bc6cf312733a","block_type":"box","text":"High Yield Bonds Risk","page_number":6,"box":{"x":81,"y":42,"width":167,"height":11}},{"id":"5b0703aa-9b4f-4703-a98a-7a5080bfb091","block_type":"box","text":"— Although junk bonds generally pay higher rates of interest than investment grade bonds,","page_number":6,"box":{"x":252,"y":42,"width":667,"height":11}},{"id":"760b91b3-3d54-4295-a79c-697c9bdf4155","block_type":"box","text":"junk bonds are high risk investments that are considered speculative and may cause income and principal losses","page_number":6,"box":{"x":79,"y":57,"width":835,"height":11}},{"id":"48668ba6-3749-4908-aa4d-38f236cbcada","block_type":"box","text":"for the Fund.","page_number":6,"box":{"x":81,"y":71,"width":91,"height":10}},{"id":"dfc36fbb-685c-4f01-a7c7-1253a2aceb54","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":6,"box":{"x":81,"y":92,"width":276,"height":11}},{"id":"4af1caac-cedd-4fe2-bf94-b29645f1ba9f","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":6,"box":{"x":361,"y":92,"width":573,"height":11}},{"id":"c9a57711-10a7-41be-91cc-d094de9e76d8","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":6,"box":{"x":81,"y":106,"width":848,"height":12}},{"id":"ac77737f-61e4-4ec1-8692-dfcf8b1c03d4","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":6,"box":{"x":81,"y":121,"width":839,"height":12}},{"id":"3a1958de-f021-4365-b514-ed75bc79f15f","block_type":"box","text":"per formance of large-capitalization companies could trail the overall per formance of the broader securities markets.","page_number":6,"box":{"x":82,"y":136,"width":851,"height":11}},{"id":"135d8b75-831b-4ec8-9a67-7dc4a4d1f31e","block_type":"box","text":"Leverage Risk","page_number":6,"box":{"x":81,"y":156,"width":107,"height":11}},{"id":"69099d55-13de-4988-ba8c-46c500fe541c","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":6,"box":{"x":192,"y":156,"width":741,"height":11}},{"id":"d180834e-0f97-4831-bab9-fe5b8df3997e","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may","page_number":6,"box":{"x":81,"y":171,"width":853,"height":11}},{"id":"07aeab98-cade-4f31-b088-9ab9bacaa0a1","block_type":"box","text":"cause the Fund to liquidate por tfolio positions when it may not be advantageous to do so to satisfy its obligations or","page_number":6,"box":{"x":81,"y":185,"width":856,"height":12}},{"id":"ecba9e96-14c9-4498-bef9-aa336e140a7e","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended, and the rules","page_number":6,"box":{"x":80,"y":200,"width":775,"height":12}},{"id":"eed1e9c1-422f-4a4f-abf7-4f6a563a9181","block_type":"box","text":"thereunder. Increases and decreases in the value of the Fund’s por tfolio will be magnified when the Fund uses","page_number":6,"box":{"x":80,"y":215,"width":814,"height":12}},{"id":"a1d011d6-bf68-4026-8b96-4d5f74696e61","block_type":"box","text":"leverage.","page_number":6,"box":{"x":82,"y":230,"width":63,"height":12}},{"id":"ad5394b2-b54b-424b-814d-52e0c2cae1ea","block_type":"box","text":"Market Risk and Selection Risk","page_number":6,"box":{"x":81,"y":250,"width":240,"height":9}},{"id":"9fbbf240-a7a0-4f0f-97ac-cd73c87fbcb3","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":6,"box":{"x":324,"y":250,"width":593,"height":9}},{"id":"98e13b93-0c3d-407f-845b-207627d6ef73","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could","page_number":6,"box":{"x":81,"y":265,"width":851,"height":11}},{"id":"66ee757e-ba6e-4996-b174-1b71c225ec18","block_type":"box","text":"lose money over shor t periods due to fluctuation in the Fund’s net asset value in response to shor t-term market","page_number":6,"box":{"x":82,"y":280,"width":824,"height":11}},{"id":"765736f6-425f-4032-a467-88909801a54f","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":6,"box":{"x":82,"y":295,"width":851,"height":11}},{"id":"c16860ed-889e-457e-9de9-022aaffecd8e","block_type":"box","text":"underper form the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":6,"box":{"x":82,"y":309,"width":802,"height":12}},{"id":"ba57d4c4-138a-48b2-be00-cbfcdcb12075","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to per form as intended. The value