BlackRock Defensive Investment Fund

The Fund aims to achieve a return on your investment (generated through an increase in the value of the assets held by the Fund and/or income received from those assets) over the long-term (5 or more consecutive years), whilst incorporating the environmental, social and governance (ESG) commitments described below. The Fund will invest globally at least 70% of its total assets in other funds to gain exposure to equity securities, fixed income (“FI”) securities, alternative asset classes, derivatives (for both investment purposes and EPM), money market instruments (“MMIs”), and commodities. Commodity exposure is not expected to exceed 10%. The exposure to alternative assets will typically be achieved by the Fund investing in one or more long-term asset funds (“LTAFs”) that invest at least 50% of their assets in alternative assets such as private equity, private debt, private real estate and/or private infrastructure. Up to 20% of the Fund’s assets may be invested in LTAFs (in aggregate). The Fund may also invest directly in equity securities, FI securities, (up to a maximum of 10%) exchange-traded commodities, MMIs, (up to a maximum of 15%) unregulated collective investment schemes, deposits and cash.