0000202741 badf:InvestorAInstitutionalAndClassRMember badf:S000002248Member badf:C000005805Member 2025-04-30 2025-04-30 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:S000002248Member badf:C000005808Member 2025-04-30 2025-04-30 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:S000002248Member badf:C000005809Member 2025-04-30 2025-04-30 0000202741 badf:ClassKMember badf:S000002248Member badf:C000198217Member 2025-04-30 2025-04-30 0000202741 badf:ClassKMember badf:S000002248Member 2025-04-30 2025-04-30 0000202741 badf:ClassKMember badf:S000002248Member badf:ChinaInvestmentsRiskMember 2025-04-30 2025-04-30 0000202741 badf:ClassKMember badf:S000002248Member badf:ChinaRiskRiskOfInvestingThroughStockConnectMember 2025-04-30 2025-04-30 0000202741 badf:ClassKMember badf:S000002248Member badf:ChinaTaxRiskMember 2025-04-30 2025-04-30 0000202741 badf:ClassKMember badf:S000002248Member badf:ConvertibleSecuritiesRiskMember 2025-04-30 2025-04-30 0000202741 badf:ClassKMember badf:S000002248Member badf:DepositaryReceiptsRiskMember 2025-04-30 2025-04-30 0000202741 badf:ClassKMember badf:S000002248Member badf:DerivativesRisksMember 2025-04-30 2025-04-30 0000202741 badf:ClassKMember badf:S000002248Member badf:EmergingMarketsRiskMember 2025-04-30 2025-04-30 0000202741 badf:ClassKMember badf:S000002248Member badf:EquitySecuritiesRiskMember 2025-04-30 2025-04-30 0000202741 badf:ClassKMember badf:S000002248Member badf:ESGInvestingRiskMember 2025-04-30 2025-04-30 0000202741 badf:ClassKMember badf:S000002248Member badf:ForeignSecuritiesRiskMember 2025-04-30 2025-04-30 0000202741 badf:ClassKMember badf:S000002248Member badf:LeverageRiskMember 2025-04-30 2025-04-30 0000202741 badf:ClassKMember badf:S000002248Member badf:MarketRiskAndSelectionRiskMember 2025-04-30 2025-04-30 0000202741 badf:ClassKMember badf:S000002248Member badf:NewIssuesRiskMember 2025-04-30 2025-04-30 0000202741 badf:ClassKMember badf:S000002248Member badf:OperationalAndTechnologyRisksMember 2025-04-30 2025-04-30 0000202741 badf:ClassKMember badf:S000002248Member badf:PreferredSecuritiesRiskMember 2025-04-30 2025-04-30 0000202741 badf:ClassKMember badf:S000002248Member oef:RiskLoseMoneyMember 2025-04-30 2025-04-30 0000202741 badf:ClassKMember badf:S000002248Member badf:SmallAndMidCapitalizationCompanyRiskMember 2025-04-30 2025-04-30 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:S000002248Member 2025-04-30 2025-04-30 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:S000002248Member badf:ChinaInvestmentsRiskMember 2025-04-30 2025-04-30 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:S000002248Member badf:ChinaRiskRiskOfInvestingThroughStockConnectMember 2025-04-30 2025-04-30 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:S000002248Member badf:ChinaTaxRiskMember 2025-04-30 2025-04-30 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:S000002248Member badf:ConvertibleSecuritiesRiskMember 2025-04-30 2025-04-30 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:S000002248Member badf:DepositaryReceiptsRiskMember 2025-04-30 2025-04-30 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:S000002248Member badf:DerivativesRisksMember 2025-04-30 2025-04-30 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:S000002248Member badf:EmergingMarketsRiskMember 2025-04-30 2025-04-30 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:S000002248Member badf:EquitySecuritiesRiskMember 2025-04-30 2025-04-30 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:S000002248Member badf:ESGInvestingRiskMember 2025-04-30 2025-04-30 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:S000002248Member badf:ForeignSecuritiesRiskMember 2025-04-30 2025-04-30 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:S000002248Member badf:LeverageRiskMember 2025-04-30 2025-04-30 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:S000002248Member badf:MarketRiskAndSelectionRiskMember 2025-04-30 2025-04-30 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:S000002248Member badf:NewIssuesRiskMember 2025-04-30 2025-04-30 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:S000002248Member badf:OperationalAndTechnologyRisksMember 2025-04-30 2025-04-30 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:S000002248Member badf:PreferredSecuritiesRiskMember 2025-04-30 2025-04-30 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:S000002248Member oef:RiskLoseMoneyMember 2025-04-30 2025-04-30 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:S000002248Member badf:SmallAndMidCapitalizationCompanyRiskMember 2025-04-30 2025-04-30 0000202741 2025-04-30 2025-04-30 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:C000005805Member 2020-01-01 2024-12-31 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:C000005805Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:C000005805Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:C000005808Member 2020-01-01 2024-12-31 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:C000005809Member 2020-01-01 2024-12-31 0000202741 badf:ClassKMember badf:C000198217Member 2020-01-01 2024-12-31 0000202741 badf:ClassKMember badf:C000198217Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000202741 badf:ClassKMember badf:C000198217Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000202741 badf:ClassKMember badf:MSCIEmergingMarketsIndexMember 2020-01-01 2024-12-31 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:MSCIEmergingMarketsIndexMember 2020-01-01 2024-12-31 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:S000002248Member badf:C000005805Member 2015-01-01 2015-12-31 0000202741 badf:ClassKMember badf:S000002248Member badf:C000198217Member 2015-01-01 2015-12-31 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:S000002248Member badf:C000005805Member 2016-01-01 2016-12-31 0000202741 badf:ClassKMember badf:S000002248Member badf:C000198217Member 2016-01-01 2016-12-31 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:S000002248Member badf:C000005805Member 2017-01-01 2017-12-31 0000202741 badf:ClassKMember badf:S000002248Member badf:C000198217Member 2017-01-01 2017-12-31 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:S000002248Member badf:C000005805Member 2018-01-01 2018-12-31 0000202741 badf:ClassKMember badf:S000002248Member badf:C000198217Member 2018-01-01 2018-12-31 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:S000002248Member badf:C000005805Member 2019-01-01 2019-12-31 0000202741 badf:ClassKMember badf:S000002248Member badf:C000198217Member 2019-01-01 2019-12-31 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:S000002248Member badf:C000005805Member 2020-01-01 2020-12-31 0000202741 badf:ClassKMember badf:S000002248Member badf:C000198217Member 2020-01-01 2020-12-31 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:S000002248Member badf:C000005805Member 2021-01-01 2021-12-31 0000202741 badf:ClassKMember badf:S000002248Member badf:C000198217Member 2021-01-01 2021-12-31 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:S000002248Member badf:C000005805Member 2022-01-01 2022-12-31 0000202741 badf:ClassKMember badf:S000002248Member badf:C000198217Member 2022-01-01 2022-12-31 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:S000002248Member badf:C000005805Member 2023-01-01 2023-12-31 0000202741 badf:ClassKMember badf:S000002248Member badf:C000198217Member 2023-01-01 2023-12-31 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:C000005805Member 2024-01-01 2024-12-31 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:C000005805Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:C000005805Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:C000005808Member 2024-01-01 2024-12-31 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:C000005809Member 2024-01-01 2024-12-31 0000202741 badf:ClassKMember badf:C000198217Member 2024-01-01 2024-12-31 0000202741 badf:ClassKMember badf:C000198217Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0000202741 badf:ClassKMember badf:C000198217Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0000202741 badf:ClassKMember badf:MSCIEmergingMarketsIndexMember 2024-01-01 2024-12-31 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:MSCIEmergingMarketsIndexMember 2024-01-01 2024-12-31 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:S000002248Member badf:C000005805Member 2024-01-01 2024-12-31 0000202741 badf:ClassKMember badf:S000002248Member badf:C000198217Member 2024-01-01 2024-12-31 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:C000005805Member 2015-01-01 2024-12-31 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:C000005805Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:C000005805Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:C000005808Member 2015-01-01 2024-12-31 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:C000005809Member 2015-01-01 2024-12-31 0000202741 badf:ClassKMember badf:C000198217Member 2015-01-01 2024-12-31 0000202741 badf:ClassKMember badf:C000198217Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000202741 badf:ClassKMember badf:C000198217Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000202741 badf:ClassKMember badf:MSCIEmergingMarketsIndexMember 2015-01-01 2024-12-31 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:MSCIEmergingMarketsIndexMember 2015-01-01 2024-12-31 iso4217:USD pure 0000202741 false 485BPOS 2025-04-30 0.0886 0.0178 -0.0163 0.0223 0.2815 -0.1695 0.2163 0.1949 -0.0550 -0.2189 -0.0522 -0.2167 0.0922 0.0198 -0.0149 0.0247 0.2838 -0.1669 0.2205 0.1977 N-1A BLACKROCK FUNDS VII, INC. 2025-08-28 Fund OverviewKey Facts About BlackRock Sustainable Emerging Markets Equity Fund Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The investment objective of BlackRock Sustainable Emerging Markets Equity Fund (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;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">), a series of BlackRock </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Funds VII, Inc. (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;">Corporation</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 to maximize total return.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </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 $25,000 in the fund complex advised by BlackRock or its affiliates. More information about these and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other discounts is available from your Financial Intermediary and in the “Details About the Share Classes” and the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“Intermediary-Defined Sales Charge Waiver Policies” sections on pages </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">35</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-95</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> of Part II of the Fund’s Statement of Additional </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Information.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in thefuture, at least $25,000 in the fund complex advised by BlackRock or its affiliates. 25000 Shareholder Fees (fees paid directly from your investment) 0.0525 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0060 0.0060 0.0025 0 0.0050 0.0051 0.0051 0.0067 0.0001 0.0001 0.0001 0.0137 0.0112 0.0178 -0.0025 -0.0025 -0.0041 0.0112 0.0087 0.0137 <div style="float: left; line-height: 7.44pt; margin-left: 9.6pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 7.44pt;">A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after </span><span style="color: #000000; font-family: arial; font-size: 7.44pt;">purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.