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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":775,"width":832,"height":9}},{"id":"e65ba143-841b-4b2c-91fc-278155ac4b88","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":785,"width":847,"height":10}},{"id":"8530b967-5ba7-457f-9cbc-c67dfd84b802","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":796,"width":849,"height":9}},{"id":"f19d3b42-f73f-4854-8899-7b5fbdfeb7b0","block_type":"box","text":"of a majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":806,"width":356,"height":9}},{"id":"70ac4496-dbdc-441c-99d5-6249a17d235a","block_type":"box","text":"4","page_number":2,"box":{"x":60,"y":819,"width":4,"height":4}},{"id":"a0b05ed7-bdfa-4976-8da9-2bd7cc4346dd","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 46, BlackRock has contractually agreed to","page_number":2,"box":{"x":81,"y":819,"width":837,"height":9}},{"id":"1e99d0ff-5636-451a-acb9-d86d2d9c22ed","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":829,"width":771,"height":10}},{"id":"2f1b739a-1d77-43eb-af47-a0b787ed8a1b","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) to 0.90%","page_number":2,"box":{"x":81,"y":840,"width":844,"height":9}},{"id":"6be11bde-d1fb-4068-b78c-efe525992ad3","block_type":"box","text":"(for Investor A Shares), 1.65% (for Investor C Shares), 0.65% (for Institutional Shares) and 1.15% (for Class R Shares) of average daily net","page_number":2,"box":{"x":81,"y":850,"width":814,"height":9}},{"id":"90012ee9-d077-45d7-8c4d-876a942ab620","block_type":"box","text":"assets through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors","page_number":2,"box":{"x":81,"y":860,"width":847,"height":10}},{"id":"9bcebb7b-ebd1-41ff-bfe9-92156672def5","block_type":"box","text":"of the Corporation or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":871,"width":539,"height":9}},{"id":"ed6fe80b-e733-47a3-bc2f-838ced7b1390","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"ec580c68-ccc2-4ef0-8b04-f7ebd421ed5c","block_type":"box","text":"NM0926U-5975861-2/12","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"f00fdbfb-ba77-45b2-8006-a47e93924116","block_type":"box","text":"Example:","page_number":3,"box":{"x":61,"y":42,"width":74,"height":13}},{"id":"2aada7f0-5359-44d8-90d5-5b06d6d67096","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":3,"box":{"x":60,"y":59,"width":830,"height":11}},{"id":"16490bbb-074c-4138-b0ba-c211c6d65a96","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":3,"box":{"x":61,"y":73,"width":832,"height":12}},{"id":"e625694c-8853-4f74-90a3-4e0a951d9a66","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":3,"box":{"x":61,"y":88,"width":832,"height":12}},{"id":"56d42c5d-85aa-4e9c-b3e3-f54b4b6deb70","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":3,"box":{"x":61,"y":103,"width":859,"height":12}},{"id":"668aaca7-fed0-46ce-af2b-2f6d516a414b","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":3,"box":{"x":61,"y":118,"width":436,"height":11}},{"id":"5b2697f5-0a45-4fc1-b6c9-1c3cc309cd0c","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":147,"width":292,"height":8}},{"id":"58bddb83-c660-4d0a-9cc9-f4e4c6d36f62","block_type":"box","text":"Investor A Shares $612 $831 $1,069 $1,748","page_number":3,"box":{"x":70,"y":164,"width":848,"height":10}},{"id":"30a125c6-1cc1-4d42-869e-0f9dcadd9257","block_type":"box","text":"Investor C Shares $268 $569 $ 995 $1,970","page_number":3,"box":{"x":70,"y":182,"width":848,"height":10}},{"id":"a1301959-c340-468d-9330-fda9e211ef55","block_type":"box","text":"Institutional Shares $ 66 $234 $ 416 $ 943","page_number":3,"box":{"x":70,"y":200,"width":848,"height":10}},{"id":"8782757f-79a0-450e-8efd-06e65129a1f6","block_type":"box","text":"Class R Shares $117 $412 $ 729 $1,627","page_number":3,"box":{"x":69,"y":218,"width":849,"height":10}},{"id":"bbbe34cb-0693-4980-9d87-5884691d0d97","block_type":"box","text":"You would pay the following expenses if you did not redeem your shares:","page_number":3,"box":{"x":60,"y":251,"width":532,"height":11}},{"id":"1891a34e-96c1-4637-8de2-43d7e1beabff","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":279,"width":292,"height":9}},{"id":"c2397422-dd64-4a3e-82fe-937bb53daf58","block_type":"box","text":"Investor C Shares $168 $569 $995 $1,970","page_number":3,"box":{"x":70,"y":297,"width":848,"height":10}},{"id":"d4e5586f-8213-47ef-a49a-cb69a9fb0671","block_type":"box","text":"Portfolio Turnover:","page_number":3,"box":{"x":61,"y":322,"width":151,"height":10}},{"id":"d8c3b4da-3674-4762-a808-41c077d9a4e5","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":3,"box":{"x":60,"y":339,"width":800,"height":11}},{"id":"bce963fb-7728-4522-a9a0-d79c64e8852c","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":3,"box":{"x":62,"y":353,"width":850,"height":12}},{"id":"341a43cc-dfeb-435e-808a-5e7e5a13491e","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":3,"box":{"x":61,"y":368,"width":870,"height":11}},{"id":"39874475-9ed8-49e0-8644-e1c210be2867","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":3,"box":{"x":62,"y":383,"width":839,"height":11}},{"id":"cbbc616e-c54a-410c-b934-2379278fb621","block_type":"box","text":"66% of the average value of its por tfolio.","page_number":3,"box":{"x":61,"y":398,"width":298,"height":11}},{"id":"93b9a653-684d-4a2d-a94c-646316a5ffb4","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":3,"box":{"x":61,"y":436,"width":394,"height":14}},{"id":"bb92fb36-0573-49e6-b257-7d76d52605b0","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":463,"width":871,"height":11}},{"id":"08062e3f-9a70-4ad2-bb80-af53920946cb","block_type":"box","text":"stock, preferred stock, conver tible securities and other instruments.","page_number":3,"box":{"x":61,"y":477,"width":501,"height":12}},{"id":"e3daef60-80ed-4092-bd90-0443ad3c4cad","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":500,"width":873,"height":12}},{"id":"e2ab0d4a-1054-4d74-8053-cb2e1ef51ec4","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":515,"width":863,"height":11}},{"id":"0b35be2e-893a-471a-96d4-fadb0fcf6465","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":530,"width":874,"height":11}},{"id":"f9847e03-8b3c-4b07-b118-dc4e1b82c98c","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":545,"width":868,"height":11}},{"id":"efe87865-f724-4c83-9045-19a4ef5af5cd","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":559,"width":870,"height":12}},{"id":"f5735b2e-2ab2-4714-90f6-c6dc65ed5193","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":574,"width":871,"height":12}},{"id":"a7dad2a0-f6c1-4478-8f91-eed8899dae99","block_type":"box","text":"debt securities and non-investment grade debt securities (high yield or junk bonds).","page_number":3,"box":{"x":61,"y":589,"width":610,"height":12}},{"id":"6aa7f3a5-1a6c-477f-9f10-9ada14d86293","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":612,"width":793,"height":11}},{"id":"1dfcc946-e776-4288-9026-59e13eae03f6","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":626,"width":854,"height":12}},{"id":"36598349-7494-4c43-a434-da18aa125e6f","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":641,"width":798,"height":11}},{"id":"b1b64b7e-469c-46cf-99b9-d0b649c09661","block_type":"box","text":"management’s