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investment objective of BlackRock Systematic Multi-Strategy Fund (the “Fund”), a series of BlackRock Funds IV </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(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;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">), is to seek total return comprised of current income and capital appreciation.</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 your 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 $50,000 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; text-decoration: underline;">36</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></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund complex advised by BlackRock or its affiliates. 50000 Shareholder Fees (fees paid directly from your investment) 0.0400 0 0 0 0.0100 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0073 0.0073 0.0073 0.0025 0.0100 0 0.0023 0.0017 0.0020 0.0023 0.0017 0.0020 0.0121 0.0190 0.0093 -0.0001 -0.0001 0.0120 0.0190 0.0092 A contingent deferred sales charge (“CDSC”) of 0.75% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more. June 30, 2027 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> 517 768 1037 1806 293 597 1026 2043 94 295 514 1142 You would pay the following expenses if you did not redeem your shares:  193 597 1026 2043 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;">270</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> 2.70 Principal Investment Strategies of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock will invest the Fund’s assets through a diversified set of strategies that seek to provide total return </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">comprised of current income and capital appreciation in both periods of strong returns and periods of market stress. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund intends to allocate its investments across multiple investment strategies, certain of which will use both long </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and short positions, which the Fund expects to result in a lower correlation to the equity or fixed-income markets than </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">if the Fund invested in either such market in its entirety. BlackRock will allocate the Fund’s assets across the following </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">three broad strategies: (i) core allocation across the fixed-income and equity markets; (ii) long/short macro strategies; </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and (iii) long/short alpha strategies. In addition, a portion of the Fund’s assets may be managed pursuant to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">quantitative model-based strategies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund seeks to achieve its investment objective by investing in a range of global asset classes, with a focus on </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fixed and floating rate debt securities and equity securities. The Fund may invest directly in securities or instruments, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">through derivatives or by investing in other investment companies, including exchange traded funds (“ETFs”). The Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">will have flexibility with respect to its asset allocation and intends to diversify its exposure across a variety of global </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">asset classes and strategies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund will normally invest in both U.S. and non-U.S. securities, including securities of companies located in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">emerging markets. The Fund may invest in non-U.S. dollar denominated investments, including investments </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">denominated in European and Asian currencies and in other non-U.S. and emerging market currencies. The Fund may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">have significant exposure to foreign currencies. The Fund’s investments in non-U.S. dollar based assets may be made </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">on a currency hedged or unhedged basis.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund’s investment in debt securities may include U.S. Government and agency securities, foreign government and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">supranational debt securities, corporate bonds, mortgage-related securities and asset-backed securities, mortgage </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to-be-announced (“TBA”) securities, emerging market debt securities, preferred securities, structured products, credit-linked</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> notes, mezzanine securities, senior secured floating rate and fixed rate loans or debt, second lien or other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">subordinated or unsecured floating rate and fixed rate loans or debt, convertible debt securities, and derivatives with </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">similar economic characteristics. The Fund may invest in fixed, variable and floating rate instruments, including </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">participations and assignments, of any duration or maturity.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may invest in debt securities of any credit quality, as determined by Fund management, which may include </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment grade securities and high yield securities, including unrated securities (commonly called “junk bonds”).</span></div> <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund’s investment in equity securities may include common stock, preferred stock, securities convertible into </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">common stock, including contingent convertible bonds which are securities convertible into equity if a pre-specified </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">trigger event occurs, and non-convertible preferred stock. The Fund may gain exposure to equity securities through </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">derivatives.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may invest in derivatives, including but not limited to, swaps, including total return (some of which may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">referred to as contracts for difference), credit default, index and interest rate swaps; options; forward contracts; </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">futures; options on futures and swaps; and foreign exchange transactions, for hedging purposes, as well as to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">enhance returns. There is no limit to the Fund’s ability to invest in derivatives, except as may be limited by the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">requirements of the Investment Company Act of 1940, as amended (the “Investment Company Act”), and at times the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund may utilize derivatives to a significant extent. The Fund may utilize derivative instruments to maintain a portion of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">its portfolio long and short positions. The Fund may also invest in repurchase agreements, reverse repurchase </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">agreements and dollar rolls. The Fund may also invest in indexed and inverse securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may purchase and sell securities on a when-issued, delayed delivery or forward commitment basis.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may engage in short sales for hedging purposes or to enhance total return. The Fund also may make short </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">sales “against the box” without limitation. In this type of short sale, at the time of the sale, the Fund owns or has the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">immediate and unconditional right to acquire the identical security at no additional cost.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may seek to provide exposure to the investment returns of real assets that trade in the commodity markets </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">through investment in commodity-linked derivative instruments and investment vehicles such as exchange-traded funds </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that invest exclusively in commodities and are designed to provide this exposure without direct investment in physical </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commodities. The Fund may also gain exposure to commodity markets by investing up to 25% of its total assets, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">inclusive of leverage, in the Subsidiary, a wholly owned subsidiary of the Fund formed in the Cayman Islands, which </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">invests primarily in commodity-related instruments. The Subsidiary may also hold cash and invest in other instruments, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">including fixed income securities, either as investments or to serve as margin or collateral for the Subsidiary’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">derivative positions. The Subsidiary (unlike the Fund) may invest without limitation in commodity-related instruments. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">However, the Cayman Subsidiary is otherwise subject to the same fundamental, non-fundamental and certain other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment restrictions as the Fund.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.</span></div> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Debt Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">extension risk, and prepayment risk, each of which are described in further detail below:</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Credit Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Interest Rate Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The market value of bonds and other fixed-income securities changes in response to interest </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">will increase as interest rates fall and decrease as interest rates rise.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may be subject to a greater risk of rising interest rates during a period of 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="line-height: 10.695pt; margin-left: 12pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">debt securities.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">value when interest rates change.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">hurt the Fund’s performance.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Extension Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — When interest rates rise, certain obligations will be paid off by the obligor more slowly than </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">anticipated, causing the value of these obligations to fall.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Prepayment Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — When interest rates fall, certain obligations will be paid off by the obligor more quickly than </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">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. TBA commitments are forward agreements for the purchase or sale of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">future settlement date. The specific securities to be delivered are not identified at the trade date. However, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">delivered securities must meet specified terms, including issuer, rate and mortgage terms.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Derivatives Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">increase volatility. Derivatives involve significant risks, including:</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Leverage Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">movements may result in large changes in the value of a derivatives position and can result in losses that greatly </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exceed the amount originally invested.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Some derivatives are more sensitive to interest rate changes and market price fluctuations than </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">derivatives positions to lose value.</span></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="line-height: 10.695pt; margin-left: 12pt; text-align: left;"><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;">Commodities Related Investments Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Exposure to the commodities markets may subject the Fund to greater </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">volatility than investments in traditional securities. The value of commodity-linked derivative investments may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">economic, political and regulatory developments.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Convertible Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The market value of a convertible security performs like that of a regular debt </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">their market value may change based on changes in the issuer’s credit rating or the market’s perception of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">converted, a convertible security is also subject to the same types of market and issuer risks that apply to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">underlying common stock, including the potential for increased volatility in the price of the convertible security.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Corporate Loans Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Commercial banks and other financial institutions or institutional investors make corporate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">SOFR</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">) or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">loans may not be readily available to make additional investments or to meet the Fund’s redemption obligations. To </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold additional </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cash, sell investments or temporarily borrow from banks and other lenders.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><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; 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 Portfolio Turnover Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund may engage in active and frequent trading of its portfolio securities. High </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of higher than normal portfolio turnover may adversely affect Fund performance. In addition, investment in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">mortgage dollar rolls and participation in TBA transactions may significantly increase the Fund’s portfolio turnover </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rate. A TBA transaction is a method of trading mortgage-backed securities where the buyer and seller agree upon </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">general trade parameters such as agency, settlement date, par amount, and price at the time the contract is </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">entered into but the mortgage-backed securities are delivered in the future, generally 30 days later.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">High Yield Bonds Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Although junk bonds generally pay higher rates of interest than investment grade bonds, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">junk bonds are high risk investments that are considered speculative and may cause income and principal losses </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the Fund.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Indexed and Inverse Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Indexed and inverse securities provide a potential return based on a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">particular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities, and the Fund’s investment in such instruments may decline significantly in value if interest rates or index </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">levels move in a way Fund management does not anticipate.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Investment Companies and ETFs Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Subject to the limitations set forth in the Investment Company Act and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the rules thereunder, the Fund may acquire shares in other investment companies and in ETFs, some of which may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">be affiliated investment companies. The market value of the shares of other investment companies and ETFs may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">differ from their net asset value. As an investor in investment companies and ETFs, the Fund would bear its ratable </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">share of that entity’s expenses, including its investment advisory and administration fees, while continuing to pay </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">its own advisory and administration fees and other expenses (to the extent not offset by BlackRock through </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">waivers). As a result, shareholders will be absorbing duplicate levels of fees with respect to investments in other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment companies and ETFs (to the extent not offset by BlackRock through waivers).</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 securities of other investment companies and ETFs in which the Fund may invest may be leveraged. As a result, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund may be indirectly exposed to leverage through an investment in such securities. An investment in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities of other investment companies and ETFs that use leverage may expose the Fund to higher volatility in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market value of such securities and the possibility that the Fund’s long-term returns on such securities (and, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">indirectly, the long-term returns of shares of the Fund) will be diminished.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">As with other investments, investments in other investment companies, including ETFs, are subject to market and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">selection risk. To the extent the Fund is held by an affiliated fund, the ability of the Fund itself to hold other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment companies may be limited.