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 of concentration, emerging markets, foreign securities, futures securities, index funds, mid cap securities, securities lending, small cap and emerging growth securities risk and tracking error risk. ALTERNATIVE INVESTMENT FUND‌ BlackRock Real Estate Securities Fund

Principal Risks of Investing. The Fund is subject to the market risk and selection risks of equity investments securities risk as well as the risks and special considerations associated with investing in an index fund. Additional principal risks of concentration, emerging markets, foreign securities, futures securities, index funds, mid cap securities, securities lending, small cap and emerging growth securities risk and tracking error riskare identified in the Fund's prospectus. ALTERNATIVE INVESTMENT INTERNATIONAL EQUITY FUND‌ BlackRock Real Estate Securities FundiShares Core MSCI Total International Stock ETF

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 of concentrationassociated with debt securities, emerging markets, foreign securitiesderivatives, futures securitiesgeographic concentration, index funds, mid and mid-cap securities, securities lending, small cap and emerging growth securities risk and tracking error risk. ALTERNATIVE INVESTMENT FUND‌ Additional principal risks are identified in the Fund’s prospectus. BlackRock Real Estate Securities Advantage 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 of concentrationcommodities related investments, emerging marketsconvertible securities, derivatives, foreign securities, futures “new issue” securities, index funds, mid cap securities, securities lendingpreferred securities, small cap leverage, and emerging growth securities risk and tracking error high portfolio turnover risk. ALTERNATIVE INVESTMENT FUND‌ BlackRock Real Estate Securities iShares MSCI Total International Index Fund

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 of concentration, emerging markets, foreign convertible securities, futures derivatives, “new issue” securities, index funds, mid cap preferred securities, securities lendingthe use of leverage, small cap high portfolio turnover risk, and emerging growth securities risk and tracking error investment style risk. ALTERNATIVE INVESTMENT FUND‌ Additional principal risks are identified in the Fund’s prospectus. BlackRock Real Estate Securities Advantage Small Cap Growth Fund

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 of concentrationrisk, emerging markets, foreign securities, futures securities, index funds, mid cap securities, securities lending, small cap and emerging growth securities credit risk and tracking error risk. ALTERNATIVE INVESTMENT FUND‌ BlackRock Real Estate Securities FundU.S.

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 of concentration, emerging markets, foreign investing in convertible securities, futures “new issues” securities, index fundswarrants, mid cap securitiesderivatives, securities lendingleverage, small cap and emerging growth securities risk and tracking error high portfolio turnover risk. ALTERNATIVE INVESTMENT FUND‌ Additional principal risks are identified in the Fund’s prospectus. BlackRock Real Estate Securities 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 of concentrationcommodities related investments, emerging marketsconvertible securities, derivatives, foreign securities, futures “new issue” securities, index funds, mid cap securities, securities lendingpreferred securities, small cap the use of leverage, and emerging growth securities risk and tracking error high portfolio turnover risk. ALTERNATIVE INVESTMENT FUND‌ BlackRock Real Estate Securities iShares MSCI Total International Index Fund

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 of concentrationrisk, emerging markets, foreign securities, futures securities, index funds, mid cap securities, securities lending, small cap and emerging growth securities credit risk and tracking error risk. ALTERNATIVE INVESTMENT FUND‌ BlackRock Real Estate Securities FundU.S.

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 of concentration, emerging markets, foreign investing in convertible securities, futures “new issues” securities, index fundswarrants, mid cap securitiesderivatives, securities lendingleverage, small cap and emerging growth securities risk and tracking error high portfolio turnover risk. ALTERNATIVE INVESTMENT FUND‌ Additional principal risks are identified in the Fund’s prospectus. INTERNATIONAL EQUITY FUNDS‌‌ BlackRock Real Estate Securities International Fund