evaluation of individual companies.","page_number":3,"box":{"x":61,"y":656,"width":371,"height":12}},{"id":"b0d47ec1-2fc4-42e4-a8b5-78692216221d","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":679,"width":821,"height":11}},{"id":"7163df66-5c58-44c8-a97b-a7ea249b61e5","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":693,"width":863,"height":12}},{"id":"6d25afd7-a3b0-4de5-939c-62909ae660a9","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":708,"width":867,"height":12}},{"id":"89ebd0fc-a9c5-4cdd-b514-3d034c080e9d","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":723,"width":841,"height":12}},{"id":"f0704825-89fb-4f72-9e4b-1719f3a3e1b8","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":738,"width":852,"height":11}},{"id":"a2d34059-dc04-46a6-9e40-e06089074e74","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":753,"width":845,"height":11}},{"id":"7c3e2892-5a80-49fa-8bf2-fb3b0ea8b828","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":768,"width":868,"height":11}},{"id":"358f0428-a5b1-4c91-a401-c2c4d7dfc512","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":782,"width":858,"height":12}},{"id":"0e56420b-88f0-4fb7-b7a7-68e9721cdf6e","block_type":"box","text":"very substantially from the allocation described above.","page_number":3,"box":{"x":60,"y":797,"width":400,"height":12}},{"id":"a16a65c5-de1e-499e-be2a-73a2fe105595","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":820,"width":829,"height":11}},{"id":"ad9f58ff-f8e4-4597-ba3d-dade33c88620","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":835,"width":797,"height":11}},{"id":"9c05ba49-9d3f-44de-a595-5add9e26e792","block_type":"box","text":"(collectively, commonly known as derivatives).","page_number":3,"box":{"x":61,"y":850,"width":333,"height":11}},{"id":"fe4d3ab1-1686-4e93-8951-6e706605b8b7","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"9f1ddbe7-3d3f-4d3c-b774-b7e9d00e70fc","block_type":"box","text":"NM0926U-5975861-3/12","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"35828057-ca51-4c04-9596-3669eb6cf8b8","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":4,"box":{"x":61,"y":43,"width":354,"height":13}},{"id":"3d32b780-0fa7-40fe-a2f8-d58dd889c716","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":4,"box":{"x":62,"y":69,"width":860,"height":11}},{"id":"163e7621-7648-4301-b866-97fbd98442e1","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":4,"box":{"x":61,"y":84,"width":802,"height":11}},{"id":"ea8d1191-1469-42b6-9687-3f90e7a7b2a0","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":4,"box":{"x":62,"y":98,"width":842,"height":12}},{"id":"a0e591fc-8a55-4f9b-9db1-2a504d4a7243","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":4,"box":{"x":61,"y":113,"width":855,"height":12}},{"id":"6c67c6ee-551e-4e9d-ab52-840b21a8488e","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":4,"box":{"x":61,"y":128,"width":851,"height":12}},{"id":"39cb7a8a-f4e1-4670-8a6c-58b5109ef97e","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":4,"box":{"x":61,"y":143,"width":874,"height":12}},{"id":"1f2fec7a-d429-4c17-a361-2111593b2077","block_type":"box","text":"carefully.","page_number":4,"box":{"x":61,"y":158,"width":63,"height":11}},{"id":"f1355dc3-d0aa-444d-a74d-dd9b8585aab7","block_type":"box","text":"Equity Securities Risk","page_number":4,"box":{"x":81,"y":178,"width":166,"height":11}},{"id":"a9dd6b29-49e2-436e-83a5-33e1d9ab12ea","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":4,"box":{"x":251,"y":178,"width":685,"height":11}},{"id":"4a9c2ff6-320a-4ab3-b2ae-24b8ee0eed12","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":4,"box":{"x":81,"y":193,"width":550,"height":11}},{"id":"f69d958e-96a7-4f26-b76f-61480fb26d88","block_type":"box","text":"Foreign Securities Risk","page_number":4,"box":{"x":81,"y":213,"width":176,"height":11}},{"id":"ce22480f-9f96-4106-8fa9-d60f340ccbc1","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":4,"box":{"x":260,"y":213,"width":668,"height":11}},{"id":"5309340f-60a7-4ff5-b6f6-e8a73a7506a3","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":4,"box":{"x":82,"y":228,"width":531,"height":11}},{"id":"0c3a6f15-ff56-4c9b-8e46-ca3b7ec1e0f3","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":4,"box":{"x":101,"y":247,"width":823,"height":12}},{"id":"7df216f0-93cb-4ab0-a741-f810d8679f73","block_type":"box","text":"be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory","page_number":4,"box":{"x":102,"y":262,"width":823,"height":12}},{"id":"ac59d78d-1e50-4772-b6f0-4e1adc9bce74","block_type":"box","text":"oversight.","page_number":4,"box":{"x":101,"y":277,"width":70,"height":12}},{"id":"3de28cf3-35e1-45da-b322-a4835c36b3e5","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s por tfolio.","page_number":4,"box":{"x":101,"y":297,"width":644,"height":12}},{"id":"50573f44-814c-4ebf-bc36-3e117f0bded7","block_type":"box","text":"The economies of cer tain foreign markets may not compare favorably with the economy of the United States with","page_number":4,"box":{"x":101,"y":317,"width":830,"height":12}},{"id":"f6454928-7f81-4436-a33a-1e955691bd36","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":4,"box":{"x":102,"y":332,"width":808,"height":11}},{"id":"2eabbf17-0a1a-403d-9996-6126cf4d75e2","block_type":"box","text":"payments position.","page_number":4,"box":{"x":102,"y":347,"width":137,"height":11}},{"id":"35f3b5ad-b6c4-4d3f-a342-937beb85b346","block_type":"box","text":"The governments of cer tain countries, or the U.S. Government with respect to cer tain countries, may prohibit or","page_number":4,"box":{"x":101,"y":367,"width":821,"height":11}},{"id":"5e4f1e31-1cd6-419c-991e-4b0b9de07046","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":4,"box":{"x":102,"y":381,"width":809,"height":12}},{"id":"8e216411-9e7b-465e-b909-f9ad46a9fa44","block_type":"box","text":"markets or cer tain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":4,"box":{"x":102,"y":396,"width":784,"height":12}},{"id":"df789c36-96b8-41f3-8146-ffff296b7f5f","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":4,"box":{"x":101,"y":411,"width":352,"height":12}},{"id":"4b79d7b6-b3f3-427b-9da3-8cd83aae19cd","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":4,"box":{"x":102,"y":431,"width":823,"height":12}},{"id":"5ef95ab1-5816-409e-8de8-7d9612d3bd6d","block_type":"box","text":"the same extent as does the United States and may not have laws to protect investors that are comparable to","page_number":4,"box":{"x":101,"y":446,"width":811,"height":11}},{"id":"63b1c7c8-137f-4fb4-933d-343619186c45","block_type":"box","text":"U.S. securities