of","page_number":6,"box":{"x":81,"y":324,"width":849,"height":12}},{"id":"59b6087d-2390-472f-b5c6-5d950f92b2a6","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":6,"box":{"x":81,"y":339,"width":843,"height":11}},{"id":"18eb801a-e827-472b-9abf-7f458c7b146c","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a par ticular issuer or","page_number":6,"box":{"x":81,"y":354,"width":830,"height":11}},{"id":"973aba2e-0dd7-4ce7-b92e-5d51fa55993e","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":6,"box":{"x":82,"y":369,"width":840,"height":11}},{"id":"0bd1bb90-034a-4f3f-847d-a691f43080bc","block_type":"box","text":"The success of a Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic","page_number":6,"box":{"x":81,"y":383,"width":851,"height":12}},{"id":"50b8b407-5f06-49c5-a9bc-eabfc051f3ca","block_type":"box","text":"uncer tainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency","page_number":6,"box":{"x":82,"y":398,"width":815,"height":12}},{"id":"c1908371-1dfb-4bf0-a976-a01b85b9adad","block_type":"box","text":"exchange controls, and local, regional or global events such as war, acts of terrorism, natural and environmental","page_number":6,"box":{"x":81,"y":413,"width":826,"height":12}},{"id":"ab5e87a4-0733-4b11-b533-4247f772aa64","block_type":"box","text":"disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":6,"box":{"x":81,"y":428,"width":735,"height":11}},{"id":"e82f622f-1a90-4d69-a0d3-8ab4b3570c41","block_type":"box","text":"Recent policy initiatives under taken by the U.S. government have the potential to impact international relations,","page_number":6,"box":{"x":82,"y":448,"width":818,"height":11}},{"id":"5033c6a2-017f-44b5-8fc0-0a7c051016a9","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncer tainty and instability in","page_number":6,"box":{"x":80,"y":463,"width":819,"height":11}},{"id":"bdea082e-cab5-418c-9242-c9bbf51cb48e","block_type":"box","text":"domestic and global markets, and could adversely affect the investment per formance of the Fund. In par ticular,","page_number":6,"box":{"x":81,"y":477,"width":819,"height":12}},{"id":"0ccb633a-93ef-4323-8e5e-94fc948b84d4","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":6,"box":{"x":81,"y":492,"width":846,"height":12}},{"id":"048631ad-cf05-44a9-b5b6-2d09e9c3ccb1","block_type":"box","text":"costs for impor ted goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":6,"box":{"x":81,"y":507,"width":848,"height":12}},{"id":"fcbbf246-218f-4caa-87ac-f055ba16fd62","block_type":"box","text":"the Fund invests.","page_number":6,"box":{"x":80,"y":522,"width":125,"height":9}},{"id":"f6cde34c-6c0e-4af0-8b4d-21971698dfb4","block_type":"box","text":"Mortgage- and Asset-Backed Securities Risks","page_number":6,"box":{"x":81,"y":542,"width":346,"height":11}},{"id":"692e7c06-609d-4bce-a481-b11917e071a7","block_type":"box","text":"— Mor tgage- and asset-backed securities represent interests in","page_number":6,"box":{"x":432,"y":542,"width":469,"height":12}},{"id":"6fd28add-ba3c-484f-9ea1-4a4e20cb6a5c","block_type":"box","text":"“pools” of mor tgages or other assets, including consumer loans or receivables held in trust. Mor tgage- and asset","page_number":6,"box":{"x":82,"y":557,"width":839,"height":11}},{"id":"2ff99abb-356f-4769-8158-57396299f5fc","block_type":"box","text":"backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are","page_number":6,"box":{"x":81,"y":572,"width":822,"height":11}},{"id":"f96426b6-2522-4f99-87fe-c5cf70964029","block_type":"box","text":"subject to risk of default on the underlying mor tgage or asset, par ticularly during periods of economic downturn.","page_number":6,"box":{"x":81,"y":586,"width":821,"height":12}},{"id":"269dde80-bf15-4db8-8f39-86cbb96cd46f","block_type":"box","text":"Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of","page_number":6,"box":{"x":81,"y":601,"width":851,"height":12}},{"id":"b689cce5-7e25-4ea5-a4a2-330c50812cec","block_type":"box","text":"cer tain mor tgage-backed securities.","page_number":6,"box":{"x":81,"y":616,"width":263,"height":12}},{"id":"ecf3c490-183d-48f5-aff3-216f8870795b","block_type":"box","text":"Operational and Technology