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font-family: arial; font-size: 9.30pt;">The investment objective of BlackRock Diversified Equity Alpha Fund (formerly known as BlackRock Diversified Equity </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund) (the “Fund”) a series of BlackRock Funds III (the “Trust”), is to seek to provide long-term appreciation of capital.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.0626pt;"> </span></div> Fees and Expenses of the Fund <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell Institutional Shares of the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to your financial professional or your </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">selected securities dealer, broker, investment adviser, service provider or industry professional (including </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">BlackRock Fund Advisors (“BFA”) and its affiliates) (each, a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">Financial Intermediary</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">), which are not reflected in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">the table and example below.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0024 0 0.0025 0.0025 0.0001 0.0050 -0.0010 0.0040 June 30, 2027 The Total Annual Fund Operating Expenses do not correlate to the ratio 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. Example: <div style="line-height: 10.0626pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or lower, based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> 41 150 270 619 Portfolio Turnover: <div style="line-height: 10.0626pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Master Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Example, affect the Fund’s performance. During the most recent fiscal year, the Master Portfolio’s portfolio turnover </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rate was </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">123</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">% of the average value of its portfolio.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.0626pt;"> </span></div> 1.23 Principal Investment Strategies of the Fund <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund invests, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment purposes, in equity securities, including common stock, preferred stock and securities or other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instruments whose price is linked to the value of common stock. The Fund’s investments in derivatives will be counted </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">toward the Fund’s 80% policy to the extent that they provide investment exposure to such securities or to one or more </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market risk factors associated with such securities. The Fund may also purchase convertible securities. This is a non-fundamental</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> policy of the Fund and may not be changed without 60 days’ prior notice to shareholders.</span></div> <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund does not limit its investments to companies of any particular size and may invest in equity securities of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">companies of any market capitalization.</span></div> <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Equity securities include securities representing shares of ownership of a corporation (“common stock”), preferred </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">stock and securities or other instruments whose price is linked to the value of common stock. The Fund may also </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">purchase convertible securities. Preferred stock is a class of stock that often pays dividends at a specified rate and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">has preference over common stock in dividend payments and liquidation of assets. Convertible securities typically pay </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">current income as either interest (debt security convertibles) or dividends (preferred stock), and their value usually </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reflects both the stream of current income payments and the market value of the underlying common stock.</span></div> <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may also invest in securities of foreign issuers from any country, including emerging market countries, and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may invest in securities denominated in both U.S. dollars and non-U.S. dollar currencies.</span></div> <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may use derivatives to hedge its portfolio against market and currency risks or to gain long or short exposure </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to equity markets. The Fund may also use derivatives to hedge its investment portfolio against interest rate risks or to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">seek to enhance its return. Derivatives are financial instruments whose value is derived from another security, a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commodity (such as oil or gold), a currency or an index such as the Russell 1000</span><span style="color: #000000; font-family: arial; font-size: 5pt; position: relative; top: -3.25pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Index. The derivatives that the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may use include options on portfolio positions or currencies, financial and currency futures, options on such futures, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">forward foreign currency transactions and swaps (including total return swaps, some of which may be referred to as </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">contracts for difference).</span></div> <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">In pursuing its investment objective, the Fund may utilize short positions, which arise where the Fund sells a security </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or basket of securities it does not own by delivery of borrowed securities or where the Fund has entered into a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">derivative instrument that provides economic exposure similar to a short sale of a security or basket of securities. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund expects to implement short positions through short sales of any instrument that the Fund may purchase for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment or by using options, futures, forwards, swaps or other derivatives.</span></div> <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may also invest in indexed and inverse securities.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.0626pt;"> </span></div> <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund is a “feeder” fund that invests all of its assets in the Master Portfolio, which has the same investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">objective and strategies as the Fund. All investments are made at the Master Portfolio level. This structure is </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">sometimes called a “master/feeder” structure. The Fund’s investment results will correspond directly to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment results of the Master Portfolio. For simplicity, this prospectus uses the name of the Fund or the term </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“Fund” (as applicable) to include the Master Portfolio.</span></div> <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.</span></div> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div> <div style="clear: both; margin-top: 2.7574pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.19pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.12pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Equity Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Stock markets are volatile. The price of equity securities fluctuates based on changes in a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">company’s financial condition and overall market and economic conditions.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 2.7574pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.19pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.12pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">increase volatility. Derivatives involve significant risks, including:</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Leverage Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">movements may result in large changes in the value of a derivatives position and can result in losses that greatly </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exceed the amount originally invested.</span></div> <div style="line-height: 10.0626pt; margin-left: 12pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Some derivatives are more sensitive to interest rate changes and market price fluctuations than </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market movements, which losses are potentially unlimited. Finally, BFA may not be able to predict correctly the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">direction of securities prices, interest rates and other economic factors, which could cause the Fund’s derivatives </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">positions to lose value.</span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Counterparty Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Derivatives are also subject to counterparty risk, which is the risk that the other party in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure to such a counterparty.</span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Illiquidity Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">difficult for the Fund to value accurately.</span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Operational Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The use of derivatives includes the risk of potential operational issues, including documentation </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issues, settlement issues, systems failures, inadequate controls and human error.