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0.0074 0.0074 0.0074 <b>Investment Objective </b> The investment objective of the BlackRock Moderate Prepared Portfolio (“Moderate Fund” or the “Fund”) is to seek a balance between long term capital appreciation and high current income, with a greater emphasis on capital appreciation. 0.0175 <b>Fees and Expenses of the Fund </b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the BlackRock-advised fund complex. More information about these and other discounts is available from your financial professional and in the “Details about the Share Classes” section on page 78 of the Fund’s prospectus and in the “Purchase of Shares” section on page II-73 of the Fund’s statement of additional information. 0.0261 0.0149 0.0207 637 291 80 135 This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover: </b> 941 676 348 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 57% of the average value of its portfolio. 516 <b>Principal Investment Strategies of the Fund </b> <b>Principal Risks of Investing in the Fund </b> <b>Performance Information </b> 2184 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. The table compares the Fund’s performance to that of the Standard & Poor’s (“S&P”) 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Index, and a customized weighted index comprised of the returns of the Barclays U.S. Aggregate Bond Index (40%), Russell 3000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Index (48%) and MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> (12%). As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at 800-882-0052. 2594 1459 2057 After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor C, Institutional and Class R Shares will vary. <b>Investment Objective </b> The investment objective of the BlackRock Conservative Prepared Portfolio (“Conservative Fund” or the “Fund”) is to seek a balance between long term capital appreciation and high current income, with a greater emphasis on income. 0 <b>Fees and Expenses of the Fund </b> -0.0058 -0.0069 -0.0066 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the BlackRock-advised fund complex. More information about these and other discounts is available from your financial professional and in the “Details about the Share Classes” section on page 78 of the Fund’s prospectus and in the “Purchase of Shares” section on page II-73 of the Fund’s statement of additional information. -0.0074 1266 1188 637 922 This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.0117 You would pay the following expenses if you did not redeem your shares: 0 0.0192 0 0 0.0083 0.0133 0.0025 0.01 0.005 0 0.0065 Fund Overview<br/><br/><b>Key Facts about BlackRock Conservative Prepared Portfolio </b> 0.0065 0.0065 0.0065 <b>Shareholder Fees<br/>(fees paid directly from your investment)</b> 191 <b>Annual Fund Operating Expenses<br>(expenses that you pay each year as a percentage of the value of<br/> your investment)</b> 0.0133 676 0.0214 <b>Portfolio Turnover:</b> 1188 0.0107 0.0163 2594 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 48% of the average value of its portfolio. -0.0017 -0.0025 -0.0033 0.1141 -0.0039 -0.3317 <b>Example:</b> 0.2824 <b>Principal Investment Strategies of the Fund </b> <b>Principal Risks of Investing in the Fund </b> 0.1366 -0.0227 0.1294 0.0116 0.0189 0.0074 0.0124 The Fund, which is a fund of funds, normally invests 40% of its assets in underlying funds that invest primarily in equity securities and 60% of its assets in underlying funds that invest primarily in fixed income securities. The Fund may also directly invest in exchange-traded funds ("ETFs").<br/><br/>Variations in the target percentage allocation between underlying funds that invest primarily in equity securities and underlying funds that invest primarily in fixed income securities are permitted up to 10%. Therefore, based on a target equity/fixed income allocation of 40%/60%, the Fund may have an equity/fixed income allocation that ranges from 50%/50% to 30%/70%. Although variations beyond the 10% range are generally not permitted, BlackRock may determine in light of market conditions or other factors that a greater variation is warranted to protect the Fund or achieve its investment goal.<br/><br/>The Fund's equity allocation may be further diversified by style (including both value and growth funds), market capitalization (including both large cap and small cap funds), globally (including domestic and international (including emerging market) funds), or other factors. The Fund's fixed income allocation may be further diversified by sector (including government, corporate, agency, and other sectors), duration (a calculation of the average life of a bond which measures its price risk), credit quality (including non-investment grade debt or "junk bonds"), geographic location, or other factors. The percentage allocation to the various styles of equity and fixed income are determined at the discretion of the portfolio manager and can be changed to reflect the current market environment.<br/><br/>The Fund may, when consistent with its investment objective, buy or sell options or futures, or enter into total return swaps and foreign currency transactions (collectively, commonly known as derivatives). The Fund typically uses derivatives as a substitute for taking a position in the underlying asset and/or as part of a strategy designed to reduce exposure to other risks, such as currency risk. The Fund may also use derivatives to enhance returns, in which case their use would involve leveraging risk. The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as reverse repurchase agreements or dollar rolls).