Objective

To seek long-term capital growth.

Strategy

In selecting investments, the Fund’s management team will employ a fundamentally-driven investment process focused on a broad spectrum of event driven investment opportunities. With these event driven catalysts, the Fund will seek to exploit potential value gaps created by transformative corporate events such as announced mergers and acquisitions, spin-offs and split-offs, financial or strategic restructurings, management changes, synergistic acquisitions, as well as other transformative events.

Prospectus

Please consult the fund prospectus for more information before you invest money. The prospectus contains more complete information including management fees, other expenses, as well as the risks associated with an investment in the fund.

Prospectus

Effective 5/8/15, the BlackRock Large Cap Core Plus Fund changed its investment strategy and investment process to become the BlackRock Event Driven Equity Fund. In connection with these changes, management of the Fund will transition to Mark McKenna.

Cusips and Tickers

Investor A BALPX 09250J759
Institutional BILPX 09250J734
Investor C BCLPX 09250J742

Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses which may be obtained visiting the iShares ETF and BlackRock Mutual Fund prospectus pages. Read the prospectus carefully before investing.

Investing involves risk, including possible loss of principal.

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