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Amounts in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares, Inc. (the “Company”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</div> <div style="margin-top: 7pt;"> You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1,2 0.0039 0.0000 0.0039 Professional fees for foreign withholding tax claims that occurred during the most recent fiscal year have been restated to reflectexpected fees in the current year. Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing inother funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of yourshares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that theFund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,your costs would be: 40 125 219 493 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or“turnsover”its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes whenFund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or inthe Example, affect the Fund’s performance. The Fund has changed its fiscal year end from August 31 to March 31. Duringthe most recent fiscal year ended March 31, 2026, the Fund's portfolio turnover rate was 90% of the average value of itsportfolio. 0.90 Principal Investment Strategies <div style="margin-top: 6pt;">The Fund seeks to track the investment results of the S&P U.S. Power Infrastructure Select Index (the “Underlying Index”), which measures the performance of equity securities of U.S.-domiciled companies involved in U.S. power infrastructure, as determined by S&P Dow Jones Indices LLC (the “Index Provider” or “SPDJI”). The Index Provider constructs the Underlying Index by including those companies within the S&P 1500 Composite Index (the “Parent Index”) that derive at least 50% of their total revenue from U.S. power infrastructure-related businesses, excluding certain oil & gas companies not involved in natural gas, as defined by FactSet’s Revere Business Industry Classification System (“RBICS”).</div> <div style="margin-top: 6pt;">The U.S. power infrastructure-related businesses include the following sub-themes: (i) energy supply for electrification (ii) power generation, and (iii) power transmission, power distribution and storage which each include various RBICS groups of sub-industries. The Index Provider assigns each identified company to one of the sub-themes based on (1) the primary source of revenue or (2) other factors, including a company’s business description, when the primary source of revenue is not definitive on a sub-theme. </div> <div style="margin-top: 6pt;">Constituents of the Underlying Index are weighted by float-adjusted market capitalization subject to a capping methodology at each quarterly rebalance. The capping methodology limits the weight of (1) any single company to a maximum of 6% of the Underlying Index; (2) all companies with a weight above 4.5% to an aggregate of 45% of the Underlying Index; </div> <div style="line-height: 11.0pt; text-align: left;">(3) companies in the power generation sub-theme to 50% of the Underlying Index; and (4) companies in the energy supply for electrification and power transmission, power distribution, storage sub-themes to an aggregate of 50% of the Underlying Index. </div> <div style="margin-top: 6pt;">The Underlying Index is rebalanced quarterly and reconstituted annually in December.</div> <div style="margin-top: 6pt;">The Underlying Index may include large-, mid- and small-capitalization companies. As of March 31, 2026, a significant portion of the Underlying Index was represented by securities of companies in the industrials and utilities industries or sectors. The components of the Underlying Index are likely to change over time.</div> <div style="margin-top: 7pt;">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the Underlying Index, or other reasons as determined by BFA.</div> <div style="margin-top: 7pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80% investment policy may be changed by the Company's Board of Directors (the “Board”) upon 60 days’ notice to shareholders.</div> <div style="margin-top: 7pt;">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any collateral received).</div> <div style="margin-top: 7pt;">The Underlying Index is a product of SPDJI, which is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying Index and publishes information regarding the market value of the Underlying Index.</div> <div style="margin-top: 7pt;">Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</div> <div style="margin-top: 6pt;">The Fund seeks to track the investment results of the S&P U.S. Power Infrastructure Select Index (the “Underlying Index”), which measures the performance of equity securities of U.S.-domiciled companies involved in U.S. power infrastructure, as determined by S&P Dow Jones Indices LLC (the “Index Provider” or “SPDJI”). The Index Provider constructs the Underlying Index by including those companies within the S&P 1500 Composite Index (the “Parent Index”) that derive at least 50% of their total revenue from U.S. power infrastructure-related businesses, excluding certain oil & gas companies not involved in natural gas, as defined by FactSet’s Revere Business Industry Classification System (“RBICS”).</div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses arepresentative sampling indexing strategy to manage the Fund.“Representative sampling”is an indexing strategy thatinvolves investing in a representative sample of securities or other instruments intended to collectively have an investmentprofile similar to that of an applicable underlying index. <div style="margin-top: 7pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80% investment policy may be changed by the Company's Board of Directors (the “Board”) upon 60 days’ notice to shareholders.</div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail thatof other investments. <div style="margin-top: 7pt;">Utility Companies Risk. The utilities sector is generally subject to significant government regulation and oversight, including restrictions on rates as well as environmental and other regulations. Utility companies also may face risks related to, among other things, natural disasters, cyber or other attacks, capital project funding, energy price volatility and increased competition.</div> <div style="margin-top: 7pt;">Industrial Companies Risk. Industrial companies face a number of risks, including supply chain and distribution disruptions, business interruptions, product obsolescence, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices and currencies. The performance of such companies may also be affected by technological developments, labor relations, legislative and regulatory changes, government spending policies, and changes in domestic and international economies.</div> <div style="margin-top: 7pt;">Risk of Investing in the U.S. Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</div> <div style="line-height: 11.0pt; text-align: left;">Equity Securities Risk. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</div> <div style="margin-top: 7pt;">Market Risk. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.</div> <div style="margin-top: 7pt;">Index-Related Risk. The Index Provider may rely on various sources of information to assess the criteria of components of the Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could cause the Underlying Index to vary from its normal or expected composition.</div> <div style="margin-top: 7pt;">Asset Class Risk. The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in comparison to financial markets generally, a particular financial market, another index, or other asset classes.</div> <div style="margin-top: 7pt;">Authorized Participant Concentration Risk. An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</div> <div style="margin-top: 7pt;">Commodity Risk. The Fund invests in companies that are susceptible to fluctuations in certain commodity markets and to price changes due to trade relations. Any negative changes in commodity markets that may be due to changes in supply and demand for commodities, market events, war, regulatory developments, other catastrophic events, or other factors that the Fund cannot control could have an adverse impact on those companies.</div> <div style="margin-top: 7pt;">Concentration Risk. The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or asset classes.</div> <div style="margin-top: 7pt;">Issuer Risk. The performance of the Fund depends on the performance of individual securities or other assets to which the Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due to changes in the financial condition or credit rating of the issuer or counterparty.</div> <div style="margin-top: 7pt;">Large-Capitalization Companies Risk. Large-capitalization companies may be less able than smaller-capitalization companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall performance of the broader securities markets.</div> <div style="margin-top: 7pt;">Management Risk. The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</div> <div style="margin-top: 7pt;">Market Trading Risk. The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </div> <div style="line-height: 11.0pt; text-align: left;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value of the Fund shares.</div> <div style="margin-top: 7pt;">Non-Diversification Risk. The Fund is classified as “non-diversified.” This means that, compared with funds that are classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.</div> <div style="margin-top: 7pt;">Operational and Technology Risks. The Fund is directly and indirectly susceptible to operational and technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management policies and procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</div> <div style="margin-top: 7pt;">Securities Lending Risk. The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</div> <div style="margin-top: 7pt;">Tracking Error Risk. The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.</div> <div style="margin-top: 7pt;">Valuation Risk. The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not been fair valued or been valued using a different methodology. The ability to value investments may be impacted by technological issues or errors by pricing services or other third-party service providers.</div> Performance Information <div style="margin-top: 6pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</div> The performance information below illustrates how the Fund’s performance has varied over different periods and providessome indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied fromone calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriatebroad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund willperform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%) <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="border-bottom: 1pt groove #000000; margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;">Return (%)</div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;">Period Ended</div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;">Calendar Year-to-Date Return</div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 43.98pt;"> <div style="display: flex; white-space: nowrap; width: 43.98pt;">19.79%%</div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;">June 30, 2026</div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;">During the periods shown in the chart: </div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;">Best Quarter</div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 43.98pt;"> <div style="display: flex; white-space: nowrap; width: 43.98pt;">26.37%</div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;">December 31, 2020</div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;">Worst Quarter</div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 43.98pt;"> <div style="display: flex; white-space: nowrap; width: 43.98pt;">-45.06%</div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;">March 31, 2020</div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.1979 2026-06-30 Best Quarter 0.2637 2020-12-31 Worst Quarter -0.4506 2020-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025) 2012-01-31 0.1004 0.1820 0.0816 0.0818 0.1685 0.0712 0.0728 0.1468 0.0648 0.1705 0.1307 0.1422 0.1018 0.1779 0.0785 0.2234 0.1119 0.1172 The S&P U.S. Power Infrastructure Select Index (Spliced) reflects the performance of the MSCI ACWI Select Energy ProducersInvestable Market Index (Net) through October 28, 2025 and the S&P U.S. Power Infrastructure Select Index thereafter, which reflectthe times when each index was the Underlying Index of the Fund. <div style="margin-top: 7pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.</div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income taxrates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation andmay differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who holdshares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returnsafter taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains ofthe same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fundreturns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxeson distributions. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. Professional fees for foreign withholding tax claims that occurred during the most recent fiscal year have been restated to reflect expected fees in the current year. Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding tax rates, if any. The S&P U.S. Power Infrastructure Select Index (Spliced) reflects the performance of the MSCI ACWI Select Energy Producers Investable Market Index (Net) through October 28, 2025 and the S&P U.S. Power Infrastructure Select Index thereafter, which reflect the times when each index was the Underlying Index of the Fund. The Fund will no longer compare its performance to the MSCI All Country World Index (Net) effective approximately one year from October 29, 2025.