<br/><br/>The Fund is a non-diversified portfolio under the Investment Company Act of 1940, as amended. 0.0697 0.0657 0.0472 0.1113 0.1345 0.1285 0.16 0.142 0.0038 0.0007 0.0023 0.0074 0.0185 0.0131 0.0166 0.0227 0.0225 0.018 0.0176 0.0242 0.0355 0.0298 0.0229 0.0297 0.0043 0.0049 0.0042 0.0048 Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund.<ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Affiliated Fund Risk</b> — In managing the Fund, BlackRock will have authority to select and substitute underlying funds. BlackRock may be subject to potential conflicts of interest in selecting underlying funds because the fees paid to BlackRock by some underlying funds are higher than the fees paid by other underlying funds. However, BlackRock is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interests when selecting underlying funds. If an underlying fund holds interests in an affiliated fund, the Fund may be prohibited from purchasing shares of that underlying fund. </p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Allocation Risk</b> — The Fund’s ability to achieve its investment goal depends upon BlackRock’s skill in determining the Fund’s strategic asset class allocation and in selecting the best mix of underlying funds and direct investments. There is a risk that BlackRock’s evaluations and assumptions regarding asset classes or underlying funds may be incorrect in view of actual market conditions.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Credit Risk</b> — Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Derivatives Risk</b> — The Fund’s use of derivatives may reduce the Fund’s returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. Derivatives may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some time. New regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b> Emerging Markets Risk</b> — Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Equity Securities Risk</b> — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Foreign Securities Risk</b> — Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:</p></li></ul><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="3%"><font class="_mt" size="1"> </font></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.</p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="3%"><font class="_mt" size="1"> </font></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.</p></td></tr></table></div><br/> <div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="3%"><font class="_mt" size="1"> </font></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position.</p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="3%"><font class="_mt" size="1"> </font></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="3%"><font class="_mt" size="1"> </font></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="3%"><font class="_mt" size="1"> </font></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.</p></td></tr></table></div><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Interest Rate Risk</b> — Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall, and decrease as interest rates rise.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Investments in Mutual Funds and ETFs Risk</b> — The Fund’s investments are concentrated in underlying BlackRock funds, so the Fund’s investment performance is directly related to the performance of the underlying funds. The Fund may also directly invest in ETFs. The Fund’s net asset value will change with changes in the equity and bond markets and the value of the mutual funds, ETFs and other securities in which it invests. An investment in the Fund will entail more direct and indirect costs and expenses than a direct investment in the underlying funds and ETFs.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Junk Bonds Risk</b> — Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that may cause income and principal losses for the Fund. </p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Leverage Risk</b> — Some transactions may give rise to a form of economic leverage. These transactions may include, among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet any required asset segregation requirements. Increases and decreases in the value of the Fund’s portfolio will be magnified when the Fund uses leverage.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Market Risk and Selection Risk</b> — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Non-Diversification Risk</b> — The Fund is a non-diversified fund. Because the Fund may invest in securities of a smaller number of issuers, it may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Small and Mid-Capitalization Company Risk</b> — Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and financial resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts.</p></li></ul> 2006-12-21 2006-12-21 2006-12-21 2006-12-21 638 295 135 85 994 746 406 577 1373 1324 1045 751 2434 2893 2341 1723 0.1272 -0.3792 0.2945 0.143 -0.0445 0.1388 195 637 746 292 76 126 1324 2893 908 646 308 476 1200 1126 558 850 <b>Performance Information</b> 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. The table compares the Fund’s performance to that of the Barclays U.S. Aggregate Bond Index, and a customized weighted index comprised of the returns of the Barclays U.S. Aggregate Bond Index (60%), Russell 3000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Index (32%) and MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> (8%). As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at 800-882-0052. <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsBLACKROCKGROWTHPREPAREDPORTFOLIOBarChart column period compact * ~</div> <b>Investor A Shares <br/>ANNUAL TOTAL RETURNS <br/>Conservative Fund <br/>As of 12/31 </b> 2028 2453 During the period shown in the bar chart, the highest return for a quarter was 10.92% (quarter ended September 30, 2009) and the lowest return for a quarter was –10.37% (quarter ended December 31, 2008). 