</span></div> June 30, 2027 The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses. Example: <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or lower, based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> 633 913 1213 2064 89 331 593 1341 139 520 926 2061 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;">47</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">% of the average value of its portfolio.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> 0.47 Principal Investment Strategies of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment purposes in the equity securities of issuers located in countries with emerging markets and derivatives that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">have similar economic characteristics. Investments in derivatives are counted toward the Fund’s 80% policy to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">extent that they provide investment exposure to the securities included within that policy or to one or more market risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">factors associated with such securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">An emerging market is the market of any country that the World Bank, the International Finance Corporation, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">United Nations or its authorities have determined to have a low or middle income economy. Countries with emerging </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">markets can be found in regions such as Asia, Latin America, Eastern Europe, the Middle East and Africa. For this </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">purpose, emerging markets include, but are not limited to, the markets of all countries that comprise the MSCI </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Emerging Markets Index (the “Benchmark”). The Fund may also consider an issuer to be located in a country that has </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">an emerging market if at least 50% of the issuer’s assets, gross revenues or profits in any one of the last two years </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">represents assets or activities located in such countries.</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;">Equity securities include common stock and preferred stock. The Fund primarily seeks to buy common stock and may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">also invest in preferred stock. The Fund may invest in equity securities of any market capitalization. From time to time </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund may invest in shares of companies through “new issues” or initial public offerings (“IPOs”). The Fund may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">also purchase convertible securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may invest up to 25% of its assets in equity securities of issuers domiciled in the People’s Republic of China </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(“China” or the “PRC” and, for the purpose of this policy, excluding Hong Kong, Macau and Taiwan) and listed in China </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that are accessible through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Connect program (collectively, “Stock Connect”).</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;">To determine the Fund’s investable universe, Fund management will first seek to screen out certain issuers based on </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">ESG criteria determined by BlackRock, subject to the considerations noted below.</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;">Such screening criteria principally includes: (i) issuers that derive more than zero percent revenue from the production </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of controversial weapons; (ii) issuers that derive more than zero percent revenue from the production of civilian </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">firearms; (iii) issuers that derive more than zero percent revenue from the production of tobacco-related products; </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(iv) issuers that derive more than five percent of revenue from thermal coal generation, unless such issuers either </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(a) have made certain commitments to reduce climate impact or (b) derive at least fifty percent of revenue from </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">alternative energy sources; (v) issuers that derive more than five percent of revenue from thermal coal mining; </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(vi) issuers that derive more than five percent of revenue from oil sands extraction; and (vii) issuers identified as </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">violators of the United Nations Global Compact, which are globally accepted principles covering corporate behavior in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the areas of human rights, labor, environment, and anti-corruption.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Notwithstanding the foregoing, the Fund may invest in green bonds of issuers that exceed the thresholds stated in (iv), </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(v) or (vi) above. The Fund relies on one or more third-party ratings agencies to identify issuers for purposes of the </span></div> <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">above screening criteria. Third-party rating agencies may base the above screening criteria on an estimate when </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">revenue for a covered business activity is not disclosed by the issuer or publicly available.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund’s screening criteria is measured at the time of investment and is dependent upon information and data that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may be incomplete, inaccurate, unavailable or estimated. Where the Fund’s criteria looks solely to third-party ratings or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">data, issuers are only screened to the extent such ratings or data have been assigned or made available by the third </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">parties. This screening criteria is subject to change over time at BlackRock’s discretion. In addition, the Fund may gain </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">indirect exposure (through, including but not limited to, derivatives and investments in other investment companies) to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers with exposures that are inconsistent with the ESG-related criteria used by BlackRock.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund will seek to invest in companies with sustainable business models which have a strong consideration for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">ESG risks and opportunities. Investment decisions are based on BlackRock’s fundamental research focusing on </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">bottom up (i.e., company-specific) analysis that seeks to identify and select equity and equity-related securities that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">can, as a portfolio, deliver the Fund’s investment objective. BlackRock’s company-specific research uses techniques to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">assess equity characteristics such as strength of earnings, quality of balance sheet, cashflow trends and relative </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">valuation, as well as assessing companies’ ESG practices. BlackRock also uses macro-economic and country level </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">research to inform its equity selection and to identify opportunities where it considers particular countries may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">generate strong performance. BlackRock has a flexible allocation strategy with a focus on ESG principles which means </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that it does not have a persistent bias towards particular categories of investment, such as specific countries, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">industries or style factors (i.e., specific characteristics of companies that may be considered by Fund management to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">drive returns), but it may make allocation decisions based on such categories at particular times and will have a bias </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">towards investments that BlackRock considers to have strong or improving ESG practices.</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 seeks to maintain certain ESG characteristics, climate risk exposure and climate opportunities relative to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Benchmark. Specifically, the Fund generally seeks to invest in a portfolio of equity securities that, in BlackRock’s view, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(i) has an aggregate ESG assessment that is better than that of the Benchmark, (ii) has an aggregate carbon </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">emissions assessment that is lower than that of the Benchmark and (iii) in the aggregate, includes issuers that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock believes are better positioned to capture climate opportunities relative to the issuers in the Benchmark. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may invest in other sectors that are not included in such assessments.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may use derivatives, including options, futures, swaps (including, but not limited to, total return swaps, some </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of which may be referred to as contracts for difference) and forward contracts, both to seek to increase the return of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">interest rates and movements in the securities markets. In order to manage cash flows into or out of the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">effectively, the Fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financial </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instruments whose value is derived from another security, a currency or an index, including, but not limited to, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Benchmark. The use of options, futures, swaps and forward contracts can be effective in protecting or enhancing the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">value of the Fund’s assets.</span></div> You may lose part or all of yourinvestment in the Fund or your investment may not perform as well as other similar investments. <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Equity Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Stock markets are volatile. The price of equity securities fluctuates based on changes in a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">company’s financial condition and overall market and economic conditions.