Global Allocation (GA) Selects Tax-Aware Managed Portfolio Strategies

Global Allocation (GA) Selects Tax-Aware Model Portfolios Monthly Update

September 2021

Globally diversified model portfolios that combine team-affiliated* mutual funds with an open architecture ETF platform

WHAT GA SELECTS OFFERS WHAT’S INSIDE

Comprehensive investment solutions, managed by Market Review 2 the BlackRock Global Allocation team, designed to enable advisors to operate more efficiently and help Outlook & Positioning 2 clients meet their long-term goals Portfolio Holdings 3 • Experienced portfolio management team responsible for overall asset allocation and 20/80 Model Portfolio 4 & 5 individual security selection 40/60 Model Portfolio 6 & 7 • Combination of alpha, index and factor solutions 60/40 Model Portfolio 8 & 9

• Dynamic portfolios with flexibility to adapt as 80/20 Model Portfolio. 10 & 11 market conditions change

Rick Rieder Russ Koesterich, CFA David Clayton, CFA Kate Moore

An experienced investment team, backed by an extensive roster of analysts, and BlackRock’s global resources, who together employ macro research, fundamental security selection, and quantitative strategies, to build flexible model portfolios based on specific client risk profiles.

Macro Research Fundamental Security Selection Quantitative Strategies Macro analysts provide economic Fundamental analysts, primarily Quantitative analysts implement framework & daily market insights, segmented by global equity systematic strategies & style factor for real time implementation of industry, have the flexibility to tilts, calibrate portfolio exposures, & strategic & tactical views recommend securities across the monitor risk capital stack

* The term team-affiliated represents any mutual fund managed by the Global Allocation Team and/or any mutual fund in which Rick Rieder, BlackRock’s Chief Investment Officer of Global Fixed Income, is a named portfoliomanager.Diversification does not guaranteea profit or eliminate the potential for loss.

This information is provided for illustrative and educational purposes only. This information does not constitute research, personalized investment advice, or a fiduciary investment recommendation from BlackRock to any client of a third party financial professional, and is intended for use only by such financial professional, in consultation with their client and with other information, as a resource to help build a portfolio or as an input in the development of investment advice for its own clients. Such financial professionals are responsible for making their own independent judgment as to how to use this information. BlackRock does not have investment discretion over, or place trade orders for, any portfolios or accounts derived from this information. Holdings, performance, and other characteristics of any portfolios or accounts derived from this information may vary materially from the information shown herein. Please review the disclosures at the end of this document for more information.

iCRMH0921U/S-1830242-1/15• 1 Market Review* • Stock indexes rally in August : Global stocks posted their seventh consecutive monthly gain during August, led higher by Chinese equities despite growing regulatory concerns within the country and increasing signs of below average economic growth. U.S. and Japanese equities advanced the most among developed markets (U.S. stocks were buoyed by stronger than expected manufacturing and industrial data), while European stocks posted solid, but less substantial gains. Emerging market stocks also rose in August, despite continuing to underperform developed market stocks on a YTD basis due to challenges pertaining to COVID-19. • U.S. large-cap stocks continued to outperform small caps: Although it was a solid month for both U.S. large-cap stocks, as represented by the S&P 500, and small-cap stocks, as represented by the Russell 2000 Index, August marked the sixth consecutive month that U.S. large-cap stocks outperformed small-caps. In terms of style preference, large-cap growth stocks, as represented by the S&P Growth Index (+4.2%), substantially outperformed large-cap value stocks, as represented by the S&P 500 Value Index (+1.7%), continuing a broader trend that began back in April. Taken in combination, we suspect investors’ preference for larger-cap, growth-oriented names may reflect a shifting preference for companies that exhibit greater earnings consistency as the current economic cycle matures. • Bond indexes generally declined in August: Most bond indexes fell during the month, with the exception of higher risk sectors within the asset class, such as U.S. high yield and emerging market sovereigns. Higher quality fixed income sectors, such as U.S. Treasuries, municipals, and U.S. investment grade bonds fell in August, as investors were willing to tolerate higher levels of risk in pursuit of higher potential returns. Developed market international bond markets were particularly poor performers during the month, weighed down by an appreciating U.S. dollar. Market Scoreboard

Stocks August (%) YTD (%) Bonds August (%) YTD (%)