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Leverage Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Some transactions may give rise to a form of economic leverage. These transactions may include, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to meet the applicable requirements of the Investment Company Act and the rules thereunder. Increases and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">decreases in the value of the Fund’s portfolio will be magnified when the Fund uses leverage.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">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></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;">investment strategies. The Fund seeks to pursue its investment objective by using proprietary models that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">incorporate quantitative analysis and is subject to “Model Risk” as described below. This means you may lose </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">money. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">domestic and global markets, and could adversely affect the investment performance of the Fund. In particular, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund invests.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Mezzanine 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;"> Mezzanine securities carry the risk that the issuer will not be able to meet its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">obligations and that the equity securities purchased with the mezzanine investments may lose value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Model Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund seeks to pursue its investment objective by using proprietary models that incorporate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">quantitative analysis. Investments selected using these models may perform differently than as forecasted due to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the factors incorporated into the models and the weighting of each factor, changes from historical trends, and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issues in the construction and implementation of the models (including, but not limited to, software issues, issues </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">related to the use of Artificial Intelligence and machine learning (“AI</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 other technological issues). There is no </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">guarantee that BlackRock’s use of these models will result in effective investment decisions for 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 style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The information and data used in the models may be supplied by third parties. Inaccurate or incomplete data may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">limit the effectiveness of the models. In addition, some of the data that BlackRock uses may be historical data, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">which may not accurately predict future market movement. There is a risk that the models will not be successful in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">selecting investments or in determining the weighting of investment positions that will enable the Fund to achieve </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">its investment objective.</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;">Operational and Technology Risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund is directly and indirectly susceptible to operational and technology </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risks, including those related to human errors, processing errors, communication errors, systems failures, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">required to have appropriate operational, information security and cybersecurity risk management policies and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may cause the Fund’s investments in such issuers to lose value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Preferred Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Preferred securities may pay fixed or adjustable rates of return. Preferred securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">preferred securities generally pay dividends only after the company makes required payments to holders of its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities of smaller companies may be more vulnerable to adverse developments than preferred securities of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">larger companies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">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;">Reverse Repurchase Agreements Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Reverse repurchase agreements involve the sale of securities held by the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">all. The Fund could lose money if it is unable to recover the securities and the value of the collateral held by the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund, including the value of the investments made with cash collateral, is less than the value of the securities. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">These events could also trigger adverse tax consequences for the Fund. In addition, reverse repurchase agreements </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">involve the risk that the interest income earned in the investment of the proceeds will be less than the interest </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">expense.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Risk of Investing in the United States </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Certain changes in the U.S. economy, such as when the U.S. economy </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Second Lien Loans Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Second lien loans generally are subject to similar risks as those associated with </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments in senior loans. Because second lien loans are subordinated or unsecured and thus lower in priority of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">payment to senior loans, they are subject to the additional risk that the cash flow of the borrower and property </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior </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;">secured obligations of the borrower. This risk is generally higher for subordinated unsecured loans or debt, which </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">are not backed by a security interest in any specific collateral. Second lien loans generally have greater price </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">volatility and may be less liquid than senior loans.</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;">Senior Loans Risk —</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> There is less readily available, reliable information about most senior loans than is the case </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for many other types of securities. An economic downturn generally leads to a higher non-payment rate, and a senior </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">loan may lose significant value before a default occurs. Moreover, any specific collateral used to secure a senior </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">loan may decline in value or become illiquid, which would adversely affect the senior loan’s value. No active trading </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market may exist for certain senior loans, which may impair the ability of the Fund to realize full value in the event </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of the need to sell a senior loan and which may make it difficult to value senior loans. Although senior loans in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">which the Fund will invest generally will be secured by specific collateral, there can be no assurance that liquidation </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of such collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">principal or that such collateral could be readily liquidated. To the extent that a senior loan is collateralized by stock </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in the borrower or its subsidiaries, such stock may lose all of its value in the event of the bankruptcy of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">borrower. Uncollateralized senior loans involve a greater risk of loss. The senior loans in which the Fund invests are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">usually rated below investment grade. Senior loans made in connection with highly leveraged transactions are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">subject to greater risks than other senior loans. For example, the risks of default or bankruptcy of the borrower or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the risks that other creditors of the borrower may seek to nullify or subordinate the Fund’s claims on any collateral </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securing the loan are greater in highly leveraged transactions.