<SEC-DOCUMENT>0001193125-25-287187.txt : 20251119
<SEC-HEADER>0001193125-25-287187.hdr.sgml : 20251119
<ACCEPTANCE-DATETIME>20251119091842
ACCESSION NUMBER:		0001193125-25-287187
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251119
DATE AS OF CHANGE:		20251119

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock Utilities, Infrastructure & Power Opportunities Trust
		CENTRAL INDEX KEY:			0001528988
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-285516
		FILM NUMBER:		251496870

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809-3700
		BUSINESS PHONE:		(800) 882-0052

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809-3700

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BlackRock Utility & Infrastructure Trust
		DATE OF NAME CHANGE:	20110830
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>d937186d424b3.htm
<DESCRIPTION>UIP OPPORTUNITIES TRUST
<TEXT>
<HTML><HEAD>
<TITLE>UIP Opportunities Trust</TITLE>
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<DIV STYLE="max-width:100%" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Filed Pursuant to Rule 424(b)(3) <BR> Registration File No.: 333-285516 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BLACKROCK UTILITIES, INFRASTRUCTURE&nbsp;&amp; POWER OPPORTUNITIES TRUST </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Supplement dated November&nbsp;19, 2025 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>to the Prospectus and Statement of Additional Information (&#8220;SAI&#8221;), </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>each dated June&nbsp;2, 2025 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This
supplement amends certain information in the Prospectus and SAI, each dated June&nbsp;2, 2025, of Blackrock Utilities, Infrastructure&nbsp;&amp; Power Opportunities Trust (the &#8220;Trust&#8221;). Unless otherwise indicated, all information
included in the Prospectus and SAI that is not inconsistent with the information set forth in this supplement remains unchanged. Capitalized terms not otherwise defined in this supplement have the same meanings as in the Prospectus and SAI, as
applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The following changes are made to the Trust&#8217;s Prospectus and SAI: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The Trust&#8217;s investment objective is revised as follows: </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Trust&#8217;s investment objectives are to provide total return and income through a combination of current income and long-term capital appreciation.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The Trust&#8217;s options writing strategy is removed. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Accordingly, (i) the last sentence of the section of the Prospectus entitled &#8220;Portfolio Contents and Techniques &#8211; Equity Securities,&#8221;
(ii) the sections of the Prospectus entitled &#8220;Portfolio Contents and Techniques &#8211; Options &#8211; Call Options, &#8211;&nbsp;Put Options, &#8211; Options on Indices, and &#8211; Limitation on Options Writing Strategy,&#8221; (iii) the
first sentence of the section of the Prospectus entitled &#8220;Portfolio Contents and Techniques &#8211; Strategic Transactions and Other Management Techniques,&#8221; and (iv) the first sentence of the section of the SAI entitled &#8220;Investment
Policies and Techniques &#8211; Strategic Transactions and Other Management Techniques &#8211; Use of Options as Strategic Transactions&#8221; are deleted. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The section of the Prospectus entitled &#8220;Management of the Trust&#8212;Portfolio Managers&#8221; is deleted in its entirety and replaced with the
following: </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Portfolio Managers </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The members of
the portfolio management team who are primarily responsible for the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> management of the Trust&#8217;s portfolio are as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Alastair Bishop</I>, Managing Director, is a member of the Natural Resources&nbsp;&amp; Thematics team in the Fundamental Equities division of
BlackRock&#8217;s Portfolio Management Group. Mr.&nbsp;Bishop currently sits on BlackRock&#8217;s Renewable Power Investment Committee and the EMEA Investment Stewardship Oversight Committee. He has also represented BlackRock on several external
initiatives related to the Energy Transition including the City of London&#8217;s Green <FONT STYLE="white-space:nowrap">Finance&nbsp;Initiative&nbsp;(2016-17)&nbsp;and&nbsp;the</FONT> UK Government&#8217;s Capital Markets Climate <FONT
STYLE="white-space:nowrap">Initiative&nbsp;(2013-14).&nbsp;Mr.&nbsp;Bishop</FONT> joined BlackRock in 2010 from Piper Jaffray where he was a Senior Research Analyst covering Clean Technology. Prior to joining Piper Jaffray in 2009, he covered the
Renewable Energy and Industrial sectors for 8 years at the European Investment Bank, Dresdner Kleinwort. Mr.&nbsp;Bishop earned a BSc honors degree in Economics from the University of Nottingham in 2001. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Lindsay Sinclair</I>, CFA, Vice President, is a member of the Natural Resources&nbsp;&amp; Thematics team in the Fundamental Equities division of
BlackRock&#8217;s Portfolio Management Group, responsible for working on the Sustainable Energy and Future of Transport Thematic Funds. Ms.&nbsp;Sinclair joined BlackRock in 2016 on the Graduate Analyst Programme. Ms.&nbsp;Sinclair earned a first
class (BSc) degree in Economics and Finance from the University of Bristol and is a CFA charter holder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The SAI provides additional information
about&nbsp;other accounts managed by the portfolio management team, the compensation of each portfolio manager and the ownership of the Trust&#8217;s securities by each portfolio manager. </P>
</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<DIV STYLE="max-width:100%" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The section of the SAI entitled &#8220;Management of the Trust&#8212;Portfolio Management&#8221; is
deleted in its entirety and replaced with the following: </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Portfolio Management </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Portfolio Manager Assets Under Management </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following
table sets forth information about funds and accounts other than the Trust for which the portfolio managers are primarily responsible for
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">the&nbsp;day-to-day&nbsp;portfolio</FONT></FONT> management as of December&nbsp;31, 2024: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="37%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD style="width:19pt"></TD>
<TD></TD>
<TD></TD>
<TD style="width:19pt"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD style="width:22pt"></TD>
<TD></TD>
<TD></TD>
<TD style="width:22pt"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD style="width:15pt"></TD>
<TD></TD>
<TD></TD>
<TD style="width:15pt"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD style="width:19pt"></TD>
<TD></TD>
<TD></TD>
<TD style="width:19pt"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD style="width:22pt"></TD>
<TD></TD>
<TD></TD>
<TD style="width:22pt"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD style="width:15pt"></TD>
<TD></TD>
<TD></TD>
<TD style="width:15pt"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="15"></TD>
<TD HEIGHT="2" COLSPAN="15"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number&nbsp;of&nbsp;Other&nbsp;Accounts&nbsp;Managed&nbsp;and</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Assets&nbsp;by&nbsp;Account&nbsp;Type</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number&nbsp;of&nbsp;Other&nbsp;Accounts&nbsp;and&nbsp;Assets&nbsp;for</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">Which&nbsp;Advisory&nbsp;Fee&nbsp;is&nbsp;Performance-Based</FONT></B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"><B>Name of Portfolio Manager</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Other</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Registered</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Investment</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Companies</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Other&nbsp;Pooled</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Investment</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Vehicles</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Other</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Accounts</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Other</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Registered</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Investment</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Companies</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Other&nbsp;Pooled</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Investment</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Vehicles</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Other</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Accounts</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="5"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Alastair