laws.","page_number":4,"box":{"x":102,"y":461,"width":148,"height":9}},{"id":"4242e221-951e-43b5-943d-613ec7c9da24","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":481,"width":834,"height":11}},{"id":"6a387b2e-baf6-4881-961d-c198eed4c103","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":4,"box":{"x":101,"y":496,"width":628,"height":11}},{"id":"6fe76c05-ba28-4b4d-858f-6bc9a619ac1a","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":516,"width":830,"height":11}},{"id":"414d2b66-9b8f-4731-b319-bbac4d841d40","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":530,"width":831,"height":12}},{"id":"8a725dce-0986-4562-a633-17ec5ba3e0bf","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":545,"width":813,"height":12}},{"id":"4c4f11ed-18f8-4309-b6d4-39fa638bfdcd","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":4,"box":{"x":101,"y":560,"width":395,"height":11}},{"id":"f683b118-f081-4c43-819f-23f8ddf4fcfd","block_type":"box","text":"Emerging Markets Risk","page_number":4,"box":{"x":81,"y":580,"width":178,"height":11}},{"id":"92fd4fc5-8a24-41eb-a6eb-d45b8225dfbd","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":4,"box":{"x":263,"y":580,"width":617,"height":12}},{"id":"71a7a435-59ad-4d7c-b7fe-3e851d32e439","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":595,"width":825,"height":11}},{"id":"8337431a-8147-4c27-a990-2706cc07117d","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":610,"width":822,"height":11}},{"id":"516c916f-8ae8-4f6f-bfc0-6460a38783bf","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":624,"width":816,"height":12}},{"id":"1ed8024c-233d-4a56-87c7-48c3f7983b93","block_type":"box","text":"liquidity than developed markets.","page_number":4,"box":{"x":82,"y":640,"width":240,"height":11}},{"id":"0944e3ef-f6cc-4585-b297-db1879ea59ca","block_type":"box","text":"Geographic Concentration Risk","page_number":4,"box":{"x":81,"y":659,"width":235,"height":12}},{"id":"ea3ea0b6-2d3d-44c3-b643-a2e635557e52","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":659,"width":581,"height":12}},{"id":"e0f6943a-e2e8-463f-b3bd-a48d91a483ed","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":674,"width":848,"height":12}},{"id":"deab60ec-da8d-48ed-b9e6-d1f738f442c4","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":689,"width":841,"height":11}},{"id":"86ba0c59-efa8-43a4-a58c-a7808fd74a31","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":704,"width":777,"height":11}},{"id":"eddc5b73-08d5-4055-bb98-7357d6342c97","block_type":"box","text":"concentrates its investments in cer tain countries, especially emerging market countries.","page_number":4,"box":{"x":81,"y":719,"width":648,"height":11}},{"id":"d5cf1fcd-2a98-4a96-84ee-1ecb3864e8e4","block_type":"box","text":"Convertible Securities Risk","page_number":4,"box":{"x":81,"y":739,"width":206,"height":9}},{"id":"4877e434-792c-424a-b320-32c1ae2db747","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":739,"width":593,"height":11}},{"id":"88810e85-1e6d-479c-8471-14b51df19c99","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":753,"width":853,"height":12}},{"id":"2ea57acc-66d0-4cfb-aeba-83ffebea8796","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":768,"width":855,"height":12}},{"id":"ae2a8a0a-c2f8-4b7e-864c-9a555fed4696","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":783,"width":816,"height":12}},{"id":"c6107372-fe9d-4b98-ac4b-339b03ed2f5e","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":798,"width":796,"height":11}},{"id":"1152b6b7-00c2-4433-9101-3f30357c9af7","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":813,"width":812,"height":11}},{"id":"7c38fae8-e2a3-4de6-b2dc-0b952beb47ca","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":827,"width":809,"height":12}},{"id":"71b7fa87-e999-4cf8-b208-bf75c7e2010f","block_type":"box","text":"Corporate Loans Risk","page_number":4,"box":{"x":81,"y":848,"width":162,"height":11}},{"id":"01f3f219-d015-4042-a0fd-5a1f691a1708","block_type":"box","text":"— Commercial banks and other financial institutions or institutional investors make corporate","page_number":4,"box":{"x":247,"y":847,"width":689,"height":12}},{"id":"db26eb62-ab1d-48f6-84ca-a264ceca14f0","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":863,"width":845,"height":11}},{"id":"5419dc61-1838-4dda-9c5b-7109751caf21","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":877,"width":827,"height":12}},{"id":"5b60031a-8e3b-48e3-84af-bc826e4c0a80","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":892,"width":821,"height":12}},{"id":"9e9e5c26-dbf1-41de-9f95-c81be53ec3a8","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":907,"width":840,"height":11}},{"id":"c0632ce2-264a-4133-93ae-715bd3382501","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"fc7e54ad-5349-4a4a-901a-2fe5f50019e9","block_type":"box","text":"NM0926U-5975861-4/12","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"3ea95fe4-6de6-4863-bdbf-f633c70616aa","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":5,"box":{"x":81,"y":42,"width":826,"height":11}},{"id":"e2647ec4-e9cb-4444-a391-dcdca2d3a70f","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":5,"box":{"x":80,"y":57,"width":846,"height":11}},{"id":"8d4f9482-1d8c-41ff-9db3-f7f14b36a4a4","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":5,"box":{"x":82,"y":72,"width":847,"height":11}},{"id":"8f85a5f6-efac-4ccf-9033-8c35f19e6479","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":5,"box":{"x":80,"y":87,"width":830,"height":11}},{"id":"c3a94a06-7ec2-4941-ba22-669e3e83667f","block_type":"box","text":"cash, sell investments or temporarily borrow from banks and other lenders.","page_number":5,"box":{"x":81,"y":101,"width":552,"height":12}},{"id":"3d00c4b3-5ef1-4b1e-9d56-f87eccd8181e","block_type":"box","text":"Debt Securities Risk","page_number":5,"box":{"x":81,"y":121,"width":155,"height":9}},{"id":"ce5ca51f-9cbc-4694-9f39-daf5ced0d5cf","block_type":"box","text":"— Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk,","page_number":5,"box":{"x":240,"y":121,"width":633,"height":11}},{"id":"28baa94b-15e5-46c0-a6f7-e31cc7c975d7","block_type":"box","text":"extension risk, and prepayment risk, each of which are described in fur ther detail below:","page_number":5,"box":{"x":81,"y":136,"width":648,"height":11}},{"id":"db692e99-9976-4753-be38-27e716bbae73","block_type":"box","text":"Credit Risk","page_number":5,"box":{"x":82,"y":156,"width":80,"height":9}},{"id":"caffb007-67fb-400f-8109-cad343c4dbfd","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":5,"box":{"x":166,"y":156,"width":737,"height":11}},{"id":"498962bf-c521-41fa-bf2c-e6cb46256f9b","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":5,"box":{"x":81,"y":171,"width":816,"height":11}},{"id":"1ccf8cca-895a-49f4-9fb3-8fcab492be0f","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":5,"box":{"x":82,"y":185,"width":826,"height":12}},{"id":"15a5b2f0-1f10-4189-bb27-7af8ea830686","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":5,"box":{"x":81,"y":200,"width":777,"height":12}},{"id":"334bd03f-7eee-4e1d-b4a1-45e45b0d06ab","block_type":"box","text":"Interest Rate Risk","page_number":5,"box":{"x":82,"y":221,"width":132,"height":9}},{"id":"c1b3c753-a25c-4258-9dca-f4008b9fd5c0","block_type":"box","text":"— The market value of bonds and other fixed-income securities changes in response to interest","page_number":5,"box":{"x":218,"y":220,"width":704,"height":12}},{"id":"2ca736f5-304e-4c2e-86ee-87a6169c922c","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":5,"box":{"x":82,"y":235,"width":835,"height":12}},{"id":"9190bbfa-c766-44fd-9c26-bfb279034ede","block_type":"box","text":"will