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Investment Objective <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The investment objective of BlackRock Global Long/Short Credit Fund (the “Fund”), a series of BlackRock Funds IV </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(the “Trust”), is to seek absolute total returns over a complete market cycle.</span></div> Fees and Expenses of the Fund <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">You may pay </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">other fees, such as brokerage commissions and other fees to your financial professional or your selected securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">dealer, broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">(</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">BlackRock</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">) and its affiliates) (each a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">Financial Intermediary</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">), which are not reflected in the table and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">example below.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">future, at least $50,000 in the fund complex advised by BlackRock or its affiliates. More information about these and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other discounts is available from your Financial Intermediary and in the “Details About the Share Classes” and the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“Intermediary-Defined Sales Charge Waiver Policies” sections on pages </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">35</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">A-1</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">, respectively, of the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">prospectus and in the “Purchase of Shares” section on page </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">II-93</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> of Part II of the Fund’s Statement of Additional </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Information.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund complex advised by BlackRock or its affiliates. 50000 Shareholder Fees (fees paid directly from your investment) 0.0400 0 0 0 0.0100 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0095 0.0095 0.0095 0.0025 0.0100 0 0.0050 0.0052 0.0051 0.0022 0.0023 0.0023 0.0028 0.0029 0.0028 0.0001 0.0001 0.0001 0.0171 0.0248 0.0147 -0.0003 -0.0004 -0.0001 0.0168 0.0244 0.0146 <div style="float: left; line-height: 7.44pt; margin-left: 9.6pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 7.44pt;">A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after </span><span style="color: #000000; font-family: arial; font-size: 7.44pt;">purchase where no initial sales charge was paid at the time of purchase as part of an investment of $250,000 or more.</span></div> Miscellaneous Other Expenses have been restated to reflect current fees. Total Annual Fund Operating Expenses include Acquired Fund Fees and Expenses and the restatement of Miscellaneous Other Expenses to reflect current fees, which are not included in the ratio of expenses to average net assets given in the Fund’s most recent annual report. June 30, 2026 Example: <div style="line-height: 10.6671pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or lower, based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> 564 914 1288 2336 347 769 1317 2624 149 464 802 1757 You would pay the following expenses if you did not redeem your shares:  247 769 1317 2624 Portfolio Turnover: <div style="line-height: 10.6671pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">110</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">% of the average value of its portfolio.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> 1.10 Principal Investment Strategies of the Fund <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund seeks to provide absolute total returns over a complete market cycle through diversified long and short </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure to the global fixed-income markets. A complete market cycle for fixed income funds such as the Fund is </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">typically three to five years.</span></div> <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Under normal circumstances, the Fund invests at least 80% of its total assets in credit-related instruments. Credit-related</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> instruments include, but are not limited to, U.S. Government and agency securities, foreign government and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">supranational debt securities, corporate bonds, including bonds of companies principally engaged in the aircraft or air </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transportation industries, mortgage-related securities and asset-backed securities, collateralized debt and loan </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">obligations, including bonds collateralized by aircraft and/or aircraft equipment, emerging market debt securities, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">preferred securities, structured products, mezzanine securities, senior secured floating rate and fixed rate loans or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">debt, second lien or other subordinated or unsecured floating rate and fixed rate loans or debt, convertible debt </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities, and derivatives with similar economic characteristics. The Fund's investments in derivatives will be counted toward the Fund's 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities.The Fund may invest in fixed, variable and floating </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rate instruments, including participations and assignments, of any duration or maturity.</span></div> <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Under normal circumstances, the Fund anticipates it will allocate a substantial amount (approximately 40% or more, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">unless market conditions are not deemed favorable by BlackRock, in which case the Fund would invest at least 30%) </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of its total assets in securities (or derivatives with similar economic characteristics) of (i) foreign government issuers, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(ii) issuers organized or located outside the United States, (iii) issuers whose securities primarily trade in a market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">located outside the United States, or (iv) issuers doing a substantial amount of business outside the United States, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">which the Fund considers to be companies that derive at least 50% of their revenue or profits from business outside </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the United States or have at least 50% of their sales or assets outside the United States. The Fund will allocate its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">assets among various regions and countries, including the United States (but in no less than three different countries).</span></div> <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may invest in credit-related instruments rated below investment grade or deemed equivalent by Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">management, which are commonly referred to as “junk bonds.”</span></div> <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may invest in non-U.S. dollar denominated investments, including investments denominated in European and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Asian currencies and in other non-U.S. and emerging market currencies. The Fund’s investments in non-U.S. dollar </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">based assets may be made on a currency hedged or unhedged basis.</span></div> <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may invest up to 20% of its total assets in equity instruments, including common stock, depositary receipts, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rights, warrants and other instruments whose price is linked to the value of common stock. The Fund may hold long or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">short positions in equity instruments, and may invest in equity instruments of issuers of any market capitalization.</span></div> <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may also gain both long and short exposure to credit-related instruments by entering into a series of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">purchase and sale contracts or by investing in, among other instruments, swaps, including total return, credit default, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">index and interest rate swaps; options; forward contracts; futures contracts and options on futures contracts that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">provide long or short exposure to other credit obligations; credit-linked notes that provide long or short exposure to </span></div> <div style="line-height: 10.6671pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other credit obligations; repurchase agreements; reverse repurchase agreements; dollar rolls; exchange-traded funds </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and closed-end registered investment companies, which may be managed by BlackRock or one of its affiliates; and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other similar transactions.</span></div> <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may engage in short sales for hedging purposes or to enhance total return. The Fund also may make short </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">sales “against the box” without limitation. In this type of short sale, at the time of the sale, the Fund owns or has the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">immediate and unconditional right to acquire the identical security at no additional cost.</span></div> <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">As part of its normal operations, the Fund may hold high quality money market securities and invest in money market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">funds, including affiliated money market funds, pending investments or when it expects to need cash to pay redeeming </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shareholders. The Fund also may invest in these securities in order to achieve its investment goal. Money market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities are short term securities consisting primarily of short term U.S. Government securities, U.S. Government </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">agency securities, securities issued by U.S. Government sponsored enterprises and U.S. Government </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instrumentalities, bank obligations, commercial paper, including asset backed commercial paper, corporate notes and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">repurchase agreements.</span></div> <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may borrow from banks for investment purposes.</span></div> Principal Risks of Investing in the Fund You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Debt Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">extension risk, and prepayment risk, each of which are described in further detail below:</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Credit Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.</span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Interest Rate Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The market value of bonds and other fixed-income securities changes in response to interest </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">will increase as interest rates fall and decrease as interest rates rise.