1276 1900 <b>As of 12/31/12<br/>Average Annual Total Returns</b> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor C, Institutional and Class R Shares will vary. Fund Overview<br/><br/><b>Key Facts about BlackRock Growth Prepared Portfolio</b> <b>Investment Objective </b> The investment objective of the BlackRock Growth Prepared Portfolio (“Growth Fund” or the “Fund”) is to seek long term capital appreciation. Current income is also a consideration. 0.0794 0.0778 0.0537 0.1204 <b>Fees and Expenses of the Fund </b> 0.1425 0.1374 0.16 0.1666 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the BlackRock-advised fund complex. More information about these and other discounts is available from your financial professional and in the “Details about the Share Classes” section on page 78 of the Fund’s prospectus and in the “Purchase of Shares” section on page II-73 of the Fund’s statement of additional information. <b>Shareholder Fees<br/>(fees paid directly from your investment)</b> -0.0109 -0.0127 -0.0097 -0.0075 0.0033 -0.0017 0.0166 0.0094 <b>Annual Fund Operating Expenses <br/>(expenses that you pay each year as a percentage of the value of<br/>your investment)</b> 192 646 1126 2453 <b>Example: </b> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: You would pay the following expenses if you did not redeem your shares: <b>Portfolio Turnover: </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 46% of the average value of its portfolio. <b>Principal Investment Strategies of the Fund </b> 0.0936 -0.2768 0.257 0.132 -0.0077 0.1267 0.0677 0.0632 0.0449 0.1309 0.1249 The Growth Fund, which is a fund of funds, normally invests 80% of its assets in underlying funds that invest primarily in equity securities and 20% of its assets in underlying funds that invest primarily in fixed income securities. The Fund may also directly invest in exchange-traded funds (“ETFs”). <br/><br/>Variations in the target percentage allocation between underlying funds that invest primarily in equity securities and underlying funds that invest primarily in fixed income securities are permitted up to 10%. Therefore, based on a target equity/fixed income allocation of 80%/20%, the Fund may have an equity/fixed income allocation that ranges from 90%/10% to 70%/30%. Although variations beyond the 10% range are generally not permitted, BlackRock may determine in light of market conditions or other factors that a greater variation is warranted to protect the Fund or achieve its investment goal. <br/><br/>The Fund’s equity allocation may be further diversified by style (including both value and growth funds), market capitalization (including both large cap and small cap funds), globally (including domestic and international (including emerging market) funds), or other factors. The Fund’s fixed income allocation may be further diversified by sector (including government, corporate, agency, and other sectors), duration (a calculation of the average life of a bond which measures its price risk), credit quality (including non-investment grade debt or “junk bonds”), geographic location, or other factors. The percentage allocation to the various styles of equity and fixed income are determined at the discretion of the portfolio manager and can be changed to reflect the current market environment. <br/><br/>The Fund may, when consistent with its investment objective, buy or sell options or futures, or enter into total return swaps and foreign currency transactions (collectively, commonly known as derivatives). The Fund typically uses derivatives as a substitute for taking a position in the underlying asset and/or as part of a strategy designed to reduce exposure to other risks, such as currency risk. The Fund may also use derivatives to enhance returns, in which case their use would involve leveraging risk. The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as reverse repurchase agreements or dollar rolls). <br/><br/>The Fund is a non-diversified portfolio under the Investment Company Act of 1940, as amended. 0.16 0.1173 <b>Principal Risks of Investing in the Fund </b> 0.0174 0.0112 0.0117 0.0322 0.0273 <b>Performance Information </b> 0.0166 0.0343 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. The table compares the Fund’s performance to that of the Standard & Poor’s (“S&P”) 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Index, and a customized weighted index comprised of the returns of the Barclays U.S. Aggregate Bond Index (20%), Russell 3000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Index (64%) and MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> (16%). As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at 800-882-0052. 0.0305 0.0239 0.0228 0.0318 0.0434 0.0382 0.0229 0.0394 <b>Investor A Shares </b><br/><b>ANNUAL TOTAL RETURNS </b><br/><b>Growth Fund </b><br/><b>As of 12/31 </b> During the period shown in the bar chart, the highest return for a quarter was 14.65% (quarter ended September 30, 2009) and the lowest return for a quarter was –17.66% (quarter ended December 31, 2008). 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. 