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Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The investment objective of the BlackRock Global Allocation Fund, Inc. (“BlackRock Global Allocation Fund” or the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“Fund”) is to provide high total investment return through a fully managed investment policy utilizing United States and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign equity securities, debt and money market securities, the combination of which will be varied from time to time </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">both with respect to types of securities and markets in response to changing market and economic trends.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Total return means the combination of capital growth and investment income.</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 </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">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;">38</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-99</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) 0.0075 0.0075 0.0075 0.0075 0.0025 0.0100 0 0.0050 0.0011 0.0017 0.0013 0.0025 0.0011 0.0017 0.0013 0.0025 0.0002 0.0002 0.0002 0.0002 0.0113 0.0194 0.0090 0.0152 -0.0003 -0.0003 -0.0004 -0.0004 0.0110 0.0191 0.0086 0.0148 A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $250,000 or more. June 30, 2028 The Total Annual Fund Operating 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> 631 862 1112 1825 294 606 1044 2052 88 283 495 1104 151 476 825 1809 You would pay the following expenses if you did not redeem your shares:  194 606 1044 2052 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;">130</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> 1.30 Principal Investment Strategies of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund invests in a portfolio of equity, debt and money market securities. Generally, the Fund’s portfolio will include</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> both equity and debt securities. Equity securities include common stock, preferred stock, rights and warrants or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities or other instruments whose price is linked to the value of common stock. At any given time, however, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund may emphasize either debt securities or equity securities. In selecting equity investments, the Fund mainly seeks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities that Fund management believes are undervalued. The Fund may buy debt securities of varying maturities, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">debt securities paying a fixed or fluctuating rate of interest, and debt securities of any kind, including, by way of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">example, securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, by foreign </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">governments or international agencies or supranational entities, or by domestic or foreign private issuers, debt </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities convertible into equity securities, inflation-indexed bonds, structured notes, credit-linked notes, loan </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">assignments and loan participations. In addition, the Fund may invest up to 35% of its total assets in “junk bonds,” </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">corporate loans and distressed securities. The Fund may also invest in Real Estate Investment Trusts (“REITs”) and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities related to real assets (like real estate- or precious metals-related securities) such as stock, bonds or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">convertible bonds issued by REITs or companies that mine precious metals. The Fund may also purchase convertible </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">When choosing investments, Fund management considers various factors, including opportunities for equity or debt </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments to increase in value, expected dividends and interest rates. The Fund generally seeks diversification </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">across markets, industries and issuers as one of its strategies to reduce volatility. The Fund has no geographic limits </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">on where it may invest. This flexibility allows Fund management to look for investments in markets around the world, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">including emerging markets, that it believes will provide the best asset allocation to meet the Fund’s objective. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund may invest in the securities of companies of any market capitalization.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Generally, the Fund may invest in the securities of corporate and governmental issuers located anywhere in the world. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may emphasize foreign securities when Fund management expects these investments to outperform U.S. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities. When choosing investment markets, Fund management considers various factors, including economic and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">political conditions, potential for economic growth and possible changes in currency exchange rates. In addition to </span></div> <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investing in foreign securities, the Fund actively manages its exposure to foreign currencies through the use of forward </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">currency contracts and other currency derivatives. The Fund may own foreign cash equivalents or foreign bank deposits </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">as part of the Fund’s investment strategy. The Fund will also invest in non-U.S. currencies. The Fund may underweight </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or overweight a currency based on the Fund management team’s outlook.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Under normal circumstances, the Fund will allocate a substantial amount (approximately 40% or more — unless </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market conditions are not deemed favorable by BlackRock, in which case the Fund would invest at least 30%) of its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">total assets in securities of (i) foreign government issuers, (ii) issuers organized or located outside the United States, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(iii) issuers which primarily trade in a market located outside the United States, or (iv) issuers doing a substantial </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">amount of business outside the United States, which the Fund considers to be companies that derive at least 50% of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">their revenue or profits from business outside the United States or have at least 50% of their sales or assets outside </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the United States. The Fund will allocate its assets among various regions and countries including the United States </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(but in no less than three different countries). For temporary defensive purposes the Fund may deviate very </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">substantially from the allocation described above.</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 (including, but not limited to, total return swaps that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may be referred to as contracts for difference) and forward contracts, both to seek to increase the return of the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates, interest rates </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and movements in the securities markets. The Fund may invest in indexed securities and inverse securities.