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SEPTEMBER 28, 2026
Summary Prospectus
BlackRock Balanced Fund, Inc. | Investor, Institutional and Class R Shares Investor A: MDCPX • Investor C: MCCPX • Institutional: MACPX • Class R: MRBPX
Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus (including amendments and supplements), reports to shareholders and other information about the Fund, including the Fund’s statement of additional information, online at https://www.blackrock.com/prospectus. You can also get this information at no cost by calling (800) 441-7762 or by sending an e-mail request to prospectus.request@blackrock.com , or from your financial professional. The Fund’s prospectus and statement of additional information, both dated September 28, 2026, as amended and supplemented from time to time, are incorporated by reference into (legally made a part of) this Summary Prospectus.
This Summary Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference.
The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Summary Prospectus. Any representation to the contrary is a criminal offense.
Not FDIC Insured • May Lose Value • No Bank Guarantee
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Summary Prospectus
Key Facts About BlackRock Balanced Fund, Inc.
Investment Objective
The investment objective of BlackRock Balanced Fund, Inc. (the “Fund”) is to seek the highest total investment return through a fully managed investment policy utilizing equity, debt (including money market) and conver tible securities.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Amounts in the table are rounded to the nearest basis point, which in some cases may be “0.00.” You may pay other fees, such as brokerage commissions and other fees to your financial professional or your selected securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC (“BlackRock”) and its affiliates) (each, a “Financial Intermediary”), which are not reflected in the table and example below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the fund complex advised by BlackRock or its affiliates. More information about these and other discounts is available from your Financial Intermediary and in the “Details About the Share Classes” and the “Intermediary-Defined Sales Charge Waiver Policies” sections on pages 35 and A-1, respectively, of the Fund’s prospectus and in the “Purchase of Shares” section on page II-97 of Par t II of the Fund’s Statement of Additional Information.
Shareholder Fees (fees paid directly from your investment)
Investor A Shares
Investor C Shares
Institutional Shares
Class R Shares Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.25% None None None Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower) None 1 1.00% 2 None None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Investor A Shares
Investor C Shares
Institutional Shares
Class R Shares Management Fee 3 0.42% 0.42% 0.42% 0.42% Distribution and/or Service (12b-1) Fees 0.25% 1.00% None 0.50% Other Expenses 0.12% 0.13% 0.13% 0.25% Acquired Fund Fees and Expenses 4 0.02% 0.02% 0.02% 0.02% Total Annual Fund Operating Expenses 4 0.81% 1.57% 0.57% 1.19% Fee Waivers and/or Expense Reimbursements 3 (0.01)% (0.01)% (0.01)% (0.01)% Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 3 0.80% 1.56% 0.56% 1.18% 1 A contingent deferred sales charge (“CDSC”) of 0.75% is assessed on cer tain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as par t of an investment of $250,000 or more. 2 There is no CDSC on Investor C Shares after one year. 3 As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 50, BlackRock has contractually agreed to waive the management fee with respect to any por tion of the Fund’s assets estimated to be attributable to investments in other equity and fixed income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2028. The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. 4 The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses.
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Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 Year 3 Years 5 Years 10 Years Investor A Shares $602 $769 $950 $1,473 Investor C Shares $259 $495 $854 $1,662 Institutional Shares $ 57 $182 $317 $ 713 Class R Shares $120 $377 $653 $1,442
You would pay the following expenses if you did not redeem your shares:
1 Year 3 Years 5 Years 10 Years Investor C Shares $159 $495 $854 $1,662
Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its por tfolio). A higher por tfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s per formance. During the most recent fiscal year, the Fund’s por tfolio turnover rate was 132% of the average value of its por tfolio.
Principal Investment Strategies of the Fund
The Fund invests in a combination of equity securities, fixed-income securities and derivatives. The propor tion the Fund invests in each category at any given time depends on Fund management’s view of how attractive that category appears relative to the others. The Fund intends to invest at least 25% of its assets in equity securities and at least 25% of its assets in senior fixed income securities, such as U.S. government debt securities, corporate debt securities, and mor tgage-backed and asset-backed securities.