Risks","page_number":6,"box":{"x":82,"y":636,"width":254,"height":11}},{"id":"6b7e61ff-a777-40fd-badd-88fe11929054","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":6,"box":{"x":340,"y":636,"width":578,"height":12}},{"id":"f17c1a11-6944-46ae-bfda-5ad60a34582d","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":6,"box":{"x":82,"y":651,"width":779,"height":11}},{"id":"139f38fb-3f2a-4452-9356-01ad876c1dc1","block_type":"box","text":"cybersecurity incidents, and the use of ar tificial intelligence and machine learning (“AI”), which may result in losses","page_number":6,"box":{"x":81,"y":666,"width":848,"height":11}},{"id":"7d861ca5-fd72-4bbe-bc76-766b05337436","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":6,"box":{"x":81,"y":681,"width":806,"height":11}},{"id":"e69560b9-29a5-4ebc-a2e1-6c4e5adbd972","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":6,"box":{"x":82,"y":695,"width":807,"height":12}},{"id":"96d6a829-535d-4d9a-b02a-b304440dad8b","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":6,"box":{"x":82,"y":710,"width":846,"height":12}},{"id":"8c16b0ac-5590-4f84-af1d-333731606a11","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":6,"box":{"x":81,"y":725,"width":836,"height":11}},{"id":"fb3d1ccd-4da5-44b4-a946-04e39b69a22e","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":6,"box":{"x":82,"y":740,"width":474,"height":11}},{"id":"ba30217d-4532-4154-a9f1-3896cab54ed0","block_type":"box","text":"Preferred Securities Risk","page_number":6,"box":{"x":81,"y":760,"width":189,"height":9}},{"id":"e277a953-d5ea-4db3-9d56-221e7da53aa4","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":6,"box":{"x":274,"y":760,"width":636,"height":11}},{"id":"384ee6dc-4a92-4a7e-813e-78b5b37ea632","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":6,"box":{"x":81,"y":775,"width":824,"height":11}},{"id":"ff38c814-bd3a-4cd1-bec5-84be55fde9a9","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":6,"box":{"x":82,"y":789,"width":806,"height":12}},{"id":"43a54199-39e9-4eec-ab86-7b8059056d57","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":6,"box":{"x":81,"y":804,"width":842,"height":12}},{"id":"03ebff05-e097-44a6-9849-d5d35edff340","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":6,"box":{"x":81,"y":819,"width":781,"height":12}},{"id":"5f49cb12-ee52-4817-9b1d-e262d1a2c304","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":6,"box":{"x":81,"y":834,"width":812,"height":11}},{"id":"2b3e69f6-e16a-4c03-b091-c178a3bd90b0","block_type":"box","text":"larger companies.","page_number":6,"box":{"x":82,"y":849,"width":129,"height":11}},{"id":"e5dc9ddd-147f-4d68-b0db-3794a3602cc5","block_type":"box","text":"Small and Mid-Capitalization Company Risk","page_number":6,"box":{"x":81,"y":869,"width":327,"height":11}},{"id":"7f49946d-5c81-4f75-a7bb-5b346e76ee44","block_type":"box","text":"— Companies with small or mid-size market capitalizations will","page_number":6,"box":{"x":412,"y":869,"width":461,"height":11}},{"id":"07b6c42b-6568-43e8-9da0-d9f5c4afb0e0","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more","page_number":6,"box":{"x":82,"y":884,"width":808,"height":11}},{"id":"2980bc34-5444-4f90-9b8f-c4d460161f80","block_type":"box","text":"limited management group than larger capitalized companies. In addition, it is more difficult to get information on","page_number":6,"box":{"x":82,"y":898,"width":833,"height":12}},{"id":"3d4f02df-93ce-47a4-ab1d-c2a72d06bd1a","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"fbe8f55f-7346-4783-91a0-62b514a9fc26","block_type":"box","text":"NM0926U-5975872-6/12","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"ebbbe880-b97f-4883-ab9e-207a85f17392","block_type":"box","text":"smaller companies, which tend to be less well known, have shor ter operating histories, do not have significant","page_number":7,"box":{"x":81,"y":42,"width":812,"height":11}},{"id":"478378b7-1ba0-4f69-99dd-547d24172c75","block_type":"box","text":"ownership by large investors and are followed by relatively few securities analysts.","page_number":7,"box":{"x":81,"y":57,"width":603,"height":11}},{"id":"1a105866-12a9-4f50-b1c5-41eb9c870e80","block_type":"box","text":"Supranational Entities Risk","page_number":7,"box":{"x":81,"y":77,"width":205,"height":11}},{"id":"95edf44d-8c20-4285-8ad2-14c35bd4b2d2","block_type":"box","text":"— The Fund may invest in obligations issued or guaranteed by the World