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><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></div> </div> <div style="clear: both; position: relative;"></div> </div> <div style="line-height: 10.695pt; margin-left: 24pt; text-align: left;"><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; 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;">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;">ESG Investing 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;"> The Fund intends to screen out particular issuers pursuant to certain criteria established by </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock, and to measure ESG characteristics, including characteristics related to climate, with respect to certain </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments pursuant to a methodology determined by BlackRock. This may affect the Fund’s exposure to certain </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers and the Fund may forego certain investment opportunities. The Fund’s results may be lower than other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">funds that do not seek to invest in issuers based on ESG criteria, or that use a different methodology to screen out </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers or evaluate ESG criteria. The Fund seeks to identify issuers that it believes are better positioned to manage </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">ESG risks and opportunities related to their businesses and to avoid certain companies and industries with ESG </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">related risks, but investors may differ in their views of what constitutes positive or negative ESG criteria. As a result, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund may invest in issuers that do not reflect the beliefs and values of any particular investor. In evaluating a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">security or issuer based on ESG criteria, BlackRock is dependent upon certain information and data from third party </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">providers of ESG research, which may be incomplete, inaccurate or unavailable. As a result, there is a risk that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock may incorrectly assess a security or issuer. There is also a risk that BlackRock may not apply the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">relevant ESG criteria correctly or that the Fund could have indirect exposure to issuers who do not meet the relevant </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">ESG criteria used by the Fund. Neither the Fund nor BlackRock make any representation or warranty, express or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of such ESG </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">assessment. There may be limitations with respect to availability of ESG data in certain sectors, as well as limited </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">availability of investments with positive ESG assessments in certain sectors. BlackRock’s evaluation of ESG criteria </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">is subjective and may change over time.</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 Fund may not include all instruments in its ESG-related assessments, and may place weight on other factors </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">when selecting investments. In addition, the Fund may not be successful in its ESG-related objectives. There is no </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">guarantee that these objectives will be achieved, and such assessments are at BlackRock’s discretion.</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;">China Investments Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">— </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities, are subject to risks specific to China. China may be subject to considerable degrees of economic, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">political and social instability. Despite significant economic and market reforms in recent decades, the Chinese </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">government’s control over certain sectors and enterprises and significant regulation of investment and industry are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">still pervasive. Chinese companies are subject to the risk that Chinese authorities can intervene in their operations </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and structure. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">resulting from governmental influence, a lack of publicly available information and/or political and social instability. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Internal social unrest or confrontations with other countries, including military conflicts in response to such events, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may disrupt China’s economy and markets and result in a greater risk of currency fluctuations, currency non-</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">convertibility, interest rate fluctuations and higher inflation.</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;">China has experienced security concerns, such as terrorism and strained international relations. Additionally, China </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Actual and threatened responses to such activity and strained international relations, including purchasing </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">restrictions, sanctions, export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may impact China’s economy and Chinese issuers in which the Fund invests. Incidents involving China’s or the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">region’s security may adversely affect the Chinese economy and markets and the Fund’s investments. The Chinese </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">tensions or a trade war between China and the United States or in response to actual or alleged Chinese cyber </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;">activity) or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Chinese economy. Certain companies may be subject to economic or trade restrictions (but not investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">restrictions) imposed by the United States or other governments due to national security, human rights or other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">concerns of such government. So long as these restrictions do not include restrictions on investments, the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may invest in such companies. Other economic challenges for China include indebtedness, weak consumer </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">demand, and an aging population. China continues to face pressure from its trading partners over its exporting of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">its excess industrial capacity and overall approach to economic management.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The United States and China have been engaged in an ongoing trade war with one another, which has led to trade </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">frictions between their economies and negative flow-on consequences on global markets and other nations closely </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">affiliated with those countries. The current political climate has intensified concerns about an ongoing trade war </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">between China and the United States, as each country has imposed tariffs on the other country’s products. These </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">actions may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">substantial price reductions of goods and possible failure of individual companies and/or large segments of China’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">export industry, which could have a negative impact on the Fund’s performance. In addition, there is a risk that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">further capital controls and/or sanctions may be imposed, which could include the prohibition of, or restrictions on, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">actions, such as seizure of assets. Any of these actions could severely impair the Fund’s ability to purchase, sell, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transfer, receive, deliver or otherwise obtain exposure to Chinese securities and assets, including the ability to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transfer the Fund’s assets or income back into the United States, and could negatively impact the value and/or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">liquidity of such assets or otherwise adversely affect the Fund’s operations, causing the Fund to decline in value. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">imposed or other escalating actions may be taken in the future. From time to time, China has experienced </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">outbreaks of infectious illnesses. The country may be subject to other public health threats, infectious illnesses, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">diseases or similar issues in the future. Any spread of an infectious illness, public health threat or similar issue </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and generally have a significant impact on the Chinese economy, which in turn could adversely affect the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">requirements, accounting standards or auditor oversight as companies in more developed countries. As a result, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">information about the Chinese securities in which the Fund invests may be less reliable or complete. Chinese </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and auditor oversight requirements, which would significantly decrease the liquidity and value of the securities. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">There may be significant obstacles to obtaining information necessary for investigations into or litigation against </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Chinese companies, and shareholders may have limited legal remedies. Many Chinese companies listed on U.S. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exchanges use variable interest entities or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">VIEs</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> in their structure as a result of foreign ownership restrictions. Any </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">change in the operations of entities in a VIE structure, the status of VIE contractual arrangements or the legal or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">regulatory environment in China could result in significant, and possibly permanent and/or total, losses for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments in VIE issuers. The Fund does not select investments based on investor protection considerations.