FDP IV Growth 24% 8% 8% 8% 14% 7% 10%

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(1)1Q. A Disciplined Approach to Asset Allocation, Diversification and Rebalancing. 2016. FUNDS DIVERSIFIED PORTFOLIOS. Funds Diversified Portfolios® (FDP®) is a nondiscretionary brokerage service from Merrill Lynch that provides investors with easy access to selected BlackRock® mutual funds in line with one of six portfolio objectives. FDP portfolios are available from conservative to more aggressive. Your Financial Advisor can help you determine your own risk tolerance and the allocation that best meets your personal investment needs. Please keep in mind that while asset allocation, diversification and rebalancing are useful tools to help manage risk in a portfolio, they do not ensure a profit or protect against loss in broadly declining markets.. Key Benefits Include: Asset Allocation,* Diversification, Rebalancing Plus…  Institutional-quality asset management  Quarterly performance reports  Choice of rebalancing frequency — quarterly, semi-annually or annually  Low investment minimum†  Share class options  No additional fees beyond fund sales charges and expenses  Daily liquidity. SIX PRE-SELECTED FDP ALLOCATION STRATEGIES FDP Fixed Income. FDP II Capital Preservation. FDP III‡ Income & Growth. FDP IV‡ Growth. FDP V‡ Aggressive Growth. LESS AGGRESSIVE 7%. MORE AGGRESSIVE. 20%. 16%. 24% 31%. 52%. 8% 8%. US Equity. International Equity. 38%. 8%. 80%. 93%. FDP VI All Equity. Global Equity. 10%. 17% 44%. 17%. 66%. 8% 14% 7%. 10%. US Fixed Income. 22%. Global Fixed Income. Mixed Asset. * Asset allocation strategies do not guarantee profit and may not protect against loss. † Minimum initial investment: $15,000. ‡ Also available with municipal fixed income.. Merrill Lynch. €   „†ƒvuĔrŠ €„vr}†vĔ€r|†rƒr vv. FDP Service. ®.

(2) BlackRock: Investing With a Leading Global Asset Management Firm BlackRock is recognized as one of the most distinguished asset management firms in the world. As of March 31, 2016, our clients have entrusted us with the management of $4.73 trillion of their wealth.. As a leading global asset management firm, BlackRock has:.  79 open- and closed-end funds rated Overall 4- and 5-star by Morningstar*,†  Innovative investment solutions for institutional and individual investors  More than 1,900 investment professionals worldwide*. SHARP MINDS CONNECTED AROUND THE WORLD. Combined business based on 3/31/16.. Past performance does not guarantee future results. *As of 3/31/16. †Overall Morningstar Ratings are based on riskadjusted returns, are determined monthly and are subject to change. The Overall Morningstar rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. BlackRock has 55 actively managed 4-star funds and 24 5-star funds (this includes openend funds (OEFs) and closed-end funds (CEFs); A, B, C and Institutional shares). This total number includes 52 OEFs (35 4-star funds and 17 5-star funds) and 42 CEFs (35 4-star funds and 7 5-star funds). BlackRock manages 248 openand closed-end funds (126 OEFs and 122 CEFs). Not all funds are rated (102 OEFs and 63 CEFs were rated). For the most current rating of any BlackRock fund, refer to www.morningstar.com or contact your Financial Advisor.. North America Atlanta Baltimore Bloomfield Hills Boston Chapel Hill Charlotte Chicago Dallas Houston Jacksonville Jersey City La Jolla Los Angeles Miami Montreal New York Newport Beach Palm Beach Philadelphia Phoenix Pittsburgh Princeton San Francisco. Seattle St. Louis Toronto Washington, DC West Des Moines Wilmington Latin America Bogotá Santiago São Paulo. Africa, Continental Europe, Middle East & UK Amsterdam Bratislava Brussels Cape Town Copenhagen Dubai Frankfurt Geneva Luxembourg Madrid Milan Munich Paris Stockholm Vienna Warsaw Zurich. United Kingdom: • Dublin • Edinburgh • Isle of Man • Jersey • London • Peterborough Asia Beijing Gurgaon Hong Kong Kuala Lumpur Mumbai Seoul Shanghai Singapore Taipei Tokyo Australia Brisbane Melbourne Sydney.

(3) Portfolios Built on a Solid Foundation of Mutual Funds. MUTUAL FUNDS AVAILABLE THROUGH THE FDP SERVICE* Equity Funds. BlackRock Basic Value Fund BlackRock Capital Appreciation Fund BlackRock Emerging Markets Fund BlackRock Equity Dividend Fund BlackRock Global SmallCap Fund BlackRock International Fund BlackRock Large Cap Core Fund† BlackRock Large Cap Growth Fund† BlackRock Small Cap Growth Fund II BlackRock Value Opportunities Fund Fixed Income Funds. BlackRock High Yield Bond Fund BlackRock Inflation Protected Bond Fund BlackRock Low Duration Bond Fund BlackRock National Municipal Fund BlackRock Short-Term Municipal Fund BlackRock Strategic Global Bond Fund‡ BlackRock Strategic Income Opportunities Fund BlackRock Total Return Fund BlackRock U.S. Government Bond Fund Mixed Asset Funds. BlackRock Global Allocation Fund. Funds Diversified Portfolios are a complete diversification solution that invests in a range of mutual funds managed by BlackRock, a global leader in asset management for individuals and institutions. Each portfolio is constructed of a strategic mix of domestic and international equity and fixed income funds that we believe will meet your long-term individual investment objective — whether your goal is growth, income or a balance of the two.. * Investor B shares are not available. † Part of the BlackRock Large Cap Series Funds, Inc. ‡ Effective 9/1/15, the World Income Fund changed its name to Strategic Global Bond Fund. The fund also changed its portfolio management team, investment strategies, expenses and its benchmark..

