BlackRock Dynamic High Income Fund Q2 2024 Commentary

Crucial Dangers: The fund is actively handled and its qualities will differ. Holdings revealed must not be considered as a suggestion to purchase or offer securities. Fund of funds goes through the dangers connected with the underlying BlackRock funds in which it invests. Stock and bond worths change in rate so the worth of your financial investment can decrease depending upon market conditions. International investing includes unique dangers consisting of, however not restricted to currency variations, illiquidity and volatility. These dangers might be increased for financial investments in emerging markets. Set earnings dangers consist of interest-rate and credit threat. Generally, when rate of interest increase, there is a matching decrease in bond worths. Credit threat describes the possibility that the bond company will not have the ability to make primary and interest payments. Property alloca- tion techniques do not guarantee earnings and do not secure versus loss. Non-diversification of financial investments suggests that more possessions are possibly purchased less securities than if financial investments were diversified, so threat is increased since each financial investment has a higher result on perfor- mance. The fund might utilize derivatives to hedge its financial investments or to look for to boost returns. Derivatives require dangers associating with liquidity, utilize and credit that might minimize returns and boost volatility. Non-investment-grade financial obligation securities( high-yield/junk bonds) might undergo higher market variations, threat of default or loss of earnings and principal than higher-rated securities. Covered call threat is the threat that the company will pass up any benefit from boosts in the market worth of the security covering the call choice however maintain the threat of loss if the security decreases in worth. A variety of elements might affect the choice holder’s choice to work out the choice, consisting of the worth of the security, rate volatility, dividend yield and rate of interest. To the degree that these elements increase the worth of the call choice, the choice holder is most likely to work out the choice, which might adversely impact the fund.

The viewpoints revealed are those of the fund’s portfolio management group since June 30, 2024, and might alter as subsequent conditions differ. Details and viewpoints are originated from exclusive and nonproprietary sources considered by BlackRock to be dependable, are not always complete and are not ensured regarding precision.

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1 Fund creation: 11/3/14. 2 Combined criteria is 70% MSCI World/30% Bloomgberg U.S. Aggregate Bond Index. Morgan Stanley Capital International World Index determines equity efficiency of 23 established markets. Bloomberg U.S. Aggregate Bond Index tracks investment-grade business bonds( BBB or much better), home mortgages and U.S. Treasury and federal government

firm concerns with a minimum of 1 year to maturity.

You must think about the financial investment goals, dangers, charges and expenditures of the fund thoroughly before investing. The prospectus and, if offered, the summary prospectus include this and other info about the fund and are offered, in addition to info on other BlackRock funds, by calling 800-882-0052 or from your monetary expert. The prospectus must read thoroughly before investing.

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