</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;">China Risk — Risk of Investing through Stock Connect</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Investing in eligible ETFs and A-shares (“Stock Connect </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Securities”) through Stock Connect is subject to trading, clearance, settlement and other procedures, which could </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">pose risks to the Fund. Trading through Stock Connect is subject to the Daily Quota, which may restrict the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">ability to invest in Stock Connect Securities through Stock Connect on a timely basis and could affect the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">ability to effectively pursue its investment strategy. Stock Connect will only operate on days when both the Chinese </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and Hong Kong markets are open for trading and when banking services are available in both markets on the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">corresponding settlement days. Therefore, an investment in Stock Connect Securities through Stock Connect may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">subject the Fund to the risk of price fluctuations on days when the Chinese markets are open, but Stock Connect is </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">not trading.</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;">China Tax Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Withholding Income Tax Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> – According to PRC tax regulations, a 10% withholding income tax is </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">imposed on PRC sourced dividends and interests from non-government bonds paid to a non-PRC tax resident </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">enterprise, unless the rate is reduced under an applicable tax treaty. From a technical perspective, withholding </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">income tax is also applicable to capital gains realized by foreign investors on the disposal of PRC equity interests.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">There are however certain tax exemptions available, some temporary in nature, highlighted below.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(“RQFIIs”) from tax on capital gains derived from the trading of shares and other equity interest investments on or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital </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;">gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">temporary exemptions is not stated in the circulars and is subject to termination by the PRC tax authorities with or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">without notice.</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;">On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional investors </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">are temporarily exempt from withholding income tax with respect to interest income on bonds derived from the PRC </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">bond market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA issued </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. It is unclear </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">whether the temporary exemption will be further extended.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Value Added Tax (“VAT”) Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> – From May 1, 2016, VAT applies to certain income derived by the Fund, including PRC </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">sourced interest income on non-government bonds and trading gains.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">There are however certain tax exemptions available, some temporary in nature, highlighted below.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">VAT exemptions currently apply to capital gains from trading of QFII and RQFII products, A-Shares traded on the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Stock Connects and debt securities traded in the China Interbank Bond Market.</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;">On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional investors </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond market from </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA jointly issued Public Notice 34 </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on July 31, 2025, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">MoF and STA jointly issued Public Notice No 4 of 2025, stating that VAT will apply with respect to interest income </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">derived from treasury bonds, local government bonds and financial bonds issued on or after August 8, 2025. It is </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">understood that Public Notice No 4 of 2025 does not supersede the afore-mentioned exemption for foreign </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">institutional investors. Moreover, it is unclear whether the temporary exemption from VAT issued in Public Notice 34 </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">will be further extended with respect to interest income on bonds derived from the PRC bond market and issued </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">before August 8, 2025.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC tax </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">authorities may result in a loss which could be material to the Fund. There is a risk the PRC tax authorities may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">withdraw the temporary tax exemptions in the future and seek to collect taxes realized on the sale of A-Shares or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">PCR sourced interest income on non-government bonds received by the Fund without giving any prior notice. If the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">temporary tax exemptions are withdrawn, any taxes may be directly borne by or indirectly passed on to the Fund and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may result in a substantial impact to its net asset value. As with any net asset value adjustment, investors may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">There will be no retrospective restatement of 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 style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock will keep the provisioning policy for tax liability under review and may, in its discretion from time to time, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">make a provision for potential tax liabilities if in its opinion such provision is warranted or as further clarified by the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">PRC in notifications.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Convertible Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The market value of a convertible security performs like that of a regular debt </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">their market value may change based on changes in the issuer’s credit rating or the market’s perception of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">converted, a convertible security is also subject to the same types of market and issuer risks that apply to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">underlying common stock, including the potential for increased volatility in the price of the convertible security.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Depositary Receipts Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Depositary receipts are generally subject to the same risks as the foreign securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that they evidence or into which they may be converted. In addition to investment risks associated with the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">is, in the United States, considered material. Therefore, there may be less information available regarding these </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers and there may not be a correlation between such information and the market value of the depositary </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">respective markets and currencies, they continue to be subject to many of the risks associated with investing </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">directly in foreign securities, including political, economic, and currency risk.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">increase volatility. Derivatives involve significant risks, including:</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div style="line-height: 10.695pt; margin-left: 12pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Leverage Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">movements may result in large changes in the value of a derivatives position and can result in losses that greatly </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exceed the amount originally invested.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Some derivatives are more sensitive to interest rate changes and market price fluctuations than </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">derivatives positions to lose value.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Counterparty Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Derivatives are also subject to counterparty risk, which is the risk that the other party in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure to such a counterparty.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Illiquidity Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">difficult for the Fund to value accurately.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Operational Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The use of derivatives includes the risk of potential operational issues, including documentation </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issues, settlement issues, systems failures, inadequate controls and human error.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Legal Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">enforceability of a contract.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Volatility and Correlation Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Volatility is defined as the characteristic of a security, an index or a market to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fluctuations in their values may not correlate with the overall securities markets.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Valuation Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Valuation for derivatives may not be readily available in the market. Valuation may be more difficult </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in times of market turmoil since many investors and market makers may be reluctant to purchase complex </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instruments or quote prices for them.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Hedging Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Hedges are sometimes subject to imperfect matching between the derivative and the underlying </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may result in certain adverse tax consequences.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Tax Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Certain aspects of the tax treatment of derivative instruments, including swap agreements and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">realizes from its investments.