800-882-0052 http://www.blackrock.com/funds As with all such investments, past performance (before and after taxes) is not an indication of future results. <b>As of 12/31/12<br/>Average Annual Total Returns</b> Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor C, Institutional and Class R Shares will vary. A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. Acquired Fund Fees and Expenses have been restated to reflect current fees. The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s annual report, which do not include Acquired Fund Fees and Expenses. February 1, 2014 0.0525 0 0 0 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the BlackRock-advised fund complex. 25000 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsBLACKROCKMODERATEPREPAREDPORTFOLIOBarChart column period compact * ~</div> 0 0 0.46 0 0.01 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. 800-882-0052 http://www.blackrock.com/funds As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. 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. 0.1082 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. 0.0206 After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor C, Institutional and Class R Shares will vary. highest return 2009-09-30 0.1465 lowest return 2008-12-31 -0.1766 2006-12-21 2006-12-21 2006-12-21 2006-12-21 0.57 February 1, 2014 You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. 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. 800-882-0052 http://www.blackrock.com/funds As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. 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. <b>As of 12/31/12</b><br/><b>Average Annual Total Returns</b> During the period shown in the bar chart, the highest return for a quarter was 12.80% (quarter ended September 30, 2009) and the lowest return for a quarter was –14.12% (quarter ended December 31, 2008). <b>Investor A Shares </b><br /><b>ANNUAL TOTAL RETURNS </b><br /><b>Moderate Fund </b><br /><b>As of 12/31 </b> <b>Example: </b> Fund Overview<br/><br/><b>Key Facts about BlackRock Moderate Prepared Portfolio </b> <b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b> <b>Annual Fund Operating Expenses <br/>(expenses that you pay each year as a percentage of the value of <br/>your investment)</b> The Fund, which is a fund of funds, normally invests 60% of its assets in underlying funds that invest primarily in equity securities and 40% of its assets in underlying funds that invest primarily in fixed income securities. The Fund may also directly invest in exchange-traded funds (“ETFs”). <br /><br />Variations in the target percentage allocation between underlying funds that invest primarily in equity securities and underlying funds that invest primarily in fixed income securities are permitted up to 10%. Therefore, based on a target equity/fixed income allocation of 60%/40%, the Fund may have an equity/fixed income allocation that ranges from 70%/30% to 50%/50%. Although variations beyond the 10% range are generally not permitted, BlackRock may determine in light of market conditions or other factors that a greater variation is warranted to protect the Fund or achieve its investment goal. <br /><br />The Fund’s equity allocation may be further diversified by style (including both value and growth funds), market capitalization (including both large cap and small cap funds), globally (including domestic and international (including emerging market) funds), or other factors. The Fund’s fixed income allocation may be further diversified by sector (including government, corporate, agency, and other sectors), duration (a calculation of the average life of a bond which measures its price risk), credit quality (including non-investment grade debt or “junk bonds”), geographic location, or other factors. The percentage allocation to the various styles of equity and fixed income are determined at the discretion of the portfolio manager and can be changed to reflect the current market environment. <br /><br />The Fund may, when consistent with its investment objective, buy or sell options or futures, or enter into total return swaps and foreign currency transactions (collectively, commonly known as derivatives). The Fund typically uses derivatives as a substitute for taking a position in the underlying asset and/or as part of a strategy designed to reduce exposure to other risks, such as currency risk. The Fund may also use derivatives to enhance returns, in which case their use would involve leveraging risk. The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as reverse repurchase agreements or dollar rolls). <br /><br />The Fund is a non-diversified portfolio under the Investment Company Act of 1940, as amended. Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund. <br /><br /><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Affiliated Fund Risk</b> — In managing the Fund, BlackRock will have authority to select and substitute underlying funds. BlackRock may be subject to potential conflicts of interest in selecting underlying funds because the fees paid to BlackRock by some underlying funds are higher than the fees paid by other underlying funds. However, BlackRock is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interests when selecting underlying funds. If an underlying fund holds interests in an affiliated fund, the Fund may be prohibited from purchasing shares of that underlying fund. </p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Allocation Risk</b> — The Fund’s ability to achieve its investment goal depends upon BlackRock’s skill in determining the Fund’s strategic asset class allocation and in selecting the best mix of underlying funds and direct investments. There is a risk that BlackRock’s evaluations and assumptions regarding asset classes or underlying funds may be incorrect in view of actual market conditions.