U.S. Large Cap 3.0 21.6 U.S. Treasuries -0.3 -2.5

U.S. Small Cap 2.2 15.8 U.S. Municipals -0.4 1.5

Global 2.5 17.9 U.S. Investment Grade -0.2 -0.1

Europe 1.5 16.2 U.S. High Yield 0.6 4.6

China 4.5 5.2 U.S. Aggregate -0.2 -0.7

Japan 3.0 3.1 International Sovereign -0.8 -5.1

Emerging Market Stocks 2.6 2.9 Emerging Market Sovereign 1.1 0.5 Source: Bloomberg as of August 31, 2021. The above illustrates the YTD returns of the following indexes in USD through 8/31/21. U.S. large cap stocks represented by the S&P 500 Index, U.S. small cap stocks by the Russell 2000 Index, Global stocks represented by the MSCI World Net Total Return Index, European stocks by the MSCI Europe Index, Chinese stocks by the Shanghai Composite Index, Japanese stocks by the MSCI Japan Index, emerging market stocks by the MSCI Emerging Markets Index, U.S. Treasuries by the ICE BofA/ML 10-Year Treasury Index, U.S. municipal bonds by the S&P National AMT-Free Municipal Bond Total Return Index, investment grade bonds by the ICE BofA/ML U.S. Corporate Index, U.S. high yield bonds by the ICE BofA/ML U.S. High Yield Index, U.S. Aggregate by the Bloomberg U.S. Aggregate Bond Index, international bonds by the FTSE Non-USD World Gov't Bond Index, EM bonds by the JPM EMBI Global Core Index. Index performance is for illustrative purposes only. Index performance does not reflect any managementfees,transactioncostsor expenses. Indexesareunmanagedandonecannot investdirectlyin an index. Pastperformancedoes not guaranteefutureresults. Outlook & Positioning* • Remain overweight equities, but we have lowered beta recently: Despite ongoing risks posed by the contagiousness of the delta variant, we believe that U.S. economic growth should remain above-trend. Supported by historically strong labor markets and household wealth, coupled with the prospect of additional fiscal stimulus, we continue to have a more favorable view on the outlook for stocks than we do for either bonds or cash. Having said that, we have modestly reduced our equity overweights across most of our portfolios over the past month, as the confluence of seasonal factors, anticipation of likely adjustments to Federal Reserve policy later this year, and risks posed by upcoming U.S. debt-ceiling negotiations could cause equity volatility to increase from their year-to- date lows. • Emphasizing the quality factor while underweight defensive sectors: Because we believe economic growth will remain above its historical averages, particularly in the U.S. and in Europe, we continue to favor a barbell approach. This entails maintaining an overweight to secular growth stocks, such as Technology, Healthcare, and parts of Consumer Discretionary, while simultaneously remaining overweight the market’s more cyclically oriented sectors, such as Materials, Industrials and Energy. In both areas, we continue to focus on the quality factor, defined by high gross profitability, high earnings consistency, and manageable debt. Although we remain overweight Europe, we have recently begun the process of reducing our equity overweight to the region, in part, to begin placing greater emphasis on the U.S. quality factor. In addition, we have also reduced some of our equity overweight to China in recognition of the elevated regulatory risk relative to other regions. Lastly, we continue to remain underweight the market’s more “defensively” oriented sectors, including Consumer Staples and REITs, which we think may lag over the intermediate-term if economic growth remains vibrant. • Underweight duration within fixed income across our portfolios: August was the first month since April where high quality bonds - particularly long-dated U.S. Treasuries - declined in price. We believe that above average U.S. economic growth is likely to cause U.S. real interest rates to continue to follow a modestly upward trajectory. As a result, we prefer to remain underweight fixed income generally, but are particularly underweight the sector’s higher quality, duration sensitive segments, such as government bonds, agency mortgages, and investment grade bonds. Our preference is to hold less duration sensitive assets, such as high yield, bank loans, and emerging market debt. * Source: BlackRock views and Bloomberg as of date: August 31, 2021. Past performance is not indicative of future results. Forecasts are based on estimates and assumptions. There is no guarantee that they will be achieved. Positioning is subject to change. iCRMH0921U/S-1830242-2/15• 2 GA Selects Tax-Aware Model Portfolios Portfolio Holdings as of 8/31/21

20/80 40/60 60/40 80/20

U.S. Equity 13% 27% 41% 54% QUAL iShares MSCI USA Quality Factor ETF 1% 2% 2% 4% SCHA Schwab US Small-Cap ETF -- 1% 1% 1% SCHM Schwab US Mid-Cap ETF 1% 1% 1% 1% SCHG Schwab US Large-Cap Growth ETF 4% 8% 17% 20% SCHV Schwab US Large-Cap Value ETF -- 1% 10% 11% XLB Materials Select Sector SPDR ETF 1% 1% 1% 1% XLE Energy Select Sector SPDR ETF -- 1% 1% 2% XLF Financial Select Sector SPDR ETF 1% 2% 1% 2% XLI Industrials Select Sector SPDR ETF 1% 2% 2% 3% XLK Technology Select Sector SPDR ETF 1% 3% 1% 3% XLV Healthcare Select SPDR ETF 2% 3% 2% 3% XLY Consumer Discretionary Sector SPDR ETF 1% 2% 2% 3% International Equity 2% 9% 18% 27% IEFA iShares Core MSCI EAFE ETF -- -- 3% 7% HEFA iShares Currency Hedged MSCI EAFE ETF -- 4% 8% 10% IEMG iShares Core MSCI Emerging Markets ETF -- 1% 2% 4% MCHI iShares MSCI China ETF ------FEZ SPDR EURO STOXX ETF 2% 4% 5% 6% U.S. Fixed Income 69% 51% 28% 6% HYG iShares iBoxx $ High Yield Corp Bond ETF 1% 1% 1% -- SPDR® Nuveen Bloomberg Barclays Short Term SHM 13% 12% 8% 2% Municipal Bond ETF MUB iShares National Muni Bond ETF 20% 15% 4% 1% SPDR® Nuveen Bloomberg Barclays Municipal Bond TFI 13% ------ETF HYD Van Eck High Yield Muni ETF 2% 3% 3% BSIIX BlackRock Strategic Income Opportunities Fund 10% 10% 10% 3% MAHQX BlackRock Total Return Fund 10% 10% 2% Global & International Fixed Income 1% 1% 1% 1% iShares J.P. Morgan USD Emerging Markets Bond EMB 1% 1% 1% 1% ETF Multi-Asset 10% 10% 10% 10% MALOX BlackRock Global Allocation Fund 10% 10% 10% 10% Cash 5% 2% 2% 2% Gross 32 bps 33 bps 31 bps 26 bps Weight average expense ratio Net 31 bps 31 bps 28 bps 22 bps

Source: BlackRock. As of August 31, 2021

iCRMH0921U/S-1830242-3/15• 3 GA Selects Tax-Aware Model Portfolios

BlackRock 20/80 Global Allocation (GA) Selects Tax-Aware Model Portfolio as of August 31, 2021

1 Month 3 Month YTD Inception†

7.3% 7.2%

4.1% 3.6% 3.7%

2.1% 1.5% 1.6% 0.7% 0.5% 0.2% 0.3%

Axis Title Gross Net Reference Benchmark*

Model Portfolio Performance During the month of August, the 20/80 GA Selects Tax-Aware model returned 0.5% (gross of any hypothetical advisory fees) and 0.2% (net of any hypothetical advisory fees), compared to a return of 0.3% for the portfolio’s 20/80 reference benchmark*

Contributors Detractors • An overweight to high yield • Positioning within U.S. • Security selection within municipals Communication Services • Security selection within • Security selection within Energy Healthcare • An overweight to Consumer Discretionary

Source: BlackRock as of August 31, 2021. † Annualized from inception date of May 31, 2018. *Benchmark consists of 20% MSCI World Net Total Return Index, 40% Bloomberg U.S. Aggregate Bond Index, and 40% S&P National AMT-Free Muni Bond Index. Past performance does not guarantee future results. For standardized performance of the underlying funds within the model portfolios, please see the end of this document. Index performance is for illustrative purposes only. Index performance does not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Performance is annualized for time periods greater than 1 year. The performance shown does not reflect the performance of actual client accounts. Each model portfolio includes allocations to underlying constituent securities and uses the underlying securities’ historical performance. Where the constituent security is a fund, performance (i) assumes reinvestment of dividends and capital gains, (ii) reflects the deduction of fund expenses, including management fees and other expenses, and (iii) does not reflect any applicable sales charges. The performance of actual client accounts may differ from the performance shown for a variety of reasons, including but not limited to: the financial professional is responsible for implementing trades in the accounts; differences in market conditions; client-imposed investment restrictions; the timing of client investments and withdrawals; feespayable by such accounts; and/or other factors.