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Leverage Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Some transactions may give rise to a form of economic leverage. These transactions may include, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to meet the applicable requirements of the Investment Company Act of 1940, as amended, and the rules </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">thereunder. Increases and decreases in the value of the Fund’s portfolio will be magnified when the Fund uses </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">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. This means you may lose money.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">“New Issues” Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> “New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and information about the companies may be available for very limited periods. In addition, the prices of securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">sold in IPOs may be highly volatile or may decline shortly after the IPO.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Operational and Technology Risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund is directly and indirectly susceptible to operational and technology </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risks, including those related to human errors, processing errors, communication errors, systems failures, </span></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;">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; 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;">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> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Effective November 2, 2021, the Fund changed its name, investment process and investment strategies. Performance </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the periods prior to November 2, 2021 shown below is based on the investment process and investment strategies </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">utilized by the Fund under the name “BlackRock Asian Dragon Fund.”</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Effective October 31, 2017, the Fund changed its name, investment objective and investment strategies. Performance </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the periods prior to October 31, 2017 shown below is based on the investment strategies utilized by the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">under the name “BlackRock Pacific Fund, Inc.”</span></div> <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 MSCI Emerging Markets Index </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(Net). To the extent that dividends and distributions have been paid by the Fund, the performance information for the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund in the chart and table assumes reinvestment of the dividends and distributions. As with all such investments, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the</span> <span style="color: #000000; font-family: arial; font-size: 9.30pt;">bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and</span> <span style="color: #000000; font-family: arial; font-size: 9.30pt;">sales charges. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance, including its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">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 therisks 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 thebar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees andsales charges. www.blackrock.com (800) 882-0052 Investor A Shares ANNUAL TOTAL RETURNS BlackRock Sustainable Emerging Markets Equity Fund As of 12/31 <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">During the ten-year period shown in the bar chart, the highest return for a quarter was 19.46% (quarter ended </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">December 31, 2020) and the lowest return for a quarter was -20.00% (quarter ended March 31, 2020). The year-to-date return</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> as of June 30, 2025 was 16.30%.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> highest return 0.1946 2020-12-31 lowest return -0.2000 2020-03-31 year-to-date return 2025-06-30 0.1630 For the periods ended 12/31/24Average Annual Total Returns -0.0357 -0.0153 0.0188 -0.0395 -0.0245 0.0071 -0.0154 -0.0100 0.0151 0.0193 -0.0022 0.0267 0.0155 -0.0077 0.0205 0.0750 0.0170 0.0364 <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 Institutional and Class R Shares will vary.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do notreflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and maydiffer from those shown, and the after-tax returns shown are not relevant to investors who hold their shares throughtax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown forInvestor A Shares only, and the after-tax returns for Institutional and Class R Shares will vary. Fund OverviewKey Facts About BlackRock Sustainable Emerging Markets Equity Fund Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The investment objective of BlackRock Sustainable Emerging Markets Equity Fund (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;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">), a series of BlackRock </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Funds VII, Inc. (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;">Corporation</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 to maximize total return.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </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 your 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 (</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 </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) 0.0060 0 0.0038 0.0001 0.0099 -0.0017 0.0082 June 30, 2027 The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets given in the Fund’s most recent Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses. Example: <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or lower, based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> 84 298 531 1198 Portfolio Turnover: <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span></div> <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">47</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">% of the average value of its portfolio.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> 0.47 Principal Investment Strategies of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment purposes in the equity securities of issuers located in countries with emerging markets and derivatives that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">have similar economic characteristics. Investments in derivatives are counted toward the Fund’s 80% policy to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">extent that they provide investment exposure to the securities included within that policy or to one or more market risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">factors associated with such securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">An emerging market is the market of any country that the World Bank, the International Finance Corporation, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">United Nations or its authorities have determined to have a low or middle income economy. Countries with emerging </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">markets can be found in regions such as Asia, Latin America, Eastern Europe, the Middle East and Africa. For this </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">purpose, emerging markets include, but are not limited to, the markets of all countries that comprise the MSCI </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Emerging Markets Index (the “Benchmark”). The Fund may also consider an issuer to be located in a country that has </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">an emerging market if at least 50% of the issuer’s assets, gross revenues or profits in any one of the last two years </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">represents assets or activities located in such countries.</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;">Equity securities include common stock and preferred stock. The Fund primarily seeks to buy common stock and may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">also invest in preferred stock. The Fund may invest in equity securities of any market capitalization. From time to time </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund may invest in shares of companies through “new issues” or initial public offerings (“IPOs”). The Fund may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">also purchase convertible securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may invest up to 25% of its assets in equity securities of issuers domiciled in the People’s Republic of China </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(“China” or the “PRC” and, for the purpose of this policy, excluding Hong Kong, Macau and Taiwan) and listed in China </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that are accessible through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Connect program (collectively, “Stock Connect”).</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;">To determine the Fund’s investable universe, Fund management will first seek to screen out certain issuers based on </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">ESG criteria determined by BlackRock, subject to the considerations noted below.</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;">Such screening criteria principally includes: (i) issuers that derive more than zero percent revenue from the production </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of controversial weapons; (ii) issuers that derive more than zero percent revenue from the production of civilian </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">firearms; (iii) issuers that derive more than zero percent revenue from the production of tobacco-related products; </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(iv) issuers that derive more than five percent of revenue from thermal coal generation, unless such issuers either </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(a) have made certain commitments to reduce climate impact or (b) derive at least fifty percent of revenue from </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">alternative energy sources; (v) issuers that derive more than five percent of revenue from thermal coal mining; </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(vi) issuers that derive more than five percent of revenue from oil sands extraction; and (vii) issuers identified as </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">violators of the United Nations Global Compact, which are globally accepted principles covering corporate behavior in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the areas of human rights, labor, environment, and anti-corruption.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Notwithstanding the foregoing, the Fund may invest in green bonds of issuers that exceed the thresholds stated in (iv), </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(v) or (vi) above. The Fund relies on one or more third-party ratings agencies to identify issuers for purposes of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">above screening criteria. Third-party rating agencies may base the above screening criteria on an estimate when </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">revenue for a covered business activity is not disclosed by the issuer or publicly available.