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. For </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">example, if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">being equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for those securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">interest income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">value. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund management.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">debt securities.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">value when interest rates change.</span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">hurt the Fund’s performance.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Extension Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — When interest rates rise, certain obligations will be paid off by the obligor more slowly than </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">anticipated, causing the value of these obligations to fall.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> <div style="line-height: 10.6671pt; margin-left: 12pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Prepayment Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — When interest rates fall, certain obligations will be paid off by the obligor more quickly than </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Foreign Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Foreign investments often involve special risks not present in U.S. investments that can </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">increase the chances that the Fund will lose money. These risks include:</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">oversight.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The economies of certain foreign markets may not compare favorably with the economy of the United States with </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">payments position.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">currency, securities, derivatives or other assets.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the same extent as does the United States and may not have laws to protect investors that are comparable to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">U.S. securities laws.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 493.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities not typically associated with settlement and clearance of U.S. investments.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign country, accruals in the Fund’s net asset value for such refunds may be written down partially or in full, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">which will adversely affect the Fund’s net asset value.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The European financial markets have recently experienced volatility and adverse trends due to concerns about </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">economic downturns in, or rising government debt levels of, several European countries as well as acts of war in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the region. These events may spread to other countries in Europe and may affect the value and liquidity of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">certain of the Fund’s investments.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Derivatives Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">increase volatility. Derivatives involve significant risks, including:</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Leverage Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">movements may result in large changes in the value of a derivatives position and can result in losses that greatly </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exceed the amount originally invested.</span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Some derivatives are more sensitive to interest rate changes and market price fluctuations than </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">derivatives positions to lose value.</span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Counterparty Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Derivatives are also subject to counterparty risk, which is the risk that the other party in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure to such a counterparty.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Illiquidity Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">difficult for the Fund to value accurately.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Operational Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The use of derivatives includes the risk of potential operational issues, including documentation </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issues, settlement issues, systems failures, inadequate controls and human error.</span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Legal Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">enforceability of a contract.</span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Volatility and Correlation Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Volatility is defined as the characteristic of a security, an index or a market to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fluctuations in their values may not correlate with the overall securities markets.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Valuation Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in times of market turmoil since many investors and market makers may be reluctant to purchase complex </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instruments or quote prices for them.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> <div style="line-height: 10.6671pt; margin-left: 12pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Hedging Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Hedges are sometimes subject to imperfect matching between the derivative and the underlying </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may result in certain adverse tax consequences.</span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Tax Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Certain aspects of the tax treatment of derivative instruments, including swap agreements and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">realizes from its investments.</span></div> <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">To the extent derivatives are utilized to implement the Fund’s investment strategies, the transactions may involve the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risks described below. For example, to the extent the Fund gains short exposure to a security through a derivative </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instrument, the Fund will be subject to risks associated with short sales that are described below.</span></div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Air Transportation Industry Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The air transportation industry can be significantly affected by competition </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">within the industry, domestic and foreign economies, government regulation, labor relations, and the price of fuel. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Airline deregulation has substantially diminished the government’s role in the air transport industry while promoting </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">an increased level of competition. However, regulations and policies of various domestic and foreign governments </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">can still affect the profitability of individual carriers as well as the entire industry.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Borrowing Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund’s portfolio. Borrowing will cost the Fund interest expense and other fees. The costs of borrowing may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reduce the Fund’s return. Borrowing may cause the Fund to liquidate positions when it may not be advantageous to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">do so to satisfy its obligations.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Collateralized Debt Obligations Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— In addition to the typical risks associated with fixed-income securities and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">asset-backed securities, collateralized debt obligations (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">CDOs</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">), including collateralized loan obligations (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">CLOs</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">) </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">not be adequate to make interest or other payments; (ii) the risk that the collateral may default or decline in value </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or be downgraded, if rated by a nationally recognized statistical rating organization; (iii) the Fund may invest in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">tranches of CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the legal documents could lead to disputes among investors regarding the characterization of proceeds; (v) the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment return achieved by the Fund could be significantly different than those predicted by financial models; </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced “fire sale” liquidation due to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">technical defaults such as coverage test failures; and (viii) the CDO’s manager may perform poorly.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Convertible Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The market value of a convertible security performs like that of a regular debt </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">their market value may change based on changes in the issuer’s credit rating or the market’s perception of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">converted, a convertible security is also subject to the same types of market and issuer risks that apply to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">underlying common stock, including the potential for increased volatility in the price of the convertible security.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.7929pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Corporate Loans Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Commercial banks and other financial institutions or institutional investors make corporate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">SOFR</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">), or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">loans may not be readily available to make additional investments or to meet the Fund’s redemption obligations. To </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold additional </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cash, sell investments or temporarily borrow from banks and other lenders. The corporate loans in which the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">invests are usually rated below investment grade.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Dividend Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;"> —</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Because certain of the corporate loans held by the Fund will have floating or variable interest </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rates, the amounts of the Fund’s distributions to its stockholders are expected to vary with fluctuations in market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">interest rates. Generally, when market interest rates fall, the amount of the distributions to stockholders will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">likewise decrease.