Gross performance does not reflect the deduction of any fees or expenses that may be charged by the financial professional. The fees and expenses that a client may incur in their account will reduce the account’s return. Net performance figures reflect the deduction of a hypothetical annual investment advisory fee of 3%, deducted monthly, that may be charged by the financial professional but do not reflect the deduction of any applicable custodial fees, platform fees or brokerage commissions. Due to the compounding effect of these fees, annual net performance results may be lower than stated gross returns less the stated hypothetical annual fee. Actual advisory fees charged by an account’s financial professional may vary. • 4

iCRMH0921U/S-1830242-4/15 GA Selects Tax-Aware Model Portfolios BlackRock 20/80 Global Allocation (GA) Selects Tax-Aware Model Portfolio† Monthly Activity as of August 31, 2021 • Overweight equities: The 20/80 tax aware portfolio’s equity weighting decreased to 24% from 25% in August but remains overweight its benchmark**. Despite ongoing risks posed by the contagiousness of the delta variant, we believe that U.S. economic growth should remain above-trend. Supported by historically strong labor markets and household wealth, coupled with the prospect of additional fiscal stimulus, we continue to have a more favorable view on the outlook for stocks than we do for either bonds or cash. As a result, we are comfortable remaining overweight equities within the 20/80 tax aware portfolio, with a roughly equal emphasis across many of the market’s more economically “cyclical” sectors and its longer-term “secular growth” sectors.

• Decrease in aggregate stock weighting: We made few adjustments within the 20/80 tax aware portfolio’s equity allocation during August. One refinement was to increase the portfolio’s exposure to the U.S. quality factor at the expense of European equities. Our objective with these changes was to increase the portfolio’s exposure to those companies that tend to have higher levels of profitability and earnings consistency. At this point in the market cycle, it is our view that investors are likely to place a premium on the ‘steadiness’ and ‘durability’ of corporate earnings, rather than exhibit a strong preference for either the ‘growth’ or ‘value’ styles. European equity markets tend to have a greater level of cyclical exposure than their U.S. counterparts. The cumulative effect of these adjustments resulted in a decrease to the portfolio’s allocation to non-U.S. developed market stocks.

• Increased exposure to bonds: The 20/80 tax aware portfolio’s fixed income weighting increased to 73% from 72% in August and remains materially underweight its benchmark, both in terms of its overall bond exposure and its duration. During the month, we increased exposure to intermediate-term municipal bonds, while simultaneously reducing exposure to short-term municipal bonds. Modest additions to, and adjustments within, our team-affiliated fixed income mutual funds resulted in a modest increase in the portfolio’s overall exposure to securitized assets and a decrease in exposure to developed market non-U.S. government bonds. As a result of these changes, the portfolio’s duration increased slightly during the month to 3.3 years from 3.2 years, but remains well below the benchmark’s duration of 5.2 years.

Weighting Change vs. Relative to Positioning as of August 31, 2021† as of Prior Benchmark** 8/31/21* Month Asset Allocation Common Equity 24% ▼1% +4%  U.S. Equity 18% -- +5%

 Developed Non-U.S. Equity 5% ▼1% -2%  Emerging Market Equity 1% -- +1%

Fixed Income 73% ▲1% -7%  U.S. Treasuries 3% ▼1% -13%  Developed Non-U.S. Gov’t Bonds -- ▼1% -- Currency Allocation  Emerging Market Gov’t Bonds 3% -- +2%  Municipal Bonds 48% ▲2% +8%  U.S. Investment Grade Bonds 3% -- -6%  U.S. High Yield Bonds 3% -- +3%  Non-U.S. Credit 3% -- +1%  Securitized Assets 10% ▲1% -2%  Other ------

USD Euro JPY Rest of the world

† Source: BlackRock views and Bloomberg as of August 31, 2021. Past performance is not indicative of future results. Allocations for the model portfolios are targets and subject to change. *Portfolio weightings illustrated on an asset class basis may not necessarily sum to 100%. Discrepancies may arise from rounding effects and from the aggregate net impact of certain derivative strategies employed within team-affiliated mutual funds. **Benchmark consists of 20% MSCI World Net Total Return Index, 40% Bloomberg U.S. AggregateBond Index, and 40% S&P National AMT-Free Muni Bond Index. Forecasts are based on estimates and assumptions. There is no guarantee that they will be achieved.

• 5

iCRMH0921U/S-1830242-5/15 GA Selects Tax-Aware Model Portfolios

BlackRock 40/60 Global Allocation (GA) Selects Tax-Aware Model Portfolio as of August 31, 2021

1 Month 3 Month YTD Inception†

9.4% 9.3%

7.5% 7.1% 6.1% 5.4%

3.0% 2.4% 1.6% 1.0% 0.7% 0.8%

Axis Title Gross Net Reference Benchmark*

Model Portfolio Performance During the month of August, the 40/60 GA Selects Tax-Aware model returned 1.0% (gross of any hypothetical advisory fees) and 0.7% (net of any hypothetical advisory fees), compared to a return of 0.8% for the portfolio’s 40/60 reference benchmark*

Contributors Detractors • An underweight to municipal • An overweight to, and security bonds selection within, Consumer • An overweight to U.S. high yield Discretionary • Security selection within, and an • Security selection within overweight to, Technology Chinese equities • Security section within Healthcare, partially off-set by an overweight to the sector

Source: BlackRock as of August 31, 2021. † Annualized from inception date of May 31, 2018. *Benchmark consists of 40% MSCI World Net Total Return Index, 30% Bloomberg U.S. Aggregate Bond Index, and 30% S&P National AMT-Free Muni Bond Index. Past performance does not guarantee future results. For standardized performance of the underlying funds within the model portfolios, please see the end of this document. Index performance is for illustrative purposes only. Index performance does not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Performance is annualized for time periods greater than 1 year. The performance shown does not reflect the performance of actual client accounts. Each model portfolio includes allocations to underlying constituent securities and uses the underlying securities’ historical performance. Where the constituent security is a fund, performance (i) assumes reinvestment of dividends and capital gains, (ii) reflects the deduction of fund expenses, including management fees and other expenses, and (iii) does not reflect any applicable sales charges. The performance of actual client accounts may differ from the performance shown for a variety of reasons, including but not limited to: the financial professional is responsible for implementing trades in the accounts; differences in market conditions; client-imposed investment restrictions; the timing of client investments and withdrawals; feespayable by such accounts; and/or other factors.