With respect to the Fund’s equity investments, the Fund primarily intends to invest in equity securities or other financial instruments that are components of, or have characteristics similar to, the securities included in the MSCI All Country World Index (the “ACWI”). The ACWI is a capitalization-weighted index from a broad range of industries chosen for market size, liquidity and industry group representation. In selecting equity investments, the Fund primarily uses proprietary return forecast models that incorporate quantitative analysis. Equity securities include common stock and preferred stock. The Fund primarily seeks to buy common stock and may also invest in preferred stock. From time to time, the Fund may invest in shares of companies through “new issues” or initial public offerings (“IPOs”). The Fund may also purchase conver tible securities. The Fund may invest in securities of both U.S. or non-U.S. issuers without limit, which can be U.S. dollar based or non-U.S. dollar based and may be currency hedged or unhedged. The Fund may invest in securities of companies of any market capitalization.
With respect to the Fund’s fixed-income investments, the Fund will invest primarily using model-based asset allocation and security selection models. The Fund may invest in obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities; mor tgage-backed securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, including U.S. agency mor tgage pass-through securities; commercial mor tgage-backed securities; mor tgage to-be-announced (“TBA”) securities; debt obligations of U.S. issuers, including corporate bonds; municipal securities; asset-backed securities; and U.S.-registered dollar-denominated debt obligations of foreign issuers. The Fund may invest in bonds issued by companies located in countries other than the United States, including companies in emerging markets. These securities may have all types of interest rate payment and reset terms, including fixed rate, adjustable rate, floating rate, zero coupon, contingent, deferred, payment in kind and auction rate features. The Fund seeks to invest a substantial por tion of its assets in U.S.-registered, dollar denominated bonds. The Fund may invest up to 10% of its assets in securities rated below investment grade (“high yield” or “junk” bonds). The Fund may invest in bonds of any maturity or duration.
The Fund may invest a significant por tion of its fixed income holdings in U.S. agency mor tgage pass-through securities, which are securities issued by entities such as the Government National Mor tgage Association (“GNMA”) and the
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Federal National Mor tgage Association that are backed by pools of mor tgages. Most transactions in mor tgage pass through securities occur through standardized contracts for future delivery in which the exact mor tgage-backed securities to be delivered are not specified until a few days prior to settlement. The Fund expects to enter into such contracts on a regular basis.
The Fund may use derivatives, including options, futures, swaps (including, but not limited to, total return swaps), forward contracts and various other instruments, both to seek to increase the return of the Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets. The Fund may also invest in indexed and inverse securities.
Principal Risks of Investing in the Fund
Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose par t or all of your investment in the Fund or your investment may not per form as well as other similar investments. The following is a summary description of principal risks of investing in the Fund. The relative significance of each risk factor below may change over time and you should review each risk factor carefully. Equity Securities Risk — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.
Debt Securities Risk — Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk, extension risk, and prepayment risk, each of which are described in fur ther detail below: Credit Risk — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditwor thiness may also affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation. Interest Rate Risk — The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Fund may be subject to a greater risk of rising interest rates during a period of low interest rates. For example, if interest rates increase by 1%, assuming a current por tfolio duration of ten years, and all other factors being equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of the price sensitivity of a debt security or por tfolio of debt securities to relative changes in interest rates.) The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The Fund may lose money if shor t-term or long-term interest rates rise sharply in a manner not anticipated by Fund management. To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mor tgage backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of the Fund) when interest rates rise. Moreover, because rates on cer tain floating rate debt securities typically reset only periodically, changes in prevailing interest rates (and par ticularly sudden and significant changes) can be expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate debt securities. These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in value when interest rates change. A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy redemptions could cause the Fund to sell assets at inoppor tune times or at a loss or depressed value and could hur t the Fund’s per formance. Extension Risk — When interest rates rise, cer tain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall. Prepayment Risk — When interest rates fall, cer tain obligations will be paid off by the obligor more quickly than originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.
