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0.3316 0.0727 -0.0476 0.1245 0.2479 -0.0440 0.3261 0.2195 0.2065 -0.2028 0.3337 0.0762 N-1A BLACKROCK UNCONSTRAINED EQUITY FUND 2026-08-28 Fund Overview Key Facts About BlackRock Unconstrained Equity Fund Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The investment objective of the BlackRock Unconstrained Equity Fund (the “Fund”) is to seek to achieve long term </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">capital growth.</span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><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. Amounts in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">You may pay other fees, such </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">as brokerage commissions and other fees to your financial professional or your selected securities dealer, broker, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">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;">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 </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">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 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 future, at least $25,000 in the fund complex advised by BlackRock or its affiliates. More information about these and other discounts is available </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">from your Financial Intermediary and in the “Details About the Share Classes” and the “Intermediary-Defined Sales </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Charge Waiver Policies” sections on pages </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">28</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 prospectus and in the “Purchase of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Shares” section on page </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">II-97</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> of Part II of the Fund’s Statement of Additional 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 $25,000 in the fund complex advised by BlackRock or its affiliates. 25000 Shareholder Fees (fees paid directly from your investment) 0.0525 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0080 0.0080 0.0080 0.0080 0.0025 0.0100 0 0.0050 0.0015 0.0027 0.0021 0.0028 0.0120 0.0207 0.0101 0.0158 -0.0001 -0.0012 -0.0006 -0.0013 0.0119 0.0195 0.0095 0.0145 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 $1,000,000 or more. June 30, 2028 The Total Annual Fund Operating Expenses and Other Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses. Example: <div style="line-height: 10.695pt; 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> 640 885 1149 1902 298 637 1103 2167 97 316 552 1231 148 486 848 1867 You would pay the following expenses if you did not redeem your shares:  198 637 1103 2167 Portfolio Turnover: <div style="line-height: 10.695pt; 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;">79</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: 10.695pt;"> </span></div> 0.79 Principal Investment Strategies of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund seeks to achieve its investment objective through a fully managed investment policy utilizing global equity </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities. For purposes of the Fund’s investment policies, equity securities include common stock, preferred stock, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">warrants, depositary receipts, and securities and other instruments whose price is linked to the value of common </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">stock. The combination of equity securities will be varied from time to time both with respect to types of securities and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">markets in response to changing market and economic trends. The Fund may also purchase convertible securities. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">purposes) in equity and equity-related securities. This policy is a non-fundamental policy of the Fund and may not be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">changed without 60 days’ prior notice to the Fund’s shareholders. Investments in derivatives are counted toward the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund’s 80% policy to the extent that they provide investment exposure to the securities included within that policy or to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">one or more market risk factors associated with such securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund seeks to achieve its investment objective by investing in equity securities of corporate issuers (which may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">include corporations, partnerships, trusts or other corporate-like entities) located around the world. The Fund has no </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">geographic limits on where its investments may be located. This flexibility allows Fund management to look for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments in markets around the world that it believes will provide the best relative returns to meet the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment objective. The Fund may invest in the securities of companies of any market capitalization. The Fund may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">also invest in the securities of emerging growth companies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund is actively managed using an unconstrained investment style (i.e., it will not take a benchmark index into </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">account when selecting the Fund’s investments). Fund management, in its sole discretion, may invest in securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that are not included in the MSCI World Index. The Fund’s portfolio holdings are expected to deviate materially from </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the MSCI World Index. The Fund may have exposure to a limited number of different investments, countries and/or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">sectors.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may use derivatives, including options, futures, swaps and forward contracts both to seek to increase the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">return of the Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rates, interest rates and movements in the securities markets. In order to effectively manage cash flows into or out of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund, the Fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financial </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instruments whose value is derived from another security, a commodity (such as oil or gas), a currency or an index.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may invest a portion of its assets in securities directly or indirectly secured by real estate or interests therein </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or issued by companies that invest in real estate or interests therein such as stock, bonds or convertible bonds </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issued by real estate investment trusts (“REITs”).</span></div> <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may invest in both developed and emerging markets. In addition to investing in foreign securities, the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may manage its exposure to foreign currencies through the use of forward currency contracts and other currency </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">derivatives. However, foreign exchange risk is not expected to be systematically hedged. From time to time, the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may own foreign cash equivalents or foreign bank deposits as part of the Fund’s investment strategy. The Fund may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">also invest in non-U.S. currencies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may invest in indexed and inverse securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended (the “Investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Company Act”), which means that it can invest more of its assets in fewer issuers than a diversified company.