iCRMH0921U/S-1830242-6/15 GA Selects Tax-Aware Model Portfolios BlackRock 40/60 Global Allocation (GA) Selects Tax-Aware Model Portfolio† Monthly Activity as of August 31, 2021 • Overweight equities: The 40/60 tax-aware portfolio’s equity weighting increased to 44% from 43% in August and remains overweight its benchmark**. Despite ongoing risks posed by the contagiousness of the delta variant, we believe that U.S. economic growth should remain above-trend. Supported by historically strong labor markets and household wealth, coupled with the prospect of additional fiscal stimulus, we continue to have a more favorable view on the outlook for stocks than we do for either bonds or cash. As a result, we are comfortable remaining overweight equities within the 40/60 tax-aware portfolio, with a roughly equal emphasis across many of the market’s more economically “cyclical” sectors and its longer-term “secular growth” sectors.

• Increase in aggregate stock weighting: We made few adjustments within the 40/60 tax-aware portfolio’s equity allocation during August. One refinement was to increase the portfolio’s exposure to the U.S. quality factor at the expense of European equities. In addition, we added to our broader emerging market equity exposure, while simultaneously reducing some direct exposure to Chinese equities, due to rising concerns related to government regulation. Our objective with these changes was to increase the portfolio’s exposure to those companies that tend to have higher levels of profitability and earnings consistency. At this point in the market cycle, it is our view that investors are likely to place a premium on the ‘steadiness’ and ‘durability’ of corporate earnings, rather than exhibit a strong preference for either the ‘growth’ or ‘value’ styles. The cumulative effect of these adjustments resulted in a modest increase to the portfolio’s allocation to non-U.S. developed market stocks.

• Increased exposure to bonds: The 40/60 tax-aware portfolio’s fixed income weighting increased to 54% from 53% in August and remains materially underweight its benchmark, both in terms of its overall bond exposure and its duration. During the month, we increased exposure to both high yield and short-term munis, along with modest increases to, and adjustments within, a pair of our team-affiliated fixed income mutual funds. These adjustments resulted in a modest increase in the portfolio’s overall exposure to U.S. Treasuries and securitized assets and a reduction to non-U.S. developed market government bonds. As a result of these changes, the portfolio’s duration increased slightly during the month to 2.1 years from 1.9 years, but remains well below the benchmark’s duration of 4.0 years.

Weighting Change vs. Relative to Positioning as of August 31, 2021† as of Prior Benchmark** 8/31/21* Month Asset Allocation Common Equity 44% ▼1% +4%  U.S. Equity 31% -- +5%

 Developed Non-U.S. Equity 11% ▼1% -2%  Emerging Market Equity 2% -- +1%

Fixed Income 55% -- -5%  U.S. Treasuries 3% -- -9%

 Developed Non-U.S. Gov’t Bonds -- ▼1% -- Currency Allocation  Emerging Market Gov’t Bonds 3% -- +2%  Municipal Bonds 30% -- --  U.S. Investment Grade Bonds 3% -- -4%  U.S. High Yield Bonds 3% -- +3%  Non-U.S. Credit 3% -- +2%  Securitized Assets 10% ▲1% +1%  Other ------

USD Euro JPY Rest of the world

† Source: BlackRock views and Bloomberg as of August 31, 2021. Past performance is not indicative of future results. Allocations for the model portfolios are targets and subject to change. *Portfolio weightings illustrated on an asset class basis may not necessarily sum to 100%. Discrepancies may arise from rounding effects and from the aggregate net impact of certain derivative strategies employed within team-affiliated mutual funds. **Benchmark consists of 40% MSCI World Net Total Return Index, 30% Bloomberg U.S. AggregateBond Index, and 30% S&P National AMT-Free Muni Bond Index. Forecasts are based on estimates and assumptions. There is no guarantee that they will be achieved.

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iCRMH0921U/S-1830242-7/15 GA Selects Tax-Aware Model Portfolios

BlackRock 60/40 Global Allocation (GA) Selects Tax-Aware Model Portfolio as of August 31, 2021

1 Month 3 Month YTD Inception†

12.0% 11.4% 11.4% 10.7%

9.1% 8.7%

4.0% 3.4% 2.6% 1.6% 1.3% 1.4%

Axis Title Gross Net Reference Benchmark*

Model Portfolio Performance During the month of August, the 60/40 GA Selects Tax-Aware model returned 1.6% (gross of any hypothetical advisory fees) and 1.3% (net of any hypothetical advisory fees), compared to a return of 1.4% for the portfolio’s 60/40 reference benchmark*

Contributors Detractors • Security selection within, and an • An overweight to, and security overweight to, Technology selection within, Consumer • Currency management Discretionary • An overweight to U.S. high yield • Security selection within Chinese equities • Security selection within Healthcare

Source: BlackRock as of August 31, 2021. † Annualized from inception date of May 31, 2018. *Benchmark consists of 60% MSCI World Net Total Return Index, 20% Bloomberg U.S. Aggregate Bond Index, and 20% S&P National AMT-Free Muni Bond Index. Past performance does not guarantee future results. For standardized performance of the underlying funds within the model portfolios, please see the end of this document. Index performance is for illustrative purposes only. Index performance does not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Performance is annualized for time periods greater than 1 year. The performance shown does not reflect the performance of actual client accounts. Each model portfolio includes allocations to underlying constituent securities and uses the underlying securities’ historical performance. Where the constituent security is a fund, performance (i) assumes reinvestment of dividends and capital gains, (ii) reflects the deduction of fund expenses, including management fees and other expenses, and (iii) does not reflect any applicable sales charges. The performance of actual client accounts may differ from the performance shown for a variety of reasons, including but not limited to: the financial professional is responsible for implementing trades in the accounts; differences in market conditions; client-imposed investment restrictions; the timing of client investments and withdrawals; feespayable by such accounts; and/or other factors.

iCRMH0921U/S-1830242-8/15 GA Selects Tax-Aware Model Portfolios BlackRock 60/40 Global Allocation (GA) Selects Tax-Aware Model Portfolio† Monthly Activity as of August 31, 2021 • Overweight equities: The 60/40 tax-aware portfolio’s equity weighting remained unchanged at 66% in August and remains overweight its benchmark**. Despite ongoing risks posed by the contagiousness of the delta variant, we believe that U.S. economic growth should remain above-trend. Supported by historically strong labor markets and household wealth, coupled with the prospect of additional fiscal stimulus, we continue to have a more favorable view on the outlook for stocks than we do for either bonds or cash. As a result, we are comfortable remaining overweight equities within the 60/40 tax-aware portfolio, with a roughly equal emphasis across many of the market’s more economically “cyclical” sectors and its longer-term “secular growth” sectors.