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Foreign Securities Risk — Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include: The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight. Changes in foreign currency exchange rates can affect the value of the Fund’s por tfolio. The economies of cer tain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. The governments of cer tain countries, or the U.S. Government with respect to cer tain countries, may prohibit or impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital markets or cer tain industries in those countries, which may prohibit or restrict the ability to own or transfer currency, securities, derivatives or other assets. Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. Settlement and clearance procedures in cer tain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments. The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the foreign country, accruals in the Fund’s net asset value for such refunds may be written down par tially or in full, which will adversely affect the Fund’s net asset value. Convertible Securities Risk — The market value of a conver tible security per forms like that of a regular debt security; that is, if market interest rates rise, the value of a conver tible security usually falls. In addition, conver tible securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditwor thiness. Since it derives a por tion of its value from the common stock into which it may be conver ted, a conver tible security is also subject to the same types of market and issuer risks that apply to the underlying common stock, including the potential for increased volatility in the price of the conver tible security. Corporate Loans Risk — Commercial banks and other financial institutions or institutional investors make corporate loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate (“SOFR”) or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest. The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition, transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate loans may not be readily available to make additional investments or to meet the Fund’s redemption obligations. To the extent the extended settlement process gives rise to shor t-term liquidity needs, the Fund may hold additional cash, sell investments or temporarily borrow from banks and other lenders. Derivatives Risk — The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or increase volatility. Derivatives involve significant risks, including:
Leverage Risk — The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market movements may result in large changes in the value of a derivatives position and can result in losses that greatly exceed the amount originally invested. Market Risk — Some derivatives are more sensitive to interest rate changes and market price fluctuations than other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s derivatives positions to lose value. Counterpar ty Risk — Derivatives are also subject to counterpar ty risk, which is the risk that the other par ty in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterpar ty. Illiquidity Risk — The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately.
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Operational Risk — The use of derivatives includes the risk of potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls and human error. Legal Risk — The risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality or enforceability of a contract.
Volatility and Correlation Risk — Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a shor t time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets. Valuation Risk — Valuation for derivatives may not be readily available in the market. Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them. Hedging Risk — Hedges are sometimes subject to imper fect matching between the derivative and the underlying security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging may result in cer tain adverse tax consequences. Tax Risk — Cer tain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its investments. Emerging Markets Risk — Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less liquidity than developed markets. High Portfolio Turnover Risk — The Fund may engage in active and frequent trading of its por tfolio securities. High por tfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in other securities. The sale of Fund por tfolio securities may result in the realization and/or distribution to shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects of higher than normal por tfolio turnover may adversely affect Fund per formance. High Yield Bonds Risk — Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that are considered speculative and may cause income and principal losses for the Fund. Indexed and Inverse Securities Risk — Indexed and inverse securities provide a potential return based on a par ticular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect to the value of the par ticular index. These securities are subject to leverage risk and correlation risk. Cer tain indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other securities, and the Fund’s investment in such instruments may decline significantly in value if interest rates or index levels move in a way Fund management does not anticipate. Leverage Risk — Some transactions may give rise to a form of economic leverage. These transactions may include, among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may cause the Fund to liquidate por tfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the applicable requirements of the Investment Company Act of 1940, as amended (the “Investment Company Act”), and the rules thereunder. Increases and decreases in the value of the Fund’s por tfolio will be magnified when the Fund uses leverage. Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could lose money over shor t periods due to fluctuation in the Fund’s net asset value in response to shor t-term market movements and over longer periods during market downturns. Securities or other investments held by the Fund may underper form the markets, the relevant indices or benchmarks, or the securities selected by other funds with similar investment objectives and investment strategies, or may otherwise fail to per form as intended. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a par ticular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic uncer tainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and