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Credit Risk</b> — Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Derivatives Risk</b> — The Fund’s use of derivatives may reduce the Fund’s returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. Derivatives may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some time. New regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b> Emerging Markets Risk</b> — Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Equity Securities Risk</b> — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Foreign Securities Risk</b> — Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:</p></li></ul><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="3%"><font class="_mt" size="1"> </font></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.</p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="3%"><font class="_mt" size="1"> </font></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.</p></td></tr></table></div><br/> <div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="3%"><font class="_mt" size="1"> </font></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position.</p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="3%"><font class="_mt" size="1"> </font></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="3%"><font class="_mt" size="1"> </font></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="3%"><font class="_mt" size="1"> </font></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.</p></td></tr></table></div><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Interest Rate Risk</b> — Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall, and decrease as interest rates rise.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Investments in Mutual Funds and ETFs Risk</b> — The Fund’s investments are concentrated in underlying BlackRock funds, so the Fund’s investment performance is directly related to the performance of the underlying funds. The Fund may also directly invest in ETFs. The Fund’s net asset value will change with changes in the equity and bond markets and the value of the mutual funds, ETFs and other securities in which it invests. An investment in the Fund will entail more direct and indirect costs and expenses than a direct investment in the underlying funds and ETFs.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Junk Bonds Risk</b> — Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that may cause income and principal losses for the Fund. </p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Leverage Risk</b> — Some transactions may give rise to a form of economic leverage. These transactions may include, among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet any required asset segregation requirements. Increases and decreases in the value of the Fund’s portfolio will be magnified when the Fund uses leverage.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Market Risk and Selection Risk</b> — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Non-Diversification Risk</b> — The Fund is a non-diversified fund. Because the Fund may invest in securities of a smaller number of issuers, it may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Small and Mid-Capitalization Company Risk</b> — Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and financial resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts.</p></li></ul> The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s annual report, which do not include Acquired Fund Fees and Expenses. highest return 2009-09-30 Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund. <br /><br /><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Affiliated Fund Risk</b> — In managing the Fund, BlackRock will have authority to select and substitute underlying funds. BlackRock may be subject to potential conflicts of interest in selecting underlying funds because the fees paid to BlackRock by some underlying funds are higher than the fees paid by other underlying funds. However, BlackRock is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interests when selecting underlying funds. If an underlying fund holds interests in an affiliated fund, the Fund may be prohibited from purchasing shares of that underlying fund. </p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Allocation Risk</b> — The Fund’s ability to achieve its investment goal depends upon BlackRock’s skill in determining the Fund’s strategic asset class allocation and in selecting the best mix of underlying funds and direct investments. There is a risk that BlackRock’s evaluations and assumptions regarding asset classes or underlying funds may be incorrect in view of actual market conditions.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Credit Risk</b> — Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Derivatives Risk</b> — The Fund’s use of derivatives may reduce the Fund’s returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. Derivatives may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some time. New regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b> Emerging Markets Risk</b> — Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Equity Securities Risk</b> — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Foreign Securities Risk</b> — Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:</p></li></ul><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="3%"><font class="_mt" size="1"> </font></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.