</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;">Short Sales Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Because making short sales in securities that it does not own exposes the Fund to the risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">associated with those securities, such short sales involve speculative exposure risk. The Fund will incur a loss as a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">result of a short sale if the price of the security increases between the date of the short sale and the date on which </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund replaces the security sold short.</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;">Small and Mid-Capitalization Company Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Companies with small or mid-size market capitalizations will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">normally have more limited product lines, markets and financial resources and will be dependent upon a more </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">limited management group than larger capitalized companies. In addition, it is more difficult to get information on </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">smaller companies, which tend to be less well known, have shorter operating histories, do not have significant </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">ownership by large investors and are followed by relatively few securities analysts.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Sovereign Debt Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Sovereign debt instruments are subject to the risk that a governmental entity may delay or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or other multilateral agencies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Structured 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: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Subsidiary Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are generally similar to those </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">directly by the Fund (see “Commodities Related Investments Risk” above). There can be no assurance that the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the Investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Company Act, and, unless otherwise noted in this prospectus, is not subject to all the investor protections of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Investment Company Act. However, the Fund wholly owns and controls the Subsidiary, and the Fund and the </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;">Subsidiary are both managed by BlackRock, making it unlikely that the Subsidiary will take action contrary to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">interests of the Fund and its shareholders. The Board has oversight responsibility for the investment activities of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund, including its investment in the Subsidiary, and the Fund’s role as sole shareholder of the Subsidiary. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Subsidiary is subject to the same investment restrictions and limitations, and follows the same compliance policies </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and procedures, as the Fund except that the Subsidiary may invest without limitation in commodity-related </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instruments. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund and/or the Subsidiary to operate as described in this prospectus and the SAI and could adversely affect the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund.</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;">Supranational Entities Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The Fund may invest in obligations issued or guaranteed by the World Bank. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">government members, or “stockholders,” usually make initial capital contributions to the World Bank and in many </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cases are committed to make additional capital contributions if the World Bank is unable to repay its borrowings. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">There is no guarantee that one or more stockholders of the World Bank will continue to make any necessary </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">principal on its debt securities, and the Fund may lose money on such 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; 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;">U.S. Government Obligations Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Certain securities in which the Fund may invest, including securities issued by </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Government or supported by the full faith and credit of the United States. In addition, circumstances could arise </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">legislative “debt ceiling.” Such non-payment could result in losses to the Fund and substantial negative </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">consequences for the U.S. economy and the global financial system.</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. Benchmark interest rates may not accurately </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">track market interest rates. Although floating rate securities are less sensitive to interest rate risk than fixed-rate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities, they are subject to credit risk and default risk, which could impair their value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">When-Issued and Delayed Delivery Securities and Forward Commitments Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— When-issued and delayed </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to pay for the security and any gain in the security’s price.</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 </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Bond Index and the ICE BofA 3-Month U.S. Treasury Bill Index. The ICE BofA 3-Month U.S. Treasury Bill Index is </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">relevant to the Fund because it has characteristics that are helpful in evaluating the Fund’s performance. The Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">acquired all of the assets, subject to the liabilities, of BlackRock Alternative Capital Strategies Fund, a series of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock Funds</span><span style="color: #000000; font-family: arial; font-size: 5pt; position: relative; top: -3.25pt;">SM </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(the “Predecessor Fund”), in a reorganization on September 17, 2018 (the “Reorganization”). The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund adopted the performance of the Predecessor Fund as a result of the Reorganization. The performance </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">information below is based on the performance of the Predecessor Fund for periods prior to the date of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Reorganization. The Predecessor Fund had the same investment objectives, strategies and policies, portfolio </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">management team and contractual arrangements, including the same contractual fees and expenses, as the Fund as </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of the date of the Reorganization.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">To the extent that dividends and distributions have been paid by the Fund, the performance information for the Fund in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the 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 the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">including its current net asset 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) 882-0052</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. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. www.blackrock.com (800) 882-0052 Investor A Shares ANNUAL TOTAL RETURNS BlackRock Systematic Multi-Strategy Fund As of 12/31 <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">During the ten-year periods shown in the bar chart, the highest return for a quarter was 6.46% (quarter ended </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">June 30, 2020) and the lowest return for a quarter was -2.88% (quarter ended March 31, 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 0.0646 2020-06-30 lowest return -0.0288 2022-03-31 For the periods ended 12/31/25Average Annual Total Returns 0.0041 0.0309 0.0436 -0.0037 0.0174 0.0284 0.0025 0.0179 0.0274 0.0292 0.0323 0.0417 0.0500 0.0423 0.0506 0.0730 -0.0036 0.0201 0.0418 0.0317 0.0218 <div style="margin-top: 12pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Investor A Shares only, and the after-tax returns for Investor C and Institutional Shares will vary.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor C and Institutional Shares will vary. Fund OverviewKey Facts About BlackRock Systematic Multi-Strategy Fund Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The investment objective of BlackRock Systematic Multi-Strategy Fund (the “Fund”), a series of BlackRock Funds IV </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(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;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">), is to seek total return comprised of current income and capital appreciation.