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environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events. The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis and is subject to “Model Risk” as described below. Recent policy initiatives under taken by the U.S. government have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncer tainty and instability in domestic and global markets, and could adversely affect the investment per formance of the Fund. In par ticular, actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased costs for impor ted goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests. Mid Cap Securities Risk — The securities of mid cap companies generally trade in lower volumes and are generally subject to greater and less predictable price changes than the securities of larger capitalization companies. Model Risk — The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis. Investments selected using these models may per form differently than as forecasted due to the factors incorporated into the models and the weighting of each factor, changes from historical trends, and issues in the construction and implementation of the models (including, but not limited to, software issues, issues related to the use of ar tificial intelligence and machine learning (“AI”), and other technological issues). There is no guarantee that BlackRock’s use of these models will result in effective investment decisions for the Fund. The information and data used in the models may be supplied by third par ties. Inaccurate or incomplete data may limit the effectiveness of the models. In addition, some of the data that BlackRock uses may be historical data, which may not accurately predict future market movement. There is a risk that the models will not be successful in selecting investments or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective. Money Market Securities Risk — If market conditions improve while the Fund has invested some or all of its assets in high quality money market securities, this strategy could result in reducing the potential gain from the market upswing, thus reducing the Fund’s oppor tunity to achieve its investment objective. Mortgage- and Asset-Backed Securities Risks — Mor tgage- and asset-backed securities represent interests in “pools” of mor tgages or other assets, including consumer loans or receivables held in trust. Mor tgage- and asset backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are subject to risk of default on the underlying mor tgage or asset, par ticularly during periods of economic downturn. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of cer tain mor tgage-backed securities. Municipal Securities Risks — Municipal securities risks include the ability of the issuer to repay the obligation, the relative lack of information about cer tain issuers of municipal securities, and the possibility of future legislative changes which could affect the market for and value of municipal securities. Budgetary constraints of local, state, and federal governments upon which the issuers may be relying for funding may also impact municipal securities. These risks include: General Obligation Bonds Risks — Timely payments depend on the issuer’s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base. Revenue Bonds Risks — These payments depend on the money earned by the par ticular facility or class of facilities, or the amount of revenues derived from another source.
Private Activity Bonds Risks — Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment. Moral Obligation Bonds Risks — Moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality. Municipal Notes Risks — Municipal notes are shor ter term municipal debt obligations. If there is a shor tfall in the anticipated proceeds, the notes may not be fully repaid and the Fund may lose money.
Municipal Lease Obligations Risks — In a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased proper ty. Tax-Exempt Status Risk — The Fund and its investment manager will rely on the opinion of issuers’ bond counsel and, in the case of derivative securities, sponsors’ counsel, on the tax-exempt status of interest on municipal bonds and payments under derivative securities. Neither the Fund nor its investment manager will independently review the
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bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. “New Issues” Risk — “New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shor tly after the IPO. Operational and Technology Risks — The Fund is directly and indirectly susceptible to operational and technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, and the use of AI, which may result in losses for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management policies and procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value. Preferred Securities Risk — Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of larger companies. Sovereign Debt Risk — Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. Structured Securities Risk — Because structured securities of the type in which the Fund may invest typically involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments, index or reference obligation and will also be subject to counterpar ty risk. The Fund may have the right to receive payments only from the structured security, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. In addition to the general risks associated with debt securities discussed herein, structured securities carry additional risks, including, but not limited to: the possibility that distributions from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may decline in value or default; and the possibility that the structured securities are subordinate to other classes. The Fund is permitted to invest in a class of structured securities that is either subordinated or unsubordinated to the right of payment of another class. Subordinated structured securities typically have higher yields and present greater risks than unsubordinated structured securities. Structured securities are typically sold in private placement transactions, and there currently is no active trading market for structured securities. Structured securities are based upon the movement of one or more factors, including currency exchange rates, interest rates, reference bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the structured security to be reduced to zero. Cer tain issuers of such structured securities may be deemed to be “investment companies” as defined in the Investment Company Act. As a result, the Fund’s investment in such securities may be limited by cer tain investment restrictions contained in the Investment Company Act. U.S. Government Issuer Risk — Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are suppor ted by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial suppor t to its agencies and authorities if it is not obligated by law to do so. U.S. Government Mortgage-Related Securities Risk — There are a number of impor tant differences among the agencies and instrumentalities of the U.S. Government that issue mor tgage-related securities and among the securities that they issue. Mor tgage-related securities guaranteed by the Government National Mor tgage Association (“GNMA” or “Ginnie Mae”) are guaranteed as to the timely payment of principal and interest by GNMA and such guarantee is backed by the full faith and credit of the United States. GNMA securities also are suppor ted by the right of GNMA to borrow funds from the U.S. Treasury to make payments under its guarantee. Mor tgage related securities issued by Fannie Mae or Freddie Mac are solely the obligations of Fannie Mae or Freddie Mac, as the case may be, and are not backed by or entitled to the full faith and credit of the United States but are suppor ted by the right of the issuer to borrow from the Treasury.