</p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="3%"><font class="_mt" size="1"> </font></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.</p></td></tr></table></div><br/> <div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="3%"><font class="_mt" size="1"> </font></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position.</p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="3%"><font class="_mt" size="1"> </font></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="3%"><font class="_mt" size="1"> </font></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="3%"><font class="_mt" size="1"> </font></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.</p></td></tr></table></div><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Interest Rate Risk</b> — Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall, and decrease as interest rates rise.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Investments in Mutual Funds and ETFs Risk</b> — The Fund’s investments are concentrated in underlying BlackRock funds, so the Fund’s investment performance is directly related to the performance of the underlying funds. The Fund may also directly invest in ETFs. The Fund’s net asset value will change with changes in the equity and bond markets and the value of the mutual funds, ETFs and other securities in which it invests. An investment in the Fund will entail more direct and indirect costs and expenses than a direct investment in the underlying funds and ETFs.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Junk Bonds Risk</b> — Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that may cause income and principal losses for the Fund. </p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Leverage Risk</b> — Some transactions may give rise to a form of economic leverage. These transactions may include, among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet any required asset segregation requirements. Increases and decreases in the value of the Fund’s portfolio will be magnified when the Fund uses leverage.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Market Risk and Selection Risk</b> — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Non-Diversification Risk</b> — The Fund is a non-diversified fund. Because the Fund may invest in securities of a smaller number of issuers, it may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Small and Mid-Capitalization Company Risk</b> — Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and financial resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts.</p></li></ul> 0.128 lowest return 0 0 0 2008-12-31 Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund. <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Affiliated Fund Risk</b> — In managing the Fund, BlackRock will have authority to select and substitute underlying funds. BlackRock may be subject to potential conflicts of interest in selecting underlying funds because the fees paid to BlackRock by some underlying funds are higher than the fees paid by other underlying funds. However, BlackRock is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interests when selecting underlying funds. If an underlying fund holds interests in an affiliated fund, the Fund may be prohibited from purchasing shares of that underlying fund. </p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Allocation Risk</b> — The Fund’s ability to achieve its investment goal depends upon BlackRock’s skill in determining the Fund’s strategic asset class allocation and in selecting the best mix of underlying funds and direct investments. There is a risk that BlackRock’s evaluations and assumptions regarding asset classes or underlying funds may be incorrect in view of actual market conditions.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Credit Risk</b> — Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Derivatives Risk</b> — The Fund’s use of derivatives may reduce the Fund’s returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. Derivatives may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some time. New regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b> Emerging Markets Risk</b> — Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Equity Securities Risk</b> — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Foreign Securities Risk</b> — Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:</p></li></ul><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="3%"><font class="_mt" size="1"> </font></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.</p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="3%"><font class="_mt" size="1"> </font></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.</p></td></tr></table></div><br/> <div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="3%"><font class="_mt" size="1"> </font></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position.</p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="3%"><font class="_mt" size="1"> </font></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="3%"><font class="_mt" size="1"> </font></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="3%"><font class="_mt" size="1"> </font></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.</p></td></tr></table></div><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Interest Rate Risk</b> — Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall, and decrease as interest rates rise.