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Emerging Markets Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Emerging markets are riskier than more developed markets because they tend to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">liquidity than developed markets.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Event Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Event risk is the risk that corporate issuers may undergo restructurings, such as mergers, leveraged </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">buyouts, takeovers, or similar events financed by increased debt. As a result of the added debt, the credit quality </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and market value of a company’s bonds and/or other debt securities may decline significantly.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">High Portfolio Turnover Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund may engage in active and frequent trading of its portfolio securities. High </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of higher than normal portfolio turnover may adversely affect Fund performance.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">High Yield Bonds Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Although junk bonds generally pay higher rates of interest than investment grade bonds, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">junk bonds are high risk investments that are considered speculative and may cause income and principal losses </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the Fund.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Illiquid Investments Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The Fund may not acquire any illiquid investment if, immediately after the acquisition, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">calendar days or less without the sale or disposition significantly changing the market value of the investment. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">There can be no assurance that a security or instrument that is deemed to be liquid when purchased will continue </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to be liquid for as long as it is held by the Fund, and any security or instrument held by the Fund may be deemed an </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reduce the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous time </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or price. In addition, if the Fund is limited in its ability to sell illiquid investments during periods when shareholders </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">are redeeming their shares, the Fund will need to sell liquid securities to meet redemption requests and illiquid </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities will become a larger portion of the Fund’s holdings. An investment may be illiquid due to, among other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">things, the reduced number and capacity of traditional market participants to make a market in fixed-income </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities or the lack of an active trading market. To the extent that the Fund’s principal investment strategies </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">involve derivatives or securities with substantial market and/or credit risk, the Fund will tend to have the greatest </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure to the risks associated with illiquid investments. Illiquid investments may be harder to value, especially in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">changing markets, and if the Fund is forced to sell these investments to meet redemption requests or for other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cash needs, the Fund may suffer a loss. This may be magnified in a rising interest rate environment or other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">circumstances where investor redemptions from fixed-income mutual funds may be higher than normal. In addition, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">when there is illiquidity in the market for certain securities, the Fund, due to limitations on illiquid investments, may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">be subject to purchase and sale restrictions.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Leverage Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Some transactions may give rise to a form of economic leverage. These transactions may include, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to meet the applicable requirements of the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Company Act</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">) and the rules thereunder. Increases and decreases in the value of the Fund’s portfolio will be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">magnified when the Fund uses leverage.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Market Risk and Selection Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Market risk is the risk that one or more markets in which the Fund invests will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">security or other asset may decline due to changes in general market conditions, economic trends or events that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments. Selection risk is the risk that the securities selected by Fund management will underperform the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">markets, the relevant indices or the securities selected by other funds with similar investment objectives and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment strategies. This means you may lose money.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">An outbreak of an infectious coronavirus (COVID-19) that was first detected in December 2019 developed into a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">global pandemic that has resulted in numerous disruptions in the market and has had significant economic impact </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">leaving general concern and uncertainty. Although vaccines have been developed and approved for use by various </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">governments, the duration of the pandemic and its effects cannot be predicted with certainty. The impact of this </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">coronavirus, and other epidemics and pandemics that may arise in the future, could affect the economies of many </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">nations, individual companies and the market in general ways that cannot necessarily be foreseen at the present </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">time.</span></div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Mezzanine Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Mezzanine securities carry the risk that the issuer will not be able to meet its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">obligations and that the equity securities purchased with the mezzanine investments may lose value.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Mortgage- and Asset-Backed Securities Risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Mortgage- and asset-backed securities represent interests in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“pools” of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset-</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">certain mortgage-backed securities.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Preferred Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Preferred securities may pay fixed or adjustable rates of return. Preferred securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">preferred securities generally pay dividends only after the company makes required payments to holders of its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities of smaller companies may be more vulnerable to adverse developments than preferred securities of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">larger companies.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.7929pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Reference Rate Replacement Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund may be exposed to financial instruments that recently transitioned </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">from, or continue to be tied to, LIBOR to determine payment obligations, financing terms, hedging strategies or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment value.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR, has ceased publishing all LIBOR </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">settings. In April 2023, however, the FCA announced that some USD LIBOR settings will continue to be published </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">under a synthetic methodology until September 30, 2024 for certain legacy contracts. SOFR is a broad measure of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (“repo”) </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market and has been used increasingly on a voluntary basis in new instruments and transactions. Under U.S. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on SOFR have </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">replaced LIBOR in certain financial contracts.</span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. While some existing </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rate-setting provisions in certain existing instruments. Parties to contracts, securities or other instruments using </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">LIBOR may disagree on transition rates or the application of transition regulation, potentially resulting in uncertainty </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of performance and the possibility of litigation. The Fund may have instruments linked to other interbank offered </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rates that may also cease to be published in the future.</span></div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Repurchase Agreements and Purchase and Sale Contracts Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — If the other party to a repurchase agreement or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">either situation and the market value of the security declines, the Fund may lose money.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Reverse Repurchase Agreements Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Reverse repurchase agreements involve the sale of securities held by the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">all. The Fund could lose money if it is unable to recover the securities and the value of the collateral held by the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund, including the value of the investments made with cash collateral, is less than the value of the securities. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">These events could also trigger adverse tax consequences for the Fund. In addition, reverse repurchase agreements </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">involve the risk that the interest income earned in the investment of the proceeds will be less than the interest </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">expense.