Bank. The","page_number":7,"box":{"x":290,"y":77,"width":610,"height":11}},{"id":"098de64b-6716-4d38-8dc9-dfeff7bd4d58","block_type":"box","text":"government members, or “stockholders,” usually make initial capital contributions to the World Bank and in many","page_number":7,"box":{"x":81,"y":92,"width":834,"height":11}},{"id":"b928b227-c84b-46bb-bdeb-fd6599513cc9","block_type":"box","text":"cases are committed to make additional capital contributions if the World Bank is unable to repay its borrowings.","page_number":7,"box":{"x":81,"y":106,"width":830,"height":12}},{"id":"7fafa5c1-b2d8-4c89-90b1-ff59f5116571","block_type":"box","text":"There is no guarantee that one or more stockholders of the World Bank will continue to make any necessary","page_number":7,"box":{"x":81,"y":121,"width":795,"height":12}},{"id":"5c90c25c-2ff5-4e62-9039-f48ac01ab2cf","block_type":"box","text":"additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay","page_number":7,"box":{"x":81,"y":136,"width":855,"height":11}},{"id":"66fe1d1f-1d47-429d-8b03-4924d69dcc32","block_type":"box","text":"principal on its debt securities, and the Fund may lose money on such investments.","page_number":7,"box":{"x":82,"y":151,"width":612,"height":11}},{"id":"cbad0cb8-8e7a-4329-bff5-f362468ed67c","block_type":"box","text":"U.S. Government Issuer Risk","page_number":7,"box":{"x":82,"y":171,"width":215,"height":9}},{"id":"0c4f5bc0-49b4-4819-87f4-3ccbbfc17fed","block_type":"box","text":"—","page_number":7,"box":{"x":302,"y":176,"width":17,"height":1}},{"id":"7ac6988b-66bc-45bb-b5d2-3a62ef4ac3a7","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":7,"box":{"x":323,"y":171,"width":612,"height":11}},{"id":"5b8399db-1130-4230-8b2b-3dac501f57f3","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are suppor ted by varying","page_number":7,"box":{"x":81,"y":185,"width":797,"height":12}},{"id":"21fb1cac-1f3b-4406-a03e-be32c54d4b13","block_type":"box","text":"degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can","page_number":7,"box":{"x":81,"y":200,"width":850,"height":12}},{"id":"19498683-0164-4c79-936b-8e21b8fcee34","block_type":"box","text":"be given that the U.S. Government will provide financial suppor t to its agencies and authorities if it is not obligated","page_number":7,"box":{"x":81,"y":215,"width":843,"height":12}},{"id":"3f8c2d81-5093-4ad6-aed7-6192e4267789","block_type":"box","text":"by law to do so.","page_number":7,"box":{"x":81,"y":230,"width":114,"height":11}},{"id":"a7ff5372-0d01-47f6-9c24-c1efd15865e7","block_type":"box","text":"Performance Information","page_number":7,"box":{"x":61,"y":269,"width":224,"height":11}},{"id":"548214f6-8d30-4b24-8e0d-515a78fa5909","block_type":"box","text":"The information shows you how the Fund’s per formance has varied year by year and provides some indication of the","page_number":7,"box":{"x":60,"y":295,"width":855,"height":12}},{"id":"0f9f6646-ff53-4c98-b66a-7ae09148953b","block_type":"box","text":"risks of investing in the Fund. Class K Shares commenced operations on January 25, 2018. As a result, the returns","page_number":7,"box":{"x":61,"y":310,"width":852,"height":11}},{"id":"4af1e155-9904-4b13-8580-49690bd0a562","block_type":"box","text":"shown below for Class K Shares prior to January 25, 2018 are those of the Fund’s Institutional Shares, which are not","page_number":7,"box":{"x":61,"y":325,"width":866,"height":11}},{"id":"77af2cf4-5864-4707-bc0f-37ff77d69def","block_type":"box","text":"offered in this prospectus. The per formance of Class K Shares would be substantially similar to Institutional Shares","page_number":7,"box":{"x":61,"y":340,"width":853,"height":11}},{"id":"412c5cd8-0727-469e-af29-2584cb92351b","block_type":"box","text":"because Class K Shares and Institutional Shares are invested in the same por tfolio of securities and per formance","page_number":7,"box":{"x":61,"y":354,"width":842,"height":12}},{"id":"4b71284e-1a97-4027-b253-55c0a9aa1e4e","block_type":"box","text":"would differ only to the extent that Institutional Shares and Class K Shares have different expenses. The