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<div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The investment objective of BlackRock Retirement Income 2030 Fund (the “Fund”), a series of BlackRock Funds II (the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“Trust”), is to seek to maximize current income while decumulating the Fund’s assets to a predefined target Fund net </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">asset value per share, as a percentage of the Fund’s net asset value per share at inception, over the term of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund.</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. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">You may pay </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">other fees, such as brokerage commissions and other fees to your financial professional or selected securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">dealer, 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: 9.30pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">future, at least $25,000 in the fund complex advised by BlackRock or its affiliates. More information about these and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other discounts is available from your Financial Intermediary and in the “Details About the Share Classes” and the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“Intermediary-Defined Sales Charge Waiver Policies” sections on pages </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">40</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 </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">prospectus and in the “Purchase of Shares” section on page </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">II-98</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> of Part II of the Fund’s Statement of Additional </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">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 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0010 0.0010 0.0025 0 0.0394 0.0392 0.0050 0.0050 0.0479 0.0452 -0.0379 -0.0377 0.0100 0.0075 <div style="float: left; line-height: 7.44pt; margin-left: 9.6pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 7.44pt;">A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after </span><span style="color: #000000; font-family: arial; font-size: 7.44pt;">purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.</span></div> June 30, 2027 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> 622 1568 2518 4910 77 1024 1980 4410 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;">0</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">% </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of the average value of its portfolio.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> 0 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 substantially all of its assets in BlackRock Multi-Asset Income Portfolio (“MAI” or the “Underlying </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund”), a series of BlackRock Funds II, which seeks to maximize current income with consideration for capital </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">appreciation.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund, indirectly through its investment in MAI, may invest in both equity securities (including common stock and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">preferred stock) and fixed income securities (including corporate bonds and notes, mortgage-backed securities, asset-backed</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> securities, convertible securities, preferred securities and government obligations). The Fund may also </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">purchase securities convertible into common and preferred stock. Under normal circumstances, the Fund, indirectly </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">through its investment in MAI, may invest up to 60% of its assets in equity securities and up to 100% of its assets in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fixed-income securities. Additionally, the Fund, indirectly through its investment in MAI, may invest in structured notes </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that provide exposure to covered call options or other types of financial instruments.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">With respect to the Fund’s equity investments made indirectly through its investment in MAI, the Fund may invest in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities of both U.S. or non-U.S. issuers without limit, which can be U.S. dollar based or non-U.S. dollar based and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may be currency hedged or unhedged. The Fund may invest in 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;">With respect to the Fund’s fixed-income investments made indirectly through its investment in MAI, the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">invest significantly in non-investment grade bonds (high yield, junk bonds or distressed securities), non-investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">grade bank loans, non-dollar denominated bonds and bonds of emerging market issuers. The Fund’s investment in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">non-dollar denominated bonds may be on a currency hedged or unhedged basis. Non-investment grade bonds acquired </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">by the Fund will generally be in the lower categories of the major rating agencies at the time of purchase (BB or lower </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">by S&amp;P Global Ratings, a division of S&amp;P Global Inc., or Ba or lower by Moody’s Investors Service, Inc.) or will be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">determined by the management team to be of similar quality. Split rated bonds will be considered to have the higher </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">credit rating. The average portfolio duration of the Fund will vary based on the management team’s forecast of interest </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rates and there are no limits regarding portfolio duration or average maturity.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may invest, indirectly through its investment in MAI, in U.S. and non-U.S. real estate investment trusts </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(“REITs”), structured products, including structured notes that provide exposure to covered call options or other types </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of financial instruments, and floating rate securities (such as bank loans).</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may have indirect exposure to derivatives through its investment in MAI. Such derivatives may include the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">use of options, futures, swaps and forward contracts, both to seek to increase the return of the Fund and to hedge (or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">protect) the value of its assets against adverse movements in currency exchange rates, interest rates and movements </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in the securities markets.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may withdraw from MAI at any time and may invest substantially all of its assets in one or more other pooled </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment vehicles. The Fund will provide shareholders with 60 days’ notice of any such change.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund is not a target date fund that follows a “glidepath” in which the mix of investments among asset classes </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">becomes more conservative over time according to a predetermined path. Rather, the Fund’s allocations among asset </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">classes, through its investments in MAI, will vary from year to year and may become more conservative or more </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">aggressive in any given year.</span></div> <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund seeks to deliver its investment objective over a term of 10 years, at the end of which the Fund seeks to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">deliver a target Fund net asset value per share of at least 50% of the Fund’s net asset value per share at inception. At </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the conclusion of the Fund’s 10 year term within the year 2030, the Fund intends to return its remaining assets to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shareholders through a liquidating distribution. Subsequent to the payment of its liquidating distribution, the Fund will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">be terminated. The Fund does not contemplate any extensions of the 10 year term.