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Performance Information
The information shows you how the Fund’s per formance has varied year by year and provides some indication of the risks of investing in the Fund. Effective March 3, 2025, the Fund changed its name, investment process and investment strategies. Per formance for the periods prior to March 3, 2025 shown below is based on the investment process and investment strategies utilized by the Fund under the name “BlackRock Sustainable Balanced Fund, Inc.” Effective April 8, 2022, the Fund changed its name, investment process and investment strategies. Per formance for the periods prior to April 8, 2022 shown below is based on the investment process and investment strategies utilized by the Fund under the name “BlackRock Balanced Capital Fund, Inc.” The table compares the Fund’s per formance to that of the MSCI All Country World Index (Net), the Bloomberg U.S. Aggregate Bond Index and a customized weighted index comprised of the returns of the MSCI All Country World Index (Net) (60%) and the Bloomberg U.S. Aggregate Bond Index (40%) (the “Custom Benchmark”). The Bloomberg U.S. Aggregate Bond Index and the Custom Benchmark are relevant to the Fund because they have characteristics similar to the Fund’s investment strategies. To the extent that dividends and distributions have been paid by the Fund, the per formance information for the Fund in the char t and table assumes reinvestment of the dividends and distributions. As with all such investments, past per formance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar char t. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed cer tain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s per formance, including its current net asset value, can be obtained by visiting www.blackrock.com or can be obtained by phone at (800) 882-0052.
Investor A Shares ANNUAL TOTAL RETURNS BlackRock Balanced Fund, Inc. As of 12/31
8.20%
14.24%
-3.41%
21.57% 15.12% 16.32%
-15.69%
16.59% 12.48% 15.31%
-20%
-10%
0%
10%
20%
30%
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
During the ten-year period shown in the bar char t, the highest return for a quar ter was 15.44% (quar ter ended June 30, 2020) and the lowest return for a quar ter was -13.04% (quar ter ended March 31, 2020). The year-to-date return as of June 30, 2026 was 7.67%.
For the periods ended 12/31/25 Average Annual Total Returns 1 Year 5 Years 10 Years BlackRock Balanced Fund, Inc. — Investor A Shares Return Before Taxes 9.25% 7.04% 8.91% Return After Taxes on Distributions 6.38% 4.88% 6.66% Return After Taxes on Distributions and Sale of Fund Shares 6.22% 4.81% 6.37% BlackRock Balanced Fund, Inc. — Investor C Shares Return Before Taxes 13.39% 7.36% 8.83% BlackRock Balanced Fund, Inc. — Institutional Shares Return Before Taxes 15.57% 8.46% 9.79% BlackRock Balanced Fund, Inc. — Class R Shares Return Before Taxes 14.84% 7.77% 9.09% MSCI All Country World Index (Net) 1 (Reflects no deduction for fees, expenses or taxes, except for withholding taxes on reinvested dividends) 22.34% 11.19% 11.72
9
NM0926U-5977355-9/16
Page 10
For the periods ended 12/31/25 Average Annual Total Returns 1 Year 5 Years 10 Years Bloomberg U.S. Aggregate Bond Index (Reflects no deduction for fees, expenses or taxes) 7.30% (0.36)% 2.01% Custom Benchmark (Reflects no deduction for fees, expenses or taxes, except for withholding taxes on reinvested dividends as noted above) 16.22% 6.57% 7.96% 1 Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is the case, index per formance will be lower than if the index used the Fund’s applicable withholding tax rates, if any. For additional comparative per formance information for the MSCI All Country World Index, please see the Fund’s Statement of Additional Information.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor C, Institutional and Class R Shares will vary.