Bishop</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;" ALIGN="center">6</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;" ALIGN="center">14</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;" ALIGN="center">2</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;" ALIGN="center">0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;" ALIGN="center">1</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;" ALIGN="center">0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000;"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;" ALIGN="center">$2.90&nbsp;Billion</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;" ALIGN="center">$7.52&nbsp;Billion</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;" ALIGN="center">$160.0&nbsp;Million</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;" ALIGN="center">$0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;" ALIGN="center">$0.03&nbsp;Million</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;" ALIGN="center">$0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="5"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Lindsay Sinclair, CFA</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;" ALIGN="center">0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;" ALIGN="center">0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;" ALIGN="center">0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;" ALIGN="center">0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;" ALIGN="center">0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;" ALIGN="center">0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000;"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;" ALIGN="center">$0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;" ALIGN="center">$0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;" ALIGN="center">$0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;" ALIGN="center">$0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;" ALIGN="center">$0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;" ALIGN="center">$0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Portfolio Manager Compensation Overview </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The discussion below describes the portfolio managers&#8217; compensation as of December&nbsp;31, 2024. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Advisor&#8217;s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the
value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based
discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by the Advisor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Base Compensation</B>. Generally, portfolio managers receive base compensation based on their position with the firm. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Discretionary Incentive Compensation </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Generally,
discretionary incentive compensation for Fundamental Equities portfolio managers is based on a formulaic compensation program. The Advisor&#8217;s formulaic portfolio manager compensation program is based on team revenue and <FONT
STYLE="white-space:nowrap">pre-tax</FONT> investment performance relative to appropriate competitors or benchmarks over <FONT STYLE="white-space:nowrap">1-,</FONT> <FONT STYLE="white-space:nowrap">3-</FONT> and
<FONT STYLE="white-space:nowrap">5-year</FONT> performance periods, as applicable. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the funds or other accounts managed by the portfolio
managers are measured. The Advisor&#8217;s Chief Investment Officers determine the benchmarks or rankings against which the performance of funds and other accounts managed by each portfolio management team is compared and the period of time over
which performance is evaluated. With respect to these portfolio managers, such benchmarks for the Trust and other accounts are: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="79%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"><B>Portfolio Manager</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"><B>Benchmark</B></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Alastair Bishop</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Bloomberg Commodity Index Total Return; FTSE Gold Mines Index (Gross Total Return); FTSE Gold Mining Index&#8212;expressed in JPY; FTSE Gold Mining Index&#8212;GBP Price; SOFR 3 Month Index; MSCI 10/40 DW Energy (Net); MSCI ACWI
Metals&nbsp;&amp; Mining 30% Buffer 10/40 (1994) GBP Net TR; MSCI ACWI Metals&nbsp;&amp; Mining 30% Buffer 10/40 (1994) USD Net TR; MSCI World Energy Net Daily TR Index; NYSE Arca Gold Miners Index EUR Net Total Return; S&amp;P Global Natural
Resources Index; S&amp;P Global Natural Resources Index&#8212;In GBP; S&amp;P Global Natural Resources Net Return.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Lindsay&nbsp;Sinclair,&nbsp;CFA</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">MSCI World Select Energy, Utilities and Industrials Call Overwrite Index.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<DIV STYLE="max-width:100%" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A smaller element of portfolio manager discretionary compensation may include consideration of: financial
results, expense control, profit margins, strategic planning and implementation, quality of client service, market share, corporate reputation, capital allocation, compliance and risk control, leadership, technology and innovation. These factors are
considered collectively by BlackRock management and the relevant Chief&nbsp;Investment Officers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Distribution of Discretionary Incentive
Compensation</B>. Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment
products. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation
is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock
puts compensation earned by a portfolio manager for a given year &#8220;at risk&#8221; based on the Advisor&#8217;s ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be
granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock,
Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of the Trust have deferred BlackRock, Inc. stock awards. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally
track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of
years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.<B> </B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other Compensation Benefits</B>. In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or
participate in one or more of the following: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Incentive Savings Plans&#8212;</I>BlackRock has created a variety of incentive savings plans in which
BlackRock, employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match
equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000&nbsp;per year, and a company retirement contribution equal to <FONT STYLE="white-space:nowrap">3-5%</FONT> of eligible compensation up to the Internal Revenue
Service limit ($345,000 for 2024). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by
participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in
BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market
value on the purchase date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United Kingdom-based portfolio managers are also eligible to participate in broad-based plans offered generally to the
Advisor&#8217;s employees, including broad-based retirement, health and other employee benefit plans. For example, the Advisor has created a variety of incentive savings plans in which employees are eligible to participate, including the BlackRock
Retirement Savings Plan (RSP) and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution to the RSP is between 10% and 15% of eligible pay capped at &pound;160,000&nbsp;per annum. The RSP offers a range of investment options,
including several collective investment funds managed by the firm. Advisor contributions follow the investment direction set by participants for their own contributions or, in the absence of an investment election being made, are invested into a
target date fund </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<DIV STYLE="max-width:100%" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock common stock at a 5% discount on the fair market value of the
stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a US dollar value of $25,000 based on its fair market value on the purchase date. Mr.&nbsp;Bishop and Ms.&nbsp;Sinclair are
eligible to participate in these plans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Securities Ownership of Portfolio Managers </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2024, the end of the Trust&#8217;s most recently completed fiscal year end, the dollar range of securities beneficially owned by each
portfolio manager in the Trust is shown below: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="65%"></TD>