(4) BlackRock FDP Fixed Income*. BlackRock FDP II Capital Preservation*. TARGET FUND ALLOCATION. TARGET FUND ALLOCATION BlackRock Total Return Fund 31.0. BlackRock Low Duration Bond Fund 50.0. BlackRock Low Duration Bond Fund 25.0. BlackRock Total Return Fund 20.0. BlackRock US Government Bond Fund 12.0 BlackRock Strategic Income Opportunities Fund 10.0. BlackRock Capital Appreciation Fund 10.0 BlackRock Equity Dividend Fund 10.0 BlackRock Strategic Income Opportunities Fund 10.0. BlackRock High Yield Bond Fund 8.0 BlackRock Inflation Protected Bond Fund 7.0 BlackRock Strategic Global Bond Fund 7.0. US Equity. International Equity. Global Equity. US Fixed Income. Global Fixed Income. GROWTH OF A HYPOTHETICAL $15,000 INVESTMENT†. GROWTH OF A HYPOTHETICAL $15,000 INVESTMENT†. $27,000. $27,000 $23,590. $23,311 18,000. 18,000. 9,000. 9,000. 3/06. 3/08. 3/10. 3/12. 3/14. Mixed Asset. 3/16. % Benchmark Average Annual Total Returns as of 3/31/16. 3/06. 3/08. 3/10. 3/12. 3/14. 3/16. % Benchmark Average Annual Total Returns as of 3/31/16. 1 Year. 3 Years. 5 Years. 10 Years. 1 Year. 3 Years. 5 Years. 10 Years. 1.47. 1.69. 3.00. 4.51. 1.19. 3.63. 4.07. 4.63. An investment in the mutual funds that make up the FDP strategy is subject to risk. Investment return and principal values will fluctuate so that an account’s current value may be less or more than the original amount invested. *Investor B shares are not available. †9/30/05 through 3/31/16.. Performance results reflect past performance and are no guarantee of future results. This illustration is based on a hypothetical investment of $15,000 made in the FDP benchmark 10 years ago and assumes reinvestment of dividends and capital gains and rebalancing back to the target benchmark. Returns do not reflect the deduction of any applicable sales charges or redemption fees. Performance of the FDP Fixed Income benchmark and FDP II benchmark is based on the benchmarks of the underlying funds and assumes annual rebalancing (53 weeks). The benchmarks are blended in the same ratio as the funds in each portfolio. FDP benchmarks are unmanaged, and it is not possible to invest directly in the FDP benchmark. See Important Notes for all of the FDP benchmarks..

(5) BlackRock FDP III Income & Growth*. BlackRock FDP III Income & Growth With Municipal Fixed Income*. TARGET FUND ALLOCATION. TARGET FUND ALLOCATION BlackRock National Municipal Fund 44.0. BlackRock Total Return Fund 28.0. BlackRock Capital Appreciation Fund 8.0. BlackRock Capital Appreciation Fund 8.0 BlackRock Equity Dividend Fund 8.0. BlackRock Equity Dividend Fund 8.0. BlackRock Global Allocation Fund 8.0. BlackRock Global Allocation Fund 8.0. BlackRock Global SmallCap Fund 8.0. BlackRock Global SmallCap Fund 8.0. BlackRock High Yield Bond Fund 8.0. BlackRock International Fund 8.0. BlackRock International Fund 8.0. BlackRock Large Cap Core Fund 8.0. BlackRock Large Cap Core Fund 8.0. BlackRock Short-Term Municipal Fund 8.0. BlackRock Low Duration Bond Fund 8.0 BlackRock Strategic Income Opportunities Fund 8.0. US Equity. International Equity. Global Equity. US Fixed Income. Global Fixed Income. Mixed Asset. GROWTH OF A HYPOTHETICAL $15,000 INVESTMENT†. GROWTH OF A HYPOTHETICAL $15,000 INVESTMENT†. $30,000. $30,000 $26,248. $26,333. 20,000. 20,000. 10,000. 10,000. 3/06. 3/08. 3/10. 3/12. 3/14. 3/16. % Benchmark Average Annual Total Returns as of 3/31/16. 3/06. 3/08. 3/10. 3/12. 3/14. 3/16. % Benchmark Average Annual Total Returns as of 3/31/16. 1 Year. 3 Years. 5 Years. 10 Years. 1 Year. 3 Years. 5 Years. 10 Years. -0.44. 4.99. 5.59. 5.75. 1.13. 5.76. 6.77. 5.79. An investment in the mutual funds that make up the FDP strategy is subject to risk. Investment return and principal values will fluctuate so that an account’s current value may be less or more than the original amount invested. *Investor B shares are not available. †9/30/05 through 3/31/16.. Performance results reflect past performance and are no guarantee of future results. This illustration is based on a hypothetical investment of $15,000 made in the FDP benchmark 10 years ago and assumes reinvestment of dividends and capital gains and rebalancing back to the target benchmark. Returns do not reflect the deduction of any applicable sales charges or redemption fees. Performance of the FDP III benchmark and FDP III with Municipal Fixed Income is based on the benchmarks of the underlying funds and assumes annual rebalancing (53 weeks). The benchmarks are blended in the same ratio as the funds in each portfolio. FDP benchmarks are unmanaged, and it is not possible to invest directly in the FDP benchmark. See Important Notes for all of the FDP benchmarks..