Investment Manager and Sub-Adviser
The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”). The Fund’s sub adviser is BlackRock International Limited. Where applicable when discussing the Fund’s investment strategies and risks, “BlackRock” refers to both BlackRock Advisors, LLC and BlackRock International Limited.
Portfolio Managers
Portfolio Manager
Portfolio Manager of the Fund Since Title Philip Green 2006 Managing Director of BlackRock, Inc. Michael Pensky, CFA 2022 Managing Director of BlackRock, Inc. Daniel Felder, CFA 2022 Director of BlackRock, Inc. Raffaele Savi 2022 Senior Managing Director of BlackRock, Inc. Richard Mathieson 2022 Managing Director of BlackRock, Inc. Anna Hawley, CFA 2022 Managing Director of BlackRock, Inc. Scott Radell 2022 Managing Director of BlackRock, Inc. Jasmita Mohan 2023 Director of BlackRock, Inc.
Purchase and Sale of Fund Shares
You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. To purchase or sell shares you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should contact the Fund by phone at (800) 441-7762, by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429), or by the Internet at www.blackrock.com. The Fund’s initial and subsequent investment minimums generally are as follows, although the Fund may reduce or waive the minimums in some cases:
Investor A and Investor C Shares Institutional Shares Class R Shares Minimum Initial Investment
$1,000 for all accounts except: • $50, if establishing an Automatic Investment Plan. • There is no investment minimum for employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs). • There is no investment minimum for cer tain fee-based programs.
There is no minimum initial investment for: • Cer tain employee benefits plans, such as health savings accounts, and cer tain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies or other pooled
$100 for all accounts.
10
NM0926U-5977355-10/16
Page 11
Investor A and Investor C Shares Institutional Shares Class R Shares Minimum Initial Investment (continued)
investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund’s distributor to purchase such shares. • Clients of Financial Intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar services or (ii) have entered into an agreement with the Fund’s distributor to offer Institutional Shares through a no-load program or investment platform. • Clients investing through a self directed IRA brokerage account program sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that the program maintains an account with the Fund on an omnibus basis. $2 million for individuals and “Institutional Investors,” which include, but are not limited to, endowments, foundations, family offices, local, city, and state governmental institutions, corporations and insurance company separate accounts who may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund’s distributor to purchase such shares. $1,000 for: • Clients investing through Financial Intermediaries that offer such shares on a platform that charges a transaction based sales commission outside of the Fund. • Tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s broker dealer that has entered into an agreement with the Fund’s distributor to offer Institutional Shares, and the family members of such persons. Minimum Additional Investment
$50 for all accounts (with the exception of cer tain employer sponsored retirement plans which may have a lower minimum).
No subsequent minimum. No subsequent minimum.
11
NM0926U-5977355-11/16
Page 12
Tax Information
The Fund’s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan described in section 401(a) of the Internal Revenue Code of 1986, as amended, in which case you may be subject to U.S. federal income tax when distributions are received from such tax-deferred arrangements.
Payments to Broker/Dealers and Other Financial Intermediaries
If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the Fund’s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services.
These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial professional to recommend the Fund over another investment.
Ask your individual financial professional or visit your Financial Intermediary’s website for more information.