• No change in aggregate stock weighting: We made few adjustments within the 60/40 tax-aware portfolio’s equity allocation during August. One refinement was to increase the portfolio’s exposure to the U.S. quality factor at the expense of European equities. In addition, we added to our broader emerging market equity exposure, while simultaneously reducing some direct exposure to Chinese equities, due to rising concerns related to government regulation. We also modestly reduced exposure to U.S. large-cap value stocks. Our objective with these changes was to increase the portfolio’s exposure to those companies that tend to have higher levels of profitability and earnings consistency. At this point in the market cycle, it is our view that investors are likely to place a premium on the ‘steadiness’ and ‘durability’ of corporate earnings, rather than exhibit a strong preference for either the ‘growth’ or ‘value’ styles. The cumulative effect of these adjustments resulted in a modest increase in U.S. equities and a modest decrease to the portfolio’s allocation to non-U.S. developed market stocks.

• Increased exposure to bonds: The 60/40 tax-aware portfolio’s fixed income weighting was unchanged at 31% in August and remains materially underweight its benchmark, both in terms of its overall bond exposure and its duration. During the month, we incrementally increased exposure to both high yield and short-term munis, along with modest increases to, and adjustments within, a pair of our team-affiliated fixed income mutual funds. Despite these changes, the portfolio’s duration remained virtually unchanged at 0.9 years, well below the benchmark’s duration of 2.6 years.

Weighting Change vs. Relative to Positioning as of August 31, 2021† as of Prior Benchmark** 8/31/21* Month Asset Allocation Common Equity 67% -- +7%  U.S. Equity 45% ▲1% +5%

 Developed Non-U.S. Equity 19% ▼1% -1%  Emerging Market Equity 3% -- +3%

Fixed Income 31% -- -9%  U.S. Treasuries 2% -- -6%  Developed Non-U.S. Gov’t Bonds 1% -- -- Currency Allocation  Emerging Market Gov’t Bonds 2% -- +2%  Municipal Bonds 15% -- -5%  U.S. Investment Grade Bonds 1% -- -3%  U.S. High Yield Bonds 2% -- +2%  Non-U.S. Credit 3% -- +2%  Securitized Assets 5% -- -1%  Other ------

USD Euro JPY Rest of the world

† Source: BlackRock views and Bloomberg as of August 31, 2021. Past performance is not indicative of future results. Allocations for the model portfolios are targets and subject to change. *Portfolio weightings illustrated on an asset class basis may not necessarily sum to 100%. Discrepancies may arise from rounding effects and from the aggregate net impact of certain derivative strategies employed within team-affiliated mutual funds. **Benchmark consists of 60% MSCI World Net Total Return Index, 20% Bloomberg U.S. AggregateBond Index, and 20% S&P National AMT-Free Muni Bond Index. Forecasts are based on estimates and assumptions. There is no guarantee that they will be achieved.

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iCRMH0921U/S-1830242-9/15 GA Selects Tax-Aware Model Portfolios

BlackRock 80/20 Global Allocation (GA) Selects Model Portfolio as of August 31, 2021

1 Month 3 Month YTD Inception†

14.9% 14.3% 13.7% 13.4% 12.6%

10.3%

4.9% 4.2% 3.4% 2.1% 1.8% 1.9%

Axis Title Gross Net Reference Benchmark*

Model Portfolio Performance During the month of August, the 80/20 GA Selects Tax-Aware model returned 2.1% (gross of any hypothetical advisory fees) and 1.8% (net of any hypothetical advisory fees), compared to a return of 1.9% for the portfolio’s 80/20 reference benchmark*

Contributors Detractors • Security selection within, and an • An overweight to, and security overweight to, Technology selection within, Consumer • Currency management Discretionary • Security selection within • Security selection within Financials Chinese equities • Exposure to cash and cash equivalents

Source: BlackRock as of August 31, 2021. † Annualized from inception date of May 31, 2018. * Benchmark consists of 80% MSCI World Net Total Return Index, 10% Bloomberg U.S. Aggregate Bond Index, and 10% S&P National AMT-Free Muni Bond Index. Past performance does not guarantee future results. For standardized performance of the underlying funds within the model portfolios, please see the end of this document. Index performance is for illustrative purposes only. Index performance does not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Performance is annualized for time periods greater than 1 year. The performance shown does not reflect the performance of actual client accounts. Each model portfolio includes allocations to underlying constituent securities and uses the underlying securities’ historical performance. Where the constituent security is a fund, performance (i) assumes reinvestment of dividends and capital gains, (ii) reflects the deduction of fund expenses, including management fees and other expenses, and (iii) does not reflect any applicable sales charges. The performance of actual client accounts may differ from the performance shown for a variety of reasons, including but not limited to: the financial professional is responsible for implementing trades in the accounts; differences in market conditions; client-imposed investment restrictions; the timing of client investments and withdrawals; feespayable by such accounts; and/or other factors.

iCRMH0921U/S-1830242-10/15 GA Selects Tax-Aware Model Portfolios BlackRock 80/20 Global Allocation (GA) Selects Tax-Aware Model Portfolio† Monthly Activity as of August 31, 2021 • Overweight equities: The 80/20 tax-aware portfolio’s equity weighting decreased to 88% from 90% in August and remains overweight its benchmark**. Despite ongoing risks posed by the contagiousness of the delta variant, we believe that U.S. economic growth should remain above-trend. Supported by historically strong labor markets and household wealth, coupled with the prospect of additional fiscal stimulus, we continue to have a more favorable view on the outlook for stocks than we do for either bonds or cash. As a result, we are comfortable remaining overweight equities within the 80/20 tax-aware portfolio, with a roughly equal emphasis across many of the market’s more economically “cyclical” sectors and its longer-term “secular growth” sectors.