(6) BlackRock FDP IV Growth*. BlackRock FDP IV Growth With Municipal Fixed Income*. TARGET FUND ALLOCATION. TARGET FUND ALLOCATION BlackRock Total Return Fund 17.0. BlackRock National Municipal Fund 31.0. BlackRock Capital Appreciation Fund 10.0. BlackRock Global Allocation Fund 10.0. BlackRock Equity Dividend Fund 10.0. BlackRock Basic Value Fund 9.0. BlackRock Global Allocation Fund 10.0. BlackRock Capital Appreciation Fund 9.0. BlackRock Basic Value Fund 9.0. BlackRock Equity Dividend Fund 9.0. BlackRock Large Cap Growth Fund 9.0. BlackRock Global SmallCap Fund 9.0. BlackRock Emerging Markets Fund 7.0. BlackRock Large Cap Growth Fund 9.0. BlackRock Global SmallCap Fund 7.0. BlackRock Emerging Markets Fund 7.0. BlackRock High Yield Bond Fund 7.0. BlackRock International Fund 7.0. BlackRock International Fund 7.0 BlackRock Strategic Income Opportunities Fund 7.0. US Equity. International Equity. Global Equity. $26,743. 20,000. 20,000. 10,000. 10,000. 3/08. 3/10. 3/12. Mixed Asset. $30,000. $27,056. 3/06. Global Fixed Income. GROWTH OF A HYPOTHETICAL $15,000 INVESTMENT†. GROWTH OF A HYPOTHETICAL $15,000 INVESTMENT† $30,000. US Fixed Income. 3/14. 3/16. % Benchmark Average Annual Total Returns as of 3/31/16. 3/06. 3/08. 3/10. 3/12. 3/14. 3/16. % Benchmark Average Annual Total Returns as of 3/31/16. 1 Year. 3 Years. 5 Years. 10 Years. 1 Year. 3 Years. 5 Years. 10 Years. -1.35. 5.95. 6.29. 6.08. -0.42. 6.26. 6.75. 5.95. An investment in the mutual funds that make up the FDP strategy is subject to risk. Investment return and principal values will fluctuate so that an account’s current value may be less or more than the original amount invested. *Investor B shares are not available. †9/30/05 through 3/31/16.. Performance results reflect past performance and are no guarantee of future results. This illustration is based on a hypothetical investment of $15,000 made in the FDP benchmark 10 years ago and assumes reinvestment of dividends and capital gains and rebalancing back to the target benchmark every 12 months. Returns do not reflect the deduction of any applicable sales charges or redemption fees. Performance of the FDP IV benchmark and FDP IV with Municipal Fixed Income benchmark is based on the benchmarks of the underlying funds and assumes annual rebalancing (53 weeks). The benchmarks are blended in the same ratio as the funds in each portfolio. FDP benchmarks are unmanaged, and it is not possible to invest directly in the FDP benchmark. See Important Notes for all of the FDP benchmarks..

(7) BlackRock FDP V Aggressive Growth*. BlackRock FDP V Aggressive Growth With Municipal Fixed Income*. TARGET FUND ALLOCATION. TARGET FUND ALLOCATION. BlackRock Global SmallCap Fund 14.0. BlackRock National Municipal Fund 16.0. BlackRock Basic Value Fund 11.0. BlackRock Global SmallCap Fund 14.0. BlackRock Capital Appreciation Fund 11.0. BlackRock Basic Value Fund 11.0. BlackRock Equity Dividend Fund 11.0. BlackRock Capital Appreciation Fund 11.0. BlackRock Large Cap Growth Fund 11.0. BlackRock Equity Dividend Fund 11.0. BlackRock Global Allocation Fund 10.0 BlackRock Strategic Income Opportunities Fund 9.0. BlackRock Large Cap Growth Fund 11.0 BlackRock Global Allocation Fund 10.0. BlackRock Emerging Markets Fund 8.0. BlackRock Emerging Markets Fund 8.0. BlackRock International Fund 8.0. BlackRock International Fund 8.0. BlackRock High Yield Bond Fund 7.0. US Equity. International Equity. Global Equity. $26,602. 20,000. 20,000. 10,000. 10,000. 3/08. 3/10. 3/12. Mixed Asset. $30,000. $26,745. 3/06. Global Fixed Income. GROWTH OF A HYPOTHETICAL $15,000 INVESTMENT†. GROWTH OF A HYPOTHETICAL $15,000 INVESTMENT† $30,000. US Fixed Income. 3/14. 3/16. % Benchmark Average Annual Total Returns as of 3/31/16. 3/06. 3/08. 3/10. 3/12. 3/14. 3/16. % Benchmark Average Annual Total Returns as of 3/31/16. 1 Year. 3 Years. 5 Years. 10 Years. 1 Year. 3 Years. 5 Years. 10 Years. -2.15. 6.65. 6.72. 5.95. -1.42. 6.90. 6.98. 5.90. An investment in the mutual funds that make up the FDP strategy is subject to risk. Investment return and principal values will fluctuate so that an account’s current value may be less or more than the original amount invested. *Investor B shares are not available. †9/30/05 through 3/31/16.. Performance results reflect past performance and are no guarantee of future results. This illustration is based on a hypothetical investment of $15,000 made in the FDP benchmark 10 years ago and assumes reinvestment of dividends and capital gains and rebalancing back to the target benchmark every 12 months. Returns do not reflect the deduction of any applicable sales charges or redemption fees. Performance of the FDP V benchmark and FDP V with Municipal Fixed Income benchmark is based on the benchmarks of the underlying funds and assumes annual rebalancing (53 weeks). The benchmarks are blended in the same ratio as the funds in each portfolio. FDP benchmarks are unmanaged, and it is not possible to invest directly in the FDP benchmark. See Important Notes for all of the FDP benchmarks..