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Risk of Investing in the United States </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Certain changes in the U.S. economy, such as when the U.S. economy </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Second Lien Loans Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Second lien loans generally are subject to similar risks as those associated with </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments in senior loans. Because second lien loans are subordinated or unsecured and thus lower in priority of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">payment to senior loans, they are subject to the additional risk that the cash flow of the borrower and property </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">secured obligations of the borrower.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Senior Loans Risk —</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> There is less readily available, reliable information about most senior loans than is the case </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for many other types of securities. An economic downturn generally leads to a higher non-payment rate, and a senior </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">loan may lose significant value before a default occurs. Moreover, any specific collateral used to secure a senior </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">loan may decline in value or become illiquid, which would adversely affect the senior loan’s value. No active trading </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market may exist for certain senior loans, which may impair the ability of the Fund to realize full value in the event </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of the need to sell a senior loan and which may make it difficult to value senior loans. Although senior loans in </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div style="line-height: 10.6671pt; margin-left: 12pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">which the Fund will invest generally will be secured by specific collateral, there can be no assurance that liquidation </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of such collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">principal or that such collateral could be readily liquidated. To the extent that a senior loan is collateralized by stock </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in the borrower or its subsidiaries, such stock may lose all of its value in the event of the bankruptcy of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">borrower. Uncollateralized senior loans involve a greater risk of loss. The senior loans in which the Fund invests are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">usually rated below investment grade.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Short Sales Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Because making short sales in securities that it does not own exposes the Fund to the risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">associated with those securities, such short sales involve speculative exposure risk. The Fund will incur a loss as a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">result of a short sale if the price of the security increases between the date of the short sale and the date on which </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund replaces the security sold short. Short sale transactions involve leverage because they can provide </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment exposure in an amount exceeding the initial investment.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Small and Mid-Capitalization Company Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Companies with small or mid-size market capitalizations will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">normally have more limited product lines, markets and financial resources and will be dependent upon a more </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">limited management group than larger capitalized companies. In addition, it is more difficult to get information on </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">smaller companies, which tend to be less well known, have shorter operating histories, do not have significant </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">ownership by large investors and are followed by relatively few securities analysts.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Sovereign Debt Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Sovereign debt instruments are subject to the risk that a governmental entity may delay or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or other multilateral agencies.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.7929pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Structured Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Because structured securities of the type in which the Fund may invest typically </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">index or reference obligation and will also be subject to counterparty risk. The Fund may have the right to receive </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">payments only from the structured security, and generally does not have direct rights against the issuer or the entity </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that sold the assets to be securitized. In addition to the general risks associated with debt securities discussed </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">herein, structured securities carry additional risks, including, but not limited to: the possibility that distributions </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">decline in value or default; and the possibility that the structured securities are subordinate to other classes. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund is permitted to invest in a class of structured securities that is either subordinated or unsubordinated to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">right of payment of another class. Subordinated structured securities typically have higher yields and present </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">greater risks than unsubordinated structured securities. Structured securities are typically sold in private placement </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transactions, and there currently is no active trading market for structured securities. Structured securities are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">based upon the movement of one or more factors, including currency exchange rates, interest rates, reference </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">structured security to be reduced to zero. Certain issuers of such structured securities may be deemed to be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“investment companies” as defined in the Investment Company Act. As a result, the Fund’s investment in such </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities may be limited by certain investment restrictions contained in the Investment Company Act.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> Performance Information <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The information shows you how the Fund’s performance has varied year by year and provides some indication of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risks of investing in the Fund. The table compares the Fund’s performance to that of the Bloomberg Global Aggregate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Bond Index and the ICE BofA 3-Month U.S. Treasury Bill Index. The ICE BofA 3-Month U.S. Treasury Bill Index is </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">relevant to the Fund because it has characteristics similar to the Fund’s investment strategies. The Fund acquired all </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of the assets, subject to the liabilities, of BlackRock Global Long/Short Credit Fund, a series of BlackRock Funds</span><span style="color: #000000; font-family: arial; font-size: 5pt; position: relative; top: -3.25pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Predecessor Fund</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">), in a reorganization on September 17, 2018 (the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Reorganization</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">). The Fund adopted the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">performance of the Predecessor Fund as a result of the Reorganization. The performance information below is based </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">on the performance of the Predecessor Fund for periods prior to the date of the Reorganization. The Predecessor Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">had the same investment objectives, strategies and policies, portfolio management team and contractual </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">arrangements, including the same contractual fees and expenses, as the Fund as of the date of the Reorganization. To </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the extent that dividends and distributions have been paid by the Fund, the performance information for the Fund in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the chart and table assumes reinvestment of the dividends and distributions. As with all such investments, past </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses </span></div> <div style="line-height: 10.6671pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">including its current net asset value, can be obtained by visiting www.blackrock.com or can be obtained by phone at </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(800) 882-0052</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">.</span></div> The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund’s performance to that of the Bloomberg Global Aggregate Bond Index and the ICE BofA 3-Month U.S. Treasury Bill Index. The ICE BofA 3-Month U.S. Treasury Bill Index is relevant to the Fund because it has characteristics similar to the Fund’s investment strategies. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. www.blackrock.com (800) 882-0052 Investor A Shares ANNUAL TOTAL RETURNS BlackRock Global Long/Short Credit Fund As of 12/31 <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">During the ten-year period shown in the bar chart, the highest return for a quarter was 5.40% (quarter ended </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">December 31, 2020) and the lowest return for a quarter was -7.25% (quarter ended March 31, 2020). The year-to-date return</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> as of September 30, 2024 was 7.07%.</span></div> highest return 0.0540 2020-12-31 lowest return -0.0725 2020-03-31 year-to-date return 2024-09-30 0.0707 For the periods ended 12/31/23Average Annual Total Returns 0.0435 0.0188 0.0132 0.0310 0.0027 -0.0012 0.0259 0.0079 0.0040 0.0693 0.0194 0.0113 0.0899 0.0299 0.0200 0.0572 -0.0032 0.0038 0.0502 0.0188 0.0125 <div style="margin-top: 9pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Investor A Shares only, and the after-tax returns for Investor C and Institutional Shares will vary.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor C and Institutional Shares will vary. Fund OverviewKey Facts About BlackRock Global Long/Short Credit Fund Investment Objective <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The investment objective of BlackRock Global Long/Short Credit Fund (the “Fund”), a series of BlackRock Funds IV </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(the “Trust”), is to seek absolute total returns over a complete market cycle.</span></div> Fees and Expenses of the Fund <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell Class K Shares of the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">You </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">may pay other fees, such as brokerage commissions and other fees to your financial professional or selected </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">Advisors, LLC (“BlackRock”) and its affiliates) (each a “Financial Intermediary”), which are not reflected in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">table and example below.