• Decrease in aggregate stock weighting: We made few adjustments within the 80/20 tax-aware portfolio’s equity allocation during August. One refinement was to increase the portfolio’s exposure to the U.S. quality factor at the expense of European equities. In addition, we added to our broader emerging market equity exposure, while simultaneously reducing some direct exposure to Chinese equities, due to rising concerns related to government regulation. Lastly, we trimmed some exposure to U.S. Materials stocks. Our objective with these changes was to increase the portfolio’s exposure to those companies that tend to have higher levels of profitability and earnings consistency. At this point in the market cycle, it is our view that investors are likely to place a premium on the ‘steadiness’ and ‘durability’ of corporate earnings, rather than exhibit a strong preference for either the ‘growth’ or ‘value’ styles. The cumulative effect of these adjustments resulted in a modest decrease to the portfolio’s allocation to non-U.S. developed market stocks.

• Increased exposure to bonds: The 80/20 tax-aware portfolio’s fixed income weighting increased to 9% from 8% in August and remains materially underweight its benchmark, both in terms of its overall bond exposure and its duration. During the month, we increased exposure to short-term U.S. municipals and also added fractionally to one of our team-affiliated mutual funds. The net result of these adjustments was to increase the portfolio’s overall exposure to municipals, while simultaneously reducing exposure to emerging market bonds. As a result of these changes, the portfolio’s duration incrementally increased to 0.2 years from 0.1 years, but remains well below the benchmark’s duration of 1.3 years.

Weighting Change vs. Relative to Positioning as of August 31, 2021† as of Prior Benchmark** 8/31/21* Month Asset Allocation Common Equity 88% ▼2% +8%  U.S. Equity 58% -- +4%

 Developed Non-U.S. Equity 25% ▼2% --  Emerging Market Equity 5% -- +4%

Fixed Income 9% ▲1% -11%  U.S. Treasuries 1% -- -4%  Developed Non-U.S. Gov’t Bonds ------Currency Allocation  Emerging Market Gov’t Bonds 1% ▼1% +1%  Municipal Bonds 3% ▲1% -7%  U.S. Investment Grade Bonds -- -- -2%  U.S. High Yield Bonds 1% -- +1%  Non-U.S. Credit 1% -- +1%  Securitized Assets 2% ▲1% -1%  Other ------

USD Euro JPY Rest of the world

† Source: BlackRock views and Bloomberg as of August 31, 2021. Past performance is not indicative of future results. Allocations for the model portfolios are targets and subject to change. *Portfolio weightings illustrated on an asset class basis may not necessarily sum to 100%. Discrepancies may arise from rounding effects and from the aggregate net impact of certain derivative strategies employed within team-affiliated mutual funds. **Benchmark consists of 80% MSCI World Net Total Return Index, 10% Bloomberg U.S. AggregateBond Index, and 10% S&P National AMT-Free Muni Bond Index. Forecasts are based on estimates and assumptions. There is no guarantee that they will be achieved.

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iCRMH0921U/S-1830242-11/15 BlackRock Global Allocation (GA) Selects Tax-Aware Model Performance As of 8/31/2021

Model 1 Month 3 Month YTD 1 Year 3 Year Since Inception

20/80 Gross 0.45 1.46 3.63 7.58 7.50 7.28

Net (Advisory Fee 3%) 0.20 0.69 1.55 4.35 4.27 4.07

20/80 Benchmark Gross 0.28 2.06 3.72 6.85 7.36 7.19

40/60 Gross 0.98 2.40 7.53 13.57 9.50 9.35

Net (Advisory Fee 3%) 0.72 1.62 5.36 10.16 6.21 6.07

40/60 Benchmark Gross 0.83 3.01 7.14 12.31 9.42 9.34

60/40 Gross 1.57 3.35 11.37 19.73 12.19 12.03

Net (Advisory Fee 3%) 1.32 2.57 9.13 16.14 8.82 8.67

60/40 Benchmark Gross 1.39 3.96 10.65 17.94 11.38 11.41

80/20 Gross 2.10 4.17 14.89 25.68 13.72 13.70

Net (Advisory Fee 3%) 1.84 3.38 12.58 21.91 10.31 10.29

80/20 Benchmark Gross 1.94 4.92 14.25 23.76 13.23 13.38

Source: BlackRock, as of August 31, 2021. Returns that are less than one year are unannualized. Inception date for the models is 5/31/18. The equity portion of each benchmark is represented by 100% MSCI World Net Total Return Index and the fixed income portion is represented by 50% Bloomberg US Aggregate Bond Index and 50% S&P National AMT-Free Muni Bond Index. The 20/80 Benchmark is represented by 20% MSCI World Net Total Return Index, 40% Bloomberg US Aggregate Bond Index and 40% S&P National AMT-Free Muni Bond Index. The 40/60 Benchmark is represented by 40% MSCI World Net Total Return Index, 30% Bloomberg US Aggregate Bond Index and 30% S&P National AMT-Free Muni Bond Index. The 60/40 Benchmark is represented by 60% MSCI World Net Total Return Index, 20% Bloomberg US Aggregate Bond Index and 20% S&P National AMT-Free Muni Bond Index. The 80/20 Benchmark is represented by 80% MSCI World Net Total Return Index, 10% Bloomberg US Aggregate Bond Index and 10% S&P National AMT-Free Muni Bond Index. Past performance does not guarantee future results. For standardized performance of the underlying funds within the model portfolios, please see the Standardized Performance. Index performance is for illustrative purposes only. Index performance does not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Performance is annualized for time periods greater than 1 year. The performance shown does not reflect the performance of actual client accounts. Each model portfolio includes allocations to underlying constituent securities and uses the underlying securities’ historical performance. Where the constituent security is a fund, performance (i) assumes reinvestment of dividends and capital gains, (ii) reflects the deduction of fund expenses, including management fees and other expenses, and (iii) does not reflect any applicable sales charges. The performance of actual client accounts may differ from the performance shown for a variety of reasons, including but not limited to: the financial professional is responsible for implementing trades in the accounts; differences in market conditions; client-imposed investment restrictions; the timing of client investments and withdrawals; feespayable by such accounts; and/or other factors. Gross performance does not reflect the deduction of any fees or expenses that may be charged by the financial professional. The fees and expenses that a client may incur in their account will reduce the account’s return. “Net” and “Custom Net” performance figures reflect the deduction of an annual investment advisory fee, deducted monthly, that may be charged by the financial professional but do not reflect the deduction of any applicable custodial fees, platform fees or brokerage commissions. Performance labeled “Net” reflects a hypothetical annual investment advisory fee of 3%. If performance labeled “Custom Net” is also shown, such figures reflect the annual investment advisory fee that was inputted by the financial professional in the tool. The Custom Net figures are intended to reflect the advisory fees that would be applicable to the client’s account. BlackRock does not verify the accuracy of the investment advisory fee that the financial professional indicated. Due to the compounding effect of these fees, annual net performance results may be lower than stated gross returns less the indicated annual fee. Actual advisory feescharged by an account’s financial professional may vary