increase as interest rates fall and decrease as interest rates rise.","page_number":5,"box":{"x":80,"y":250,"width":513,"height":9}},{"id":"067be808-b0b0-431a-9d79-ea9309e63561","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":5,"box":{"x":81,"y":270,"width":843,"height":12}},{"id":"04518260-e507-4b46-99fe-9fc057a2d947","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":5,"box":{"x":82,"y":285,"width":806,"height":11}},{"id":"47540469-be65-48bc-814c-d2eb24cf8020","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":5,"box":{"x":81,"y":300,"width":831,"height":11}},{"id":"fb1e7fbe-5152-4fe6-8ef9-455f0c473ae4","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":5,"box":{"x":82,"y":314,"width":854,"height":12}},{"id":"304116c0-39e3-435a-8ffd-7d42df4df484","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":5,"box":{"x":81,"y":329,"width":827,"height":12}},{"id":"e42efa5c-b7ac-4337-95a1-019fb29b95bf","block_type":"box","text":"securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest","page_number":5,"box":{"x":81,"y":344,"width":840,"height":12}},{"id":"786b0757-4722-4764-9a2b-1170765e802d","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":5,"box":{"x":82,"y":359,"width":851,"height":11}},{"id":"1a3d0ba3-2ebc-452e-bad0-b84517f2f698","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":5,"box":{"x":82,"y":374,"width":808,"height":11}},{"id":"2082223f-ba1f-4ff2-bc01-559dca675ef4","block_type":"box","text":"management.","page_number":5,"box":{"x":82,"y":389,"width":98,"height":11}},{"id":"c3f115ac-2e3b-42e8-a414-f0000dc11628","block_type":"box","text":"To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mor tgage","page_number":5,"box":{"x":81,"y":409,"width":852,"height":11}},{"id":"39db6269-d7a3-4c43-adde-b64c4b63331c","block_type":"box","text":"backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of","page_number":5,"box":{"x":81,"y":423,"width":840,"height":12}},{"id":"989e5cf2-1e93-4e5c-b7d7-f89b0548552c","block_type":"box","text":"the Fund) when interest rates rise. Moreover, because rates on cer tain floating rate debt securities typically reset","page_number":5,"box":{"x":80,"y":438,"width":834,"height":12}},{"id":"bfdf1fec-3da0-4997-8aa3-1a94c689b96a","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":453,"width":803,"height":12}},{"id":"ab0d2844-e9f1-4722-89b3-c805a0498b33","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":468,"width":839,"height":11}},{"id":"b946f36c-860e-4689-9e68-c9bf34d35582","block_type":"box","text":"debt securities.","page_number":5,"box":{"x":81,"y":483,"width":112,"height":9}},{"id":"71db859a-a0ac-4e6f-81d2-7d6b1ebcaf61","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":503,"width":839,"height":11}},{"id":"ea6501a8-9cbd-4867-b738-91867bedca32","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":517,"width":839,"height":12}},{"id":"03209b2e-d881-4ae0-bf5a-67b7b0673add","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":532,"width":831,"height":12}},{"id":"32434fa4-c770-4262-baec-c2e3a522636c","block_type":"box","text":"value when interest rates change.","page_number":5,"box":{"x":80,"y":547,"width":248,"height":12}},{"id":"3d74291d-5d65-468d-b288-8aabfbb77e32","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":567,"width":855,"height":12}},{"id":"1c6c502c-a562-45aa-b288-eb981a8a91ba","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":582,"width":801,"height":11}},{"id":"4d7e47b7-62fb-42b2-b0a7-dac19c3356e7","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":597,"width":827,"height":11}},{"id":"5731fb32-b4a2-4137-a066-428b4c3f4152","block_type":"box","text":"hur t the Fund’s per formance.","page_number":5,"box":{"x":82,"y":612,"width":214,"height":11}},{"id":"fae1e37e-5136-4c85-9c0c-e95a4c207799","block_type":"box","text":"Extension Risk","page_number":5,"box":{"x":82,"y":632,"width":107,"height":9}},{"id":"d181098b-5bc5-4566-b15e-33e4584347bf","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":632,"width":691,"height":11}},{"id":"cc2a7962-d02d-4694-9826-a39321e31eec","block_type":"box","text":"anticipated, causing the value of these obligations to fall.","page_number":5,"box":{"x":81,"y":646,"width":420,"height":12}},{"id":"b3673359-0d5c-4889-b4fb-46ac6dbe5b1d","block_type":"box","text":"Prepayment Risk","page_number":5,"box":{"x":81,"y":667,"width":124,"height":11}},{"id":"163bb1ba-b08a-4d4a-8e77-a472391ecf85","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":666,"width":691,"height":12}},{"id":"b1df89a7-6d06-48af-be44-449cf23ecefb","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":681,"width":724,"height":12}},{"id":"7c9037da-a4dd-4f25-b956-977fcc5dcede","block_type":"box","text":"Derivatives Risk","page_number":5,"box":{"x":81,"y":701,"width":123,"height":9}},{"id":"ececd88c-b6a5-46c7-b19e-2b9d4331d7c2","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":701,"width":664,"height":12}},{"id":"66677ee5-9cae-4029-8a56-f91f4af126d9","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":5,"box":{"x":82,"y":716,"width":469,"height":12}},{"id":"b73d96bb-90c8-46c1-8595-cc9aef77a27e","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":82,"y":736,"width":102,"height":12}},{"id":"1caf77df-dfd8-40c1-98c6-3e8b305e6f93","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":736,"width":723,"height":12}},{"id":"9fbbd99b-123a-4c44-ae0d-8998ce321500","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":751,"width":832,"height":11}},{"id":"f4249a00-cc8d-48b9-b60f-63de30ef87fb","block_type":"box","text":"exceed the amount originally invested.","page_number":5,"box":{"x":81,"y":766,"width":280,"height":11}},{"id":"cd16171c-26b8-43e0-a72e-15d01afa5ac2","block_type":"box","text":"Market Risk","page_number":5,"box":{"x":82,"y":786,"width":87,"height":9}},{"id":"fb8910d4-8e2e-4b52-b78b-eeaf1ae44fbc","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":786,"width":728,"height":11}},{"id":"5deb318b-b10e-456f-948a-cf88ba42ebb4","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":800,"width":834,"height":12}},{"id":"ae7847c2-384f-4d4e-a9f2-9ad993416830","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":816,"width":832,"height":11}},{"id":"847197dd-1aa3-41ee-9065-1207518a3924","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":830,"width":779,"height":11}},{"id":"abe66008-f40d-43ca-bbc7-1a578bd42fef","block_type":"box","text":"derivatives positions to lose value.","page_number":5,"box":{"x":81,"y":845,"width":253,"height":11}},{"id":"abe9bc23-c24d-45ba-a16b-6dc8ef29dd9f","block_type":"box","text":"Counterpar ty Risk","page_number":5,"box":{"x":82,"y":865,"width":131,"height":11}},{"id":"94e6a127-0eea-4874-ad9f-eebcfe09fbc7","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":865,"width":697,"height":11}},{"id":"50c43ad1-b1e0-4a86-bf46-bf46d26922ec","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":880,"width":855,"height":11}},{"id":"142e11d0-2f25-4c68-adbe-a9dfb7eeace0","block_type":"box","text":"exposure to such a counterpar