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0095 0 0.0042 0.0014 0.0028 0.0001 0.0138 -0.0001 0.0137 Miscellaneous Other Expenses have been restated to reflect current fees. Total Annual Fund Operating Expenses include Acquired Fund Fees and Expenses and the restatement of Miscellaneous Other Expenses to reflect current fees, which are not included in the ratio of expenses to average net assets given in the Fund’s most recent annual report. June 30, 2026 Example: <div style="line-height: 10.6671pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or lower, based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> 139 436 754 1657 Portfolio Turnover: <div style="line-height: 10.6671pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span></div> <div style="line-height: 10.6671pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">110</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">% of the average value of its portfolio.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> 1.10 Principal Investment Strategies of the Fund <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund seeks to provide absolute total returns over a complete market cycle through diversified long and short </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure to the global fixed-income markets. A complete market cycle for fixed income funds such as the Fund is </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">typically three to five years.</span></div> <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Under normal circumstances, the Fund invests at least 80% of its total assets in credit-related instruments. Credit-related</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> instruments include, but are not limited to, U.S. Government and agency securities, foreign government and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">supranational debt securities, corporate bonds, including bonds of companies principally engaged in the aircraft or air </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transportation industries, mortgage-related securities and asset-backed securities, collateralized debt and loan </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">obligations, including bonds collateralized by aircraft and/or aircraft equipment, emerging market debt securities, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">preferred securities, structured products, mezzanine securities, senior secured floating rate and fixed rate loans or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">debt, second lien or other subordinated or unsecured floating rate and fixed rate loans or debt, convertible debt </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities, and derivatives with similar economic characteristics. The Fund’s investments in derivatives will be counted toward the Fund’s 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. The Fund may invest in fixed, variable and floating </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rate instruments, including participations and assignments, of any duration or maturity.</span></div> <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Under normal circumstances, the Fund anticipates it will allocate a substantial amount (approximately 40% or more, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">unless market conditions are not deemed favorable by BlackRock, in which case the Fund would invest at least 30%) </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of its total assets in securities (or derivatives with similar economic characteristics) of (i) foreign government issuers, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(ii) issuers organized or located outside the United States, (iii) issuers whose securities primarily trade in a market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">located outside the United States, or (iv) issuers doing a substantial amount of business outside the United States, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">which the Fund considers to be companies that derive at least 50% of their revenue or profits from business outside </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the United States or have at least 50% of their sales or assets outside the United States. The Fund will allocate its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">assets among various regions and countries, including the United States (but in no less than three different countries).</span></div> <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may invest in credit-related instruments rated below investment grade or deemed equivalent by Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">management, which are commonly referred to as “junk bonds.”</span></div> <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may invest in non-U.S. dollar denominated investments, including investments denominated in European and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Asian currencies and in other non-U.S. and emerging market currencies. The Fund’s investments in non-U.S. dollar </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">based assets may be made on a currency hedged or unhedged basis.</span></div> <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may invest up to 20% of its total assets in equity instruments, including common stock, depositary receipts, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rights, warrants and other instruments whose price is linked to the value of common stock. The Fund may hold long or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">short positions in equity instruments, and may invest in equity instruments of issuers of any market capitalization.</span></div> <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may also gain both long and short exposure to credit-related instruments by entering into a series of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">purchase and sale contracts or by investing in, among other instruments, swaps, including total return, credit default, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">index and interest rate swaps; options; forward contracts; futures contracts and options on futures contracts that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">provide long or short exposure to other credit obligations; credit-linked notes that provide long or short exposure to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other credit obligations; repurchase agreements; reverse repurchase agreements; dollar rolls; exchange-traded funds </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and closed-end registered investment companies, which may be managed by BlackRock or one of its affiliates; and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other similar transactions.</span></div> <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may engage in short sales for hedging purposes or to enhance total return. The Fund also may make short </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">sales “against the box” without limitation. In this type of short sale, at the time of the sale, the Fund owns or has the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">immediate and unconditional right to acquire the identical security at no additional cost.</span></div> <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">As part of its normal operations, the Fund may hold high quality money market securities and invest in money market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">funds, including affiliated money market funds, pending investments or when it expects to need cash to pay redeeming </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shareholders. The Fund also may invest in these securities in order to achieve its investment goal. Money market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities are short term securities consisting primarily of short term U.S. Government securities, U.S. Government </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">agency securities, securities issued by U.S. Government sponsored enterprises and U.S. Government </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instrumentalities, bank obligations, commercial paper, including asset backed commercial paper, corporate notes and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">repurchase agreements.</span></div> <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may borrow from banks for investment purposes.</span></div> Principal Risks of Investing in the Fund You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Debt Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">extension risk, and prepayment risk, each of which are described in further detail below:</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Credit Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.</span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Interest Rate Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The market value of bonds and other fixed-income securities changes in response to interest </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">will increase as interest rates fall and decrease as interest rates rise.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. For </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">example, if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">being equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for those securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">interest income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">value. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund management.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">debt securities.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">value when interest rates change.</span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">hurt the Fund’s performance.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Extension Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — When interest rates rise, certain obligations will be paid off by the obligor more slowly than </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">anticipated, causing the value of these obligations to fall.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Prepayment Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — When interest rates fall, certain obligations will be paid off by the obligor more quickly than </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Foreign Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Foreign investments often involve special risks not present in U.S. investments that can </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">increase the chances that the Fund will lose money. These risks include:</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">oversight.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The economies of certain foreign markets may not compare favorably with the economy of the United States with </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">payments position.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">currency, securities, derivatives or other assets.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the same extent as does the United States and may not have laws to protect investors that are comparable to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">U.S. securities laws.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 493.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities not typically associated with settlement and clearance of U.S. investments.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign country, accruals in the Fund’s net asset value for such refunds may be written down partially or in full, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">which will adversely affect the Fund’s net asset value.