</span></div> Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity and equity-related securities. This policy is a non-fundamental policy of the Fund and may not be changed without 60 days’ prior notice to the Fund’s shareholders. Investments in derivatives are 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. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund is actively managed using an unconstrained investment style (i.e., it will not take a benchmark index into </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">account when selecting the Fund’s investments). Fund management, in its sole discretion, may invest in securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that are not included in the MSCI World Index. The Fund’s portfolio holdings are expected to deviate materially from </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the MSCI World Index. The Fund may have exposure to a limited number of different investments, countries and/or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">sectors.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may use derivatives, including options, futures, swaps and forward contracts both to seek to increase the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">return of the Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rates, interest rates and movements in the securities markets. In order to effectively manage cash flows into or out of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund, the Fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financial </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instruments whose value is derived from another security, a commodity (such as oil or gas), a currency or an index.</span></div> 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: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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;">Equity Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Stock markets are volatile. The price of equity securities fluctuates based on changes in a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">company’s financial condition and overall market and economic conditions.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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;">Focus Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Under normal circumstances, the Fund focuses its investments in the securities of a limited number </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of issuers. This may subject the Fund to greater issuer-specific risk and potential losses than a fund that invests in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the securities of a greater number of issuers.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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;">Non-Diversification Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund is a non-diversified fund. Because the Fund may invest in securities of a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">smaller number of issuers, it may be more exposed to the risks associated with and developments affecting an </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">individual issuer than a fund that invests more widely.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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;">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. An investor could </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">movements and over longer periods during market downturns. Securities or other investments held by the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">a 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;">The success of a Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exchange controls, and local, regional or global events such as war, acts of terrorism, natural and environmental </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">disasters, the spread of infectious illness or other public healthissues, recessions, or other events.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">domestic and global markets, and could adversely affect the investment performance of the Fund. In particular, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund invests.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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;">Geographic Concentration Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— From time to time the Fund may invest a substantial amount of its assets in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers located in a single country or a limited number of countries. If the Fund concentrates its investments in this </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">manner, it assumes the risk that economic, political and social conditions in those countries will have a significant </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">impact on its investment performance. The Fund’s investment performance may also be more volatile if it </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">concentrates its investments in certain countries, especially emerging market countries.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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;">Depositary Receipts Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Depositary receipts are generally subject to the same risks as the foreign securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that they evidence or into which they may be converted. In addition to investment risks associated with the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">is, in the United States, considered material. Therefore, there may be less information available regarding these </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers and there may not be a correlation between such information and the market value of the depositary </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">respective markets and currencies, they continue to be subject to many of the risks associated with investing </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">directly in foreign securities, including political, economic, and currency risk.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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: 6pt;"><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: 6pt;"><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: 6pt;"><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></div> <div style="margin-top: 6pt;"><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></div> <div style="margin-top: 6pt;"><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: 6pt;"><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="line-height: 10.695pt; margin-left: 12pt; text-align: left;"><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></div> <div style="margin-top: 6pt;"><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></div> <div style="margin-top: 6pt;"><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: 6pt;"><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> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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 financial 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: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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;">Indexed and Inverse 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;"> Indexed and inverse securities provide a potential return based on a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">particular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities, and the Fund’s investment in such instruments may decline significantly in value if interest rates or index </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">levels move in a way Fund management does not anticipate.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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 and the rules thereunder. Increases and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">decreases in the value of the Fund’s portfolio will be magnified when the Fund uses leverage.