(8) BlackRock FDP VI All Equity* TARGET FUND ALLOCATION BlackRock International Fund 17.0 BlackRock Basic Value Fund 13.0 BlackRock Capital Appreciation Fund 13.0 BlackRock Equity Dividend Fund 13.0. The FDP Service is designed to help manage the risks associated with investing. The FDP target allocations were developed for different levels of risk tolerance. There is no guarantee that these strategies will protect against market risk. To find out more about any of the Funds Diversified Portfolios, including allocations, performance, holdings, characteristics, risk, account minimums, fund sales charges and restrictions, please contact your Merrill Lynch Financial Advisor.. BlackRock Large Cap Growth Fund 13.0 BlackRock Emerging Markets Fund 10.0 BlackRock Global SmallCap Fund 7.0 BlackRock Small Cap Growth Fund II 7.0 BlackRock Value Opportunities Fund 7.0. International Equity. US Equity. Global Equity. GROWTH OF A HYPOTHETICAL $15,000 INVESTMENT†. Call your Merrill Lynch Financial Advisor today to learn more about the advantages of investing in Funds Diversified Portfolios. Your Financial Advisor can help you determine your own risk tolerance and the allocation that best meets your personal investment needs. Keep in mind that asset allocation strategies do not ensure a profit and do not protect against loss.. $30,000 $25,587. 20,000. 10,000. 3/06. 3/08. 3/10. 3/12. 3/14. 3/16. % Benchmark Average Annual Total Returns as of 3/31/16 1 Year. 3 Years. 5 Years. 10 Years. -3.87. 7.51. 7.11. 5.49. An investment in the mutual funds that make up the FDP strategy is subject to risk. Investment return and principal values will fluctuate so that an account’s current value may be less or more than the original amount invested. *Investor B shares are not available. †9/30/05 through 3/31/16.. Performance results reflect past performance and are no guarantee of future results. This illustration is based on a hypothetical investment of $15,000 made in the FDP benchmark 10 years ago and assumes reinvestment of dividends and capital gains and rebalancing back to the target benchmark every 12 months. Returns do not reflect the deduction of any applicable sales charges or redemption fees. Performance of the FDP VI benchmark is based on the benchmarks of the underlying funds and assumes annual rebalancing (53 weeks). The benchmarks are blended in the same ratio as the funds in each portfolio. FDP benchmarks are unmanaged, and it is not possible to invest directly in the FDP benchmark. See Important Notes for all of the FDP benchmarks..

(9) FUNDS DIVERSIFIED PORTFOLIOS (FDP) Data as of 3/31/16 % Average Annual Returns Without Sales Charge Portfolio/ Inception Date BlackRock FDP Fixed Income 5/6/11 BlackRock FDP II Capital Preservation 5/6/11 BlackRock FDP III Income & Growth 5/6/11 BlackRock FDP III Income & Growth With Municipal Fixed Income 5/6/11 BlackRock FDP IV Growth 5/6/11 BlackRock FDP IV Growth With Municipal Fixed Income 5/6/11 BlackRock FDP V Aggressive Growth 5/6/11 BlackRock FDP V Aggressive Growth With Municipal Fixed Income 5/6/11 BlackRock FDP VI All Equity 5/6/11. % Average Annual Returns With Sales Charge Since Inception 2.24 2.26 3.31. Blended Expense Ratio (%)‡ 0.87 1.60 0.55. -3.47 -1.79 0.15 -6.91 -4.24 -2.31. 2.94 2.92 3.98 3.59 3.77 4.87. 0.87 1.60 0.55 1.02 1.77 0.70. -5.26. -5.30. 4.40. 0.95. 4.58 5.64 4.83 4.04 5.15. -1.83 -0.60 -5.06 -1.39 -0.15. -2.44 -0.49 -8.73 -5.71 -3.79. 4.58 5.64 3.78 4.04 5.15. 1.73 0.71 1.08 1.85 0.76. -2.88. 5.49. -5.33. -7.66. 4.41. 1.03. -0.60 -0.34 -0.95 -1.15 -0.87. -3.64 -2.61 -5.40 -6.15 -5.10. 4.66 5.76 4.87 4.05 5.19. -1.59 -0.34 -5.95 -2.13 -0.87. -4.54 -2.61 -10.17 -7.01 -5.10. 4.66 5.76 3.77 4.05 5.19. 1.82 0.77 1.14 1.93 0.83. Inv. A. -0.84. -4.33. 5.38. -5.88. -9.19. 4.27. 1.10. Inv. C Inst.'I Inv. A Inv. C Inst.'I. -1.03 -0.76 -1.27 -1.47 -1.18. -5.09 -4.05 -6.24 -7.01 -5.93. 4.55 5.68 5.22 4.35 5.55. -2.02 -0.76 -6.45 -2.45 -1.18. -5.97 -4.05 -11.16 -7.87 -5.93. 4.55 5.68 4.07 4.35 5.55. 1.89 0.81 1.20 2.04 0.89. Share Class* Inv. A Inv. C Inst.'I. Since Inception 3.00 2.26 3.31. YTD† 1.95 1.76 1.96. 