actual","page_number":7,"box":{"x":60,"y":369,"width":820,"height":12}},{"id":"7cc0e34c-1024-4e52-a76e-5bc58544e950","block_type":"box","text":"returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have","page_number":7,"box":{"x":61,"y":384,"width":873,"height":12}},{"id":"4f3f51c5-0b64-456c-9acc-90508a718a3c","block_type":"box","text":"lower expenses than the Institutional Shares. The table compares the Fund’s per formance to that of the MSCI ACWI ex","page_number":7,"box":{"x":62,"y":399,"width":874,"height":11}},{"id":"4e8f81d1-fd7a-4bf6-a05f-f7bd4f29840d","block_type":"box","text":"USA Index (Net). To the extent that dividends and distributions have been paid by the Fund, the per formance","page_number":7,"box":{"x":62,"y":414,"width":795,"height":11}},{"id":"618882ae-55e0-436c-9f56-de53d2825d2a","block_type":"box","text":"information for the Fund in the char t and table assumes reinvestment of the dividends and distributions. As with all","page_number":7,"box":{"x":62,"y":428,"width":846,"height":10}},{"id":"5c4727bf-bfcf-40d9-9dca-dab59ee0feaa","block_type":"box","text":"such investments, past per formance (before and after taxes) is not an indication of future results. The table includes","page_number":7,"box":{"x":61,"y":443,"width":861,"height":12}},{"id":"2a3484a5-1bef-4666-990c-42c4e73d307d","block_type":"box","text":"all applicable fees. If BlackRock and its affiliates had not waived or reimbursed cer tain Fund expenses during these","page_number":7,"box":{"x":61,"y":458,"width":849,"height":12}},{"id":"aa0cb387-0a9d-43ab-92a3-530b13ab1f8e","block_type":"box","text":"periods, the Fund’s returns would have been lower. Updated information on the Fund’s per formance, including its","page_number":7,"box":{"x":62,"y":473,"width":832,"height":12}},{"id":"0a70a2af-7f93-4f9e-8b29-fe777c09ba51","block_type":"box","text":"current net asset value, can be obtained by visiting www.blackrock.com or can be obtained by phone at","page_number":7,"box":{"x":61,"y":488,"width":757,"height":11}},{"id":"747c4fbf-6f71-4f6b-b700-58f0fa5b3e8a","block_type":"box","text":"(800) 882-0052.","page_number":7,"box":{"x":61,"y":503,"width":122,"height":11}},{"id":"7d854b1e-ea07-471e-978a-70827706f204","block_type":"box","text":"Class K Shares","page_number":7,"box":{"x":437,"y":526,"width":124,"height":10}},{"id":"dabc611d-d0d0-4b67-ac86-cd1b34091cae","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":7,"box":{"x":392,"y":542,"width":212,"height":10}},{"id":"2a08f9ef-62b0-4d38-be92-3e7b7875aaf8","block_type":"box","text":"BlackRock International Fund","page_number":7,"box":{"x":377,"y":558,"width":244,"height":10}},{"id":"a3a80810-e543-44d7-81d6-a73dff653d50","block_type":"box","text":"As of 12/31","page_number":7,"box":{"x":447,"y":574,"width":103,"height":12}},{"id":"c3ffee25-f14c-466f-96ee-815f6449e3dc","block_type":"box","text":"0.66%","page_number":7,"box":{"x":295,"y":677,"width":37,"height":7}},{"id":"9f401fca-b087-4d53-b0e3-28d6302022f2","block_type":"box","text":"31.87%","page_number":7,"box":{"x":339,"y":608,"width":45,"height":7}},{"id":"c6557698-ae3b-4552-8ec1-0172b1b5a991","block_type":"box","text":"-21.35%","page_number":7,"box":{"x":385,"y":741,"width":49,"height":7}},{"id":"2f9f42d9-ac8f-409c-b5ba-c4fd0013ea4e","block_type":"box","text":"31.82%","page_number":7,"box":{"x":436,"y":608,"width":45,"height":7}},{"id":"c7d65d8a-3add-4ff3-b330-9b741f3619ab","block_type":"box","text":"21.88%","page_number":7,"box":{"x":484,"y":630,"width":45,"height":7}},{"id":"4f31a29e-0e04-482f-9212-3582cd4dd925","block_type":"box","text":"9.41%","page_number":7,"box":{"x":536,"y":658,"width":37,"height":7}},{"id":"77ce2eba-a5db-4cd1-b362-de3e0ce81e8a","block_type":"box","text":"-24.22%","page_number":7,"box":{"x":578,"y":747,"width":49,"height":8}},{"id":"d664d420-9a41-4024-8848-16c7e737c8f6","block_type":"box","text":"19.80%","page_number":7,"box":{"x":629,"y":634,"width":44,"height":8}},{"id":"52485e4c-5913-45fe-a964-9b1e9feb789f","block_type":"box","text":"0.47%","page_number":7,"box":{"x":681,"y":677,"width":36,"height":8}},{"id":"549862c2-41f2-4872-9f0b-aad8a5eda222","block_type":"box","text":"15.66%","page_number":7,"box":{"x":725,"y":644,"width":45,"height":7}},{"id":"ab71f6a3-5a7e-4f5e-bdfd-acced942c796","block_type":"box","text":"-30%","page_number":7,"box":{"x":237,"y":753,"width":28,"height":7}},{"id":"2640e167-08b9-4916-a2f6-b171a7929