iCRMH0921U/S-1830242-12/15• 12 Standardized Performance As of 6/30/21

1-year returns 5-year returns 10-year returns Since inception Gross Inception (%) (%) (%) (%) Ticker Mutual Fund / ETF Expense Date Ratio (%) Mkt Mkt Mkt Mkt NAV Price NAV Price NAV Price NAV Price SPDR® Nuveen Bloomberg SHM Barclays Short Term 10/10/2007 0.20 0.55 0.53 1.39 1.40 1.40 1.39 2.13 2.15 Municipal Bond ETF iShares National Muni Bond MUB 9/7/2007 0.07 3.60 3.58 2.85 2.88 3.84 3.85 4.01 4.08 ETF SPDR® Nuveen Bloomberg TFI Barclays Municipal Bond 9/11/2007 0.23 2.65 2.89 2.79 2.80 4.04 4.09 4.19 4.19 ETF VanEck Vectors High Yield HYD 2/4/2009 0.35 11.54 11.50 3.92 3.96 5.69 5.73 7.05 6.87 Muni ETF iShares iBoxx $ High Yield HYG 4/4/2007 0.48 13.26 12.95 6.25 6.01 5.48 5.36 5.55 5.42 Bond ETF iShares J.P. Morgan USD EMB 12/17/2007 0.39 7.19 7.00 4.34 4.25 5.04 5.01 5.82 5.76 Emerging Markets Bond ETF BlackRock Strategic Income BSIIX 2/5/2008 0.76 8.36 -- 4.63 -- 3.82 -- 4.39 -- Opportunities Fund BlackRock Total Return MAHQX 9/24/2007 0.48 2.91 -- 3.84 -- 4.48 -- 4.54 -- Fund iShares MSCI USA Quality QUAL 7/16/2013 0.15 40.56 40.67 17.08 17.09 -- -- 15.02 14.99 Factor ETF SCHA Schwab U.S. Small-Cap ETF 11/3/2009 0.04 61.27 61.39 15.62 15.63 12.61 12.60 14.77 14.78 SCHM Schwab U.S. Mid-Cap ETF 1/13/2011 0.04 50.60 50.58 14.89 14.90 12.97 12.96 13.08 13.10 Schwab US Large-Cap SCHG 12/11/2009 0.04 44.39 44.47 23.85 12.84 17.70 17.70 17.57 17.57 Growth ETF Schwab US Large-Cap Value SCHV 12/11/2009 0.04 40.33 40.44 12.04 12.02 11.78 11.76 11.99 11.99 ETF Materials Select Sector XLB 12/16/1998 0.12 48.75 48.77 14.47 14.47 9.93 9.93 8.79 8.73 SPDR® Fund Energy Select Sector SPDR® XLE 12/16/1998 0.12 49.74 49.75 -0.21 -0.20 0.00 0.00 6.22 6.28 ETF Financial Select Sector XLF 12/16/1998 0.12 61.46 61.64 16.91 16.90 13.55 13.55 5.31 6.01 SPDR® ETF Industrials Select Sector XLI 12/16/1998 0.12 51.18 51.21 15.04 15.04 12.90 12.90 8.90 8.76 SPDR® ETF Technology Select Sector XLK 2/4/2009 0.12 42.41 42.51 29.51 29.51 21.00 21.00 8.56 8.25 SPDR® ETF Health Care Select SPDR® XLV 12/16/1998 0.12 27.71 27.83 13.87 13.88 15.46 15.45 9.21 9.21 Fund Consumer Discretionary XLY 12/16/1998 0.12 40.73 40.80 19.50 19.49 17.68 17.68 10.51 10.32 Select SPDR® ETF iShares Core MSCI EAFE IEFA 10/18/2012 0.07 33.89 34.03 10.75 10.61 -- -- 7.97 8.03 ETF iShares Currency Hedged HEFA 1/31/2014 0.70 28.21 28.35 11.52 11.56 -- -- 8.76 8.31 MSCI EAFE ETF iShares Core MSCI IEMG 10/18/2012 0.11 42.93 43.43 12.87 12.67 -- -- 6.09 6.06 Emerging Markets ETF SPDR® EURO STOXX 50® FEZ 10/15/2002 0.29 35.14 34.91 11.32 11.26 4.56 4.57 6.85 6.72 ETF BlackRock Global Allocation MALOX 2/3/1989 0.88 28.50 -- 10.65 -- 7.11 -- 9.99 -- Fund The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end for the BlackRock and iShares Funds may be obtained by visiting www.iShares.com or www.blackrock.com. Performance is annualized for time periods greater than 1 year. Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the fund. Any applicable brokerage commissions will reduce returns. Beginning August 10, 2020, market price returns for BlackRock and iShares ETFs are calculated using the closing price and account for distributions from the fund. Prior to August 10, 2020, market price returns for BlackRock and iShares ETFs were calculated using the midpoint price and accounted for distributions from the fund. The midpoint is the average of the bid/ask prices at 4:00 PM ET (when NAV is normally determined for most ETFs). The returns shown do not represent the returns you would receive if you traded shares at other times. Performance shown reflects fee waivers and/or expense reimbursements by the investment advisor to the fund for some or all of the periods shown. Performance would have beenlower without such waivers.