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund expects to make monthly distributions as it seeks to achieve its investment objective of decumulating (or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reducing over time) the Fund’s assets to a predefined target Fund net asset value per share, as a percentage of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund’s net asset value per share at inception (the “Target Percentage”), over the term of the Fund. The Target </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Percentage is at least 50% for the Fund (or at least $50 per share for Institutional Shares of the Fund). The Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">intends to provide monthly distributions that, in aggregate for each year, equal at least $5.00 per share for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Institutional Shares and a comparable amount per share, adjusted for share class expenses, for Investor A Shares </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(the “Annual Minimum Distribution Amount”). </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">There is no guarantee that the Fund will distribute the Annual Minimum </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">Distribution Amount in any given year.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The amount of the Fund’s monthly distributions for any given period may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exceed the amount of the Fund’s income and gains for that period. Accordingly, the Fund’s distributions may consist of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">a return of capital (or principal invested) in addition to any gains, which would result in a reduction in the net asset </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">value per share of the Fund. The Fund does not have an automatic dividend reinvestment plan, and dividends and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">distributions cannot be automatically reinvested in shares of the Fund.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The amount of the Fund’s monthly distribution is determined by portfolio management based on a distribution </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">algorithm (the “Algorithm”), and is subject to the Trust’s Board of Trustees’ (the “Board”) ability to approve changes to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">such amount prior to any dividend being declared. The Algorithm takes into account certain factors, including the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">performance of the Fund, risk and return forecasts of the Fund’s underlying assets, and the current net asset value </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">per share of the Fund, and constraints, such as the Annual Minimum Distribution Amount, to determine a monthly </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">distribution amount, which is subject to Board approval. The amount of the Fund’s monthly distribution may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">dynamic, meaning that it may vary from month to month based on the Algorithm, subject to the Annual Minimum </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Distribution Amount. The monthly distribution will be an amount expressed as cents-per-share of Institutional Shares of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund (with adjustments for the Investor A Shares of the Fund based on such share class’ expenses), as of a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">specified date.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">From time to time, BlackRock may increase or decrease the monthly distribution amount and may implement changes </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to the Algorithm, including a change to the Annual Minimum Distribution Amount, which may result in changes to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">monthly distribution. Such monthly distributions remain subject to Board approval.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Board may increase or decrease any monthly distribution amount prior to the declaration date of the applicable </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">distribution after taking into consideration any recommendation of portfolio management.</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;">Affiliated Fund Risk</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-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> In managing the Fund, BlackRock will have authority to allocate to the Underlying Fund as it </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">deems appropriate, based on the Fund’s investment objective and investment strategies. BlackRock may be subject </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to conflicts of interest in selecting the Underlying Fund because the fees paid to BlackRock by the Underlying Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may be higher than the fees paid by other underlying funds. However, BlackRock is a fiduciary to the Fund and is </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">legally obligated to act in the Fund’s best interests when allocating its 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; 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;">Managed Distribution Tax Risk</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-style: italic;">— </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund uses a proprietary Algorithm to seek to maximize monthly distributions </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">while decumulating the Fund’s assets to a Target Percentage over the term of the Fund. To achieve decumulation </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and to maintain monthly distributions, subject to an Annual Minimum Distribution Amount, the Fund may be required </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to dispose of investments. The Fund’s disposition of investments could accelerate the timing of the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">recognition of taxable income and capital gains and cause the Fund to make taxable distributions earlier than the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund otherwise would have. In addition, to achieve decumulation and to maintain monthly distributions, subject to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">an Annual Minimum Distribution Amount, the Fund’s distributions will generally exceed the Fund’s income and gains </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the Fund’s taxable year. Distributions in excess of the Fund’s current and accumulated earnings and profits will </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;">be treated as a return of capital. In general, a return of capital is not immediately taxable to a shareholder. Rather, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">it reduces a shareholder’s adjusted tax basis in the Fund shares and is not taxable to a shareholder until the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shareholder’s adjusted tax basis has been reduced to zero. A reduction in a shareholder’s adjusted tax basis in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund shares will potentially increase the shareholder’s taxable gain, if any, upon disposition of the shares. Because </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund follows a decumulation strategy and its distributions may consist of return of capital, it may not be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">appropriate for an investor who does not want his or her principal investment in the Fund to decrease over time or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">who does not wish to receive 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;">Model Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund seeks to pursue its investment objective by using the Algorithm, which is designed to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">maximize monthly distributions, subject to an Annual Minimum Distribution Amount, while decumulating the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">assets to a Target Percentage, over the term of the