</span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell Class K Shares of the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">You </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">may pay other fees, such as brokerage commissions and other fees to your financial professional or selected </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">Advisors, LLC (“BlackRock”) and its affiliates) (each a “Financial Intermediary”), which are not reflected in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">table and example below.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0073 0 0.0008 0.0008 0.0081 0.0081 June 30, 2027 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> 83 259 450 1002 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;">270</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> 2.70 Principal Investment Strategies of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock will invest the Fund’s assets through a diversified set of strategies that seek to provide total return </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">comprised of current income and capital appreciation in both periods of strong returns and periods of market stress. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund intends to allocate its investments across multiple investment strategies, certain of which will use both long </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and short positions, which the Fund expects to result in a lower correlation to the equity or fixed-income markets than </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">if the Fund invested in either such market in its entirety. BlackRock will allocate the Fund’s assets across the following </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">three broad strategies: (i) core allocation across the fixed-income and equity markets; (ii) long/short macro strategies; </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and (iii) long/short alpha strategies. In addition, a portion of the Fund’s assets may be managed pursuant to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">quantitative model-based strategies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund seeks to achieve its investment objective by investing in a range of global asset classes, with a focus on </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fixed and floating rate debt securities and equity securities. The Fund may invest directly in securities or instruments, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">through derivatives or by investing in other investment companies, including exchange traded funds (“ETFs”). The Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">will have flexibility with respect to its asset allocation and intends to diversify its exposure across a variety of global </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">asset classes and strategies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund will normally invest in both U.S. and non-U.S. securities, including securities of companies located in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">emerging markets. The Fund may invest in non-U.S. dollar denominated investments, including investments </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">denominated in European and Asian currencies and in other non-U.S. and emerging market currencies. The Fund may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">have significant exposure to foreign currencies. The Fund’s investments in non-U.S. dollar based assets may be made </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">on a currency hedged or unhedged basis.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund’s investment in debt securities may include U.S. Government and agency securities, foreign government and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">supranational debt securities, corporate bonds, mortgage-related securities and asset-backed securities, mortgage </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to-be-announced (“TBA”) securities, emerging market debt securities, preferred securities, structured products, credit-linked</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> notes, mezzanine securities, senior secured floating rate and fixed rate loans or debt, second lien or other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">subordinated or unsecured floating rate and fixed rate loans or debt, convertible debt securities, and derivatives with </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">similar economic characteristics. The Fund may invest in fixed, variable and floating rate instruments, including </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">participations and assignments, of any duration or maturity.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may invest in debt securities of any credit quality, as determined by Fund management, which may include </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment grade securities and high yield securities, including unrated securities (commonly called “junk bonds”).</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund’s investment in equity securities may include common stock, preferred stock, securities convertible into </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">common stock, including contingent convertible bonds which are securities convertible into equity if a pre-specified </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">trigger event occurs, and non-convertible preferred stock. The Fund may gain exposure to equity securities through </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">derivatives.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may invest in derivatives, including but not limited to, swaps, including total return (some of which may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">referred to as contracts for difference), credit default, index and interest rate swaps; options; forward contracts; </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">futures; options on futures and swaps; and foreign exchange transactions, for hedging purposes, as well as to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">enhance returns. There is no limit to the Fund’s ability to invest in derivatives, except as may be limited by the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">requirements of the Investment Company Act of 1940, as amended (the “Investment Company Act”), and at times the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund may utilize derivatives to a significant extent. The Fund may utilize derivative instruments to maintain a portion of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">its portfolio long and short positions. The Fund may also invest in repurchase agreements, reverse repurchase </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">agreements and dollar rolls. The Fund may also invest in indexed and inverse securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may purchase and sell securities on a when-issued, delayed delivery or forward commitment basis.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may engage in short sales for hedging purposes or to enhance total return. The Fund also may make short </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">sales “against the box” without limitation. In this type of short sale, at the time of the sale, the Fund owns or has the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">immediate and unconditional right to acquire the identical security at no additional cost.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may seek to provide exposure to the investment returns of real assets that trade in the commodity markets </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">through investment in commodity-linked derivative instruments and investment vehicles such as exchange-traded funds </span></div> <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that invest exclusively in commodities and are designed to provide this exposure without direct investment in physical </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commodities. The Fund may also gain exposure to commodity markets by investing up to 25% of its total assets, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">inclusive of leverage, in the Subsidiary, a wholly owned subsidiary of the Fund formed in the Cayman Islands, which </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">invests primarily in commodity-related instruments. The Subsidiary may also hold cash and invest in other instruments, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">including fixed income securities, either as investments or to serve as margin or collateral for the Subsidiary’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">derivative positions. The Subsidiary (unlike the Fund) may invest without limitation in commodity-related instruments. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">However, the Cayman Subsidiary is otherwise subject to the same fundamental, non-fundamental and certain other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment restrictions as the Fund.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.</span></div> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Debt Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">extension risk, and prepayment risk, each of which are described in further detail below:</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Credit Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Interest Rate Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The market value of bonds and other fixed-income securities changes in response to interest </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">will increase as interest rates fall and decrease as interest rates rise.