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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;">Mid Cap Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The securities of mid cap companies generally trade in lower volumes and are generally </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">subject to greater and less predictable price changes than the securities of larger capitalization companies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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;">Operational and Technology Risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund is directly and indirectly susceptible to operational and technology </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risks, including those related to human errors, processing errors, communication errors, systems failures, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">required to have appropriate operational, information security and cybersecurity risk management policies and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may cause the Fund’s investments in such issuers to lose value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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;">Real Estate-Related Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The main risk of real estate-related securities is that the value of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">underlying real estate may go down. Many factors may affect real estate values. These factors include both the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">general and local economies, vacancy rates, changes in rent schedules, tenant bankruptcies, the ability to re-lease </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">space under expiring leases on attractive terms, the amount of new construction in a particular area, the laws and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">regulations (including zoning, environmental and tax laws) affecting real estate and the costs of owning, maintaining </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and improving real estate. The availability of mortgage financing and changes in interest rates may also affect real </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">estate values. If the Fund’s real estate-related investments are concentrated in one geographic area or in one </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">property type, the Fund will be particularly subject to the risks associated with that area or property type. Many </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 10.695pt; margin-left: 12pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers of real estate-related securities are highly leveraged, which increases the risk to holders of such securities. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The value of the securities the Fund buys will not necessarily track the value of the underlying investments of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers of such securities. In addition, certain issuers of real estate-related securities may have developed or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commenced development on properties and may develop additional properties in the future. Real estate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">development involves significant risks in addition to those involved in the ownership and operation of established </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">properties. Real estate securities may have limited diversification and are, therefore, subject to risks inherent in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">operating and financing a limited number of projects. Real estate securities are also subject to heavy cash flow </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">dependency and defaults by borrowers or tenants.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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;">REIT Investment Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Investments in REITs involve unique risks. REITs may have limited financial resources, may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">trade less frequently and in limited volume, may engage in dilutive offerings of securities and may be more volatile </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">than other securities. REIT issuers may also fail to maintain their exemptions from investment company registration </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code of 1986, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“Internal Revenue Code”), which allows REITs to reduce their corporate taxable income for dividends paid to their </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shareholders.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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 Cap and Emerging Growth Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Small cap or emerging growth companies may have limited </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">product lines or markets. They may be less financially secure than larger, more established companies. They may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">depend on a more limited management group than larger capitalized companies.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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;">Warrants Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— If the price of the underlying stock does not rise above the exercise price before the warrant </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">expires, the warrant generally expires without any value and the Fund will lose any amount it paid for the warrant. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">move with the price of the underlying stock.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> Performance Information <div style="margin-top: 6pt;"><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 risks of investing in the Fund. Effective March 1, 2022, the Fund changed its name, investment objective, investment process and investment strategies. Performance shown below prior to March 1, 2022 is based on the investment process and investment strategies utilized by the Fund prior to March 1, 2022 under the name “BlackRock Long-Horizon Equity Fund.” The table compares the Fund’s performance to that of the MSCI World Index (Net). To the extent that dividends and distributions have been paid by the Fund, the performance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions. 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. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance, including its current net asset value, can be obtained by visiting www.blackrock.com or can be obtained by phone at (800) 882-0052.</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. 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 Unconstrained Equity Fund As of 12/31 <div style="margin-top: 6pt;"><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 17.72% (quarter ended </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">June 30, 2020) and the lowest return for a quarter was -19.72% (quarter ended March 31, 2020). The year-to-date return as of June 30, 2026 was 19.04%.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> highest return 0.1772 2020-06-30 lowest return -0.1972 2020-03-31 year-to-date return 2026-06-30 0.1904 For the periods ended 12/31/25Average Annual Total Returns 0.0623 0.0774 0.1016 0.0623 0.0576 0.0827 0.0369 0.0550 0.0772 0.1026 0.0805 0.1004 0.1230 0.0917 0.1104 0.1176 0.0856 0.1037 0.2109 0.1215 0.1217 <div style="margin-top: 12pt;"><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 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, Institutional and Class R 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, Institutional and Class R Shares will vary. Fund Overview Key Facts About BlackRock Unconstrained Equity Fund Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The investment objective of the BlackRock Unconstrained Equity Fund (the “Fund”) is to seek to achieve long term </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">capital growth.