Common use of Principal Risks of Investing Clause in Contracts

Principal Risks of Investing. The Fund is subject to the market and selection risks of equity investments as well as the special risks ofconvertible securities, derivatives, “new issue” securities, preferred securities, small cap securities, liquidity, the use of leverage, high portfolio turnover risk, and investment style risk.

Principal Risks of Investing. The Fund is subject to the market and selection risks risk of equity investments as well as the special risks ofconvertible securitiesinvestments, derivatives, “new issue” securitiesconvertible securities risk, preferred securities, small cap securities, liquiditysecurities risk, the use risk of leverage, high portfolio turnover risk, investment in foreign securities and investment style income producing stock availability risk.

Principal Risks of Investing. The Fund is subject to the market and selection risks of equity investments investments, small cap securities risk, investment style risk, and model risk, as well as the special risks ofconvertible of convertible securities, derivatives, “new issue” securities, preferred securities, small cap securities, liquidity, the use of leverage, high portfolio turnover risk, and investment style risk. Additional principal risks are identified in the Fund’s prospectus.

Principal Risks of Investing. The Fund is subject to the market and selection risks of equity investments as well as investment and to the special risk of investment in foreign securities. In addition, the Fund is subject to risks ofconvertible associated with debt securities, emerging markets, derivatives, “new issue” securitiesgeographic concentration, preferred securities, small mid-cap securities, liquidity, the use of leverage, high portfolio turnover risk, and investment style risksmall and emerging growth securities.

Principal Risks of Investing. The Fund is subject to the market and selection risks of equity investments as well as the special risks ofconvertible of investing in smaller and emerging growth companies, convertible securities, “new issues” or initial public offerings, warrants, derivatives, “new issue” securities, preferred securities, small cap securities, liquidity, the use of leverage, high portfolio turnover risk, and investment style risk.. High portfolio turnover resulting from active and frequent trading results in higher markups and other transaction costs and can result in a greater amount of dividends from ordinary income rather than capital gains. BlackRock International Fund‌‌

Principal Risks of Investing. The Fund is subject to the market and selection risks of equity investments as well as the special risks ofconvertible securitiesof real estate investments, derivativesconcentration, “new issue” convertible securities, preferred securities, REIT investments, and small and mid cap securities, liquidity, . Additional principal risks are identified in the use of leverage, high portfolio turnover risk, and investment style risk.Fund’s prospectus. BlackRock Core Bond Portfolio‌‌

Principal Risks of Investing. The Fund is subject to the market and selection risks of equity investments investments, as well as the special risks ofconvertible of convertible securities, derivatives, “new issue” securities, preferred securities, small mid-cap securities, liquidity, the use of leverage, high portfolio turnover risk, and investment style riskstyle.

Principal Risks of Investing. The Fund is subject to the market and selection risks of equity investments as well as the special risks ofconvertible of concentration, emerging markets, foreign securities, derivatives, “new issue” futures securities, preferred index funds, mid cap securities, securities lending, small cap securities, liquidity, the use of leverage, high portfolio turnover risk, and investment style emerging growth securities risk and tracking error risk.

Principal Risks of Investing. The Fund is subject to the risks of fixed-income investments, including, but not limited to, borrowing risk, dollar rolls risk, emerging markets risk, leverage risk, liquidity risk, market and selection risks risk, credit risk and U.S. government issuer risk. In addition, because the Fund may invest a portion of equity investments as well as the special risks ofconvertible securities, derivatives, “new issue” securities, preferred securities, small cap securities, liquidityits assets in derivative instruments, the use of leverage, high portfolio turnover risk, and investment style riskFund is exposed to the risks associated with such investments.

Principal Risks of Investing. The Fund is subject to the market and selection risks of equity investments as well as the special risks ofconvertible of commodities related investments, convertible securities, derivatives, foreign securities, “new issue” securities, mid cap securities, preferred securities, small cap securities, liquidity, the use of leverage, and high portfolio turnover risk, and investment style risk.

Principal Risks of Investing. The Fund is subject to the market and selection risks of equity investments as well as and to the special risk of investment in foreign securities. In addition, the Fund is subject to risks ofconvertible associated with debt securities, emerging markets, derivatives, “new issue” securitiesgeographic concentration, preferred securities, small and mid-cap securities, liquidity, . Additional principal risks are identified in the use of leverage, high portfolio turnover risk, and investment style riskFund’s prospectus.