1 Year -0.16 -0.89 0.12. YTD† -1.69 0.76 1.96. 1 Year -3.72 -1.86 0.12. Inv. A Inv. C Inst.'I Inv. A Inv. C Inst.'I. 0.31 0.12 0.32 -0.33 -0.51 -0.27. -0.10 -0.84 0.15 -2.58 -3.32 -2.31. 3.67 2.92 3.98 4.55 3.77 4.87. -3.07 -0.87 0.32 -4.76 -1.49 -0.27. Inv. A. -0.67. -0.73. 5.40. Inv. C Inst.'I Inv. A Inv. C Inst.'I. -0.85 -0.60 -0.22 -0.41 -0.15. -1.50 -0.49 -4.08 -4.82 -3.79. Inv. A. -0.41. Inv. C Inst.'I Inv. A Inv. C Inst.'I. 5 Years. 5 Years. Performance data quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment may fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Total returns are as of 3/31/16 and are based on models for each of the FDP strategies. All returns assume reinvestment of all distributions and annual rebalancing (53 weeks) back to the target portfolio. Refer to www.blackrock.com to obtain performance data current to the most recent monthend. There are no sales charges for Institutional shares. See Important Notes for sales charge information for other classes. * Investor B shares are not available. † Year-to-date performance is cumulative. ‡ Blended expense ratios are based on each fund’s current prospectus and are a weighted average of the fund net expense ratios. Inv. = Investor Inst.’l = Institutional.

(10) MUTUAL FUNDS AVAILABLE THROUGH FDP Data as of 3/31/16 % Average Annual Returns Without Sales Charge Portfolio/ Inception Date BlackRock Basic Value Fund 7/1/77 BlackRock Capital Appreciation Fund 12/31/97 BlackRock Emerging Markets Fund 9/1/89 BlackRock Equity Dividend Fund 11/25/87 BlackRock Global Allocation Fund 2/3/89 BlackRock Global SmallCap Fund 8/5/94 BlackRock High Yield Bond Fund 11/19/98 BlackRock Inflation Protected Bond Fund 6/28/04 BlackRock International Fund 10/30/98 BlackRock Large Cap Core Fund§ 12/22/99 BlackRock Large Cap Growth Fund§ 12/22/99 BlackRock Low Duration Bond Fund 7/17/92 BlackRock National Municipal Fund 11/2/79 BlackRock Short-Term Municipal Fund 11/2/79 BlackRock Small Cap Growth Fund II 10/29/99 BlackRock Strategic Global Bond Fund** 9/29/88 BlackRock Strategic Income Opportunities Fund 2/5/08 BlackRock Total Return Fund 12/7/01. Continued on next page.. Share Class* Inv. A Inv. C Inst.'I Inv. A Inv. C Inst.'I Inv. A Inv. C Inst.'I Inv. A Inv. C Inst.'I Inv. A Inv. C Inst.'I Inv. A Inv. C Inst.'I Inv. A Inv. C Inst.'I Inv. A Inv. C Inst.'I Inv. A Inv. C Inst.'I Inv. A Inv. C Inst.'I Inv. A Inv. C Inst.'I Inv. A Inv. C Inst.'I Inv. A Inv. C Inst.'I Inv. A Inv. C Inst.'I Inv. A Inv. C Inst.'I Inv. A Inv. C Inst.'I. 1 Year -7.77 -8.50 -7.51 -2.59 -3.36 -2.26 -16.34 -17.05 -15.94 1.18 0.45 1.45 -4.17 -4.89 -3.93 -11.67 -12.35 -11.40 -4.59 -5.32 -4.31 -0.37 -1.08 0.02 -7.68 -8.61 -7.29 -1.86 -2.69 -1.59 1.30 0.52 1.66 0.45 -0.30 0.68 3.16 2.39 3.32 0.34 -0.40 0.62 -12.61 -13.32 -12.34 1.68 0.74 1.92. 5 Years 8.21 7.35 8.51 7.86 7.00 8.16 -4.54 -5.33 -4.17 8.53 7.75 8.82 3.27 2.50 3.55 4.26 3.43 4.60 4.80 4.01 5.13 1.99 1.27 2.33 0.14 -0.84 0.54 8.87 7.96 9.18 10.30 9.46 10.64 1.84 1.10 2.19 6.37 5.58 6.54 0.41 -0.37 0.67 6.27 5.36 6.60 2.68 1.86 2.90. Inv. A Inv. C Inst.'I Inv. A Inv. C Inst.'I. -2.66 -3.39 -2.37 0.39 -0.29 0.63. 2.56 1.79 2.84 4.62 3.96 4.94. % Average Annual Returns With Sales Charge. 10 Years 5.55 4.70 5.85 6.48 5.68 6.80 1.62 0.78 1.96 6.67 5.89 6.97 5.10 4.31 5.38 4.77 3.93 5.10 6.54 5.76 6.89 4.17 3.41 4.50 1.26 0.40 1.61 4.41 3.51 4.66 6.00 5.17 6.33 2.63 1.88 2.99 4.73 3.93 4.93 1.59 0.81 1.85 4.43 3.48 4.73 3.97 3.17 4.18. 1 Year -12.61 -9.29. 5 Years 7.05 7.35. 10 Years 4.98 4.70. -7.70 -4.20. 6.70 7.00. 5.91 5.68. -20.73 -17.88. -5.56 -5.33. 1.07 0.78. -4.13 -0.40. 7.36 7.75. 6.09 5.89. -9.21 -5.76. 2.16 2.50. 4.53 4.31. -16.31 -13.17. 3.14 3.43. 4.21 3.93. -8.40 -6.23. 3.95 4.01. 6.11 5.76. -4.36 -2.04. 1.16 1.27. 3.74 3.41. -12.52 -9.52. -0.94 -0.84. 0.72 0.40. -7.01 -3.64. 7.70 7.96. 3.85 3.51. -4.02 -0.43. 9.12 9.46. 5.43 5.17. -1.81 -1.29. 1.38 1.10. 2.40 1.88. -1.23 1.39. 5.45 5.58. 4.28 3.93. -2.67 -1.39. -0.20 -0.37. 1.28 0.81. -17.20 -14.11. 5.13 5.36. 3.87 3.48. -2.39 -0.22. 1.84 1.86. 3.55 3.17. 3.94†† 3.16†† 4.22†† 4.44 3.77 4.75. -6.56 -4.34. 1.72 1.79. 3.42†† 3.16††. -3.63 -1.26. 