Fund. The ability of the Fund to make such distributions, subject </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to an Annual Minimum Distribution Amount, and to achieve the Target Percentage may differ from what is forecasted </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in the Algorithm due to the factors incorporated into the Algorithm and the weighting of each factor, as well as the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">level and scope of changes from historical trends. In addition, issues in the construction and implementation of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Algorithm, including software or hardware malfunction, power loss, software bugs, malicious code, viruses, system </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">crashes, issues related to the use of artificial intelligence and machine learning (“AI”), and other technological </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">failures or various other events or circumstances within or beyond the control of BlackRock, may adversely impact </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund. Please see also “Operational and Technology Risks” below. There is no guarantee that BlackRock’s use of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Algorithm will be effective in helping the Fund seek to achieve its investment objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Algorithm used by BlackRock may rely on historical data and may not accurately predict future market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">movements. There is no guarantee that the Algorithm will be successful in forecasting movements in the market or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in determining the appropriate monthly distribution amount that will enable the Fund to achieve its investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">objective. In addition, the Algorithm may not be reliable in the event of unusual or disruptive events that cause </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market movements, which may be inconsistent with the historical performance of individual markets. In such </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instances, the Algorithm may produce unexpected results, which can result in the inability of the Fund to meet its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment goals.</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;">Limited Term Risk</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-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The Fund’s limited term may cause it to sell securities when it otherwise would not, including </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">at times when market conditions are not favorable, or otherwise in severe distress, which could cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">returns to decrease and the net asset value of its shares to fall. In addition, during the life of the Fund, the value of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund’s assets could change significantly, and the Fund could incur substantial losses prior to or at liquidation. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Although the Fund seeks to decumulate the Fund’s assets to a Target Percentage over the term of the Fund, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund may not be successful in achieving this objective. The return of the Target Percentage is not an express or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">implied obligation of the Fund. There can be no assurance that the Fund will be able to return any specific Target </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Percentage, and such return is not backed or otherwise guaranteed by BlackRock or any other entity. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">Depending </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">upon a variety of factors, including the performance of the Fund’s portfolio over the life of the Fund and the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">Fund’s intention to provide monthly distributions, subject to an Annual Minimum Distribution Amount, during the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">term that may include return of capital, the amount distributed to shareholders at liquidation may be significantly </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">less than the Target Percentage.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The Fund’s ability to return the Target Percentage at liquidation will depend on </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market conditions, the performance of the Fund’s portfolio investments and cash flow management. The Fund may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">set aside a portion of its net investment income, and possibly all or a portion of its gains, in pursuit of its objective </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to return the Target Percentage to shareholders upon liquidation; provided, however, that the Fund will distribute at </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">least enough net investment income for the Fund to satisfy the 90% annual distribution requirement applicable to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">regulated investment companies. This will reduce the amounts otherwise available for distribution prior to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">liquidation as well as the Fund’s distributions during the period prior to liquidation. There can be no assurance that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund will be able to make a distribution in any particular month over the term of the Fund. There is no guarantee </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that the Fund will distribute the Annual Minimum Distribution Amount in any given year.</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;">Allocation Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — There is no guarantee that the Underlying Fund will achieve its investment objective, and the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Underlying Fund’s performance may be lower than the performance of the asset class which it was selected to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">represent. The Underlying Fund may change its investment objective or policies without the approval of the Fund. If </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Underlying Fund were to change its investment objective or policies, the Fund might be forced to withdraw its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment from the Underlying Fund at a disadvantageous time and price.</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;">Collateralized Debt Obligations Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— In addition to the typical risks associated with fixed-income securities and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">asset-backed securities, collateralized debt obligations (“CDOs”), including collateralized loan obligations, carry </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">adequate to make interest or other payments; (ii) the risk that the collateral may default or decline in value or be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">downgraded, if rated by a nationally recognized statistical rating organization; (iii) the Fund may invest in tranches of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">documents could lead to disputes among investors regarding the characterization of proceeds; (v) the investment </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;">return achieved by the Fund could be significantly different than those predicted by financial models; (vi) the lack of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">a readily available secondary market for CDOs; (vii) the risk of forced “fire sale” liquidation due to technical defaults </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">such as coverage test failures; and (viii) the CDO’s manager may perform poorly.</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;">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;">(“SOFR”) 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; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">In addition, transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of corporate loans may not be readily available to make additional investments or to meet the Fund’s redemption </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">hold additional cash, sell investments or temporarily borrow from banks and other lenders. The corporate loans in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">which the Fund invests are usually rated below investment grade.