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The European financial markets have recently experienced volatility and adverse trends due to concerns about </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">economic downturns in, or rising government debt levels of, several European countries as well as acts of war in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the region. These events may spread to other countries in Europe and may affect the value and liquidity of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">certain of the Fund’s investments.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Derivatives Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">increase volatility. Derivatives involve significant risks, including:</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Leverage Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">movements may result in large changes in the value of a derivatives position and can result in losses that greatly </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exceed the amount originally invested.</span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Some derivatives are more sensitive to interest rate changes and market price fluctuations than </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">derivatives positions to lose value.</span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Counterparty Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Derivatives are also subject to counterparty risk, which is the risk that the other party in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure to such a counterparty.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Illiquidity Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">difficult for the Fund to value accurately.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Operational Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The use of derivatives includes the risk of potential operational issues, including documentation </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issues, settlement issues, systems failures, inadequate controls and human error.</span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Legal Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">enforceability of a contract.</span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Volatility and Correlation Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Volatility is defined as the characteristic of a security, an index or a market to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fluctuations in their values may not correlate with the overall securities markets.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Valuation Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in times of market turmoil since many investors and market makers may be reluctant to purchase complex </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instruments or quote prices for them.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Hedging Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Hedges are sometimes subject to imperfect matching between the derivative and the underlying </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may result in certain adverse tax consequences.</span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Tax Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Certain aspects of the tax treatment of derivative instruments, including swap agreements and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">realizes from its investments.</span></div> <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">To the extent derivatives are utilized to implement the Fund’s investment strategies, the transactions may involve the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risks described below. For example, to the extent the Fund gains short exposure to a security through a derivative </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instrument, the Fund will be subject to risks associated with short sales that are described below.</span></div> <div> <div style="clear: both; margin-top: 2.7929pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Air Transportation Industry Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The air transportation industry can be significantly affected by competition </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">within the industry, domestic and foreign economies, government regulation, labor relations, and the price of fuel. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Airline deregulation has substantially diminished the government’s role in the air transport industry while promoting </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">an increased level of competition. However, regulations and policies of various domestic and foreign governments </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">can still affect the profitability of individual carriers as well as the entire industry.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Borrowing Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund’s portfolio. Borrowing will cost the Fund interest expense and other fees. The costs of borrowing may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reduce the Fund’s return. Borrowing may cause the Fund to liquidate positions when it may not be advantageous to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">do so to satisfy its obligations.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Collateralized Debt Obligations Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— In addition to the typical risks associated with fixed-income securities and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">asset-backed securities, collateralized debt obligations (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">CDOs</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">), including collateralized loan obligations (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">CLOs</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">) </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div style="line-height: 10.6671pt; margin-left: 12pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">not be adequate to make interest or other payments; (ii) the risk that the collateral may default or decline in value </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or be downgraded, if rated by a nationally recognized statistical rating organization; (iii) the Fund may invest in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">tranches of CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the legal documents could lead to disputes among investors regarding the characterization of proceeds; (v) the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment return achieved by the Fund could be significantly different than those predicted by financial models; </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced “fire sale” liquidation due to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">technical defaults such as coverage test failures; and (viii) the CDO’s manager may perform poorly.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Convertible Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The market value of a convertible security performs like that of a regular debt </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">their market value may change based on changes in the issuer’s credit rating or the market’s perception of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">converted, a convertible security is also subject to the same types of market and issuer risks that apply to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">underlying common stock, including the potential for increased volatility in the price of the convertible security.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Corporate Loans Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Commercial banks and other financial institutions or institutional investors make corporate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">SOFR</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">), or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">loans may not be readily available to make additional investments or to meet the Fund’s redemption obligations. To </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold additional </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cash, sell investments or temporarily borrow from banks and other lenders. The corporate loans in which the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">invests are usually rated below investment grade.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Dividend Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;"> —</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Because certain of the corporate loans held by the Fund will have floating or variable interest </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rates, the amounts of the Fund’s distributions to its stockholders are expected to vary with fluctuations in market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">interest rates. Generally, when market interest rates fall, the amount of the distributions to stockholders will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">likewise decrease.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.7929pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Emerging Markets Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Emerging markets are riskier than more developed markets because they tend to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">liquidity than developed markets.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Event Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Event risk is the risk that corporate issuers may undergo restructurings, such as mergers, leveraged </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">buyouts, takeovers, or similar events financed by increased debt. As a result of the added debt, the credit quality </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and market value of a company’s bonds and/or other debt securities may decline significantly.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.7929pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">High Portfolio Turnover Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund may engage in active and frequent trading of its portfolio securities. High </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of higher than normal portfolio turnover may adversely affect Fund performance.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">High Yield Bonds Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Although junk bonds generally pay higher rates of interest than investment grade bonds, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">junk bonds are high risk investments that are considered speculative and may cause income and principal losses </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the Fund.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Illiquid Investments Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The Fund may not acquire any illiquid investment if, immediately after the acquisition, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">calendar days or less without the sale or disposition significantly changing the market value of the investment. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">There can be no assurance that a security or instrument that is deemed to be liquid when purchased will continue </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to be liquid for as long as it is held by the Fund, and any security or instrument held by the Fund may be deemed an </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reduce the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous time </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or price. In addition, if the Fund is limited in its ability to sell illiquid investments during periods when shareholders </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">are redeeming their shares, the Fund will need to sell liquid securities to meet redemption requests and illiquid </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities will become a larger portion of the Fund’s holdings. An investment may be illiquid due to, among other </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div style="line-height: 10.6671pt; margin-left: 12pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">things, the reduced number and capacity of traditional market participants to make a market in fixed-income </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities or the lack of an active trading market. To the extent that the Fund’s principal investment strategies </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">involve derivatives or securities with substantial market and/or credit risk, the Fund will tend to have the greatest </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure to the risks associated with illiquid investments. Illiquid investments may be harder to value, especially in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">changing markets, and if the Fund is forced to sell these investments to meet redemption requests or for other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cash needs, the Fund may suffer a loss. This may be magnified in a rising interest rate environment or other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">circumstances where investor redemptions from fixed-income mutual funds may be higher than normal. In addition, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">when there is illiquidity in the market for certain securities, the Fund, due to limitations on illiquid investments, may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">be subject to purchase and sale restrictions.</span></div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Leverage Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Some transactions may give rise to a form of economic leverage. These transactions may include, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to meet the applicable requirements of the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Company Act</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">) and the rules thereunder. Increases and decreases in the value of the Fund’s portfolio will be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">magnified when the Fund uses leverage.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Market Risk and Selection Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Market risk is the risk that one or more markets in which the Fund invests will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">security or other asset may decline due to changes in general market conditions, economic trends or events that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments. Selection risk is the risk that the securities selected by Fund management will underperform the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">markets, the relevant indices or the securities selected by other funds with similar investment objectives and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment strategies. This means you may lose money.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">An outbreak of an infectious coronavirus (COVID-19) that was first detected in December 2019 developed into a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">global pandemic that has resulted in numerous disruptions in the market and has had significant economic impact </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">leaving general concern and uncertainty. Although vaccines have been developed and approved for use by various </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">governments, the duration of the pandemic and its effects cannot be predicted with certainty. The impact of this </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">coronavirus, and other epidemics and pandemics that may arise in the future, could affect the economies of many </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">nations, individual companies and the market in general ways that cannot necessarily be foreseen at the present </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">time.</span></div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Mezzanine Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Mezzanine securities carry the risk that the issuer will not be able to meet its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">obligations and that the equity securities purchased with the mezzanine investments may lose value.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Mortgage- and Asset-Backed Securities Risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Mortgage- and asset-backed securities represent interests in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“pools” of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset-</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">certain mortgage-backed securities.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Preferred Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Preferred securities may pay fixed or adjustable rates of return. Preferred securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">preferred securities generally pay dividends only after the company makes required payments to holders of its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities of smaller companies may be more vulnerable to adverse developments than preferred securities of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">larger companies.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Reference Rate Replacement Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund may be exposed to financial instruments that recently transitioned </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">from, or continue to be tied to, LIBOR to determine payment obligations, financing terms, hedging strategies or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment value.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR, has ceased publishing all LIBOR </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">settings. In April 2023, however, the FCA announced that some USD LIBOR settings will continue to be published </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">under a synthetic methodology until September 30, 2024 for certain legacy contracts. SOFR is a broad measure of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (“repo”) </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market and has been used increasingly on a voluntary basis in new instruments and transactions. Under U.S. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on SOFR have </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">replaced LIBOR in certain financial contracts.</span></div> <div style="line-height: 10.6671pt; margin-left: 12pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. While some existing </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rate-setting provisions in certain existing instruments. Parties to contracts, securities or other instruments using </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">LIBOR may disagree on transition rates or the application of transition regulation, potentially resulting in uncertainty </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of performance and the possibility of litigation. The Fund may have instruments linked to other interbank offered </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rates that may also cease to be published in the future.</span></div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Repurchase Agreements and Purchase and Sale Contracts Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — If the other party to a repurchase agreement or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">either situation and the market value of the security declines, the Fund may lose money.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.7929pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Reverse Repurchase Agreements Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Reverse repurchase agreements involve the sale of securities held by the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">all. The Fund could lose money if it is unable to recover the securities and the value of the collateral held by the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund, including the value of the investments made with cash collateral, is less than the value of the securities. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">These events could also trigger adverse tax consequences for the Fund. In addition, reverse repurchase agreements </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">involve the risk that the interest income earned in the investment of the proceeds will be less than the interest </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">expense.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.7929pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Risk of Investing in the United States </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Certain changes in the U.S. economy, such as when the U.S. economy </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Second Lien Loans Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Second lien loans generally are subject to similar risks as those associated with </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments in senior loans. Because second lien loans are subordinated or unsecured and thus lower in priority of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">payment to senior loans, they are subject to the additional risk that the cash flow of the borrower and property </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">secured obligations of the borrower.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.7929pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Senior Loans Risk —</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> There is less readily available, reliable information about most senior loans than is the case </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for many other types of securities. An economic downturn generally leads to a higher non-payment rate, and a senior </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">loan may lose significant value before a default occurs. Moreover, any specific collateral used to secure a senior </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">loan may decline in value or become illiquid, which would adversely affect the senior loan’s value. No active trading </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market may exist for certain senior loans, which may impair the ability of the Fund to realize full value in the event </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of the need to sell a senior loan and which may make it difficult to value senior loans. Although senior loans in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">which the Fund will invest generally will be secured by specific collateral, there can be no assurance that liquidation </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of such collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">principal or that such collateral could be readily liquidated. To the extent that a senior loan is collateralized by stock </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in the borrower or its subsidiaries, such stock may lose all of its value in the event of the bankruptcy of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">borrower. Uncollateralized senior loans involve a greater risk of loss. The senior loans in which the Fund invests are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">usually rated below investment grade.