abe","block_type":"box","text":"-20%","page_number":7,"box":{"x":237,"y":730,"width":28,"height":8}},{"id":"17208dd8-08dc-4016-9862-93096e459eae","block_type":"box","text":"-10%","page_number":7,"box":{"x":237,"y":708,"width":28,"height":7}},{"id":"9e82c3c5-20f5-4ec0-a7c6-eb8d3e7be6e6","block_type":"box","text":"0%","page_number":7,"box":{"x":248,"y":686,"width":17,"height":7}},{"id":"1d6fd076-a154-49a3-aa7f-7c7af7325b75","block_type":"box","text":"10%","page_number":7,"box":{"x":241,"y":664,"width":24,"height":7}},{"id":"acf03b6f-b701-49e8-a6aa-19aabbe4549a","block_type":"box","text":"20%","page_number":7,"box":{"x":240,"y":642,"width":25,"height":7}},{"id":"4ce70157-662b-4adc-b608-30d07a59c05b","block_type":"box","text":"30%","page_number":7,"box":{"x":240,"y":619,"width":25,"height":8}},{"id":"94691ef7-c48e-4077-8f80-484f6908ec19","block_type":"box","text":"40%","page_number":7,"box":{"x":240,"y":597,"width":25,"height":7}},{"id":"0f6343be-9682-41c4-a02a-7a0c7461b699","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":7,"box":{"x":298,"y":762,"width":465,"height":8}},{"id":"4b1caabc-ad84-4c35-8a26-3950094de47d","block_type":"box","text":"During the ten-year period shown in the bar char t, the highest return for a quar ter was 26.76% (quar ter ended","page_number":7,"box":{"x":62,"y":783,"width":806,"height":12}},{"id":"f19bad36-da4a-4375-a608-e55e4b40bf18","block_type":"box","text":"June 30, 2020) and the lowest return for a quar ter was -25.08% (quar ter ended March 31, 2020). The year-to-date","page_number":7,"box":{"x":61,"y":798,"width":845,"height":11}},{"id":"f0ed4bea-18a2-4bac-b151-b6df2214785a","block_type":"box","text":"return as of June 30, 2026 was 10.47%.","page_number":7,"box":{"x":61,"y":813,"width":299,"height":10}},{"id":"6bad208f-2bd3-4efb-9dbc-1785a056511e","block_type":"box","text":"For the periods ended 12/31/25","page_number":7,"box":{"x":70,"y":841,"width":223,"height":10}},{"id":"effd57cf-c414-4420-b153-6f35f19175e4","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":7,"box":{"x":69,"y":853,"width":854,"height":10}},{"id":"1a6d5c63-3f26-436d-b85e-190fc30d5eae","block_type":"box","text":"BlackRock International Fund — Class K Shares","page_number":7,"box":{"x":70,"y":871,"width":317,"height":8}},{"id":"bdab762d-c2f8-49e3-bd46-dbffce1392ed","block_type":"box","text":"Return Before Taxes 15.66% 2.91% 6.83%","page_number":7,"box":{"x":85,"y":884,"width":835,"height":8}},{"id":"97dcfd1a-04ce-438e-8fe4-2ef1c09f313a","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":947,"width":8,"height":9}},{"id":"79f712b1-3787-495e-8cc4-68bbd8e397dc","block_type":"box","text":"NM0926U-5975872-7/12","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"a03daf90-3326-4f98-926a-8046ea44270e","block_type":"box","text":"For the periods ended 12/31/25","page_number":8,"box":{"x":70,"y":47,"width":223,"height":10}},{"id":"c91bea8b-d05b-4971-9596-65889e7f1999","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":8,"box":{"x":69,"y":58,"width":854,"height":10}},{"id":"0eab46d5-39a5-4afc-bc5a-b7af7a9fdb95","block_type":"box","text":"Return After Taxes on Distributions 15.18% 2.32% 6.46%","page_number":8,"box":{"x":85,"y":76,"width":835,"height":9}},{"id":"8a494293-70ae-4696-9d54-7c1b65bec458","block_type":"box","text":"Return After Taxes on Distributions","page_number":8,"box":{"x":85,"y":89,"width":228,"height":8}},{"id":"70c19343-d75c-451f-a182-abbb3546ddc4","block_type":"box","text":"and Sale of Fund Shares 9.66% 2.20% 5.55%","page_number":8,"box":{"x":85,"y":101,"width":835,"height":8}},{"id":"cac80ced-e420-4fa0-aadb-49dd43f8c7c9","block_type":"box","text":"MSCI ACWI ex USA Index (Net)","page_number":8,"box":{"x":70,"y":119,"width":199,"height":10}},{"id":"0f279dfc-5c97-4283-b40a-086b699957e3","block_type":"box","text":"1","page_number":8,"box":{"x":271,"y":119,"width":3,"height":4}},{"id":"df52f872-6337-462f-afdc-ad233b7c91b4","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes, except for withholding","page_number":8,"box":{"x":69,"y":132,"width":486,"height":11}},{"id":"0be881f4-8b6b-4953-8b34-573c88ba6b2d","block_type":"box","text":"taxes on reinvested dividends) 32.39% 7.91% 