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may seek to provide exposure to the investment returns of real assets that trade in the commodity markets </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">through investment in commodity-linked derivative instruments and investment vehicles such as exchange traded </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">funds that invest exclusively in commodities and are designed to provide this exposure without direct investment in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">physical commodities. The Fund may also gain exposure to commodity markets by investing up to 25% of its total </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">assets in BlackRock Cayman Global Allocation Fund I, Ltd. (the “Cayman Subsidiary”), a wholly owned subsidiary of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund formed in the Cayman Islands, which invests primarily in commodity-related instruments. The Cayman </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Subsidiary may also hold cash and invest in other instruments, including fixed income securities, either as </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments or to serve as margin or collateral for the Cayman Subsidiary’s derivative positions. The Cayman </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Subsidiary (unlike the Fund) may invest without limitation in commodity-related instruments.</span></div> The Fund invests in a portfolio of equity, debt and money market securities. Generally, the Fund’s portfolio will include both equity and debt securities. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">When choosing investments, Fund management considers various factors, including opportunities for equity or debt </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments to increase in value, expected dividends and interest rates. The Fund generally seeks diversification </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">across markets, industries and issuers as one of its strategies to reduce volatility. The Fund has no geographic limits </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">on where it may invest. This flexibility allows Fund management to look for investments in markets around the world, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">including emerging markets, that it believes will provide the best asset allocation to meet the Fund’s objective. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund may invest in the securities of companies of any market capitalization.</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. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <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: 505.0pt;"><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; 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;">Debt Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">extension risk, and prepayment risk, each of which are described in further detail below:</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Credit Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Interest Rate Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The market value of bonds and other fixed-income securities changes in response to interest </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">will increase as interest rates fall and decrease as interest rates rise.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may be subject to a greater risk of rising interest rates during a period of low interest rates. For example, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">management.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">debt securities.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">value when interest rates change.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">hurt the Fund’s performance.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Extension Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — When interest rates rise, certain obligations will be paid off by the obligor more slowly than </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">anticipated, causing the value of these obligations to fall.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Prepayment Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — When interest rates fall, certain obligations will be paid off by the obligor more quickly than </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </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;">Commodities Related Investments 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;"> Exposure to the commodities markets may subject the Fund to greater </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">volatility than investments in traditional securities. The value of commodity-linked derivative investments may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">affected by changes in overall market movements, commodity index volatility, changes in inflation, interest rates, or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">factors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">international economic, political and regulatory developments.</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></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;">Corporate Loans Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Commercial banks and other financial institutions or institutional investors make corporate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate </span></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;">(</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">SOFR</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">), or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">loans may not be readily available to make additional investments or to meet the Fund’s redemption obligations. To </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold additional </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cash, sell investments or temporarily borrow from banks and other lenders.</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: 505.0pt;"><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: 4pt;"><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: 4pt;"><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><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Counterparty Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Derivatives are also subject to counterparty risk, which is the risk that the other party in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure to such a counterparty.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><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: 4pt;"><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: 4pt;"><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: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Volatility and Correlation Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Volatility is defined as the characteristic of a security, an index or a market to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fluctuations in their values may not correlate with the overall securities markets.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Valuation Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Valuation for derivatives may not be readily available in the market. Valuation may be more difficult </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in times of market turmoil since many investors and market makers may be reluctant to purchase complex </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instruments or quote prices for them.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><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: 4pt;"><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;">Distressed 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;"> Distressed securities are speculative and involve substantial risks in addition to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risks of investing in junk bonds. The Fund will generally not receive interest payments on the distressed securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and may incur costs to protect its investment. In addition, distressed securities involve the substantial risk that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">principal will not be repaid. These securities may present a substantial risk of default or may be in default at the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">time of investment. The Fund may incur additional expenses to the extent it is required to seek recovery upon a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">proceeding relating to a portfolio company, the Fund may lose its entire investment or may be required to accept </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cash or securities with a value less than its original investment. Distressed securities and any securities received in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">an exchange for such securities may be subject to restrictions on resale.