3.77 3.96. 4.01 3.77. % Expense Ratios Total Expenses 0.81 1.60 0.55 1.07 1.86 0.79 1.63 2.45 1.18 0.97 1.67 0.70 1.14 1.88 0.87 1.38 2.17 1.05 0.94 1.68 0.60 0.88 1.56 0.53 1.60 2.46 1.26 1.23 1.96 0.87 1.23 1.99 0.93 0.84 1.57 0.50 0.85 1.54 0.59 0.70 1.47 0.51 1.52 2.45 1.30 1.22 2.02 0.99 1.11 1.84 0.80 0.86 1.59 0.55. Net Expenses 0.81 1.60 0.55 1.07 1.86† 0.79 1.63 2.45 1.18 0.97‡ 1.67‡ 0.70‡ 1.05‡ 1.79‡ 0.78‡ 1.38 2.17 1.05 0.93† 1.68† 0.60† 0.79† 1.51† 0.45† 1.39† 2.43† 1.01† 1.14† 1.96 0.87 1.13† 1.95† 0.84† 0.79† 1.53† 0.45† 0.75† 1.50† 0.59 0.69† 1.47† 0.40† 1.36† 2.29† 1.14† 0.95† 1.70† 0.70† 1.08† 1.83† 0.80† 0.84† 1.50† 0.50†.

(11) MUTUAL FUNDS AVAILABLE THROUGH FDP Data as of 3/31/16 % Average Annual Returns Without Sales Charge Portfolio/ Inception Date BlackRock U.S. Government Bond Fund 4/20/92 BlackRock Value Opportunities Fund 5/5/78. Share Class* Inv. A Inv. C Inst.'I Inv. A Inv. C Inst.'I. 1 Year 1.24 0.53 1.64 -8.28 -9.02 -8.11. 5 Years 2.88 2.08 3.21 7.00 6.06 7.27. 10 Years 3.88 3.06 4.26 4.07 3.13 4.34. % Average Annual Returns With Sales Charge 1 Year -2.82 -0.46. 5 Years 2.05 2.08. 10 Years 3.45 3.06. -13.09 -9.90. 5.85 6.06. 3.51 3.13. % Expense Ratios Total Expenses 1.10 1.91 0.92 1.24 2.08 1.00. Net Expenses 0.93† 1.75† 0.65† 1.24 2.08 1.00. Performance data quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Refer to www.blackrock.com to obtain performance data current to the most recent month-end for all mutual funds. All returns assume reinvestment of all dividends and capital gains distributions. The funds offer multiple classes of shares, each with a different combination of sales charges, ongoing account maintenance and distribution fees, and other features. Average annual total returns with sales charge reflect the deduction of current maximum initial sales charge of 5.25% for Investor A shares for all equity funds. Average annual total returns with sales charge reflect the deduction of current maximum initial sales charge of 4% for Investor A shares for all fixed income funds except for: current maximum initial sales charges of 2.25% for Low Duration Bond Fund; 3.00% for Short-Term Municipal Fund; 4.25% National Municipal Fund. The maximum CDSC for Investor C shares (both equity and fixed income funds) is 1%, which is reduced to 0% after 1 year. Institutional shares have no front-end or back-end load. Institutional shares are sold to a limited group of investors, including existing Institutional shareholders of the fund and certain retirement plans and investment programs. For retirement plans, the CDSC fee is waived, and all share classes of the fund are sold at net asset value. See the prospectus for details. *Does not have an Investor B share class. †The fund's net operating expenses include investment interest expenses, acquired fund fees, if any, and certain other fund expenses. BlackRock has contractually agreed to waive or reimburse certain fees and expenses until 2/1/17; Capital Appreciation Fund, 2/1/25 (C-shares); International Fund, 2/28/17; Large Cap Growth, 2/1/17; National Municipal Fund, Short-Term Municipal Fund, 11/1/15; Small Cap Growth Fund II, 10/1/16; Strategic Global Bond Fund, 5/1/17; Strategic Income Opportunities Fund, 5/1/16; Total Return Fund, 1/31/17. Contractual waivers are terminable upon 90 days’ notice by the fund's independent trustees or majority vote of outstanding fund securities. ‡The fund's net operating expenses include investment interest expenses, acquired fund fees, if any, and certain other fund expenses net of all waivers and reimbursements. BlackRock has voluntarily agreed to waive certain fees and expenses. BlackRock may discontinue these voluntary waivers at any time without notice. §Part of the BlackRock Large Cap Series Funds, Inc. **Effective 9/1/15, the World Income Fund changed its name to Strategic Global Bond Fund. The fund also changed its portfolio management team, investment strategies, expenses and its benchmark. ††Since inception performance is displayed for funds with less than 10 years’ performance. See next page for important mutual fund performance disclosures..