8.41%","page_number":8,"box":{"x":69,"y":146,"width":851,"height":10}},{"id":"5d6dce8e-e971-47a8-a6e8-ad8b23bb45fa","block_type":"box","text":"1","page_number":8,"box":{"x":61,"y":166,"width":3,"height":3}},{"id":"330249f7-950b-45d5-a311-4d52ae88bfcf","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country","page_number":8,"box":{"x":69,"y":165,"width":819,"height":10}},{"id":"ac5c69a5-e8a8-4e00-a04f-e0a9cf1afc10","block_type":"box","text":"applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate","page_number":8,"box":{"x":61,"y":176,"width":870,"height":9}},{"id":"ef2f2b78-0171-47c1-baa1-399efabcb24f","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":8,"box":{"x":60,"y":186,"width":862,"height":9}},{"id":"fdd66785-283a-4727-8415-9a9682b3245f","block_type":"box","text":"the case, index per formance will be lower than if the index used the Fund’s applicable withholding tax rates, if any.","page_number":8,"box":{"x":60,"y":196,"width":674,"height":10}},{"id":"45b0392a-4989-4568-b215-12320b9f49fb","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":8,"box":{"x":60,"y":222,"width":840,"height":11}},{"id":"e27934d8-4ca2-4729-9151-1ef165043248","block_type":"box","text":"reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may","page_number":8,"box":{"x":61,"y":236,"width":835,"height":12}},{"id":"cf281815-e1a8-4c4b-9ede-37b1f1028279","block_type":"box","text":"differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through","page_number":8,"box":{"x":61,"y":251,"width":851,"height":12}},{"id":"dc27bd62-afab-4aa7-a5f3-0e8571682196","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.","page_number":8,"box":{"x":60,"y":266,"width":611,"height":12}},{"id":"6a143840-932a-4fee-b721-dbbab7a2feff","block_type":"box","text":"Investment Manager","page_number":8,"box":{"x":62,"y":305,"width":187,"height":14}},{"id":"a553047c-0601-43ab-8ccb-3f413e8dfd20","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”). The Fund’s sub","page_number":8,"box":{"x":60,"y":331,"width":832,"height":12}},{"id":"a3da4c9f-d3c3-40f0-a41d-d6612bc87e76","block_type":"box","text":"adviser is BlackRock International Limited (the “Sub-Adviser”). Where applicable, the use of the term “BlackRock”","page_number":8,"box":{"x":61,"y":346,"width":835,"height":11}},{"id":"6f87200f-15e9-4e1e-bb2d-cf6212c6c437","block_type":"box","text":"refers also to the Sub-Adviser.","page_number":8,"box":{"x":61,"y":361,"width":219,"height":9}},{"id":"67934533-3023-46bf-b4e8-831743a9835f","block_type":"box","text":"Portfolio Managers","page_number":8,"box":{"x":61,"y":400,"width":173,"height":13}},{"id":"4395cdcf-5a00-405f-9155-2648d0056fc9","block_type":"box","text":"Portfolio Manager","page_number":8,"box":{"x":70,"y":444,"width":121,"height":10}},{"id":"61ef9c56-7216-4ef1-a6f2-b82045111994","block_type":"box","text":"Portfolio Manager","page_number":8,"box":{"x":362,"y":432,"width":121,"height":10}},{"id":"4bf11fd9-40a4-4c79-a595-0de6f98849c0","block_type":"box","text":"of the Fund Since Title","page_number":8,"box":{"x":364,"y":444,"width":426,"height":8}},{"id":"b7ca1fe3-001b-4294-aa59-c639c89b352d","block_type":"box","text":"Zeshan Azam 2026 Managing Director of BlackRock, Inc.","page_number":8,"box":{"x":69,"y":462,"width":826,"height":10}},{"id":"840d099c-18fb-4a0a-b22f-c484ab0fd465","block_type":"box","text":"Wendy Agnew, CFA 2026 Director of BlackRock, Inc.","page_number":8,"box":{"x":69,"y":480,"width":758,"height":10}},{"id":"1223712b-41a9-4faa-a605-1f00a3299afb","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":8,"box":{"x":61,"y":520,"width":309,"height":11}},{"id":"d03ce47e-61d5-41ff-ab4b-77eef3f2adce","block_type":"box","text":"Class K Shares of the Fund are available only to (i) cer tain employee benefit plans, such as health savings accounts,","page_number":8,"box":{"x":61,"y":546,"width":859,"height":12}},{"id":"ab10e28b-2f7e-47bd-9c14-313fe1227fc1","block_type":"box","text":"and cer tain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively,","page_number":8,"box":{"x":61,"y":561,"width":844,"height":12}},{"id":"da9f7057-2384-4eb0-8e9d-b63648a60b39","block_type":"box","text":"“Employer-Sponsored Retirement Plans”), (ii) collective trust funds, investment companies and other