</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;">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; 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;">High Portfolio Turnover Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund may engage in active and frequent trading of its portfolio securities. High </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of higher than normal portfolio turnover may adversely affect Fund performance.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </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;">High Yield Bonds Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Although junk bonds generally pay higher rates of interest than investment grade bonds, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">junk bonds are high risk investments that are considered speculative and may cause income and principal losses </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the Fund.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 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: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Inflation-Indexed Bonds Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The principal value of an investment in the Fund is not protected or otherwise </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">guaranteed by virtue of any investments by the Fund in inflation-indexed bonds. The value of inflation-indexed </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities generally fluctuates with changes in real interest rates, decreasing when real interest rates rise and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates minus the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">inflation rates. If the Fund purchases Treasury Inflation-Protected Securities (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">TIPS</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">) in the secondary market and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the bonds’ principal values previously were adjusted upward, but then there is a period of declining inflation rates, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund may receive at maturity less than it invested.</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;">In addition, interest payments on inflation-indexed securities generally vary up or down along with the rate of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">inflation, and inflation-indexed bonds typically have lower nominal yields than conventional fixed-rate bonds. If the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reduced.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">though investors do not receive their principal until maturity. Periodic adjustments for inflation to the principal </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">amount of an inflation-indexed bond may give rise to original issue discount, which will be includable in the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">gross income. Due to original issue discount, the Fund may be required to make annual distributions to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shareholders that exceed the cash received, which may cause the Fund to liquidate certain investments when it is </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">not advantageous to do so. Also, if the principal value of an inflation-indexed bond is adjusted downward due to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">deflation, amounts previously distributed in the taxable year may be characterized in some circumstances as a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">return of capital.</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;">Leverage Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Some transactions may give rise to a form of economic leverage. These transactions may include, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to meet the applicable requirements of the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Company Act</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">) and the rules thereunder. Increases and decreases in the value of the Fund’s portfolio will be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">magnified when the Fund uses leverage.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </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: 505.0pt;"><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 the Fund’s activities could be affected by interest rates, availability of credit, inflation rates, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">environmental disasters, the spread of infectious illness or other public health, 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></div> <div style="line-height: 10.695pt; margin-left: 12pt; text-align: left;"><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;">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;">Mortgage- and Asset-Backed Securities Risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Mortgage- and asset-backed securities represent interests in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“pools” of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset-</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">certain mortgage-backed securities.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </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;">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: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Precious Metal and Related 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;"> Prices of precious metals and of precious metal related securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">historically have been very volatile. The high volatility of precious metal prices may adversely affect the financial </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">condition of companies involved with precious metals. The production and sale of precious metals by governments </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or central banks or other larger holders can be affected by various economic, financial, social and political factors, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">which may be unpredictable and may have a significant impact on the prices of precious metals. Other factors that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may affect the prices of precious metals and securities related to them include changes in inflation, the outlook for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">inflation and changes in industrial and commercial demand for precious metals.</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;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Internal Revenue Code</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">), 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; 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;">Risks of Loan Assignments and Participations </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— As the purchaser of an assignment, the Fund typically succeeds </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">respect to the debt obligation; however, the Fund may not be able unilaterally to enforce all rights and remedies </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">under the loan and with regard to any associated collateral. Because assignments may be arranged through private </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">negotiations between potential assignees and potential assignors, the rights and obligations acquired by the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. In </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">addition, if the loan is foreclosed, the Fund could become part owner of any collateral and could bear the costs and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">liabilities of owning and disposing of the collateral. The Fund may be required to pass along to a purchaser that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">buys a loan from the Fund by way of assignment a portion of any fees to which the Fund is entitled under the loan. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and the Fund may not directly benefit from any collateral supporting the loan in which it has purchased the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">participation. As a result, the Fund will be subject to the credit risk of both the borrower and the lender that is </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">selling the participation. In the event of the insolvency of the lender selling a participation, the Fund may be treated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.</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;">Sovereign Debt Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Sovereign debt instruments are subject to the risk that a governmental entity may delay or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or other multilateral agencies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 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;">Structured Notes 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;"> Structured notes and other related instruments purchased by the Fund are generally </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">privately negotiated debt obligations where the principal and/or interest is determined by reference to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">performance of a specific asset, benchmark asset, market or interest rate (“reference measure”). The purchase of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">structured notes exposes the Fund to the credit risk of the issuer of the structured product. Structured notes may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">be leveraged, increasing the volatility of each structured note’s value relative to the change in the reference </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">measure. Structured notes may also be less liquid and more difficult to price accurately than less complex </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities and instruments or more traditional debt securities.</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;">Subsidiary 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;"> By investing in the Cayman Subsidiary, the Fund is indirectly exposed to the risks associated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">with the Cayman Subsidiary’s investments. The commodity-related instruments held by the Cayman Subsidiary are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">similar investments if held directly by the Fund (see “Commodities Related Investments Risk” above). There can be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">no assurance that the investment objective of the Cayman Subsidiary will be achieved. The Cayman Subsidiary is </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">not registered under the Investment Company Act, and, unless otherwise noted in this prospectus, is not subject to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">all the investor protections of the Investment Company Act. However, the Fund wholly owns and controls the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Cayman Subsidiary, and the Fund and the Cayman Subsidiary are both managed by BlackRock, making it unlikely </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that the Cayman Subsidiary will take action contrary to the interests of the Fund and its shareholders. The Board </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">has oversight responsibility for the investment activities of the Fund, including its investment in the Cayman </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Subsidiary, and the Fund’s role as sole shareholder of the Cayman Subsidiary. The Cayman Subsidiary is subject to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the same investment restrictions and limitations, and follows the same compliance policies and procedures, as the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund except that the Cayman Subsidiary may invest without limitation in commodity-related instruments. Changes in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Cayman </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Subsidiary to operate as described in this prospectus and the Statement of Additional Information (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">SAI</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">) and could </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">adversely affect the Fund.</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 </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risks of investing in the Fund. The table compares the Fund’s performance to that of the FTSE World Index and the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Reference Benchmark. The Reference Benchmark is an unmanaged weighted index comprised as follows: 36% of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">S&amp;P 500 Index; 24% FTSE World (ex U.S.) Index; 24% ICE BofA Current 5-Year U.S. Treasury Index; and 16% FTSE Non-U.S. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Dollar World Government Bond Index. The Reference Benchmark is relevant to the Fund because it has </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">characteristics similar to the Fund’s investment strategies. To the extent that dividends and distributions have been </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">paid by the Fund, the performance information for the Fund in the chart and table assumes reinvestment of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">dividends and distributions. As with all such investments, past performance (before and after taxes) is not an </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">been lower. Updated information on the Fund’s performance, including its current net asset value, can be obtained by </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">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. The table compares the Fund’s performance to that of the FTSE World Index and the Reference Benchmark. The Reference Benchmark is an unmanaged weighted index comprised as follows: 36% of the S&P 500 Index; 24% FTSE World (ex U.S.) Index; 24% ICE BofA Current 5-Year U.S. Treasury Index; and 16% FTSE Non-U.S. Dollar World Government Bond Index. The Reference Benchmark is relevant to the Fund because it has characteristics similar to the Fund’s investment strategies. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. www.blackrock.com 800-882-0052 Investor A Shares ANNUAL TOTAL RETURNS BlackRock Global Allocation 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 14.63% (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 -12.44% (quarter ended March 31, 2020). The year-to-date return as of June 30, 2026 was 8.07%.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> highest return 0.1463 2020-06-30 lowest return -0.1244 2020-03-31 year-to-date return 2026-06-30 0.0807 For the periods ended 12/31/25Average Annual Total Returns 0.1311 0.0436 0.0665 0.0949 0.0200 0.0473 0.0809 0.0244 0.0458 0.1742 0.0465 0.0657 0.1962 0.0574 0.0750 0.1891 0.0510 0.0685 0.2348 0.1252 0.1267 0.1778 0.0668 0.0809 <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 </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Investor A Shares only, and the after-tax returns for Investor C, 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 Global Allocation Fund, Inc. Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The investment objective of the BlackRock Global Allocation Fund, Inc. (“BlackRock Global Allocation Fund” or the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“Fund”) is to provide high total investment return through a fully managed investment policy utilizing United States and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign equity securities, debt and money market securities, the combination of which will be varied from time to time </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">both with respect to types of securities and markets in response to changing market and economic trends.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Total return means the combination of capital growth and investment income.</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; line-height: 10.695pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">You may pay other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">fees, such as brokerage commissions and other fees to your financial professional or selected securities dealer, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">(</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">BlackRock</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">) and its affiliates) (each a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">Financial Intermediary</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">), which are not reflected in the table and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">example below.