</span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><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;">Amounts in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> You may pay other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fees, such as brokerage commissions and other fees to your financial professional or your selected securities dealer, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC (“BlackRock”) </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and its affiliates) (each, a “Financial Intermediary”), which are not reflected in the table and example below.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </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) 0.0080 0 0.0007 0.0087 -0.0001 0.0086 June 30, 2028 The Total Annual Fund Operating Expenses and Other Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses. Example: <div style="line-height: 10.695pt; 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> 88 277 481 1072 Portfolio Turnover: <div style="line-height: 10.695pt; 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: 10.695pt; 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;">79</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: 10.695pt;"> </span></div> 0.79 Principal Investment Strategies of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund seeks to achieve its investment objective through a fully managed investment policy utilizing global equity </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities. For purposes of the Fund’s investment policies, equity securities include common stock, preferred stock, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">warrants, depositary receipts, and securities and other instruments whose price is linked to the value of common </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">stock. The combination of equity securities will be varied from time to time both with respect to types of securities and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">markets in response to changing market and economic trends. The Fund may also purchase convertible securities. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">purposes) in equity and equity-related securities. This policy is a non-fundamental policy of the Fund and may not be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">changed without 60 days’ prior notice to the Fund’s shareholders. Investments in derivatives are counted toward the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund’s 80% policy to the extent that they provide investment exposure to the securities included within that policy or to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">one or more market risk factors associated with such securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund seeks to achieve its investment objective by investing in equity securities of corporate issuers (which may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">include corporations, partnerships, trusts or other corporate-like entities) located around the world. The Fund has no </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">geographic limits on where its investments may be located. This flexibility allows Fund management to look for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments in markets around the world that it believes will provide the best relative returns to meet the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment objective. The Fund may invest in the securities of companies of any market capitalization. The Fund may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">also invest in the securities of emerging growth companies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund is actively managed using an unconstrained investment style (i.e., it will not take a benchmark index into </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">account when selecting the Fund’s investments). Fund management, in its sole discretion, may invest in securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that are not included in the MSCI World Index. The Fund’s portfolio holdings are expected to deviate materially from </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the MSCI World Index. The Fund may have exposure to a limited number of different investments, countries and/or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">sectors.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may use derivatives, including options, futures, swaps and forward contracts both to seek to increase the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">return of the Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rates, interest rates and movements in the securities markets. In order to effectively manage cash flows into or out of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund, the Fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financial </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instruments whose value is derived from another security, a commodity (such as oil or gas), a currency or an index.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may invest a portion of its assets in securities directly or indirectly secured by real estate or interests therein </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or issued by companies that invest in real estate or interests therein such as stock, bonds or convertible bonds </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issued by real estate investment trusts (“REITs”).</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may invest in both developed and emerging markets. In addition to investing in foreign securities, the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may manage its exposure to foreign currencies through the use of forward currency contracts and other currency </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">derivatives. However, foreign exchange risk is not expected to be systematically hedged. From time to time, the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may own foreign cash equivalents or foreign bank deposits as part of the Fund’s investment strategy. The Fund may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">also invest in non-U.S. currencies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may invest in indexed and inverse securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended (the “Investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Company Act”), which means that it can invest more of its assets in fewer issuers than a diversified company.</span></div> Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity and equity-related securities. This policy is a non-fundamental policy of the Fund and may not be changed without 60 days’ prior notice to the Fund’s shareholders. Investments in derivatives are 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. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund is actively managed using an unconstrained investment style (i.e., it will not take a benchmark index into </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">account when selecting the Fund’s investments). Fund management, in its sole discretion, may invest in securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that are not included in the MSCI World Index. The Fund’s portfolio holdings are expected to deviate materially from </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the MSCI World Index. The Fund may have exposure to a limited number of different investments, countries and/or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">sectors.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may use derivatives, including options, futures, swaps and forward contracts both to seek to increase the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">return of the Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rates, interest rates and movements in the securities markets. In order to effectively manage cash flows into or out of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund, the Fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financial </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instruments whose value is derived from another security, a commodity (such as oil or gas), a currency or an index.</span></div> 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: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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;">Equity Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Stock markets are volatile. The price of equity securities fluctuates based on changes in a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">company’s financial condition and overall market and economic conditions.