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund’s screening criteria is measured at the time of investment and is dependent upon information and data that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may be incomplete, inaccurate, unavailable or estimated. Where the Fund’s criteria looks solely to third-party ratings or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">data, issuers are only screened to the extent such ratings or data have been assigned or made available by the third </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">parties. This screening criteria is subject to change over time at BlackRock’s discretion. In addition, the Fund may gain </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">indirect exposure (through, including but not limited to, derivatives and investments in other investment companies) to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers with exposures that are inconsistent with the ESG-related criteria used by BlackRock.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund will seek to invest in companies with sustainable business models which have a strong consideration for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">ESG risks and opportunities. Investment decisions are based on BlackRock’s fundamental research focusing on </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">bottom up (i.e., company-specific) analysis that seeks to identify and select equity and equity-related securities that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">can, as a portfolio, deliver the Fund’s investment objective. BlackRock’s company-specific research uses techniques to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">assess equity characteristics such as strength of earnings, quality of balance sheet, cashflow trends and relative </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">valuation, as well as assessing companies’ ESG practices. BlackRock also uses macro-economic and country level </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">research to inform its equity selection and to identify opportunities where it considers particular countries may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">generate strong performance. BlackRock has a flexible allocation strategy with a focus on ESG principles which means </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that it does not have a persistent bias towards particular categories of investment, such as specific countries, </span></div> <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">industries or style factors (i.e., specific characteristics of companies that may be considered by Fund management to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">drive returns), but it may make allocation decisions based on such categories at particular times and will have a bias </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">towards investments that BlackRock considers to have strong or improving ESG practices.</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 seeks to maintain certain ESG characteristics, climate risk exposure and climate opportunities relative to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Benchmark. Specifically, the Fund generally seeks to invest in a portfolio of equity securities that, in BlackRock’s view, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(i) has an aggregate ESG assessment that is better than that of the Benchmark, (ii) has an aggregate carbon </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">emissions assessment that is lower than that of the Benchmark and (iii) in the aggregate, includes issuers that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock believes are better positioned to capture climate opportunities relative to the issuers in the Benchmark. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may invest in other sectors that are not included in such assessments.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may use derivatives, including options, futures, swaps (including, but not limited to, total return swaps, some </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of which may be referred to as contracts for difference) and forward contracts, both to seek to increase the return of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">interest rates and movements in the securities markets. In order to manage cash flows into or out of the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">effectively, the Fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financial </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instruments whose value is derived from another security, a currency or an index, including, but not limited to, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Benchmark. The use of options, futures, swaps and forward contracts can be effective in protecting or enhancing the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">value of the Fund’s assets.</span></div> You may lose part or all of yourinvestment in the Fund or your investment may not perform as well as other similar investments. <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Equity Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Stock markets are volatile. The price of equity securities fluctuates based on changes in a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">company’s financial condition and overall market and economic conditions.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><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;">Emerging Markets Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Emerging markets are riskier than more developed markets because they tend to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">liquidity than developed markets.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">ESG Investing 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;"> The Fund intends to screen out particular issuers pursuant to certain criteria established by </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock, and to measure ESG characteristics, including characteristics related to climate, with respect to certain </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments pursuant to a methodology determined by BlackRock. This may affect the Fund’s exposure to certain </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers and the Fund may forego certain investment opportunities. The Fund’s results may be lower than other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">funds that do not seek to invest in issuers based on ESG criteria, or that use a different methodology to screen out </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers or evaluate ESG criteria. The Fund seeks to identify issuers that it believes are better positioned to manage </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">ESG risks and opportunities related to their businesses and to avoid certain companies and industries with ESG </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">related risks, but investors may differ in their views of what constitutes positive or negative ESG criteria. As a result, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund may invest in issuers that do not reflect the beliefs and values of any particular investor. In evaluating a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">security or issuer based on ESG criteria, BlackRock is dependent upon certain information and data from third party </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">providers of ESG research, which may be incomplete, inaccurate or unavailable. As a result, there is a risk that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock may incorrectly assess a security or issuer. There is also a risk that BlackRock may not apply the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">relevant ESG criteria correctly or that the Fund could have indirect exposure to issuers who do not meet the relevant </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">ESG criteria used by the Fund. Neither the Fund nor BlackRock make any representation or warranty, express or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of such ESG </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">assessment. There may be limitations with respect to availability of ESG data in certain sectors, as well as limited </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">availability of investments with positive ESG assessments in certain sectors. BlackRock’s evaluation of ESG criteria </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">is subjective and may change over time.</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 Fund may not include all instruments in its ESG-related assessments, and may place weight on other factors </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">when selecting investments. In addition, the Fund may not be successful in its ESG-related objectives. There is no </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">guarantee that these objectives will be achieved, and such assessments are at BlackRock’s discretion.</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;">China Investments Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">— </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities, are subject to risks specific to China. China may be subject to considerable degrees of economic, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">political and social instability. Despite significant economic and market reforms in recent decades, the Chinese </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">government’s control over certain sectors and enterprises and significant regulation of investment and industry are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">still pervasive. Chinese companies are subject to the risk that Chinese authorities can intervene in their operations </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and structure. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">resulting from governmental influence, a lack of publicly available information and/or political and social instability. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Internal social unrest or confrontations with other countries, including military conflicts in response to such events, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may disrupt China’s economy and markets and result in a greater risk of currency fluctuations, currency non-</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">convertibility, interest rate fluctuations and higher inflation.