ty.","page_number":5,"box":{"x":81,"y":895,"width":240,"height":11}},{"id":"4ecf1fbd-e10e-479f-9f9e-c525943d46bf","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":947,"width":9,"height":9}},{"id":"960e70ab-811e-456c-8aa6-9947709a6cf3","block_type":"box","text":"NM0926U-5975861-5/12","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"90a4b307-f097-4bf9-894b-9199641edb06","block_type":"box","text":"Illiquidity Risk","page_number":6,"box":{"x":82,"y":42,"width":100,"height":11}},{"id":"92920d47-6778-4965-9f1d-8d88c06812b9","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":6,"box":{"x":186,"y":42,"width":750,"height":11}},{"id":"e3430adb-67c3-4f8b-923a-b7274dbf024e","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":6,"box":{"x":80,"y":57,"width":839,"height":11}},{"id":"7e3876ea-0791-4baf-a52b-40101a2f57fc","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":6,"box":{"x":81,"y":71,"width":293,"height":12}},{"id":"b5ec552e-0322-4d37-bb15-7fefcd8f57f8","block_type":"box","text":"Operational Risk","page_number":6,"box":{"x":82,"y":92,"width":120,"height":11}},{"id":"981c5bb2-efb5-4017-a4a4-4f8416019394","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":6,"box":{"x":206,"y":91,"width":727,"height":12}},{"id":"6abc29af-8443-403f-9664-7456199bba01","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":6,"box":{"x":82,"y":106,"width":607,"height":12}},{"id":"d618302a-0f9b-4abe-8524-1fec6ab8c958","block_type":"box","text":"Legal Risk","page_number":6,"box":{"x":82,"y":126,"width":75,"height":12}},{"id":"3d638cf0-90fe-4b19-a628-837626b39d84","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality or","page_number":6,"box":{"x":161,"y":126,"width":761,"height":12}},{"id":"cb695035-79b3-46f8-b2fe-3598d029223e","block_type":"box","text":"enforceability of a contract.","page_number":6,"box":{"x":81,"y":141,"width":198,"height":11}},{"id":"2590d338-d640-4fc2-a044-ccc2a52d883b","block_type":"box","text":"Volatility and Correlation Risk","page_number":6,"box":{"x":83,"y":161,"width":214,"height":11}},{"id":"44f0bc62-d172-4dbe-84f9-e0ce69a68258","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":6,"box":{"x":300,"y":161,"width":590,"height":11}},{"id":"86f87091-ea87-4ca0-9b17-d357e27917a4","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":6,"box":{"x":81,"y":176,"width":775,"height":11}},{"id":"f80a69f7-c5d6-4a95-8cbd-e6c7348ae179","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":6,"box":{"x":81,"y":191,"width":589,"height":11}},{"id":"7abbaf49-b752-4dbd-afc4-9e597ddd8c57","block_type":"box","text":"Valuation Risk","page_number":6,"box":{"x":83,"y":211,"width":102,"height":9}},{"id":"a9b5faf0-561e-445e-9bab-9a0d3a03565a","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":6,"box":{"x":189,"y":211,"width":747,"height":11}},{"id":"188ea55a-fc85-4114-a828-8264f1de8655","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":6,"box":{"x":82,"y":225,"width":783,"height":12}},{"id":"54a730f3-ac20-4767-8880-db501debab2a","block_type":"box","text":"instruments or quote prices for them.","page_number":6,"box":{"x":82,"y":240,"width":273,"height":12}},{"id":"f9444422-0129-4c4b-b988-54fee3b02b5f","block_type":"box","text":"Hedging Risk","page_number":6,"box":{"x":82,"y":261,"width":95,"height":11}},{"id":"30600af7-97f2-4a42-b000-3531df95d783","block_type":"box","text":"— Hedges are sometimes subject to imper fect matching between the derivative and the underlying","page_number":6,"box":{"x":181,"y":260,"width":728,"height":12}},{"id":"37137035-cdbf-4f44-afab-51de3a8a5d76","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":6,"box":{"x":81,"y":275,"width":839,"height":12}},{"id":"2b0aa7eb-c0fa-4aa0-b079-f463f508208b","block_type":"box","text":"may result in cer tain adverse tax consequences.","page_number":6,"box":{"x":82,"y":290,"width":354,"height":11}},{"id":"660ba713-4bb5-4a87-b786-18493aa27a40","block_type":"box","text":"Tax Risk","page_number":6,"box":{"x":83,"y":310,"width":59,"height":9}},{"id":"4080fbc0-1134-4176-b542-f41a659a57dc","block_type":"box","text":"— Cer tain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":6,"box":{"x":145,"y":310,"width":719,"height":11}},{"id":"dc8cd8df-a3b2-4019-bc07-33096d9a39d6","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":6,"box":{"x":81,"y":325,"width":801,"height":11}},{"id":"727bd104-4169-4cd9-b872-3114e94e27ea","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":6,"box":{"x":82,"y":340,"width":802,"height":11}},{"id":"300970a6-8328-443d-a197-c50350c796e8","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":6,"box":{"x":82,"y":354,"width":830,"height":12}},{"id":"d60980f1-936f-4de6-9bf3-bc4aa7283fc7","block_type":"box","text":"realizes from its investments.","page_number":6,"box":{"x":82,"y":369,"width":215,"height":9}},{"id":"97c9878d-95d7-41d1-b206-47adcedc83a6","block_type":"box","text":"Focus Risk","page_number":6,"box":{"x":81,"y":389,"width":84,"height":9}},{"id":"3a59d0fc-a372-45ed-a121-71c57dacaab7","block_type":"box","text":"— Under normal circumstances, the Fund focuses its investments in the securities of a limited number","page_number":6,"box":{"x":168,"y":389,"width":760,"height":11}},{"id":"7dbe999c-94d5-4d81-b294-0665e9cd9a73","block_type":"box","text":"of issuers. This may subject the Fund to greater issuer-specific risk and potential losses than a fund that invests in","page_number":6,"box":{"x":81,"y":404,"width":845,"height":12}},{"id":"be5503d4-d083-4460-a2ad-caccae455fc2","block_type":"box","text":"the securities of a greater number of issuers.","page_number":6,"box":{"x":80,"y":419,"width":333,"height":11}},{"id":"4878ea71-216c-4c27-87da-73a8b0ec9c1a","block_type":"box","text":"High Yield Bonds Risk","page_number":6,"box":{"x":81,"y":439,"width":167,"height":11}},{"id":"22049d8f-b757-4301-8f90-b307b59aabef","block_type":"box","text":"— Although junk bonds generally pay higher rates of interest than investment grade bonds,","page_number":6,"box":{"x":252,"y":439,"width":667,"height":11}},{"id":"355f79b8-ddfc-422c-baee-dd2849f0124b","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":454,"width":835,"height":11}},{"id":"38670e71-5f01-429e-b21a-5daad6e165bc","block_type":"box","text":"for the Fund.","page_number":6,"box":{"x":81,"y":468,"width":91,"height":10}},{"id":"ed9cdb76-b0d9-4079-ad1b-4f1ae306ea3d","block_type":"box","text":"Leverage