(12) Important Notes Funds Diversified Portfolios is a service from Merrill Lynch. Performance information for each portfolio’s benchmark is included in this brochure to demonstrate the historical risk/return characteristics of the sectors in which each portfolio is invested. Performance data presented does not reflect the performance of the FDP broad-based benchmarks. See the following for descriptions of the FDP broad-based benchmarks. FDP benchmarks are unmanaged, and it is not possible to invest directly in the FDP benchmarks. BlackRock FDP Fixed Income benchmark comprises 12% Barclays Capital Intermediate Government Index; 7% Barclays Capital Global Real: U.S. TIPS Index; 25% Blended Benchmark, which represents BofA Merrill Lynch 1–3 yr Treasury Index until 3/1/10 and the BofA Merrill Lynch 1–3 yr Corporate/ Government Index after 3/1/10; 31% Barclays Capital U.S. Aggregate Index; 8% Barclays Capital High Yield 2% Issuer Capped Index; 7% JP Morgan Government Bond Broad Index;10% Barclays Capital U.S. Aggregate Index until 3/5/10 and the Barclays Capital U.S. Universal Index after 3/5/10. BlackRock FDP II Capital Preservation benchmark comprises 10% Russell 1000 Growth; 10% Russell 1000 Value Index; 20% Barclays Capital U.S. Aggregate Index; 50% Blended Benchmark, which represents BofA Merrill Lynch 1–3 yr Treasury Index until 3/1/10 and the BofA Merrill Lynch 1–3 yr Corporate/Government Index after 3/1/10; 10% Barclays Capital U.S. Aggregate Index until 3/5/10 and the Barclays Capital U.S. Universal Index after 3/5/10. BlackRock FDP III benchmark comprises 8% Russell 1000 Value Index; 8% Russell 1000 Growth; 8% Russell 1000 Index; 8% Blended benchmark, which is made up of 36% S&P 500 Index, 24% FTSE World Index, 24% BofA ML U.S. Treasury Bond Index and 16% Citigroup Non-USD Government Bond Index; 8% Blended Benchmark, which represents the MSCI EAFE Index until 3/1/10 and the MSCI All-Country World ex-U.S. Index after 3/1/10; 8% MSCI World Small Cap Index; 28% Barclays Capital U.S. Aggregate Index; 8% Blended Benchmark, which represents BofA Merrill Lynch 1–3 yr Treasury Index until 3/1/10 and the BofA Merrill Lynch 1–3 yr Corporate/Government Index after 3/1/10; 8% Barclays Capital High Yield 2% Issuer Capped Index; 8% Barclays Capital U.S. Aggregate Index until 3/5/10 and the Barclays Capital U.S. Universal Index after 3/5/10. BlackRock FDP IV benchmark comprises 9% Blended benchmark, which represents the S&P 500/Citigroup Value index prior to 9/30/09 and the Russell 1000 Value Index after 9/30/09; 10% Russell 1000 Growth; 9% Russell 1000 Growth Index; 10% Russell 1000 Value Index; 10% Blended benchmark, which is made up of 36% S&P 500 Index, 24% FTSE World Index, 24% BofA ML U.S. Treasury Bond Index and 16% Citigroup Non-USD Government Bond Index; 7% Blended Benchmark, which represents the MSCI EAFE Index until 3/1/10 and the MSCI All-Country World ex-U.S. Index after 3/1/10; 7% MSCI EM Index; 7% MSCI World Small Cap Index; 17% Barclays Capital U.S. Aggregate Index; 7% Barclays Capital High Yield 2% Issuer Capped Index; 7% Barclays Capital U.S. Aggregate Index until 3/5/10 and the Barclays Capital U.S. Universal Index after 3/5/10. BlackRock FDP V benchmark comprises 11% Blended benchmark, which represents the S&P 500/Citigroup Value index prior to 9/30/09 and the Russell 1000 Value Index after 9/30/09; 22% Russell 1000 Growth Index; 11% Russell 1000 Value Index; 10% Blended benchmark, which is made up of 36% S&P 500 Index, 24% FTSE World Index, 24% BofA ML U.S. Treasury Bond Index and 16% Citigroup Non-USD Government Bond Index; 8% Blended Benchmark, which represents the MSCI EAFE Index until 3/1/10 and the MSCI All-Country World ex-U.S. Index after 3/1/10; 8% MSCI EM Index; 14% MSCI World Small Cap Index; 9% Barclays Capital U.S. Aggregate Index until 3/5/10 and the Barclays Capital U.S. Universal Index after 3/5/10; 7% Barclays Capital High Yield 2% Issuer Capped Index. BlackRock FDP VI benchmark comprises 13% Blended benchmark, which represents the S&P 500/Citigroup Value index prior to 9/30/09 and the Russell 1000 Value Index after 9/30/09; 26% Russell 1000 Growth Index; 13% Russell 1000 Value Index; 17% Blended Benchmark, which