</span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Legal Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">enforceability of a contract.</span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Volatility and Correlation Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Volatility is defined as the characteristic of a security, an index or a market to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fluctuations in their values may not correlate with the overall securities markets.</span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Valuation Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Valuation for derivatives may not be readily available in the market. Valuation may be more difficult </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in times of market turmoil since many investors and market makers may be reluctant to purchase complex </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instruments or quote prices for them.</span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Hedging Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Hedges are sometimes subject to imperfect matching between the derivative and the underlying </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may result in certain adverse tax consequences.</span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Tax Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Certain aspects of the tax treatment of derivative instruments, including swap agreements and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">realizes from its investments.</span></div> <div> <div style="clear: both; margin-top: 2.7574pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.19pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.12pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Foreign Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Foreign investments often involve special risks not present in U.S. investments that can </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">increase the chances that the Fund will lose money. These risks include:</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 2.7574pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.19pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.12pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">oversight.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 2.7574pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.19pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.12pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 2.7674pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.19pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.12pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The economies of certain foreign markets may not compare favorably with the economy of the United States with </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">payments position.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.0626pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 2.7674pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.19pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.12pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">currency, securities, derivatives or other assets.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 2.7574pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.19pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.12pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the same extent as does the United States and may not have laws to protect investors that are comparable to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">U.S. securities laws.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 2.7574pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.19pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.12pt; margin-left: 4pt; text-align: left; width: 493.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities not typically associated with settlement and clearance of U.S. investments.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 2.7574pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.19pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.12pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign country, accruals in the Fund’s net asset value for such refunds may be written down partially or in full, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">which will adversely affect the Fund’s net asset value.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.0626pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 2.7674pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.19pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.12pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Convertible Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The market value of a convertible security performs like that of a regular debt </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">their market value may change based on changes in the issuer’s credit rating or the market’s perception of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">converted, a convertible security is also subject to the same types of market and issuer risks that apply to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">underlying common stock, including the potential for increased volatility in the price of the convertible security.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 2.7574pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.19pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.12pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Emerging Markets Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Emerging markets are riskier than more developed markets because they tend to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 10.0626pt; margin-left: 12pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">liquidity than developed markets.</span></div> <div> <div style="clear: both; margin-top: 2.7574pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.19pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.12pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">High Portfolio Turnover Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund may engage in active and frequent trading of its portfolio securities. High </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of higher than normal portfolio turnover may adversely affect Fund performance.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.0626pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 2.7574pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.19pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.12pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Indexed and Inverse Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Indexed and inverse securities provide a potential return based on a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">particular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities, and the Fund’s investment in such instruments may decline significantly in value if interest rates or index </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">levels move in a way Fund management does not anticipate.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 2.7674pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.19pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.12pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Investment Style Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Under certain market conditions, growth investments have performed better during the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">later stages of economic expansion and value investments have performed better during periods of economic </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">recovery. Therefore, these investment styles may over time go in and out of favor. At times when the investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">style used by the Fund is out of favor, the Fund may underperform other funds that use different investment styles.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 2.7574pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.19pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.12pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Large-Capitalization Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Large-capitalization companies may be less able than smaller-capitalization </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">performance of large-capitalization companies could trail the overall performance of the broader securities markets. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Any issuer of these securities may perform poorly, causing the value of its securities to decline. Poor performance </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may be caused by poor management decisions, competitive pressures, changes in technology, expiration of patent </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">protection, disruptions in supply, labor problems or shortages, corporate restructurings, fraudulent disclosures, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">credit deterioration of the issuer or other factors. Issuers may, in times of distress or at their own discretion, decide </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to reduce or eliminate dividends, which may also cause their stock prices to decline.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 2.7574pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.19pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.12pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Leverage Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Some transactions may give rise to a form of economic leverage. These transactions may include, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to meet the applicable requirements of the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Company Act</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">) and the rules thereunder. Increases and decreases in the value of the Fund’s portfolio will be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">magnified when the Fund uses leverage.