</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;">Counterparty Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The counterparty to an over-the-counter derivatives contract or a borrower of the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">honor its obligations. Any such failure to honor its obligations may cause significant losses to 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;">Covered Call Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund intends to invest in covered call options and structured notes that provide exposure </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to covered call options. Covered call risk is the risk that the issuer of the call option will forgo any profit from </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">increases in the market value of the underlying security covering the call option above the sum of the premium and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the strike price of the call but retain the risk of loss if the underlying security declines in value. The Fund will have </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">no control over the exercise of the option by the option holder and may lose the benefit from any capital </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">appreciation on the underlying security. A number of factors may influence the option holder’s decision to exercise </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the option, including the value of the underlying security, price volatility, dividend yield and interest rates. To the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">extent that these factors increase the value of the call option, the option holder is more likely to exercise the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">option, which may negatively affect 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;">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 is 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 historically low interest rates. For </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">example, if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">being equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for those securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">interest income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">value. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund 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></div> <div style="line-height: 10.695pt; margin-left: 12pt; text-align: left;"><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: 505.0pt;"><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></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><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;">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></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;">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; 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;">Dollar Rolls Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Dollar rolls involve the risk that the market value of the securities that the Fund is committed to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">buy may decline below the price of the securities the Fund has sold. These transactions may involve leverage.</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;">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;">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;">Illiquid Investments Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund may not acquire any illiquid investment if, immediately after the acquisition, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">calendar days or less without the sale or disposition significantly changing the market value of the investment. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">There can be no assurance that a security or instrument that is deemed to be liquid when purchased will continue </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to be liquid for as long as it is held by the Fund, and any security or instrument held by the Fund may be deemed an </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reduce the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous time </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or price. In addition, if the Fund is limited in its ability to dispose of illiquid investments during periods when </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shareholders are redeeming or selling their shares or the Fund’s net assets otherwise shrink, the Fund will need to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund’s holdings. An investment may be illiquid due to, among other things, the reduced number and capacity of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">traditional market participants to make a market in fixed-income securities or the lack of an active trading market. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">To the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and/or credit risk, the Fund will tend to have greater exposure to the risks associated with illiquid investments. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these </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;">investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. This may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">magnified in a rising interest rate environment or other circumstances where investor redemptions or sales of Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shares may be higher than normal. In addition, when there is illiquidity in the market for certain securities, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund, due to limitations on illiquid investments, may be subject to purchase and sale restrictions.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Indexed Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Indexed securities provide a potential return based on a particular index of value or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">interest rates. The Fund’s return on these securities will be subject to risk with respect to the value of the particular </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">index. These securities are subject to leverage risk and correlation risk. Certain indexed securities have greater </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">sensitivity to changes in interest rates or index levels than other securities, and the Fund’s investment in such </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instruments may decline significantly in value if interest rates or index levels move in a way Fund management does </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">not anticipate.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Investment in Other Investment Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — As with other investments, investments in other investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">companies, including exchange-traded funds, are subject to market and selection risk. In addition, if the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">acquires shares of investment companies, including ones affiliated with the Fund, shareholders bear both their </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">expenses of the investment companies (to the extent not offset by BlackRock through waivers). To the extent the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund is held by an affiliated fund, the ability of the Fund itself to hold other investment companies may be limited.</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;">Large-Capitalization Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Large-capitalization companies may be less able than smaller-capitalization </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">performance of large-capitalization companies could trail the overall performance of the broader securities markets. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the financial condition or credit rating of an issuer of those securities may cause the value of the securities to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">decline.