<TD VALIGN="bottom" WIDTH="18%"></TD>
<TD style="width:78pt"></TD>
<TD></TD>
<TD></TD>
<TD style="width:78pt"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;"><B>Portfolio Manager</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000;">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Dollar&nbsp;Range&nbsp;of&nbsp;Equity&nbsp;Securities&nbsp;Beneficially</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Owned</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Alastair Bishop</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" >&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="white-space:nowrap">$100,001&nbsp;-&nbsp;$500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Lindsay Sinclair, CFA</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" >&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="white-space:nowrap">$1&nbsp;-&nbsp;$10,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Potential Material Conflicts of Interest </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Advisor has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against
potential incentives that may favor one account over another. The Advisor has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other
potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, the Advisor furnishes investment management and advisory services to numerous clients in addition to the Trust, and
the Advisor may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to the Advisor, or in which portfolio managers have a
personal interest in the receipt of such fees), which may be the same as or different from those made to the Trust. In addition, BlackRock, Inc., its affiliates and significant shareholders and any officer, director, shareholder or employee may or
may not have an interest in the securities whose purchase and sale the Advisor recommends to the Trust. BlackRock, Inc. or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their
families may take different actions than those recommended to the Trust by the Advisor with respect to the same securities. Moreover, the Advisor may refrain from rendering any advice or services concerning securities of companies of which any of
BlackRock, Inc.&#8217;s (or its affiliates&#8217; or significant shareholders&#8217;) officers, directors or employees are directors or officers, or companies as to which BlackRock, Inc. or any of its affiliates or significant shareholders or the
officers, directors and employees of any of them has any substantial economic interest or possesses material <FONT STYLE="white-space:nowrap">non-public</FONT> information. Certain portfolio managers also may manage accounts whose investment
strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that Mr.&nbsp;Bishop may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts,
subject to incentive fees. Mr.&nbsp;Bishop may therefore be entitled to receive a portion of any incentive fees earned on such accounts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a fiduciary,
the Advisor owes a duty of loyalty to its clients and must treat each client fairly. When the Advisor purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. The Advisor
attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock, Inc. has adopted policies that are intended to ensure reasonable efficiency in client
transactions and provide the Advisor with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Shareholders should retain this Supplement for future reference. </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

</DIV>

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