Principal Risks of Investing. The Fund is subject to the market and selection risks of equity investments investments, as well as the special risks ofconvertible of value investments and foreign securities, derivatives, “new issue” securities, preferred securities, small cap securities, liquidity, the use of leverage, high portfolio turnover risk, and investment style risk.

Principal Risks of Investing. The Fund is subject to the market and selection risks of equity investments investments, smaller and emerging growth companies, investment style risk, and model risk, as well as the special risks ofconvertible of investing in convertible securities, “new issues” securities, warrants, derivatives, “new issue” securities, preferred securities, small cap securities, liquidity, the use of leverage, and high portfolio turnover risk, and investment style risk. Additional principal risks are identified in the Fund’s prospectus.

Principal Risks of Investing. The Fund is subject to the risks of fixed-income investments, including, but not limited to, borrowing risk, dollar rolls risk, emerging markets risk, interest rate risk, leverage risk, liquidity risk, market and selection risks of equity investments as well as the special risks ofconvertible securities, derivatives, “new issue” securities, preferred securities, small cap securities, liquidity, the use of leverage, high portfolio turnover risk, credit risk and investment style risk.U.S.

Principal Risks of Investing. The Fund is subject to the market and selection risks of equity investments as well as the special risks ofconvertible fixed-income investments, mortgage- and asset-backed securities, derivatives, “new issue” securities, preferred securities, small cap securities, liquidity, and junk bonds. Additional principal risks are identified in the use Fund’s prospectus. CASH ALLOCATION ACCOUNT‌ Many of leverage, high portfolio turnover risk, and investment style riskthe Portfolios invest in the Cash Allocation Account.

Principal Risks of Investing. The Fund is subject to the market and selection risks of equity investments investments, smaller and emerging growth companies, investment style risk, and model risk, as well as the special risks ofconvertible of investing in convertible securities, “new issues” securities, warrants, derivatives, “new issue” securities, preferred securities, small cap securities, liquidity, the use of leverage, and high portfolio turnover risk, and investment style risk.. Additional principal risks are identified in the Fund’s prospectus. INTERNATIONAL EQUITY FUNDS‌‌

Principal Risks of Investing. The Fund is subject to the risks of fixed-income investments, including, but not limited to, borrowing risk, dollar rolls risk, emerging markets risk, leverage risk, liquidity risk, market and selection risks of equity investments as well as the special risks ofconvertible securities, derivatives, “new issue” securities, preferred securities, small cap securities, liquidity, the use of leverage, high portfolio turnover risk, credit risk and investment style risk.U.S.

Principal Risks of Investing. The Fund is subject to the risks of fixed-income investments, including, but not limited to, borrowing risk, dollar rolls risk, emerging markets risk, interest rate risk, leverage risk, liquidity risk, market and selection risks of equity risk, credit risk and U.S. government issuer risk. The Fund is also subject to commodities related investments as well as the special risks ofconvertible securitiesrisk, derivativescorporate loans risk, “new issue” securitiesinvestment in other investment companies risk, preferred securitiesjunk (non- investment grade) bonds risk, small cap securities, liquidity, the use of leverage, high portfolio turnover short sales risk, and investment style zero coupon securities risk.

Principal Risks of Investing. The Fund is subject to the market and selection main risks of investing in the Fund are commodities related investment risk; convertible securities risk; derivatives risk; equity investments as well as the special risks ofconvertible securities, derivatives, “new issue” securities, preferred securities, small cap securities, liquidity, the use of leverage, securities risk; high portfolio turnover risk, and ; investment style risk; leverage risk; market risk and selection risk; “new issues” risk; and preferred securities risk. Investment Objective, Strategy and Policies – The investment objective of the Fund is to seek to provide investment results that correspond to the total return performance of publicly-traded common stocks in the aggregate, as represented by the Standard & Poor’s 500 Index.

Principal Risks of Investing. The Fund is subject to real estate-related securities risk and REIT investment risk, as well as the market and selection risks of equity investments as well as and the special risks ofconvertible of concentration, convertible securities, derivatives, “new issue” securitiesnon- diversification, preferred securities, and small and mid cap securities, liquidity, . Additional principal risks are identified in the use of leverage, high portfolio turnover risk, and investment style risk.Fund’s prospectus. BlackRock Core Bond Portfolio‌‌