iCRMH0921U/S-1830242-13/1513 IMPORTANT NOTES

This information should not be relied upon as investment advice, research, or a recommendation by BlackRock regarding (i) the funds, (ii) the use or suitability of the model portfolios or (iii) any security in particular. Only an investor and their financial professional know enough about their circumstances to make an investment decision. Carefully consider the investment objectives, risk factors, charges and expenses of funds within the model portfolios before investing. This and other information can be found in the funds’ prospectuses or, if available, the summary prospectuses which may be obtained by visiting each fund company's website or calling their toll-free number. For BlackRock and iShares Funds, please visit www.blackrock.com or www.iShares.com. Investing involves risk, including possible loss of principal. Asset allocation and diversification may not protect against market risk, loss of principal or volatility of returns. Index performance is for illustrative purposes only. Index performance does not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. The BlackRock model portfolios are made available to financial professionals by BlackRock Fund Advisors (“BFA”) or BlackRock Investment Management, LLC (“BIM”), which are registered investment advisers, or by BlackRock Investments, LLC (“BRIL”), which is the distributor of the BlackRock and iShares funds within the BlackRock model portfolios. BFA, BIM and BRIL (collectively, “BlackRock”) are affiliates. The BlackRock model portfolios are provided for illustrative and educational purposes only. The BlackRock model portfolios do not constitute research, are not personalized investment advice or an investment recommendation from BlackRock to any client of a third party financial professional, and are intended for use only by a third party financial professional, with other information, as a resource to help build a portfolio or as an input in the development of investment advice for its own clients. Such financial professionals are responsible for making their own independent judgment as to how to use the BlackRock model portfolios. BlackRock does not have investment discretion over, or place trade orders for, any portfolios or accounts derived from the BlackRock model portfolios. BlackRock is not responsible for determining the appropriateness or suitability of the BlackRock model portfolios, or any of the securities included therein, for any client of a financial professional. Information concerning the BlackRock model portfolios – including holdings, performance, and other characteristics – may vary materially from any portfolios or accounts derived from the BlackRock model portfolios. There is no guarantee that any investment strategy or model portfolio will be successful or achieve any particular level of results. The BlackRock model portfolios themselves are not funds. The BlackRock model portfolios include investments in shares of funds. Clients will indirectly bear fund expenses in respect of portfolio assets allocated to funds, in addition to any fees payable associated with any applicable advisory or wrap program. BlackRock intends to allocate all or a significant percentage of the BlackRock model portfolios to funds for which it and/or its affiliates serve as investment manager and/or are compensated for services provided to the funds ("BlackRock Affiliated Funds"). BlackRock has an incentive to (a) select BlackRock Affiliated Funds and (b) select BlackRock Affiliated Funds with higher fees over BlackRock Affiliated Funds with lower fees. The fees that BlackRock and its affiliates receive from investments in the BlackRock Affiliated Funds constitute BlackRock’s compensation with respect to the BlackRock model portfolios. This may result in BlackRock model portfolios that achieve a level of performance less favorable to the model portfolios, or reflect higher fees, than otherwise would be the case if BlackRock did not allocate to BlackRock Affiliated Funds. This material doesnot constitute any specific legal, tax or accounting advice. Please consult with qualified professionals for this type of advice. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. Non-investment-grade debt securities (high-yield/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher-rated securities. Mortgage-backed securities ("MBS") and commercial mortgage-backed securities ("CMBS”) are subject to prepayment and extension risk and therefore react differently to changes in interest rates than other bonds. Small movements in interest rates may quickly and significantly reduce the value of certain mortgage-backed securities. There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to federal or state income taxes or the Alternative Minimum Tax (AMT). Capital gains distributions, if any, are taxable. An investment in a treasury Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency and its return and yield will fluctuate with market conditions. International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. These risks often are heightened for investments in emerging/developing markets and in concentrations of single countries. Funds that concentrate investments in specific industries, sectors, markets or asset classes may underperform or be more volatile than other industries, sectors, markets or asset classes and the general securities market. A fund's use of derivatives may reduce a fund's returns and/or increase volatility and subject the fund to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A fund could suffer losses related to its derivative positions because of a possible lack of liquidity in the secondary market and as a result of unanticipated market movements, which losses are potentially unlimited. There can be no assurance that any fund’s hedging transactions will be effective. There can be no assurance that performance will be enhanced or risk will be reduced for funds that seek to provide exposure to certain quantitative investment characteristics ("factors"). Exposure to such investment factors may detract from performance in some market environments, perhaps for extended periods. In such circumstances, a fund may seek to maintain exposure to the targetedinvestment factors and not adjust to target different factors, which could result in losses. A fund's environmental, social and governance (“ESG”) investment strategy limits the types and number of investment opportunities available to the fund and, as a result, the fund may underperform other funds that do not have an ESG focus. A fund's ESG investment strategy may result in the fund investing in securities or industry sectors that underperform the market as a whole or underperform other funds screened for ESG standards. In addition, companies selected by the index provider may not exhibit positive or favorable ESG characteristics. Alternative investments present the opportunity for significant losses and some alternative investments have experienced periods of extreme volatility. Alternative investments may be less liquid than investments in traditional securities. Commodities' prices may be highly volatile. Prices may be affected by various economic, financial, social and political factors, which may be unpredictable and may have a significant impact on the prices of precious metals.

iCRMH0921U/S-1830242-14/15• 14 IMPORTANT NOTES CONTINUED

Actively managed funds do not seek to replicate the performance of a specified index. Actively managed funds may have higher portfolio turnover than index funds. The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg, Cohen & Steers, European Public Real Estate Association (“EPRA® ”), FTSE International Limited (“FTSE”), ICE Data Indices, LLC, NSE Indices Ltd, JPMorgan, JPX Group, London Stock Exchange Group (“LSEG”), MSCI Inc., Markit Indices Limited, Morningstar, Inc., Nasdaq, Inc., National Association of Real Estate Investment Trusts (“NAREIT”), Nikkei, Inc., Russell or S&P Dow Jones Indices LLC. None of these companies make any representation regarding the advisability of investing in the Funds. BlackRock is not affiliated with the companies listed above. Neither FTSE, LSEG, nor NAREIT makes any warranty regarding the FTSE Nareit Equity REITS Index, FTSE Nareit All Residential Capped Index or FTSE Nareit All Mortgage Capped Index. Neither FTSE, EPRA, LSEG, nor NAREIT makes any warranty regarding the FTSE EPRA Nareit Developed ex-U.S. Index or FTSE EPRA Nareit Global REITs Index. “FTSE®” is a trademark of London Stock Exchange Group companies and is used by FTSE under license. ©2021 BlackRock, Inc. All rights reserved. BLACKROCKand iSHARES are trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners.

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