12
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INVESTMENT COMPANY ACT FILE # 811-02405 SPRO-BF-0926
NM0926U-5977355-16/16
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"text": "Maximum Sales Charge (Load) Imposed on Purchases (as a percentage"
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"text": "of offering price) 5.25% None None None"
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"text": "price or redemption proceeds, whichever is lower) None"
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"text": "Annual Fund Operating Expenses"
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"text": "Total Annual Fund Operating Expenses"
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"text": "Fee Waivers and/or Expense Reimbursements"
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"text": "Total Annual Fund Operating Expenses After Fee Waivers and/or"
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"text": "0.80% 1.56% 0.56% 1.18%"
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"text": "A contingent deferred sales charge (\u201cCDSC\u201d) of 0.75% is assessed on cer tain redemptions of Investor A Shares made within 18 months after"
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"text": "purchase where no initial sales charge was paid at the time of purchase as par t of an investment of $250,000 or more."
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"text": "As described in the \u201cManagement of the Fund\u201d section of the Fund\u2019s prospectus beginning on page 50, BlackRock has contractually agreed to"
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"text": "waive the management fee with respect to any por tion of the Fund\u2019s assets estimated to be attributable to investments in other equity and fixed"
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"text": "income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through"
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"text": "majority of the outstanding voting securities of the Fund."
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"text": "The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund\u2019s most recent"
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"text": "Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses."
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"text": "redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5%"
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"text": "return each year and that the Fund\u2019s operating expenses remain the same. Although your actual costs may be higher"
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"text": "or lower, based on these assumptions your costs would be:"
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"id": "884bcf56-2a23-48d9-8977-b18e77f0550a",
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"text": "Investor A Shares $602 $769 $950 $1,473"
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"id": "9bfe5499-b073-4c8c-9eec-80c8e88132af",
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"text": "Investor C Shares $259 $495 $854 $1,662"
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"text": "Institutional Shares $ 57 $182 $317 $ 713"
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"text": "Class R Shares $120 $377 $653 $1,442"
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"text": "You would pay the following expenses if you did not redeem your shares:"
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"text": "1 Year 3 Years 5 Years 10 Years"
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"id": "a2c19629-e090-447b-8b97-351478a18656",
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"text": "Investor C Shares $159 $495 $854 $1,662"
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"id": "d295a1d3-a234-4946-8b53-7a252ee7d88b",
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"text": "Portfolio Turnover:"
},
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"id": "835ada3e-64cd-463f-afa7-4c034a8719df",
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"text": "The Fund pays transaction costs, such as commissions, when it buys and sells securities (or \u201cturns over\u201d its"
},
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"id": "5f346e63-64ed-44b4-9020-3a51678004bf",
"page_number": 3,
"text": "por tfolio). A higher por tfolio turnover rate may indicate higher transaction costs and may result in higher taxes when"
},
{
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"id": "3cae8c0c-298e-4ae2-944b-4e46804a970b",
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"text": "shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the"
},
{
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"id": "067f13de-745c-411b-8291-2eceb49a6068",
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"text": "Example, affect the Fund\u2019s per formance. During the most recent fiscal year, the Fund\u2019s por tfolio turnover rate was"
},
{
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"id": "e92c493e-dfb2-4bf6-9a6b-e637c284c363",
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"text": "132% of the average value of its por tfolio."
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"id": "b25694c4-5bab-4c06-81d3-7b34332dc3f6",
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"text": "Principal Investment Strategies of the Fund"
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"id": "06dff80e-69b6-42ba-be9c-361000efd3eb",
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"text": "The Fund invests in a combination of equity securities, fixed-income securities and derivatives. The propor tion the Fund"
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"id": "b18afc74-f348-4fb7-b990-3c95adc84c2f",
"page_number": 3,
"text": "invests in each category at any given time depends on Fund management\u2019s view of how attractive that category"
},
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"id": "fd5b67bc-146c-40c9-a55e-f86038e3a674",
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"text": "appears relative to the others. The Fund intends to invest at least 25% of its assets in equity securities and at least"
},
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},
"id": "f1845284-ed13-4182-929f-20f6c2117964",
"page_number": 3,
"text": "25% of its assets in senior fixed income securities, such as U.S. government debt securities, corporate debt"
},
{
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"id": "ce1b19da-a73f-4197-9c32-04da3278034c",
"page_number": 3,
"text": "securities, and mor tgage-backed and asset-backed securities."