</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;">China has experienced security concerns, such as terrorism and strained international relations. Additionally, China </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Actual and threatened responses to such activity and strained international relations, including purchasing </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">restrictions, sanctions, export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may impact China’s economy and Chinese issuers in which the Fund invests. Incidents involving China’s or the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">region’s security may adversely affect the Chinese economy and markets and the Fund’s investments. The Chinese </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">tensions or a trade war between China and the United States or in response to actual or alleged Chinese cyber </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">activity) or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Chinese economy. Certain companies may be subject to economic or trade restrictions (but not investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">restrictions) imposed by the United States or other governments due to national security, human rights or other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">concerns of such government. So long as these restrictions do not include restrictions on investments, the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may invest in such companies. Other economic challenges for China include indebtedness, weak consumer </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">demand, and an aging population. China continues to face pressure from its trading partners over its exporting of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">its excess industrial capacity and overall approach to economic management.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The United States and China have been engaged in an ongoing trade war with one another, which has led to trade </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">frictions between their economies and negative flow-on consequences on global markets and other nations closely </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">affiliated with those countries. The current political climate has intensified concerns about an ongoing trade war </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">between China and the United States, as each country has imposed tariffs on the other country’s products. These </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">actions may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">substantial price reductions of goods and possible failure of individual companies and/or large segments of China’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">export industry, which could have a negative impact on the Fund’s performance. In addition, there is a risk that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">further capital controls and/or sanctions may be imposed, which could include the prohibition of, or restrictions on, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">actions, such as seizure of assets. Any of these actions could severely impair the Fund’s ability to purchase, sell, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transfer, receive, deliver or otherwise obtain exposure to Chinese securities and assets, including the ability to </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;">transfer the Fund’s assets or income back into the United States, and could negatively impact the value and/or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">liquidity of such assets or otherwise adversely affect the Fund’s operations, causing the Fund to decline in value. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">imposed or other escalating actions may be taken in the future. From time to time, China has experienced </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">outbreaks of infectious illnesses. The country may be subject to other public health threats, infectious illnesses, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">diseases or similar issues in the future. Any spread of an infectious illness, public health threat or similar issue </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and generally have a significant impact on the Chinese economy, which in turn could adversely affect the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">requirements, accounting standards or auditor oversight as companies in more developed countries. As a result, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">information about the Chinese securities in which the Fund invests may be less reliable or complete. Chinese </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and auditor oversight requirements, which would significantly decrease the liquidity and value of the securities. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">There may be significant obstacles to obtaining information necessary for investigations into or litigation against </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Chinese companies, and shareholders may have limited legal remedies. Many Chinese companies listed on U.S. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exchanges use variable interest entities or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">VIEs</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> in their structure as a result of foreign ownership restrictions. Any </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">change in the operations of entities in a VIE structure, the status of VIE contractual arrangements or the legal or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">regulatory environment in China could result in significant, and possibly permanent and/or total, losses for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments in VIE issuers. The Fund does not select investments based on investor protection considerations.</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;">China Risk — Risk of Investing through Stock Connect</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Investing in eligible ETFs and A-shares (“Stock Connect </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Securities”) through Stock Connect is subject to trading, clearance, settlement and other procedures, which could </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">pose risks to the Fund. Trading through Stock Connect is subject to the Daily Quota, which may restrict the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">ability to invest in Stock Connect Securities through Stock Connect on a timely basis and could affect the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">ability to effectively pursue its investment strategy. Stock Connect will only operate on days when both the Chinese </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and Hong Kong markets are open for trading and when banking services are available in both markets on the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">corresponding settlement days. Therefore, an investment in Stock Connect Securities through Stock Connect may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">subject the Fund to the risk of price fluctuations on days when the Chinese markets are open, but Stock Connect is </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">not trading.</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;">China Tax Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Withholding Income Tax Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> – According to PRC tax regulations, a 10% withholding income tax is </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">imposed on PRC sourced dividends and interests from non-government bonds paid to a non-PRC tax resident </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">enterprise, unless the rate is reduced under an applicable tax treaty. From a technical perspective, withholding </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">income tax is also applicable to capital gains realized by foreign investors on the disposal of PRC equity interests.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">There are however certain tax exemptions available, some temporary in nature, highlighted below.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(“RQFIIs”) from tax on capital gains derived from the trading of shares and other equity interest investments on or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">temporary exemptions is not stated in the circulars and is subject to termination by the PRC tax authorities with or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">without notice.</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;">On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional investors </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">are temporarily exempt from withholding income tax with respect to interest income on bonds derived from the PRC </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">bond market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA issued </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. It is unclear </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">whether the temporary exemption will be further extended.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Value Added Tax (“VAT”) Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> – From May 1, 2016, VAT applies to certain income derived by the Fund, including PRC </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">sourced interest income on non-government bonds and trading gains.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">There are however certain tax exemptions available, some temporary in nature, highlighted below.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">VAT exemptions currently apply to capital gains from trading of QFII and RQFII products, A-Shares traded on the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Stock Connects and debt securities traded in the China Interbank Bond Market.</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;">On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional investors </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond market from </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;">November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA jointly issued Public Notice 34 </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on July 31, 2025, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">MoF and STA jointly issued Public Notice No 4 of 2025, stating that VAT will apply with respect to interest income </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">derived from treasury bonds, local government bonds and financial bonds issued on or after August 8, 2025. It is </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">understood that Public Notice No 4 of 2025 does not supersede the afore-mentioned exemption for foreign </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">institutional investors. Moreover, it is unclear whether the temporary exemption from VAT issued in Public Notice 34 </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">will be further extended with respect to interest income on bonds derived from the PRC bond market and issued </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">before August 8, 2025.