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may be subject to a greater risk of rising interest rates during a period of 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><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; 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. TBA commitments are forward agreements for the purchase or sale of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">future settlement date. The specific securities to be delivered are not identified at the trade date. However, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">delivered securities must meet specified terms, including issuer, rate and mortgage terms.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Derivatives Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">increase volatility. Derivatives involve significant risks, including:</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Leverage Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">movements may result in large changes in the value of a derivatives position and can result in losses that greatly </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exceed the amount originally invested.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Some derivatives are more sensitive to interest rate changes and market price fluctuations than </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">derivatives positions to lose value.</span></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;">Commodities Related Investments Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Exposure to the commodities markets may subject the Fund to greater </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">volatility than investments in traditional securities. The value of commodity-linked derivative investments may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">economic, political and regulatory developments.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Convertible Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The market value of a convertible security performs like that of a regular debt </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">their market value may change based on changes in the issuer’s credit rating or the market’s perception of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">converted, a convertible security is also subject to the same types of market and issuer risks that apply to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">underlying common stock, including the potential for increased volatility in the price of the convertible security.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Corporate Loans Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Commercial banks and other financial institutions or institutional investors make corporate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">SOFR</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">) or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">loans may not be readily available to make additional investments or to meet the Fund’s redemption obligations. To </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold additional </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cash, sell investments or temporarily borrow from banks and other lenders.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><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 Portfolio Turnover Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund may engage in active and frequent trading of its portfolio securities. High </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of higher than normal portfolio turnover may adversely affect Fund performance. In addition, investment in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">mortgage dollar rolls and participation in TBA transactions may significantly increase the Fund’s portfolio turnover </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rate. A TBA transaction is a method of trading mortgage-backed securities where the buyer and seller agree upon </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">general trade parameters such as agency, settlement date, par amount, and price at the time the contract is </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">entered into but the mortgage-backed securities are delivered in the future, generally 30 days later.</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; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Indexed and Inverse Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Indexed and inverse securities provide a potential return based on a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">particular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities, and the Fund’s investment in such instruments may decline significantly in value if interest rates or index </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">levels move in a way Fund management does not anticipate.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Investment Companies and ETFs Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Subject to the limitations set forth in the Investment Company Act and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the rules thereunder, the Fund may acquire shares in other investment companies and in ETFs, some of which may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">be affiliated investment companies. The market value of the shares of other investment companies and ETFs may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">differ from their net asset value. As an investor in investment companies and ETFs, the Fund would bear its ratable </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">share of that entity’s expenses, including its investment advisory and administration fees, while continuing to pay </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">its own advisory and administration fees and other expenses (to the extent not offset by BlackRock through </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">waivers). As a result, shareholders will be absorbing duplicate levels of fees with respect to investments in other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment companies and ETFs (to the extent not offset by BlackRock through waivers).</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 securities of other investment companies and ETFs in which the Fund may invest may be leveraged. As a result, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund may be indirectly exposed to leverage through an investment in such securities. An investment in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities of other investment companies and ETFs that use leverage may expose the Fund to higher volatility in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market value of such securities and the possibility that the Fund’s long-term returns on such securities (and, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">indirectly, the long-term returns of shares of the Fund) will be diminished.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">As with other investments, investments in other investment companies, including ETFs, are subject to market and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">selection risk. To the extent the Fund is held by an affiliated fund, the ability of the Fund itself to hold other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment companies may be limited.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Leverage Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Some transactions may give rise to a form of economic leverage. These transactions may include, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to meet the applicable requirements of the Investment Company Act and the rules thereunder. Increases and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">decreases in the value of the Fund’s portfolio will be magnified when the Fund uses leverage.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">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 proprietary models that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">incorporate quantitative analysis and is subject to “Model Risk” as described below. This means you may lose </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">money.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">domestic and global markets, and could adversely affect the investment performance of the Fund. In particular, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund invests.