},
{
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},
"id": "80414710-ccf1-4f91-aa2f-f0453d97450c",
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"text": "With respect to the Fund\u2019s equity investments, the Fund primarily intends to invest in equity securities or other"
},
{
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},
"id": "a0af0cb9-ee9d-4fa9-b894-ef606415fc2a",
"page_number": 3,
"text": "financial instruments that are components of, or have characteristics similar to, the securities included in the MSCI All"
},
{
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},
"id": "cffb0fef-7c4b-4414-89c4-30a605f3dbfb",
"page_number": 3,
"text": "Country World Index (the \u201cACWI\u201d). The ACWI is a capitalization-weighted index from a broad range of industries chosen"
},
{
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"id": "119dc9ab-128d-48cb-b364-1c50fef8f6ac",
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"text": "for market size, liquidity and industry group representation. In selecting equity investments, the Fund primarily uses"
},
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"id": "8ff21b50-07f6-4a59-a54b-21ed49db036e",
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"text": "proprietary return forecast models that incorporate quantitative analysis. Equity securities include common stock and"
},
{
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"x": 62,
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},
"id": "9cd963cc-0d75-4578-a493-21066612a146",
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"text": "preferred stock. The Fund primarily seeks to buy common stock and may also invest in preferred stock. From time to"
},
{
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"id": "9b044c6d-b8d0-47b2-b42c-4cb33881ae13",
"page_number": 3,
"text": "time, the Fund may invest in shares of companies through \u201cnew issues\u201d or initial public offerings (\u201cIPOs\u201d). The Fund"
},
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"id": "1673a19b-3c5c-42e3-8e71-59fd0159f416",
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"text": "may also purchase conver tible securities. The Fund may invest in securities of both U.S. or non-U.S. issuers without"
},
{
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"id": "9af87f33-17bc-4cf6-a0ca-396dc43fcd50",
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"text": "limit, which can be U.S. dollar based or non-U.S. dollar based and may be currency hedged or unhedged. The Fund may"
},
{
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},
"id": "aaea2e2d-24bf-462d-8a61-4331aff522df",
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"text": "invest in securities of companies of any market capitalization."
},
{
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},
"id": "253fd233-5bcc-44e6-97ba-0b129dc27440",
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"text": "With respect to the Fund\u2019s fixed-income investments, the Fund will invest primarily using model-based asset allocation"
},
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"id": "d587e770-f54e-469f-97c6-59622ffc4a02",
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"text": "and security selection models. The Fund may invest in obligations issued or guaranteed by the U.S. Government, its"
},
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"id": "56b46e2d-26ba-4164-bb5a-a5a82afc9df7",
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"text": "agencies or instrumentalities; mor tgage-backed securities issued or guaranteed by the U.S. Government or its"
},
{
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"id": "95ec58e6-c0d0-43f4-aa3c-b2fb50d89148",
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"text": "agencies or instrumentalities, including U.S. agency mor tgage pass-through securities; commercial mor tgage-backed"
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"id": "4215238a-b192-45d7-984a-e45460a7cfc3",
"page_number": 3,
"text": "securities; mor tgage to-be-announced (\u201cTBA\u201d) securities; debt obligations of U.S. issuers, including corporate bonds;"
},
{
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},
"id": "52cbf2e0-0cd5-4235-8508-739cad859c80",
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"text": "municipal securities; asset-backed securities; and U.S.-registered dollar-denominated debt obligations of foreign"
...