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Short Sales Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Because making short sales in securities that it does not own exposes the Fund to the risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">associated with those securities, such short sales involve speculative exposure risk. The Fund will incur a loss as a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">result of a short sale if the price of the security increases between the date of the short sale and the date on which </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund replaces the security sold short. Short sale transactions involve leverage because they can provide </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment exposure in an amount exceeding the initial investment.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Small and Mid-Capitalization Company Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Companies with small or mid-size market capitalizations will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">normally have more limited product lines, markets and financial resources and will be dependent upon a more </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">limited management group than larger capitalized companies. In addition, it is more difficult to get information on </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">smaller companies, which tend to be less well known, have shorter operating histories, do not have significant </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">ownership by large investors and are followed by relatively few securities analysts.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Sovereign Debt Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Sovereign debt instruments are subject to the risk that a governmental entity may delay or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or other multilateral agencies.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 2.8029pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.84pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.77pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Structured Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Because structured securities of the type in which the Fund may invest typically </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments, </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div style="line-height: 10.6671pt; margin-left: 12pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">index or reference obligation and will also be subject to counterparty risk. The Fund may have the right to receive </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">payments only from the structured security, and generally does not have direct rights against the issuer or the entity </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that sold the assets to be securitized. In addition to the general risks associated with debt securities discussed </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">herein, structured securities carry additional risks, including, but not limited to: the possibility that distributions </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">decline in value or default; and the possibility that the structured securities are subordinate to other classes. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund is permitted to invest in a class of structured securities that is either subordinated or unsubordinated to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">right of payment of another class. Subordinated structured securities typically have higher yields and present </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">greater risks than unsubordinated structured securities. Structured securities are typically sold in private placement </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transactions, and there currently is no active trading market for structured securities. Structured securities are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">based upon the movement of one or more factors, including currency exchange rates, interest rates, reference </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">structured security to be reduced to zero. Certain issuers of such structured securities may be deemed to be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“investment companies” as defined in the Investment Company Act. As a result, the Fund’s investment in such </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities may be limited by certain investment restrictions contained in the Investment Company Act.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> Performance Information <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The information shows you how the Fund’s performance has varied year by year and provides some indication of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risks of investing in the Fund. The table compares the Fund’s performance to that of the Bloomberg Global Aggregate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Bond Index and the ICE BofA 3-Month U.S. Treasury Bill Index. The ICE BofA 3-Month U.S. Treasury Bill Index is </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">relevant to the Fund because it has characteristics similar to the Fund’s investment strategies. The Fund acquired all </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of the assets, subject to the liabilities, of BlackRock Global Long/Short Credit Fund, a series of BlackRock Funds</span><span style="color: #000000; font-family: arial; font-size: 5pt; position: relative; top: -3.25pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Predecessor Fund</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">), in a reorganization on September 17, 2018 (the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Reorganization</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">). The Fund adopted the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">performance of the Predecessor Fund as a result of the Reorganization. The performance information below is based </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">on the performance of the Predecessor Fund for periods prior to the date of the Reorganization. The Predecessor Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">had the same investment objectives, strategies and policies, portfolio management team and contractual </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">arrangements, including the same contractual fees and expenses, as the Fund as of the date of the Reorganization. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The performance information for periods prior to March 28, 2016, the commencement of operations of Class K </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Shares, shows the performance of the Fund’s Institutional Shares. The performance of the Fund’s Class K Shares </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Shares have different expenses. The actual returns of Class K Shares would have been higher than those of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Institutional Shares because Class K Shares have lower expenses than Institutional Shares. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">dividends and distributions have been paid by the Fund, the performance information for the Fund in the chart and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">table assumes reinvestment of the dividends and distributions. As with all such investments, past performance </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(before and after taxes) is not an indication of future results. The table includes all applicable fees. If the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund’s returns would have been lower. Updated information on the Fund’s performance, including its current net asset </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">value, can be obtained by visiting www.blackrock.com or can be obtained by phone at </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(800) 882-0052</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">.</span></div> The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund’s performance to that of the Bloomberg Global Aggregate Bond Index and the ICE BofA 3-Month U.S. Treasury Bill Index. The ICE BofA 3-Month U.S. Treasury Bill Index is relevant to the Fund because it has characteristics similar to the Fund’s investment strategies. As with all such investments, past performance (before and after taxes) is not an indication of future results. www.blackrock.com (800) 882-0052 Class K Shares ANNUAL TOTAL RETURNS BlackRock Global Long/Short Credit Fund As of 12/31 <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">During the ten-year period shown in the bar chart, the highest return for a quarter was 5.40% (quarter ended </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">December 31, 2020) and the lowest return for a quarter was -7.14% (quarter ended March 31, 2020). The year-to-date return</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> as of September 30, 2024 was 7.31%.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> highest return 0.0540 2020-12-31 lowest return -0.0714 2020-03-31 year-to-date return 2024-09-30 0.0731 For the periods ended 12/31/23Average Annual Total Returns 0.0908 0.0305 0.0206 0.0763 0.0127 0.0047 0.0540 0.0163 0.0090 0.0572 -0.0032 0.0038 0.0502 0.0188 0.0125 <div style="margin-top: 9pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.6671pt;"> </span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 51, BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds (“ETFs”) managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2026. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2026. The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund. The Fund has added this broad-based index in response to new regulatory requirements. On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023. Miscellaneous Other Expenses have been restated to reflect current fees. Total Annual Fund Operating Expenses include Acquired Fund Fees and Expenses and the restatement of Miscellaneous Other Expenses to reflect current fees, which are not included in the ratio of expenses to average net assets given in the Fund’s most recent annual report. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 51, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding , Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 1.40% (for Investor A Shares), 2.15% (for Investor C Shares) and 1.20% (for Institutional Shares) of average daily net assets through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund. A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $250,000 or more. There is no CDSC on Investor C Shares after one year. The Fund has added this broad-based index in response to new regulatory requirements. On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 39, BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds (“ETFs”) managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2026. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2026. The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund. Miscellaneous Other Expenses have been restated to reflect current fees. Total Annual Fund Operating Expenses include Acquired Fund Fees and Expenses and the restatement of Miscellaneous Other Expenses to reflect current fees, which are not included in the ratio of expenses to average net assets given in the Fund’s most recent annual report. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 39, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense/Stock Loan Fees, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 1.15% of average daily net assets through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.