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC tax </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">authorities may result in a loss which could be material to the Fund. There is a risk the PRC tax authorities may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">withdraw the temporary tax exemptions in the future and seek to collect taxes realized on the sale of A-Shares or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">PCR sourced interest income on non-government bonds received by the Fund without giving any prior notice. If the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">temporary tax exemptions are withdrawn, any taxes may be directly borne by or indirectly passed on to the Fund and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may result in a substantial impact to its net asset value. As with any net asset value adjustment, investors may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">There will be no retrospective restatement of 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 style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock will keep the provisioning policy for tax liability under review and may, in its discretion from time to time, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">make a provision for potential tax liabilities if in its opinion such provision is warranted or as further clarified by the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">PRC in notifications.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Convertible Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The market value of a convertible security performs like that of a regular debt </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">their market value may change based on changes in the issuer’s credit rating or the market’s perception of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">converted, a convertible security is also subject to the same types of market and issuer risks that apply to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">underlying common stock, including the potential for increased volatility in the price of the convertible security.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Depositary Receipts Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Depositary receipts are generally subject to the same risks as the foreign securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that they evidence or into which they may be converted. In addition to investment risks associated with the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">is, in the United States, considered material. Therefore, there may be less information available regarding these </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers and there may not be a correlation between such information and the market value of the depositary </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">respective markets and currencies, they continue to be subject to many of the risks associated with investing </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">directly in foreign securities, including political, economic, and currency risk.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">increase volatility. Derivatives involve significant risks, including:</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Leverage Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">movements may result in large changes in the value of a derivatives position and can result in losses that greatly </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exceed the amount originally invested.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Some derivatives are more sensitive to interest rate changes and market price fluctuations than </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">derivatives positions to lose value.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Counterparty Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Derivatives are also subject to counterparty risk, which is the risk that the other party in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure to such a counterparty.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Illiquidity Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">difficult for the Fund to value accurately.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Operational Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The use of derivatives includes the risk of potential operational issues, including documentation </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issues, settlement issues, systems failures, inadequate controls and human error.</span></div> <div style="line-height: 10.695pt; margin-left: 12pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Legal Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">enforceability of a contract.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Volatility and Correlation Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Volatility is defined as the characteristic of a security, an index or a market to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fluctuations in their values may not correlate with the overall securities markets.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Valuation Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Valuation for derivatives may not be readily available in the market. Valuation may be more difficult </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in times of market turmoil since many investors and market makers may be reluctant to purchase complex </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instruments or quote prices for them.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Hedging Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Hedges are sometimes subject to imperfect matching between the derivative and the underlying </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may result in certain adverse tax consequences.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Tax Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Certain aspects of the tax treatment of derivative instruments, including swap agreements and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">realizes from its investments.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">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, as amended, and the rules thereunder. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Increases and 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. This means you may lose money.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">“New Issues” Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> “New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and information about the companies may be available for very limited periods. In addition, the prices of securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">sold in IPOs may be highly volatile or may decline shortly after the IPO.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Operational and Technology Risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund is directly and indirectly susceptible to operational and technology </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risks, including those related to human errors, processing errors, communication errors, systems failures, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cybersecurity incidents, and the use of 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;">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> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Effective November 2, 2021, the Fund changed its name, investment process and investment strategies. Performance </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the periods prior to November 2, 2021 shown below is based on the investment process and investment strategies </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">utilized by the Fund under the name “BlackRock Asian Dragon Fund.”</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Effective October 31, 2017, the Fund changed its name, investment objective and investment strategies. Performance </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the periods prior to October 31, 2017 shown below is based on the investment strategies utilized by the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">under the name “BlackRock Pacific Fund, Inc.”</span></div> <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. Class K Shares commenced operations on January 25, 2018. As a result, the returns </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shown below for Class K Shares prior to January 25, 2018 are those of the Fund’s Institutional Shares, which are not </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">offered in this prospectus. The performance of Class K Shares would be substantially similar to Institutional Shares </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">differ only to the extent that Institutional Shares and Class K Shares have different expenses. The actual returns of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">expenses than the Institutional Shares. The table compares the Fund’s performance to that of the MSCI Emerging </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Markets Index (Net). 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 BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance, including its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">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 therisks of investing in the Fund. As with allsuch 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 Sustainable Emerging Markets Equity Fund As of 12/31 <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">During the ten-year period shown in the bar chart, the highest return for a quarter was 19.60% (quarter ended </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">December 31, 2020) and the lowest return for a quarter was -20.00% (quarter ended March 31, 2020). The year-to-date return</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> as of June 30, 2025 was 16.53%.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> highest return 0.1960 2020-12-31 lowest return -0.2000 2020-03-31 year-to-date return 2025-06-30 0.1653 For the periods ended 12/31/24Average Annual Total Returns 0.0198 -0.0019 0.0270 0.0150 -0.0118 0.0145 0.0181 0.0000 0.0213 0.0750 0.0170 0.0364 <div style="line-height: 10.695pt; text-align: left;"><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 notreflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and maydiffer from those shown, and the after-tax returns shown are not relevant to investors who hold their shares throughtax-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 50, 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 directors of the Corporation or by a vote of a majority of the outstanding voting securities of the Fund. The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 50, 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 1.11% (for Investor A Shares), 0.86% (for Institutional Shares) and 1.36% (for Class R 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 directors of the the Corporation or by a vote of a majority of the outstanding voting securities of the Fund. A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more. Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is the case,index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 39, 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 directors of the Corporation or by a vote of a majority of the outstanding voting securities of the Fund. The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets given in the Fund’s most recent Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 39, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.81% 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 directors of the Corporation or by a vote of a majority of the outstanding voting securities of the Fund. Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is the case,index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any.