</span><span style="color: #000000; font-family: arial; font-size: 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) 0.0075 0 0.0003 0.0003 0.0002 0.0080 -0.0003 0.0077 June 30, 2028 The Total Annual Fund Operating Expenses do not correlate to the ratio 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> 79 252 441 987 Portfolio Turnover: <div style="line-height: 10.695pt; margin-top: 0.0pt; 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;">130</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> 1.30 Principal Investment Strategies of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund invests in a portfolio of equity, debt and money market securities. Generally, the Fund’s portfolio will include </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">both equity and debt securities. Equity securities include common stock, preferred stock, rights and warrants or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities or other instruments whose price is linked to the value of common stock. At any given time, however, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund may emphasize either debt securities or equity securities. In selecting equity investments, the Fund mainly seeks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities that Fund management believes are undervalued. The Fund may buy debt securities of varying maturities, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">debt securities paying a fixed or fluctuating rate of interest, and debt securities of any kind, including, by way of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">example, securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, by foreign </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">governments or international agencies or supranational entities, or by domestic or foreign private issuers, debt </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities convertible into equity securities, inflation-indexed bonds, structured notes, credit-linked notes, loan </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">assignments and loan participations. In addition, the Fund may invest up to 35% of its total assets in “junk bonds,” </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">corporate loans and distressed securities. The Fund may also invest in Real Estate Investment Trusts (“REITs”) and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities related to real assets (like real estate- or precious metals-related securities) such as stock, bonds or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">convertible bonds issued by REITs or companies that mine precious metals. The Fund may also purchase convertible </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">When choosing investments, Fund management considers various factors, including opportunities for equity or debt</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> investments to increase in value, expected dividends and interest rates. The Fund generally seeks diversification </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">across markets, industries and issuers as one of its strategies to reduce volatility. The Fund has no geographic limits </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">on where it may invest. This flexibility allows Fund management to look for investments in markets around the world, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">including emerging markets, that it believes will provide the best asset allocation to meet the Fund’s objective. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund may invest in the securities of companies of any market capitalization.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Generally, the Fund may invest in the securities of corporate and governmental issuers located anywhere in the world. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may emphasize foreign securities when Fund management expects these investments to outperform U.S. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities. When choosing investment markets, Fund management considers various factors, including economic and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">political conditions, potential for economic growth and possible changes in currency exchange rates. In addition to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investing in foreign securities, the Fund actively manages its exposure to foreign currencies through the use of forward </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">currency contracts and other currency derivatives. The Fund may own foreign cash equivalents or foreign bank deposits </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">as part of the Fund’s investment strategy. The Fund will also invest in non-U.S. currencies. The Fund may underweight </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or overweight a currency based on the Fund management team’s outlook.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Under normal circumstances, the Fund will allocate a substantial amount (approximately 40% or more — unless </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market conditions are not deemed favorable by BlackRock, in which case the Fund would invest at least 30%) of its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">total assets in securities of (i) foreign government issuers, (ii) issuers organized or located outside the United States, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(iii) issuers which primarily trade in a market located outside the United States, or (iv) issuers doing a substantial </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">amount of business outside the United States, which the Fund considers to be companies that derive at least 50% of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">their revenue or profits from business outside the United States or have at least 50% of their sales or assets outside </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the United States. The Fund will allocate its assets among various regions and countries including the United States </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(but in no less than three different countries). For temporary defensive purposes the Fund may deviate very </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">substantially from the allocation described above.</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 (including, but not limited to, total return swaps that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may be referred to as contracts for difference) and forward contracts, both to seek to increase the return of the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates, interest rates </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and movements in the securities markets. The Fund may invest in indexed securities and inverse securities.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may seek to provide exposure to the investment returns of real assets that trade in the commodity markets </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">through investment in commodity-linked derivative instruments and investment vehicles such as exchange traded </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">funds that invest exclusively in commodities and are designed to provide this exposure without direct investment in </span></div> <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">physical commodities. The Fund may also gain exposure to commodity markets by investing up to 25% of its total </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">assets in BlackRock Cayman Global Allocation Fund I, Ltd. (the “Cayman Subsidiary”), a wholly owned subsidiary of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund formed in the Cayman Islands, which invests primarily in commodity-related instruments. The Cayman </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Subsidiary may also hold cash and invest in other instruments, including fixed income securities, either as </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments or to serve as margin or collateral for the Cayman Subsidiary’s derivative positions. The Cayman </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Subsidiary (unlike the Fund) may invest without limitation in commodity-related instruments.