pooled","page_number":8,"box":{"x":62,"y":576,"width":791,"height":12}},{"id":"f8952250-5307-4a7a-aea8-345b873b55dd","block_type":"box","text":"investment vehicles, each of which may purchase shares of the Fund through a Financial Intermediary (as defined","page_number":8,"box":{"x":62,"y":591,"width":834,"height":12}},{"id":"fd01f807-383a-4272-a22a-599ca62ab3eb","block_type":"box","text":"below) that has entered into an agreement with the Fund’s distributor to purchase such shares, (iii) “Institutional","page_number":8,"box":{"x":61,"y":606,"width":828,"height":11}},{"id":"6a92d6ff-4edb-4d2e-95f2-07fb8221adde","block_type":"box","text":"Investors,” which include, but are not limited to, endowments, foundations, family offices, banks and bank trusts,","page_number":8,"box":{"x":62,"y":621,"width":835,"height":11}},{"id":"9fda474f-ecea-4cee-a1f4-e621ee827d74","block_type":"box","text":"local, city, and state governmental institutions, corporations and insurance company separate accounts, each of which","page_number":8,"box":{"x":62,"y":635,"width":869,"height":12}},{"id":"1b99acf4-49eb-4686-8bea-9ea135c49e03","block_type":"box","text":"may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund’s","page_number":8,"box":{"x":61,"y":650,"width":871,"height":12}},{"id":"48b996af-f7d6-4af7-aeff-533ec81a2590","block_type":"box","text":"distributor to purchase such shares, (iv) clients of private banks that purchase shares of the Fund through a Financial","page_number":8,"box":{"x":61,"y":665,"width":863,"height":12}},{"id":"ee1a174a-382f-4256-bf25-62e42484ec85","block_type":"box","text":"Intermediary that has entered into an agreement with the Fund’s distributor to sell such shares, (v) fee-based advisory","page_number":8,"box":{"x":62,"y":680,"width":871,"height":11}},{"id":"78c2384d-c496-454a-a5ef-3ad5e4ede0ee","block_type":"box","text":"platforms of a Financial Intermediary that (a) has specifically acknowledged in a written agreement with the Fund’s","page_number":8,"box":{"x":62,"y":695,"width":839,"height":11}},{"id":"9e63b4f5-6aa2-40e8-8505-2cefaefefd6d","block_type":"box","text":"distributor and/or its affiliate(s) that the Financial Intermediary shall offer such shares to fee-based advisory clients","page_number":8,"box":{"x":61,"y":710,"width":853,"height":11}},{"id":"d69fa9a1-e667-4d9c-b15d-6741452f8896","block_type":"box","text":"through an omnibus account held at the Fund or (b) transacts in the Fund’s shares through another intermediary that","page_number":8,"box":{"x":60,"y":725,"width":861,"height":11}},{"id":"af9aee66-582f-4d36-85b7-1d7f88ecb652","block_type":"box","text":"has executed such an agreement and (vi) any other investors who met the eligibility criteria for BlackRock Shares or","page_number":8,"box":{"x":61,"y":739,"width":850,"height":12}},{"id":"ddde1821-b17d-4e5c-8917-c20e3fea2244","block_type":"box","text":"Class K Shares prior to August 15, 2016 and have continually held Class K Shares of the Fund in the same account","page_number":8,"box":{"x":61,"y":754,"width":854,"height":12}},{"id":"56de33f9-d972-4ffb-b283-8b3831c6e5d6","block_type":"box","text":"since August 15, 2016.","page_number":8,"box":{"x":61,"y":769,"width":172,"height":11}},{"id":"c6591189-695b-4337-bfbb-f3cf47c4f091","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. Purchase orders may","page_number":8,"box":{"x":60,"y":791,"width":874,"height":12}},{"id":"1ad237d0-162e-4cfd-93e3-79bd6e78346a","block_type":"box","text":"also be placed by calling (800) 537-4942, by mail (c/o BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-","page_number":8,"box":{"x":61,"y":806,"width":868,"height":12}},{"id":"94e6f308-82f8-497a-8c99-fc6011c8cab0","block_type":"box","text":"4429), or online at www.blackrock.com. Institutional Investors are subject to a $5 million minimum initial investment","page_number":8,"box":{"x":61,"y":820,"width":857,"height":12}},{"id":"cff907aa-7f39-41c7-849e-da667dc9388a","block_type":"box","text":"requirement. Other investors, including Employer-Sponsored Retirement Plans, have no minimum initial investment","page_number":8,"box":{"x":61,"y":836,"width":842,"height":11}},{"id":"40256ce6-1707-4a5f-9f50-e9f9159f6ed6","block_type":"box","text":"requirement. 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