Risk","page_number":6,"box":{"x":81,"y":489,"width":107,"height":11}},{"id":"190a06f3-93d6-43da-b3ac-d9a37c711efc","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":488,"width":741,"height":12}},{"id":"2432a83b-f2da-4556-85e6-90e39f7e3604","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":503,"width":853,"height":12}},{"id":"f8cc0c79-cbfb-4e1e-8fd4-eeda211325fd","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":518,"width":856,"height":12}},{"id":"7e75dce5-4177-4aeb-a950-99a7ee4da652","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":533,"width":775,"height":11}},{"id":"7a41bd3a-6f03-4897-a756-6edb753fbea8","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":548,"width":814,"height":11}},{"id":"dd61fb02-7f64-4dee-9982-c4466682b573","block_type":"box","text":"leverage.","page_number":6,"box":{"x":82,"y":563,"width":63,"height":11}},{"id":"6ed5c60a-8486-4c1e-a13e-2979b42dd19b","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":6,"box":{"x":81,"y":583,"width":276,"height":11}},{"id":"34c22dac-b819-4147-8b01-a59fa5785432","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":6,"box":{"x":361,"y":583,"width":573,"height":11}},{"id":"5ba6f9a1-ed0a-4e3e-8278-99a3b9b92aa0","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":598,"width":848,"height":11}},{"id":"5065d406-c1c3-4b0a-8b0f-1d82944c1ee8","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":612,"width":839,"height":12}},{"id":"09a01594-ed73-4bf0-9caf-32a4fcb3b9f9","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":627,"width":851,"height":12}},{"id":"9f0b2470-4ade-4c7c-b115-6ca18d86db70","block_type":"box","text":"Market Risk and Selection Risk","page_number":6,"box":{"x":81,"y":647,"width":240,"height":9}},{"id":"a3e55e54-b94e-4e45-b5af-7ed5a4c072d5","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":647,"width":593,"height":9}},{"id":"06f158c7-4b26-411b-8d74-87aaa92547af","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":662,"width":851,"height":11}},{"id":"f90f3977-cf98-4dc6-bb2a-ee3490dfc6dc","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":677,"width":824,"height":11}},{"id":"97610c10-8855-418c-8d21-d5e542133719","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":692,"width":851,"height":11}},{"id":"b99505d5-aff5-4f38-a054-f3cb70559495","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":706,"width":802,"height":12}},{"id":"b99e0297-7ab0-41c4-9fa3-8b348e080ad3","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":721,"width":849,"height":12}},{"id":"d61b656a-8f0d-4e38-a16b-835d64fecad8","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":736,"width":843,"height":12}},{"id":"beb11de7-ea7d-4437-ab05-3c27ec4a3bb0","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":751,"width":830,"height":11}},{"id":"3f1d10d3-687c-400b-8c5a-996001451a46","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":766,"width":840,"height":11}},{"id":"29fadb6b-8408-4289-8def-37f5adc8c70e","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":780,"width":851,"height":12}},{"id":"f1ffa910-2e0c-4cb1-82fd-a8ae1c4ce643","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":795,"width":815,"height":12}},{"id":"f122b4c2-a1d1-4222-8c48-534001eccfff","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":810,"width":826,"height":12}},{"id":"ad28e0e8-5877-42af-8928-d3dbc7b7bda2","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":825,"width":735,"height":11}},{"id":"b05ea383-c148-488b-97c3-426b63a55627","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":845,"width":818,"height":11}},{"id":"b1a0d46b-e72f-4a5e-965d-dc9d755708ac","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":860,"width":819,"height":11}},{"id":"00a558b7-e31f-4589-8e02-f0aad20b067f","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":875,"width":819,"height":11}},{"id":"b543350f-8ea2-4663-945e-d51820851674","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"d642859f-9c1f-4a91-9ceb-860ce19d38a2","block_type":"box","text":"NM0926U-5975861-6/12","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"e165fe4f-2412-4dba-9932-e2cfe9805b25","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":7,"box":{"x":81,"y":42,"width":846,"height":11}},{"id":"99182f5d-30d1-45d5-ba66-5f11b87411ef","block_type":"box","text":"costs for impor ted goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":7,"box":{"x":81,"y":57,"width":848,"height":11}},{"id":"05ce0f59-dba0-4b56-ba1b-f0943a6374fd","block_type":"box","text":"the Fund invests.","page_number":7,"box":{"x":80,"y":72,"width":125,"height":9}},{"id":"ce8161b7-2a22-442f-8727-4c6130f19a9b","block_type":"box","text":"Mortgage- and Asset-Backed Securities Risks","page_number":7,"box":{"x":81,"y":92,"width":346,"height":11}},{"id":"c010ebd2-f2d9-4a78-bd15-d2d5a3c7bc42","block_type":"box","text":"— Mor tgage- and asset-backed securities represent interests in","page_number":7,"box":{"x":432,"y":92,"width":469,"height":11}},{"id":"9ccf41bd-2c24-4640-be52-586b4e3a760f","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":7,"box":{"x":82,"y":106,"width":839,"height":12}},{"id":"bbd6182c-8bdf-4826-979c-15b828839dd3","block_type":"box","text":"backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are","page_number":7,"box":{"x":81,"y":121,"width":822,"height":11}},{"id":"7b5c35ae-0448-49fb-9fb6-de89fe699919","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":7,"box":{"x":81,"y":136,"width":821,"height":11}},{"id":"b7814ff5-f854-4db4-901b-c13322b2df25","block_type":"box","text":"Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of","page_number":7,"box":{"x":81,"y":151,"width":851,"height":11}},{"id":"4d521a54-5d69-4adf-a964-d9a62176d4cc","block_type":"box","text":"cer tain mor tgage-backed securities.","page_number":7,"box":{"x":81,"y":166,"width":263,"height":11}},{"id":"c979bfbf-aacd-44b5-b249-203031c770c3","block_type":"box","text":"Operational and Technology Risks","page_number":7,"box":{"x":82,"y":186,"width":254,"height":11}},{"id":"878cfe31-d111-45ad-93d6-9ba060c1b3f5","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":7,"box":{"x":340,"y":186,"width":578,"height":11}},{"id":"c4877ea9-3512-4e61-87e8-ebff17377e81","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":7,"box":{"x":82,"y":200,"width":779,"height":12}},{"id":"736e91ff-6b25-4740-b111-f9b376d44f29","block_type":"box","text":"cybersecurity incidents, and the use of ar tificial intelligence and machine learning (“AI”), which may result in losses","page_number":7,"box":{"x":81,"y":215,"width":848,"height":12}},{"id":"97691380-006d-42e7-bc73-ee138cd8a960","block_type":"box","text":"for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are","page_number":7,"box":{"x":81,"y":230,"width":806,"height":11}},{"id":"09a5a988-27b8-457b-b893-7505b2648abe","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":7,"box":{"x":82,"y":245,"width":807,"height":11}},{"id":"3edd2cfe-8206-47f2-bfef-7b9b6ae3215b","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":7,"box":{"x":82,"y":260,"width":846,"height":11}},{"id":"aa8d5f3a-acd5-4f97-bcf4-ed142c34a6d4","block_type":"box","text":"for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and","page_number":7,"box":{"x":81,"y":274,"width":836,"height":12}},{"id":"4d05c1f8-8444-407c-b71b-881390919c63","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":7,"box":{"x":82,"y":290,"width":474,"height":11}},{"id":"62a4b65e-03ab-4116-85e2-fd40b2d61f54","block_type":"box","text":"Preferred Securities