represents the MSCI EAFE Index until 3/1/10 and the MSCI All-Country World ex-U.S. Index after 3/1/10; 10% MSCI EM Index; 7% MSCI World Small Cap Index; 7% Blended benchmark, which represents Russell 2000 before 3/13/09, and S&P Small Cap 600/Citigroup Value after 3/13/09; 7% Russell 2000 Growth Index. BlackRock FDP III with Municipal Fixed Income benchmark comprises 8% Russell 1000 Value Index; 8% Russell 1000 Growth; 8% Russell 1000 Index; 8% Blended benchmark, which is made up of 36% S&P 500 Index, 24% FTSE World Index, 24% BofA ML U.S. Treasury Bond Index and 16% Citigroup NonUSD Government Bond Index; 8% Blended Benchmark, which represents the MSCI EAFE Index until 3/1/10 and the MSCI All-Country World ex-U.S. Index after 3/1/10; 8% MSCI World Small Cap Index; 44% Blended Benchmark, which represents the Barclays Capital Municipal Bond Index prior to 10/28/09 and the S&P Investor Tools Index after 10/28/09; 8% Barclays Capital Municipal Bond Index prior to 10/28/09 and the S&P Investor Tools Index after 10/28/09. BlackRock FDP IV with Municipal Fixed Income benchmark comprises 9% Blended benchmark, which represents the S&P 500/Citigroup Value index prior to 9/30/09 and the Russell 1000 Value Index after 9/30/09; 18% Russell 1000 Growth Index; 9% Russell 1000 Value Index; 10% Blended benchmark, which is made up of 36% S&P 500 Index, 24% FTSE World Index, 24% BofA ML U.S. Treasury Bond Index and 16% Citigroup Non-USD Government Bond Index; 7% Blended Benchmark, which represents the MSCI EAFE Index until 3/1/10 and the MSCI All-Country World ex-U.S. Index after 3/1/10; 7% MSCI EM Index; 9% MSCI World Small Cap Index; 31% Blended Benchmark, which represents the Barclays Capital Municipal Bond Index prior to 10/28/09 and the S&P Investor Tools Index after 10/28/09. BlackRock FDP V with Municipal Fixed Income benchmark comprises 11% Blended benchmark, which represents the S&P 500/Citigroup Value index prior to 9/30/09 and the Russell 1000 Value Index after 9/30/09; 22% Russell 1000 Growth Index; 11% Russell 1000 Value Index; 10% Blended benchmark, which is made up of 36% S&P 500 Index, 24% FTSE World Index, 24% BofA ML U.S. Treasury Bond Index and 16% Citigroup Non-USD Government Bond Index; 8% Blended Benchmark, which represents the MSCI EAFE Index until 3/1/10 and the MSCI All-Country World ex-U.S. Index after 3/1/10; 8% MSCI EMF Index; 14% MSCI World Small Cap Index; 16% Blended Benchmark, which represents the Barclays Capital Municipal Bond Index prior to 10/28/09 and the S&P Investor Tools Index after 10/28/09.. Investing involves risk. Performance data quoted represents past performance and does not guarantee future results. The principal value and investment return of the FDP portfolios and underlying BlackRock mutual funds will fluctuate with market conditions, and shares, when redeemed, may be worth more or less than the original amount invested. FDP portfolios are designed to help manage risks by applying the disciplined investment techniques of asset allocation, diversification and rebalancing. For more information about the FDP Service, contact your Merrill Lynch Financial Advisor. You should consider the investment objectives, risks, charges and expenses of the funds offered within the Merrill Lynch FDP Service carefully before investing. The funds’ prospectuses and, if available, the summary prospectuses contain this and other information about the funds and are available, along with information on other BlackRock funds, by calling 800-882-0052 or through your Merrill Lynch Financial Advisor. The prospectuses and, if available, the summary prospectuses should be read carefully before investing. Unless otherwise noted, all information contained herein is as of the date of publication. FOR MORE INFORMATION: www.blackrock.com BLACKROCK is a registered trademark of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners. Funds Diversified Portfolios and FDP are registered trademarks of Bank of America Corporation. Prepared by BlackRock Investments, LLC, member FINRA. ©2016 BlackRock, Inc. All rights reserved. €   „†ƒvuĔrŠ €„vr}†vĔ€r|†rƒr vv Lit. No. FDP-CL-0316. USR-9170.

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