</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: 9.87pt; 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: 10.80pt; 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;">Focus Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Under normal circumstances, the Fund focuses its investments in the securities of a limited number </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of issuers. This may subject the Fund to greater issuer-specific risk and potential losses than a fund that invests in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the securities of a greater number of issuers.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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;">Non-Diversification Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund is a non-diversified fund. Because the Fund may invest in securities of a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">smaller number of issuers, it may be more exposed to the risks associated with and developments affecting an </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">individual issuer than a fund that invests more widely.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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;">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. An investor could </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">movements and over longer periods during market downturns. Securities or other investments held by the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">a 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;">The success of a Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exchange controls, and local, regional or global events such as war, acts of terrorism, natural and environmental </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">disasters, the spread of infectious illness or other public healthissues, recessions, or other events.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">domestic and global markets, and could adversely affect the investment performance of the Fund. In particular, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund invests.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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;">Geographic Concentration Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— From time to time the Fund may invest a substantial amount of its assets in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers located in a single country or a limited number of countries. If the Fund concentrates its investments in this </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">manner, it assumes the risk that economic, political and social conditions in those countries will have a significant </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">impact on its investment performance. The Fund’s investment performance may also be more volatile if it </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">concentrates its investments in certain countries, especially emerging market countries.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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></div> </div> <div style="clear: both; position: relative;"> </div> </div><div style="line-height: 10.695pt; margin-left: 12pt; text-align: left;"><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><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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;">Depositary Receipts Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Depositary receipts are generally subject to the same risks as the foreign securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that they evidence or into which they may be converted. In addition to investment risks associated with the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">is, in the United States, considered material. Therefore, there may be less information available regarding these </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers and there may not be a correlation between such information and the market value of the depositary </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">respective markets and currencies, they continue to be subject to many of the risks associated with investing </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">directly in foreign securities, including political, economic, and currency risk.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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: 6pt;"><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: 6pt;"><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: 6pt;"><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></div><div style="margin-top: 6pt;"><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></div><div style="margin-top: 6pt;"><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: 6pt;"><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: 6pt;"><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></div><div style="margin-top: 6pt;"><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></div><div style="margin-top: 6pt;"><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: 6pt;"><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> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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></div> </div> <div style="clear: both; position: relative;"> </div> </div><div style="line-height: 10.695pt; margin-left: 12pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">returns to U.S. investors. In addition, many emerging financial 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; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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;">Indexed and Inverse 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;"> Indexed and inverse securities provide a potential return based on a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">particular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities, and the Fund’s investment in such instruments may decline significantly in value if interest rates or index </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">levels move in a way Fund management does not anticipate.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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 and the rules thereunder. Increases and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">decreases in the value of the Fund’s portfolio will be magnified when the Fund uses leverage.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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;">Mid Cap Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The securities of mid cap companies generally trade in lower volumes and are generally </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">subject to greater and less predictable price changes than the securities of larger capitalization companies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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;">Operational and Technology Risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund is directly and indirectly susceptible to operational and technology </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risks, including those related to human errors, processing errors, communication errors, systems failures, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">required to have appropriate operational, information security and cybersecurity risk management policies and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may cause the Fund’s investments in such issuers to lose value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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;">Real Estate-Related Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The main risk of real estate-related securities is that the value of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">underlying real estate may go down. Many factors may affect real estate values. These factors include both the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">general and local economies, vacancy rates, changes in rent schedules, tenant bankruptcies, the ability to re-lease </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">space under expiring leases on attractive terms, the amount of new construction in a particular area, the laws and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">regulations (including zoning, environmental and tax laws) affecting real estate and the costs of owning, maintaining </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and improving real estate. The availability of mortgage financing and changes in interest rates may also affect real </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">estate values. If the Fund’s real estate-related investments are concentrated in one geographic area or in one </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">property type, the Fund will be particularly subject to the risks associated with that area or property type. Many </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers of real estate-related securities are highly leveraged, which increases the risk to holders of such securities. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The value of the securities the Fund buys will not necessarily track the value of the underlying investments of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers of such securities. In addition, certain issuers of real estate-related securities may have developed or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commenced development on properties and may develop additional properties in the future. Real estate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">development involves significant risks in addition to those involved in the ownership and operation of established </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">properties. Real estate securities may have limited diversification and are, therefore, subject to risks inherent in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">operating and financing a limited number of projects. Real estate securities are also subject to heavy cash flow </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">dependency and defaults by borrowers or tenants.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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;">REIT Investment Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Investments in REITs involve unique risks. REITs may have limited financial resources, may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">trade less frequently and in limited volume, may engage in dilutive offerings of securities and may be more volatile </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">than other securities. REIT issuers may also fail to maintain their exemptions from investment company registration </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code of 1986, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“Internal Revenue Code”), which allows REITs to reduce their corporate taxable income for dividends paid to their </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shareholders.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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 Cap and Emerging Growth Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Small cap or emerging growth companies may have limited </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">product lines or markets. They may be less financially secure than larger, more established companies. They may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">depend on a more limited management group than larger capitalized companies.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; 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: 10.80pt; 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;">Warrants Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— If the price of the underlying stock does not rise above the exercise price before the warrant </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">expires, the warrant generally expires without any value and the Fund will lose any amount it paid for the warrant. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">move with the price of the underlying stock.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> Performance Information <div style="margin-top: 6pt;"><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 risks of investing in the Fund. The table compares the Fund’s performance to that of the MSCI World Index (Net). The performance information for periods prior to May 14, 2024, the commencement of operations of Class K Shares, shows the performance of the Fund’s Institutional Shares. The performance of the Fund’s Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares. Effective March 1, 2022, the Fund changed its name, investment objective, investment process and investment strategies. Performance shown below prior to March 1, 2022 is based on the investment process and investment strategies utilized by the Fund prior to March 1, 2022 under the name “BlackRock Long-Horizon Equity Fund.” To the extent that dividends and distributions have been paid by the Fund, the performance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions. As with all such investments, past performance (before and after taxes) is not an indication of future results. The table includes all applicable fees. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance, including its current net asset value, can be obtained by visiting www.blackrock.com or can be obtained by phone at (800) 882-0052.</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. 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 Unconstrained Equity Fund As of 12/31 <div style="margin-top: 6pt;"><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 17.81% (quarter ended </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">June 30, 2020) and the lowest return for a quarter was -19.66% (quarter ended March 31, 2020). The year-to-date return as of June 30, 2026 was 19.27%.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> highest return 0.1781 2020-06-30 lowest return -0.1966 2020-03-31 year-to-date return 2026-06-30 0.1927 For the periods ended 12/31/25Average Annual Total Returns 0.1245 0.0919 0.1105 0.1245 0.0718 0.0911 0.0737 0.0666 0.0846 0.2109 0.1215 0.1217 <div style="margin-top: 12pt;"><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 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. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </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. 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. For additional comparative performance information for the MSCI World Index, please see the Fund’s Statement of Additional Information. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 43, 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 managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. 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, 2028. The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. The Total Annual Fund Operating Expenses and Other Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 43, 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, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 1.20% (for Investor A Shares), 1.95% (for Investor C Shares), 0.95% (for Institutional Shares) and 1.45% (for Class R Shares) of average daily net assets through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Fund 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 $1,000,000 or more. 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. For additional comparative performance information for the MSCI World Index, please see the Fund’s Statement of Additional Information. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 31, 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 managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. 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, 2028. The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. There is no CDSC on Investor C Shares after one year. The Total Annual Fund Operating Expenses and Other Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 31, 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, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.90% of average daily net assets through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Fund or by a vote of a majority of the outstanding voting securities of the Fund.