Risk","page_number":7,"box":{"x":81,"y":309,"width":189,"height":9}},{"id":"dde312b7-0c64-4dd9-96fc-e70a46812dc7","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":7,"box":{"x":274,"y":309,"width":636,"height":12}},{"id":"5fb05fd5-54ca-4dd3-9921-67541f3a1a4f","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":7,"box":{"x":81,"y":324,"width":824,"height":12}},{"id":"dcece314-e535-411f-96c7-eea2e2d99290","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":7,"box":{"x":82,"y":339,"width":806,"height":11}},{"id":"4ad787f3-ce8b-44cf-bc93-f759fa4e674f","block_type":"box","text":"bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds","page_number":7,"box":{"x":81,"y":354,"width":842,"height":11}},{"id":"2f04c194-be90-4903-a736-5bd3f10f0b6f","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":7,"box":{"x":81,"y":369,"width":781,"height":11}},{"id":"d72c429e-ad33-403f-b5c4-ba3f0c8c4854","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":7,"box":{"x":81,"y":383,"width":812,"height":12}},{"id":"a90186ca-b865-4e94-8f04-d647353c448f","block_type":"box","text":"larger companies.","page_number":7,"box":{"x":82,"y":398,"width":129,"height":12}},{"id":"78a91260-3701-4ba0-8008-36131e666d0d","block_type":"box","text":"Small and Mid-Capitalization Company Risk","page_number":7,"box":{"x":81,"y":418,"width":327,"height":12}},{"id":"9636983e-12a9-4a7e-b4dc-6682bc7e49ec","block_type":"box","text":"— Companies with small or mid-size market capitalizations will","page_number":7,"box":{"x":412,"y":418,"width":461,"height":11}},{"id":"d0bf77e9-fd38-4053-8316-eef50a493cb7","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more","page_number":7,"box":{"x":82,"y":433,"width":808,"height":11}},{"id":"ff396bc3-d916-40cb-a0cb-4fc09387c488","block_type":"box","text":"limited management group than larger capitalized companies. In addition, it is more difficult to get information on","page_number":7,"box":{"x":82,"y":448,"width":833,"height":11}},{"id":"49c6b72c-1c30-4c7e-ba48-6919b615a310","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":463,"width":812,"height":11}},{"id":"4afde363-54a2-4823-b5d5-94814d39a481","block_type":"box","text":"ownership by large investors and are followed by relatively few securities analysts.","page_number":7,"box":{"x":81,"y":477,"width":603,"height":12}},{"id":"d0ded3ca-d39f-4fa8-9369-dac5053d3112","block_type":"box","text":"Supranational Entities Risk","page_number":7,"box":{"x":81,"y":498,"width":205,"height":11}},{"id":"996a6cb3-05c1-4517-88d1-e8d96d5136e0","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":498,"width":610,"height":11}},{"id":"15d36bb0-47e4-4824-a7ff-7f7365a24d66","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":513,"width":834,"height":11}},{"id":"8ca5f5c2-21f9-4b53-8939-07faf77d0787","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":527,"width":830,"height":12}},{"id":"302238c7-b99c-44aa-9e58-00504f31f468","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":542,"width":795,"height":12}},{"id":"b1334405-4199-4316-9fc3-cafee5ad37d8","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":557,"width":855,"height":11}},{"id":"5a7b6ff8-8a15-432a-881e-a26f9b3d02b6","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":572,"width":612,"height":11}},{"id":"14954193-c5de-4985-8ef7-1bade89cd40e","block_type":"box","text":"U.S. Government Issuer Risk","page_number":7,"box":{"x":81,"y":592,"width":215,"height":9}},{"id":"2d1e590b-efa1-4fc7-a85b-f8eb4c98ca26","block_type":"box","text":"— Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":7,"box":{"x":301,"y":592,"width":634,"height":11}},{"id":"bfe2291f-8f99-41f8-9ab9-ca21df070696","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":606,"width":797,"height":12}},{"id":"b2948582-0d8c-4e80-a55d-b19cbc4c1207","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":621,"width":850,"height":12}},{"id":"27288285-f7df-417c-a727-24da90b79160","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":636,"width":843,"height":12}},{"id":"d785aa58-a01b-4a5a-a7ef-5f291d0d0731","block_type":"box","text":"by law to do so.","page_number":7,"box":{"x":81,"y":651,"width":114,"height":11}},{"id":"03bd12b8-f0bf-4ba3-b5e9-90b39e62d13a","block_type":"box","text":"Performance Information","page_number":7,"box":{"x":61,"y":690,"width":224,"height":11}},{"id":"fce4caf8-89df-440c-805d-9670ca6fd3e8","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":716,"width":855,"height":11}},{"id":"e42efc4d-6fde-4d40-bd64-4f6b94a2d46c","block_type":"box","text":"risks of investing in the Fund. The table compares the Fund’s per formance to that of the MSCI ACWI ex USA Index","page_number":7,"box":{"x":61,"y":731,"width":838,"height":11}},{"id":"6f607458-931a-41d6-bfd4-34671718c06c","block_type":"box","text":"(Net). To the extent that dividends and distributions have been paid by the Fund, the per formance information for the","page_number":7,"box":{"x":61,"y":746,"width":858,"height":11}},{"id":"c4f430f5-2ab1-4d5a-a281-838bf9311f69","block_type":"box","text":"Fund in the char t and table assumes reinvestment of the dividends and distributions. As with all such investments,","page_number":7,"box":{"x":62,"y":760,"width":844,"height":11}},{"id":"577796ae-1cd1-44d8-9b55-c3cef80291c4","block_type":"box","text":"past per formance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the","page_number":7,"box":{"x":62,"y":775,"width":864,"height":12}},{"id":"bb0a734a-f2e5-4d08-a355-b4258a0c1d00","block_type":"box","text":"bar char t. If they were, returns would be less than those shown. However, the table includes all applicable fees and","page_number":7,"box":{"x":61,"y":790,"width":849,"height":12}},{"id":"40e2de98-5cc8-441c-af7f-93b522284f47","block_type":"box","text":"sales charges. If BlackRock and its affiliates had not waived or reimbursed cer tain Fund expenses during these","page_number":7,"box":{"x":61,"y":805,"width":819,"height":12}},{"id":"07e6e990-226a-4dca-8d6c-9c2f6b5547e0","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":820,"width":832,"height":11}},{"id":"f9e3692b-a1b0-4bdd-bafb-815da0608502","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":835,"width":757,"height":11}},{"id":"02866614-29bc-4336-adbb-46647431f534","block_type":"box","text":"(800) 882-0052.","page_number":7,"box":{"x":61,"y":850,"width":122,"height":11}},{"id":"3376dca9-612f-440f-b17d-ef879493e4c7","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":947,"width":8,"height":9}},{"id":"513a49b7-02c6-43d2-8f24-58827ff6ad79","block_type":"box","text":"NM0926U-5975861-7/12","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"b13a33ec-5e14-41b6-ba43-0d98cfa8dfe3","block_type":"box","text":"Investor A Shares","page_number":8,"box":{"x":427,"y":42,"width":144,"height":10}},{"id":"2c563311-adcf-4c4e-994d-5ad78a64d740","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":8,"box":{"x":392,"y":58,"width":212,"height":10}},{"id":"10db2551-3417-4643-b1c4-332963a48d5a","block_type":"box","text":"BlackRock International Fund","page_number":8,"box":{"x":377,"y":75,"width":244,"height":10}},{"id":"5906f84e-c5fd-49d0-bdf4-1c431f06fa6c","block_type":"box","text":"As of 