BlackRock Advantage Large Cap Growth Fund Institutional Shares CMVIX Strategy

The investment seeks long-term capital appreciation. The fund invests at least 80% of its net assets plus the amount of any borrowings for investment purposes in large cap growth equity securities of U.S. issuers and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. The fund is a growth fund and management primarily intends to invest in equity securities, which include common stock and preferred stock, or other financial instruments that are components of, or have characteristics similar to, the securities included in the Growth Indices.