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Leverage Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Some transactions may give rise to a form of economic leverage. These transactions may include, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to meet the applicable requirements of the Investment Company Act 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: 505.00pt;"><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. The value of a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">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;">Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments. Selection risk is the risk that the securities selected by Fund management will underperform the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">markets, the relevant indices or the securities selected by other funds with similar investment objectives and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment strategies. The Fund seeks to pursue its investment objective by using the Algorithm that seeks to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">provide monthly distributions, subject to an Annual Minimum Distribution Amount, as well as decumulating assets to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">a Target Percentage, and is subject to “Model Risk” as described above. The Fund’s Algorithm and limited term may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cause it to sell its securities when it otherwise would not, including at times when market conditions are not </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">favorable, or otherwise in severe distress, which could cause the Fund’s returns to decrease and the net asset </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">value of its shares to fall. This means you may lose money.</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;">“New Issues” 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;"> “New issues” are initial public offerings (“IPOs”) of equity securities. Securities issued in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">IPOs have no trading history, and information about the companies may be available for very limited periods. In </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after the IPO.</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 Al, which may result in losses for the Fund and its shareholders or may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </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;">information security and cybersecurity risk management policies and procedures, their methods of risk management </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">also result in material adverse consequences for such issuers and may cause the Fund’s investments in such </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">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: 505.0pt;"><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;">Reference Rate Replacement Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund may be exposed to financial instruments that recently transitioned </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">from, or continue to be tied to, LIBOR to determine payment obligations, financing terms, hedging strategies or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment value.</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;">The United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR, has ceased publishing all LIBOR </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">settings. In April 2023, however, the FCA announced that some USD LIBOR settings would continue to be published </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">under a synthetic methodology until September 30, 2024 for certain legacy contracts. After September 30, 2024, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the remaining synthetic LIBOR settings ceased to be published, and all LIBOR settings have permanently ceased. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">repurchase agreement (“repo”) market and has been used increasingly on a voluntary basis in new instruments and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transactions. Under U.S. regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rates based on SOFR have replaced LIBOR in certain financial contracts.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. While some existing </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rate-setting provisions in certain existing instruments. Parties to contracts, securities or other instruments using </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">LIBOR may disagree on transition rates or the application of transition regulation, potentially resulting in uncertainty </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of performance and the possibility of litigation. The Fund may have instruments linked to other interbank offered </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rates that may also cease to be published in the future.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">REIT Investment Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Investments in REITs involve unique risks. REITs may have limited financial resources, may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">trade less frequently and in limited volume, may engage in dilutive offerings of securities and may be more volatile </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">than other securities. REIT issuers may also fail to maintain their exemptions from investment company registration </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code of 1986, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</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;">Repurchase Agreements and Purchase and Sale Contracts Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — If the other party to a repurchase agreement or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">either situation and the market value of the security declines, the Fund may lose money.</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;">Restricted Securities Risk</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-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Limitations on the resale, including any required lock up or holding periods, of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">restricted securities may have an adverse effect on their marketability and their liquidity, and may prevent the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">from disposing of them promptly at advantageous prices, if at all. Restricted securities may not be listed on an </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exchange and may have no active trading market. In order to sell certain restricted securities, the Fund may have to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">bear the expense of registering the securities for resale and the risk of substantial delays in effecting the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">registration. Other transaction costs may be higher for restricted securities than unrestricted securities. Restricted </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities may be difficult to value because market quotations may not be readily available, there may be limited </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other information regarding the investment’s market or fair value, and the securities’ values may have significant </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">volatility. Also, the Fund may get only limited information about the issuer of a given restricted security, and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">therefore may be less able to determine the security’s market or fair value or assess the investment risks as fully </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">as for other issuers for which more information is available. Certain restricted securities may involve a high degree </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of business and financial risk and may result in substantial losses to the Fund. Certain restricted securities may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">represent limited investment opportunities and each shareholder’s proportionate investment exposure to such </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">limited investment opportunities may be reduced proportionately as the Fund’s net assets grow from new or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">additional investments made in the Fund by other 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;">Structured Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Because structured securities of the type in which the Fund may invest typically </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">index or reference obligation and will also be subject to counterparty risk. The Fund may have the right to receive </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">payments only from the structured security, and generally does not have direct rights against the issuer or the entity </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that sold the assets to be securitized. In addition to the general risks associated with debt securities discussed </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">herein, structured securities carry additional risks, including, but not limited to: the possibility that distributions </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">decline in value or default; and the possibility that the structured securities are subordinate to other classes. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund is permitted to invest in a class of structured securities that is either subordinated or unsubordinated to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">right of payment of another class. Subordinated structured securities typically have higher yields and present </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">greater risks than unsubordinated structured securities. Structured securities are typically sold in private placement </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transactions, and there currently is no active trading market for structured securities. Structured securities are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">based upon the movement of one or more factors, including currency exchange rates, interest rates, reference </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">structured security to be reduced to zero. Certain issuers of such structured securities may be deemed to be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“investment companies” as defined in the Investment Company Act. As a result, the Fund’s investment in such </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities may be limited by certain investment restrictions contained in the Investment Company Act.</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;">U.S. Government Issuer Risk</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-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Treasury obligations may differ in their interest rates, maturities, times of issuance </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">by law to do so.</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;">Variable and Floating Rate Instrument Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Variable and floating rate securities provide for periodic adjustment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in the interest rate paid on the securities. Securities with floating or variable interest rates can be less sensitive to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">interest rate changes than securities with fixed interest rates, but may decline in value if their coupon rates do not </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reset as high, or as quickly, as comparable market interest rates, and generally carry lower yields than fixed </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities of the same maturity. These securities will not generally increase in value if interest rates decline. A </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">decline in interest rates may result in a reduction in income received from variable and floating rate securities held </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">by the Fund and may adversely affect the value of the Fund’s shares. These securities may be subject to greater </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">illiquidity risk than other fixed income securities, meaning the absence of an active market for these securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">could make it difficult for the Fund to dispose of them at any given time. Floating rate securities generally are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">subject to legal or contractual restrictions on resale, may trade infrequently, and their value may be impaired when </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund needs to liquidate such loans. Benchmark interest rates may not accurately track market interest rates. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Although floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they are subject to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">credit risk and default risk, which could impair their value.</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 Bloomberg U.S. Aggregate Bond Index. The table below also compares the Fund’s performance to that of a customized benchmark comprised of the returns of the MSCI World High Dividend Yield Index (Net) (33.34%), the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (33.33%) and the Bloomberg U.S. Aggregate Bond Index (33.33%), the MSCI World Index (Net), and a customized benchmark comprised of the returns of the MSCI World Index (50%) (Net) and the Bloomberg U.S. Aggregate Bond Index (50%). The customized reference benchmarks and the MSCI World Index (Net) are applicable to the Fund because BlackRock believes they have certain characteristics that are helpful in evaluating the Fund. To the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">extent that dividends and distributions have been paid by the Fund, the performance information for the Fund in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">chart and table assumes reinvestment of the dividends and distributions. As with all such investments, past </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">charges. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund’s returns would have been lower. Updated information on the Fund’s performance, including its current net asset </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">value, can be obtained by visiting www.blackrock.com or can be obtained by phone at </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(800) 441-7762</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">.</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 Bloomberg U.S. Aggregate Bond Index. The table below also compares the Fund’s performance to that of a customized benchmark comprised of the returns of the MSCI World High Dividend Yield Index (Net) (33.34%), the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (33.33%) and the Bloomberg U.S. Aggregate Bond Index (33.33%), the MSCI World Index (Net), and a customized benchmark comprised of the returns of the MSCI World Index (50%) (Net) and the Bloomberg U.S. Aggregate Bond Index (50%). The customized reference benchmarks and the MSCI World Index (Net) are applicable to the Fund because BlackRock believes they have certain characteristics that are helpful in evaluating the Fund. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. www.blackrock.com (800) 441-7762 Investor A Shares ANNUAL TOTAL RETURNS BlackRock Retirement Income 2030 Fund As of 12/31 <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">During the periods shown in the bar chart, the highest return for a quarter was 7.90% (quarter ended </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">December 31, 2023) and the lowest return for a quarter was -9.27% (quarter ended June 30, 2022).</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> highest return 0.0790 2023-12-31 lowest return -0.0927 2022-06-30 For the periods ended 12/31/25Average Annual Total Returns 2020-07-31 2020-07-31 2020-07-31 2020-07-31 0.0542 0.0319 0.0420 0.0290 0.0107 0.0210 0.0326 0.0155 0.0234 0.1153 0.0458 0.0551 0.0730 -0.0036 -0.0037 0.1146 0.0443 0.0525 0.2109 0.1215 0.1450 0.1413 0.0588 0.0702 <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. 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. 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, 2027. The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested trustees of BlackRock Funds II 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 54, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.50% (for Investor A Shares) and 0.25% (for Institutional Shares) of average daily net assets through June 30, 2027. The Fund may have to repay some of these waivers and/or reimbursements to BlackRock in the two years following such waivers and/or reimbursements. Any such repayment obligation will terminate on July 31, 2027. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund. A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more. Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any. For additional comparative performance information for the MSCI World Index, please see the Fund’s Statement of Additional Information.