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.0626pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 2.7674pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.19pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.12pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Market Risk and Selection Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Market risk is the risk that one or more markets in which the Fund invests will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">security or other asset may decline due to changes in general market conditions, economic trends or events that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments. Selection risk is the risk that the securities selected by Fund management will underperform the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">markets, the relevant indices or the securities selected by other funds with similar investment objectives and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment strategies. This means you may lose money.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 2.7574pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.19pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.12pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Mid Cap Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The securities of mid cap companies generally trade in lower volumes and are generally </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">subject to greater and less predictable price changes than the securities of larger capitalization companies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 2.7574pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.19pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.12pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Operational and Technology Risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund is directly and indirectly susceptible to operational and technology </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risks, including those related to human errors, processing errors, communication errors, systems failures, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">required to have appropriate operational, information security and cybersecurity risk management policies and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may cause the Fund’s investments in such issuers to lose value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 2.7574pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.19pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.12pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Preferred Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Preferred securities may pay fixed or adjustable rates of return. Preferred securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">preferred securities generally pay dividends only after the company makes required payments to holders of its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 10.0626pt; margin-left: 12pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities of smaller companies may be more vulnerable to adverse developments than preferred securities of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">larger companies.</span></div> <div> <div style="clear: both; margin-top: 2.7574pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.19pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.12pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Short Sales and Short Position Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.0626pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Because making short sales or taking short positions in securities that it </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">does not own would expose the Fund to the risks associated with those securities, such short sales or positions </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">involve speculative exposure risk. In such situations, the Fund will incur a loss as a result of a short sale or position </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">if the price of the reference instrument increases after the Fund entered into the short sale or position. The Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may engage in short sales and gain short exposure through certain derivative instruments, such as futures, options </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or swaps. The Fund may lose more money than the actual cost of a short sale or position and the potential losses </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">are theoretically unlimited on a short sale or position.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 2.7674pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.19pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.12pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Risk of Investing in the United States </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Certain changes in the U.S. economy, such as when the U.S. economy </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 2.7574pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.19pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.12pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Small Cap and Emerging Growth Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Small cap or emerging growth companies may have limited </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">product lines or markets. They may be less financially secure than larger, more established companies. They may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">depend on a more limited management group than larger capitalized companies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> Performance Information <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. Institutional Shares commenced operations on September 19, 2023. As a result, for periods prior to September 19, 2023, the chart and table are based on the performance of the Master Portfolio in which the Fund invests all of its assets, adjusted to reflect the estimated annual fund fees and operating expenses of the Institutional Shares of the Fund. The table compares the Fund’s performance to that of the Russell 1000® Index. To the extent that dividends and distributions have been paid by the Master Portfolio, the performance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions. As with all such investments, past performance (before and after taxes) is not an indication of future results. The table includes all applicable fees and sales charges. If BlackRock and its affiliates had not waived or reimbursed certain Master Portfolio and/or Fund expenses during these periods, the Master Portfolio’s/Fund’s return would have been lower. Updated information on the Fund’s performance, including its current net asset value, can be obtained by visiting www.blackrock.com or can be obtained by phone at (800) 882-0052. </span></div> The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance (before and after taxes) is not an indication of future results. The table includes all applicable fees and sales charges. www.blackrock.com (800) 882-0052 Institutional Shares ANNUAL TOTAL RETURNS BlackRock Diversified Equity Alpha Fund As of 12/31 <div style="margin-top: 3pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">During the ten-year period shown in the bar chart, the highest return for a quarter was 22.19% (quarter ended </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">June 30, 2020) and the lowest return for a quarter was -20.56% (quarter ended March 31, 2020).</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.0626pt;"> </span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> highest return 0.2219 2020-06-30 lowest return -0.2056 2020-03-31 For the periods ended 12/31/25Average Annual Total Returns 0.1729 0.1379 0.1465 0.1474 0.1264 0.1407 0.1074 0.1062 0.1218 0.1737 0.1359 0.1459 <div style="line-height: 10.0626pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">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.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.0626pt;"> </span></div> 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. The fees and expenses shown in the table above include the expenses of both the Fund and the Fund’s share of the allocated expenses of Diversified Equity Alpha Master Portfolio (the “Master Portfolio”), a series of Master Investment Portfolio (“MIP”). The management fees are paid by the Master Portfolio. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 34, BFA, the investment adviser for the Master Portfolio, has contractually agreed to waive the management fee with respect to any portion of the Master Portfolio’s assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds managed by BFA or its affiliates that have a contractual management fee, through June 30, 2027. In addition, BFA has contractually agreed to waive its management fees by the amount of investment advisory fees the Master Portfolio pays to BFA indirectly through its investment in money market funds managed by BFA or its affiliates, through June 30, 2027. The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested trustees of MIP or by a vote of a majority of the outstanding voting securities of the Master Portfolio. BFA has contractually agreed to waive 0.095% of its management fee payable by the Master Portfolio through June 30, 2027. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of MIP or by a vote of a majority of the outstanding voting securities of the Master Portfolio. Independent Expenses consist of the Fund’s allocable portion of the fees and expenses of the independent trustees of the Trust and MIP, counsel to such independent trustees and the independent registered public accounting firm that provides audit services to the Fund and the Master Portfolio. BFA and BlackRock Advisors, LLC (“BAL”), the administrator for the Fund, have contractually agreed to reimburse, or provide offsetting credits to, the Fund and the Master Portfolio, as applicable, for Independent Expenses through June 30, 2027. After giving effect to such contractual arrangements, Independent Expenses will be 0.00%. Such contractual arrangements may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust and of MIP, as applicable, or by a vote of a majority of the outstanding voting securities of the Fund and the Master Portfolio. The Total Annual Fund Operating Expenses do not correlate to the ratio 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.