</span></div> The Fund invests in a portfolio of equity, debt and money market securities. Generally, the Fund’s portfolio will include both equity and debt securities. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">When choosing investments, Fund management considers various factors, including opportunities for equity or debt</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> investments to increase in value, expected dividends and interest rates. The Fund generally seeks diversification </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">across markets, industries and issuers as one of its strategies to reduce volatility. The Fund has no geographic limits </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">on where it may invest. This flexibility allows Fund management to look for investments in markets around the world, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">including emerging markets, that it believes will provide the best asset allocation to meet the Fund’s objective. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund may invest in the securities of companies of any market capitalization.</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. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <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: 505.0pt;"><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;">Debt Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">extension risk, and prepayment risk, each of which are described in further detail below:</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Credit Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Interest Rate Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The market value of bonds and other fixed-income securities changes in response to interest </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">will increase as interest rates fall and decrease as interest rates rise.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may be subject to a greater risk of rising interest rates during a period of low interest rates. For example, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest </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;">income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">management.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">debt securities.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">value when interest rates change.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">hurt the Fund’s performance.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Extension Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — When interest rates rise, certain obligations will be paid off by the obligor more slowly than </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">anticipated, causing the value of these obligations to fall.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Prepayment Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — When interest rates fall, certain obligations will be paid off by the obligor more quickly than </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </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;">Commodities Related Investments 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;"> Exposure to the commodities markets may subject the Fund to greater </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">volatility than investments in traditional securities. The value of commodity-linked derivative investments may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">affected by changes in overall market movements, commodity index volatility, changes in inflation, interest rates, or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">factors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">international economic, political and regulatory developments.</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></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;">Corporate Loans Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Commercial banks and other financial institutions or institutional investors make corporate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">SOFR</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">), or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">loans may not be readily available to make additional investments or to meet the Fund’s redemption obligations. To </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold additional </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cash, sell investments or temporarily borrow from banks and other lenders.</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: 505.0pt;"><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: 4pt;"><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: 4pt;"><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><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </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;">Counterparty Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Derivatives are also subject to counterparty risk, which is the risk that the other party in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure to such a counterparty.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><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: 4pt;"><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: 4pt;"><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: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Volatility and Correlation Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Volatility is defined as the characteristic of a security, an index or a market to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fluctuations in their values may not correlate with the overall securities markets.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Valuation Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Valuation for derivatives may not be readily available in the market. Valuation may be more difficult </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in times of market turmoil since many investors and market makers may be reluctant to purchase complex </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instruments or quote prices for them.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><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: 4pt;"><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;">Distressed 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;"> Distressed securities are speculative and involve substantial risks in addition to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risks of investing in junk bonds. The Fund will generally not receive interest payments on the distressed securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and may incur costs to protect its investment. In addition, distressed securities involve the substantial risk that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">principal will not be repaid. These securities may present a substantial risk of default or may be in default at the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">time of investment. The Fund may incur additional expenses to the extent it is required to seek recovery upon a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">proceeding relating to a portfolio company, the Fund may lose its entire investment or may be required to accept </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cash or securities with a value less than its original investment. Distressed securities and any securities received in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">an exchange for such securities may be subject to restrictions on resale.</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;">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;">High Portfolio Turnover Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund may engage in active and frequent trading of its portfolio securities. High </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of higher than normal portfolio turnover may adversely affect Fund performance.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </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;">High Yield Bonds Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Although junk bonds generally pay higher rates of interest than investment grade bonds, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">junk bonds are high risk investments that are considered speculative and may cause income and principal losses </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the Fund.