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Mezzanine 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;"> Mezzanine securities carry the risk that the issuer will not be able to meet its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">obligations and that the equity securities purchased with the mezzanine investments may lose value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Model Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund seeks to pursue its investment objective by using proprietary models that incorporate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">quantitative analysis. Investments selected using these models may perform differently than as forecasted due to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the factors incorporated into the models and the weighting of each factor, changes from historical trends, and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issues in the construction and implementation of the models (including, but not limited to, software issues, issues </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">related to the use of Artificial Intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">AI</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 other technological issues). There is no </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">guarantee that BlackRock’s use of these models will result in effective investment decisions for 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 style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The information and data used in the models may be supplied by third parties. Inaccurate or incomplete data may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">limit the effectiveness of the models. In addition, some of the data that BlackRock uses may be historical data, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">which may not accurately predict future market movement. There is a risk that the models will not be successful in </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;">selecting investments or in determining the weighting of investment positions that will enable the Fund to achieve </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">its investment objective.</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;">Operational and Technology Risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund is directly and indirectly susceptible to operational and technology </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risks, including those related to human errors, processing errors, communication errors, systems failures, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">required to have appropriate operational, information security and cybersecurity risk management policies and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may cause the Fund’s investments in such issuers to lose value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Preferred Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Preferred securities may pay fixed or adjustable rates of return. Preferred securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">preferred securities generally pay dividends only after the company makes required payments to holders of its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities of smaller companies may be more vulnerable to adverse developments than preferred securities of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">larger companies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">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;">Reverse Repurchase Agreements Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Reverse repurchase agreements involve the sale of securities held by the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">all. The Fund could lose money if it is unable to recover the securities and the value of the collateral held by the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund, including the value of the investments made with cash collateral, is less than the value of the securities. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">These events could also trigger adverse tax consequences for the Fund. In addition, reverse repurchase agreements </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">involve the risk that the interest income earned in the investment of the proceeds will be less than the interest </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">expense.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Risk of Investing in the United States </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Certain changes in the U.S. economy, such as when the U.S. economy </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Second Lien Loans Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Second lien loans generally are subject to similar risks as those associated with </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments in senior loans. Because second lien loans are subordinated or unsecured and thus lower in priority of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">payment to senior loans, they are subject to the additional risk that the cash flow of the borrower and property </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">secured obligations of the borrower. This risk is generally higher for subordinated unsecured loans or debt, which </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">are not backed by a security interest in any specific collateral. Second lien loans generally have greater price </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">volatility and may be less liquid than senior loans.</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;">Senior Loans Risk —</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> There is less readily available, reliable information about most senior loans than is the case </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for many other types of securities. An economic downturn generally leads to a higher non-payment rate, and a senior </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">loan may lose significant value before a default occurs. Moreover, any specific collateral used to secure a senior </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">loan may decline in value or become illiquid, which would adversely affect the senior loan’s value. No active trading </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market may exist for certain senior loans, which may impair the ability of the Fund to realize full value in the event </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of the need to sell a senior loan and which may make it difficult to value senior loans. Although senior loans in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">which the Fund will invest generally will be secured by specific collateral, there can be no assurance that liquidation </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of such collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">principal or that such collateral could be readily liquidated. To the extent that a senior loan is collateralized by stock </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in the borrower or its subsidiaries, such stock may lose all of its value in the event of the bankruptcy of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">borrower. Uncollateralized senior loans involve a greater risk of loss. The senior loans in which the Fund invests are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">usually rated below investment grade. Senior loans made in connection with highly leveraged transactions are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">subject to greater risks than other senior loans. For example, the risks of default or bankruptcy of the borrower or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the risks that other creditors of the borrower may seek to nullify or subordinate the Fund’s claims on any collateral </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securing the loan are greater in highly leveraged transactions.</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;">Short Sales Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Because making short sales in securities that it does not own exposes the Fund to the risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">associated with those securities, such short sales involve speculative exposure risk. The Fund will incur a loss as 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;">result of a short sale if the price of the security increases between the date of the short sale and the date on which </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund replaces the security sold short.</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;">Small and Mid-Capitalization Company Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Companies with small or mid-size market capitalizations will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">normally have more limited product lines, markets and financial resources and will be dependent upon a more </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">limited management group than larger capitalized companies. In addition, it is more difficult to get information on </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">smaller companies, which tend to be less well known, have shorter operating histories, do not have significant </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">ownership by large investors and are followed by relatively few securities analysts.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Sovereign Debt Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Sovereign debt instruments are subject to the risk that a governmental entity may delay or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or other multilateral agencies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Structured 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: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Subsidiary Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are generally similar to those </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">directly by the Fund (see “Commodities Related Investments Risk” above). There can be no assurance that the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the Investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Company Act, and, unless otherwise noted in this prospectus, is not subject to all the investor protections of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Investment Company Act. However, the Fund wholly owns and controls the Subsidiary, and the Fund and the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Subsidiary are both managed by BlackRock, making it unlikely that the Subsidiary will take action contrary to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">interests of the Fund and its shareholders. The Board has oversight responsibility for the investment activities of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund, including its investment in the Subsidiary, and the Fund’s role as sole shareholder of the Subsidiary. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Subsidiary is subject to the same investment restrictions and limitations, and follows the same compliance policies </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and procedures, as the Fund except that the Subsidiary may invest without limitation in commodity-related </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instruments. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund and/or the Subsidiary to operate as described in this prospectus and the SAI and could adversely affect the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">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;">Supranational Entities Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The Fund may invest in obligations issued or guaranteed by the World Bank. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">government members, or “stockholders,” usually make initial capital contributions to the World Bank and in many </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cases are committed to make additional capital contributions if the World Bank is unable to repay its borrowings. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">There is no guarantee that one or more stockholders of the World Bank will continue to make any necessary </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">principal on its debt securities, and the Fund may lose money on such 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; 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;">U.S. Government Obligations Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Certain securities in which the Fund may invest, including securities issued by </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Government or supported by the full faith and credit of the United States. In addition, circumstances could arise </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">legislative “debt ceiling.” Such non-payment could result in losses to the Fund and substantial negative </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">consequences for the U.S. economy and the global financial system.</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;">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. Benchmark interest rates may not accurately </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">track market interest rates. Although floating rate securities are less sensitive to interest rate risk than fixed-rate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities, they are subject to credit risk and default risk, which could impair their value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">When-Issued and Delayed Delivery Securities and Forward Commitments Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— When-issued and delayed </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to pay for the security and any gain in the security’s price.</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 </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Bond Index and the ICE BofA 3-Month U.S. Treasury Bill Index. The ICE BofA 3-Month U.S. Treasury Bill Index is </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">relevant to the Fund because it has characteristics that are helpful in evaluating the Fund’s performance. The Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">acquired all of the assets, subject to the liabilities, of BlackRock Alternative Capital Strategies Fund, a series of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock Funds</span><span style="color: #000000; font-family: arial; font-size: 5pt; position: relative; top: -3.25pt;">SM </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(the “Predecessor Fund”), in a reorganization on September 17, 2018 (the “Reorganization”). The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund adopted the performance of the Predecessor Fund as a result of the Reorganization. The performance </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">information below is based on the performance of the Predecessor Fund for periods prior to the date of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Reorganization. The Predecessor Fund had the same investment objectives, strategies and policies, portfolio </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">management team and contractual arrangements, including the same contractual fees and expenses, as the Fund as </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of the date of the Reorganization. The performance information for periods prior to September 29, 2020, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commencement of operations of Class K Shares, shows the performance of the Fund’s Institutional Shares. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">performance of the Fund’s Class K Shares would be substantially similar to Institutional Shares because Class K </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Shares and Institutional Shares invest in the same portfolio of securities and performance would differ only to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Institutional Shares. To the extent that dividends and distributions have been paid by the Fund, the performance </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">information for the Fund in the chart and table assumes reinvestment of the dividends and distributions. As with all</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> such investments, past performance (before and after taxes) is not an indication of future results. The table includes </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">all applicable fees. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">performance, including its current net asset value, can be obtained by visiting www.blackrock.com or can be obtained </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">by phone at </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(800) 882-0052</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. As with all such investments, past performance (before and after taxes) is not an indication of future results. www.blackrock.com (800) 882-0052 Class K Shares ANNUAL TOTAL RETURNS BlackRock Systematic Multi-Strategy Fund As of 12/31 <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">During the ten-year periods shown in the bar chart, the highest return for a quarter was 6.62% (quarter ended </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">June 30, 2020) and the lowest return for a quarter was -2.87% (quarter ended March 31, 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 0.0662 2020-06-30 lowest return -0.0287 2022-03-31 For the periods ended 12/31/25Average Annual Total Returns 0.0502 0.0433 0.0511 0.0404 0.0281 0.0346 0.0299 0.0268 0.0328 0.0730 -0.0036 0.0201 0.0418 0.0317 0.0218 <div style="margin-top: 12pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 52, BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2027. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2027. The contractual agreements 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. BlackRock Cayman Systematic Multi-Strategy Fund, Ltd. (the “Subsidiary”) is newly organized and, accordingly, Other Expenses of the Subsidiary are based on estimated amounts for the current fiscal year of less than 0.01%. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 52, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 1.20% (for Investor A Shares), 1.95% (for Investor C Shares) and 0.95% (for Institutional Shares) of average daily net assets through June 30, 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 0.75% 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. On March 1, 2021, the Fund began to compare its performance benchmark to a custom 4pm pricing variant of the ICE BofA 3-Month U.S. Treasury Bill Index (the ”Index“). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for the custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023. There is no CDSC on Investor C Shares after one year. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 41, BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2027. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2027. The contractual agreements 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. BlackRock Cayman Systematic Multi-Strategy Fund, Ltd. (the “Subsidiary”) is newly organized and, accordingly, Other Expenses of the Subsidiary are based on estimated amounts for the current fiscal year of less than 0.01%. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 41, 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) as a percentage of average daily net assets to 0.90% of average daily net assets through June 30, 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. On March 1, 2021, the Fund began to compare its performance benchmark to a custom 4pm pricing variant of the ICE BofA 3-Month U.S. Treasury Bill Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for the custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.