BlackRock Credit Relative Value Fund Investor A Shares BGCAX Strategy

The investment seeks absolute total returns over a complete market cycle. The fund seeks to provide absolute total returns over a complete market cycle through diversified long and short exposure to the global fixed-income markets. A complete market cycle for fixed income funds such as the fund is typically three to five years. The fund may invest in credit-related instruments rated below investment grade or deemed equivalent by fund management, which are commonly referred to as “junk bonds.”