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 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: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Inflation-Indexed Bonds Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The principal value of an investment in the Fund is not protected or otherwise </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">guaranteed by virtue of any investments by the Fund in inflation-indexed bonds. The value of inflation-indexed </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;">securities generally fluctuates with changes in real interest rates, decreasing when real interest rates rise and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates minus the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">inflation rates. If the Fund purchases Treasury Inflation-Protected Securities (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">TIPS</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">) in the secondary market and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the bonds’ principal values previously were adjusted upward, but then there is a period of declining inflation rates, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund may receive at maturity less than it invested.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">In addition, interest payments on inflation-indexed securities generally vary up or down along with the rate of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">inflation, and inflation-indexed bonds typically have lower nominal yields than conventional fixed-rate bonds. If the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reduced.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">though investors do not receive their principal until maturity. Periodic adjustments for inflation to the principal </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">amount of an inflation-indexed bond may give rise to original issue discount, which will be includable in the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">gross income. Due to original issue discount, the Fund may be required to make annual distributions to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shareholders that exceed the cash received, which may cause the Fund to liquidate certain investments when it is </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">not advantageous to do so. Also, if the principal value of an inflation-indexed bond is adjusted downward due to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">deflation, amounts previously distributed in the taxable year may be characterized in some circumstances as a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">return of capital.</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;">Leverage Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Some transactions may give rise to a form of economic leverage. These transactions may include, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to meet the applicable requirements of the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Company Act</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">) and the rules thereunder. Increases and decreases in the value of the Fund’s portfolio will be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">magnified when the Fund uses leverage.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </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: 505.0pt;"><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 the Fund’s activities could be affected by interest rates, availability of credit, inflation rates, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">environmental disasters, the spread of infectious illness or other public health, 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;">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;">Mortgage- and Asset-Backed Securities Risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Mortgage- and asset-backed securities represent interests in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“pools” of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset-</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">certain mortgage-backed securities.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </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;">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></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;">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; 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;">Precious Metal and Related 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;"> Prices of precious metals and of precious metal related securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">historically have been very volatile. The high volatility of precious metal prices may adversely affect the financial </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">condition of companies involved with precious metals. The production and sale of precious metals by governments </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or central banks or other larger holders can be affected by various economic, financial, social and political factors, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">which may be unpredictable and may have a significant impact on the prices of precious metals. Other factors that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may affect the prices of precious metals and securities related to them include changes in inflation, the outlook for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">inflation and changes in industrial and commercial demand for precious metals.</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;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Internal Revenue Code</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">), 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;">Risks of Loan Assignments and Participations </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— As the purchaser of an assignment, the Fund typically succeeds </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">respect to the debt obligation; however, the Fund may not be able unilaterally to enforce all rights and remedies </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">under the loan and with regard to any associated collateral. Because assignments may be arranged through private </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">negotiations between potential assignees and potential assignors, the rights and obligations acquired by the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. In </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">addition, if the loan is foreclosed, the Fund could become part owner of any collateral and could bear the costs and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">liabilities of owning and disposing of the collateral. The Fund may be required to pass along to a purchaser that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">buys a loan from the Fund by way of assignment a portion of any fees to which the Fund is entitled under the loan. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and the Fund may not directly benefit from any collateral supporting the loan in which it has purchased the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">participation. As a result, the Fund will be subject to the credit risk of both the borrower and the lender that is </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">selling the participation. In the event of the insolvency of the lender selling a participation, the Fund may be treated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.</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;">Sovereign Debt Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Sovereign debt instruments are subject to the risk that a governmental entity may delay or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or other multilateral agencies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 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;">Structured Notes 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;"> Structured notes and other related instruments purchased by the Fund are generally </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">privately negotiated debt obligations where the principal and/or interest is determined by reference to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">performance of a specific asset, benchmark asset, market or interest rate (“reference measure”). The purchase of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">structured notes exposes the Fund to the credit risk of the issuer of the structured product. Structured notes may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">be leveraged, increasing the volatility of each structured note’s value relative to the change in the reference </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">measure. Structured notes may also be less liquid and more difficult to price accurately than less complex </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities and instruments or more traditional debt securities.