12/31","page_number":8,"box":{"x":447,"y":91,"width":103,"height":12}},{"id":"b130bfa7-5eb7-4981-a2ad-dd43237d48bc","block_type":"box","text":"0.33%","page_number":8,"box":{"x":295,"y":194,"width":37,"height":8}},{"id":"cbb27d95-25d6-4400-bf6e-a3fc9742ab3e","block_type":"box","text":"31.32%","page_number":8,"box":{"x":339,"y":125,"width":45,"height":8}},{"id":"1421a3c5-7e8f-4b13-a260-4c36df2be801","block_type":"box","text":"-21.65%","page_number":8,"box":{"x":385,"y":258,"width":49,"height":8}},{"id":"11bc2a18-20a8-4d4e-b1a9-e42df57b95ec","block_type":"box","text":"31.46%","page_number":8,"box":{"x":436,"y":125,"width":45,"height":7}},{"id":"1ac7e44c-f192-45d1-9a29-7e6dce884092","block_type":"box","text":"21.47%","page_number":8,"box":{"x":484,"y":147,"width":45,"height":8}},{"id":"5b0038ad-587a-44cf-8436-2c4512b0a1ad","block_type":"box","text":"9.11%","page_number":8,"box":{"x":536,"y":175,"width":37,"height":7}},{"id":"47164b87-9a57-4fce-9382-4dc9555c301f","block_type":"box","text":"-24.43%","page_number":8,"box":{"x":578,"y":264,"width":49,"height":8}},{"id":"ea81e73f-3a2a-4c46-9039-c22a06bc927e","block_type":"box","text":"19.38%","page_number":8,"box":{"x":629,"y":152,"width":44,"height":7}},{"id":"c90894ec-c3e5-4e61-92a6-4e16b42ab35b","block_type":"box","text":"0.22%","page_number":8,"box":{"x":681,"y":195,"width":36,"height":7}},{"id":"f2b75baf-8158-4a48-ae93-f1edfaba4b51","block_type":"box","text":"15.29%","page_number":8,"box":{"x":725,"y":161,"width":45,"height":7}},{"id":"93a66d26-a26d-4650-b463-9c820af79041","block_type":"box","text":"-30%","page_number":8,"box":{"x":237,"y":269,"width":28,"height":7}},{"id":"562e3426-23dd-45e1-a80a-6e9182d38462","block_type":"box","text":"-20%","page_number":8,"box":{"x":237,"y":247,"width":28,"height":7}},{"id":"35990684-c4e1-4697-9479-0d4653dc7a35","block_type":"box","text":"-10%","page_number":8,"box":{"x":237,"y":225,"width":28,"height":7}},{"id":"df8ae5e0-0be7-4bde-823f-a314d650741c","block_type":"box","text":"0%","page_number":8,"box":{"x":248,"y":203,"width":17,"height":7}},{"id":"41a7dc4d-c95a-49cc-bd47-e49ebde5150f","block_type":"box","text":"10%","page_number":8,"box":{"x":241,"y":180,"width":24,"height":8}},{"id":"bce9fe1e-6d24-4b2f-9b29-d650fe442cdc","block_type":"box","text":"20%","page_number":8,"box":{"x":240,"y":158,"width":25,"height":7}},{"id":"e7095494-cee7-4ed2-8da2-4b49d7d472b4","block_type":"box","text":"30%","page_number":8,"box":{"x":240,"y":136,"width":25,"height":7}},{"id":"decdb011-ba72-4fc5-b2c7-48912b269179","block_type":"box","text":"40%","page_number":8,"box":{"x":240,"y":114,"width":25,"height":7}},{"id":"901c7dac-63f4-4740-ac96-92c7d7e8734d","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":8,"box":{"x":298,"y":279,"width":465,"height":7}},{"id":"3457c1b6-07fe-4daa-9b09-06cd042aa793","block_type":"box","text":"During the ten-year period shown in the bar char t, the highest return for a quar ter was 26.78% (quar ter ended","page_number":8,"box":{"x":62,"y":300,"width":806,"height":11}},{"id":"9aff9c3c-e62a-4355-bf8c-75b1e796ecc8","block_type":"box","text":"June 30, 2020) and the lowest return for a quar ter was -25.19% (quar ter ended March 31, 2020). The year-to-date","page_number":8,"box":{"x":61,"y":314,"width":845,"height":12}},{"id":"49114e1f-65fb-4c57-8d07-4973513d19c4","block_type":"box","text":"return as of June 30, 2026 was 10.32%.","page_number":8,"box":{"x":61,"y":329,"width":299,"height":11}},{"id":"b35c0fbb-9570-405e-bdfc-784f522f7d99","block_type":"box","text":"For the periods ended 12/31/25","page_number":8,"box":{"x":70,"y":358,"width":223,"height":10}},{"id":"e3ea015b-4da7-468d-9692-9e02a0d4bcc3","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":8,"box":{"x":69,"y":370,"width":854,"height":10}},{"id":"8722f17e-2326-4cf5-a760-8b8ba7263727","block_type":"box","text":"BlackRock International Fund — Investor A Shares","page_number":8,"box":{"x":70,"y":388,"width":331,"height":8}},{"id":"63773899-8574-4b98-be2a-9d7198fe1a5d","block_type":"box","text":"Return Before Taxes 9.23% 1.50% 5.91%","page_number":8,"box":{"x":85,"y":400,"width":835,"height":9}},{"id":"67c0c1bc-76de-495e-9e04-6d033815a74e","block_type":"box","text":"Return After Taxes on Distributions 8.85% 0.99% 5.61%","page_number":8,"box":{"x":85,"y":413,"width":835,"height":9}},{"id":"c6da0cc6-38cf-4681-9b14-31684963b831","block_type":"box","text":"Return After Taxes on Distributions","page_number":8,"box":{"x":85,"y":426,"width":228,"height":9}},{"id":"85365f01-8ba1-434a-936b-91f1d9e9b29c","block_type":"box","text":"and Sale of Fund Shares 5.79% 1.13% 4.80%","page_number":8,"box":{"x":85,"y":438,"width":835,"height":8}},{"id":"4ddbbf4f-ced7-4157-86ad-59e7d2d5a598","block_type":"box","text":"BlackRock International Fund — Investor C Shares","page_number":8,"box":{"x":70,"y":456,"width":332,"height":8}},{"id":"6602137e-a50f-4f29-b2d8-da99b3641ac6","block_type":"box","text":"Return Before Taxes 13.47% 1.85% 5.81%","page_number":8,"box":{"x":85,"y":469,"width":835,"height":8}},{"id":"a22296d2-b800-425e-ad36-f096210d9e28","block_type":"box","text":"BlackRock International Fund — Institutional Shares","page_number":8,"box":{"x":70,"y":487,"width":344,"height":8}},{"id":"789b10e4-3c10-4f7b-a9cc-50f93a37dadb","block_type":"box","text":"Return Before Taxes 15.60% 2.86% 6.78%","page_number":8,"box":{"x":85,"y":500,"width":835,"height":8}},{"id":"87236caa-b2f5-4f2f-a80b-bedbf7a74421","block_type":"box","text":"BlackRock International Fund — Class R Shares","page_number":8,"box":{"x":70,"y":518,"width":317,"height":8}},{"id":"9e3cae34-0921-4a3c-a674-87d761ae4feb","block_type":"box","text":"Return Before Taxes 14.98% 2.35% 6.21%","page_number":8,"box":{"x":85,"y":531,"width":835,"height":8}},{"id":"4504fa2f-c174-4a45-98eb-f581876fe40c","block_type":"box","text":"MSCI ACWI ex USA Index (Net)","page_number":8,"box":{"x":70,"y":549,"width":199,"height":10}},{"id":"d36f7077-7ca1-49fb-b985-8d53fc21918c","block_type":"box","text":"1","page_number":8,"box":{"x":271,"y":549,"width":3,"height":4}},{"id":"4ab73ed7-d357-4997-86c2-716d5bff8b61","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes, except for withholding","page_number":8,"box":{"x":69,"y":562,"width":486,"height":11}},{"id":"33275495-8e1b-4560-ac01-73ef338b7617","block_type":"box","text":"taxes on reinvested dividends) 32.39% 7.91% 8.41%","page_number":8,"box":{"x":69,"y":576,"width":851,"height":10}},{"id":"79ea00a7-49d7-4bd1-94a2-384d3e82bca4","block_type":"box","text":"1","page_number":8,"box":{"x":61,"y":596,"width":3,"height":3}},{"id":"bb5ffbdd-4d5f-4a67-96ba-b48455602f70","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":595,"width":819,"height":10}},{"id":"c34e0339-9387-40b6-8848-842a46f73c3b","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":606,"width":870,"height":9}},{"id":"3d4fb4b0-c6a8-48a6-9174-f61f16dea33d","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":616,"width":862,"height":9}},{"id":"9634a03d-4671-40b3-81ca-0f7489bc73a1","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":626,"width":674,"height":10}},{"id":"9391619d-8e05-4f70-aaa2-1c81f68d3661","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":652,"width":840,"height":11}},{"id":"b96b613c-74a9-44d7-8dc1-d3e6f1a7e9c7","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":666,"width":835,"height":12}},{"id":"24ce213d-2202-4913-8842-914bfc7c76be","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":681,"width":851,"height":12}},{"id":"685e6b73-6917-48eb-a4c5-d92def161afd","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 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