</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;">Subsidiary 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;"> By investing in the Cayman Subsidiary, the Fund is indirectly exposed to the risks associated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">with the Cayman Subsidiary’s investments. The commodity-related instruments held by the Cayman Subsidiary are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">similar investments if held directly by the Fund (see “Commodities Related Investments Risk” above). There can be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">no assurance that the investment objective of the Cayman Subsidiary will be achieved. The Cayman Subsidiary is </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">not registered under the Investment Company Act, and, unless otherwise noted in this prospectus, is not subject to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">all the investor protections of the Investment Company Act. However, the Fund wholly owns and controls the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Cayman Subsidiary, and the Fund and the Cayman Subsidiary are both managed by BlackRock, making it unlikely </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that the Cayman Subsidiary will take action contrary to the interests of the Fund and its shareholders. The Board </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">has oversight responsibility for the investment activities of the Fund, including its investment in the Cayman </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Subsidiary, and the Fund’s role as sole shareholder of the Cayman Subsidiary. The Cayman Subsidiary is subject to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the same investment restrictions and limitations, and follows the same compliance policies and procedures, as the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund except that the Cayman Subsidiary may invest without limitation in commodity-related instruments. Changes in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Cayman </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Subsidiary to operate as described in this prospectus and the Statement of Additional Information (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">SAI</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">) and could </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">adversely affect the Fund.</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 </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risks of investing in the Fund. The table compares the Fund’s performance to that of the FTSE World Index and the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Reference Benchmark. The Reference Benchmark is an unmanaged weighted index comprised as follows: 36% of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">S&amp;P 500 Index; 24% FTSE World (ex U.S.) Index; 24% ICE BofA Current 5-Year U.S. Treasury Index; and 16% FTSE Non-U.S. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Dollar World Government Bond Index. The Reference Benchmark is relevant to the Fund because it has </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">characteristics similar to the Fund’s investment strategies. The performance information for periods prior to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">June 8, 2016, the commencement of operations of Class K Shares, shows the performance of the Fund’s Institutional </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Shares. The performance of the Fund’s Class K Shares would be substantially similar to Institutional Shares because </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Institutional Shares. To the extent that dividends and distributions have been paid by the Fund, the performance </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">information for the Fund in the chart and table assumes reinvestment of the dividends and distributions. As with all </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">such investments, past performance (before and after taxes) is not an indication of future results. The table includes </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">all applicable fees. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">performance, including its current net asset value, can be obtained by visiting www.blackrock.com or can be obtained </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">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. The table compares the Fund’s performance to that of the FTSE World Index and the Reference Benchmark. The Reference Benchmark is an unmanaged weighted index comprised as follows: 36% of the S&P 500 Index; 24% FTSE World (ex U.S.) Index; 24% ICE BofA Current 5-Year U.S. Treasury Index; and 16% FTSE Non-U.S. Dollar World Government Bond Index. The Reference Benchmark is relevant to the Fund because it has characteristics similar to the Fund’s investment strategies. As with all such investments, past performance (before and after taxes) is not an indication of future results. www.blackrock.com 800-882-0052 Class K Shares ANNUAL TOTAL RETURNS BlackRock Global Allocation 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 14.71% (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 -12.33% (quarter ended March 31, 2020). The year-to-date return as of June 30, 2026 was 8.29%.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> highest return 0.1471 2020-06-30 lowest return -0.1233 2020-03-31 year-to-date return 2026-06-30 0.0829 For the periods ended 12/31/25Average Annual Total Returns 0.1976 0.0584 0.0759 0.1582 0.0335 0.0556 0.1205 0.0354 0.0531 0.2348 0.1252 0.1267 0.1778 0.0668 0.0809 <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 </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </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. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 41, BlackRock has contractually agreed to waive a portion of its management fee payable by the Fund so that BlackRock receives a fee as a percentage of average daily net assets at various asset levels through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 41, 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 (i) other equity and fixed-income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee and (ii) other exchange-traded products sponsored by BlackRock or its affiliates, 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 directors of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 53, BlackRock has contractually agreed to waive a portion of its management fee payable by the Fund so that BlackRock receives a fee as a percentage of average daily net assets at various asset levels through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 53, 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 (i) other equity and fixed-income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee and (ii) other exchange-traded products sponsored by BlackRock or its affiliates, 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 directors of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. Other Expenses include expenses of the BlackRock Cayman Global Allocation Fund I, Ltd. (the “Cayman Subsidiary”) which were less than 0.01% for the Fund’s last fiscal year. The Total Annual Fund Operating 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. A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $250,000 or more. There is no CDSC on Investor C Shares after one year. Other Expenses include expenses of the BlackRock Cayman Global Allocation Fund I, Ltd. (the “Cayman Subsidiary”) which were less than 0.01% for the Fund’s last fiscal year. The Total Annual Fund Operating Expenses do not correlate to the ratio 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.