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Investments in Mutual Funds and ETFs Risk</b> — The Fund’s investments are concentrated in underlying BlackRock funds, so the Fund’s investment performance is directly related to the performance of the underlying funds. The Fund may also directly invest in ETFs. The Fund’s net asset value will change with changes in the equity and bond markets and the value of the mutual funds, ETFs and other securities in which it invests. An investment in the Fund will entail more direct and indirect costs and expenses than a direct investment in the underlying funds and ETFs.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Junk Bonds Risk</b> — Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that may cause income and principal losses for the Fund. </p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Leverage Risk</b> — Some transactions may give rise to a form of economic leverage. These transactions may include, among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet any required asset segregation requirements. Increases and decreases in the value of the Fund’s portfolio will be magnified when the Fund uses leverage.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Market Risk and Selection Risk</b> — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Non-Diversification Risk</b> — The Fund is a non-diversified fund. Because the Fund may invest in securities of a smaller number of issuers, it may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Small and Mid-Capitalization Company Risk</b> — Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and financial resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts.</p></li></ul> -0.1412 0.0025 0.01 0 0.0056 0.0061 You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Non-Diversification Risk</b> — The Fund is a non-diversified fund. Because the Fund may invest in securities of a smaller number of issuers, it may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely.</p></li></ul> 0.006 0.006 0.006 0.0141 0.0221 0.011 -0.0028 -0.0036 -0.0037 0.0113 0.0185 0.0073 However, the table includes all applicable fees and sales charges. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor C, Institutional and Class R Shares will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Non-Diversification Risk</b> — The Fund is a non-diversified fund. Because the Fund may invest in securities of a smaller number of issuers, it may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely.</p></li></ul> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. 0 0.005 0.0072 0.006 0.0182 -0.0048 0.0134 0.61 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the BlackRock-advised fund complex. 634 25000 288 75 The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s annual report, which do not include Acquired Fund Fees and Expenses. 136 2012-09-30 922 657 313 526 1230 1152 570 940 Fund Overview<br/><br/><b>Key Facts about BlackRock Aggressive Growth Prepared Portfolio </b> <b>Investment Objective </b> The investment objective of the BlackRock Aggressive Growth Prepared Portfolio (“Aggressive Growth Fund” or the “Fund”) is to seek long term capital appreciation. Current income is not a consideration. <b>Fees and Expenses of the Fund </b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the BlackRock-advised fund complex. More information about these and other discounts is available from your financial professional and in the “Details about the Share Classes” section on page 78 of the Fund’s prospectus and in the “Purchase of Shares” section on page II-73 of the Fund’s statement of additional information. <b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b> <b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage of the value of</b><br/><b>your investment)</b> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Example:</b> You would pay the following expenses if you did not redeem your shares: <b>Portfolio Turnover: </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 61% of the average value of its portfolio. <b>Principal Investment Strategies of the Fund </b> <b>Principal Risks of Investing in the Fund </b> <b>Performance Information </b> 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. The table compares the Fund’s performance to that of the Standard & Poor’s (“S&P”) 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Index, and a customized weighted index comprised of the returns of the Russell 3000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Index (80%) and MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> (20%). As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at 800-882-0052. <b>Investor A Shares<br/>ANNUAL TOTAL RETURNS<br/>Aggressive Growth Fund<br/>As of 12/31</b> During the period shown in the bar chart, the highest return for a quarter was 16.39% (quarter ended June 30, 2009) and the lowest return for a quarter was –20.52% (quarter ended December 31, 2008). <b>As of 12/31/12<br/>Average Annual Total Returns</b> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor C, Institutional and Class R Shares will vary. The Fund, which is a fund of funds, normally invests 100% of its assets in underlying funds that invest primarily in equity securities. The Fund may also directly invest in exchange-traded funds (“ETFs”). <br/><br/>Variations in the target percentage allocation between underlying funds that invest primarily in equity securities and underlying funds that invest primarily in fixed income securities are permitted up to 10%. Therefore, based on a target allocation of 100% of assets to underlying equity funds, the Fund may have an equity/fixed income allocation ranging to 90%/10%. Although variations beyond the 10% range are generally not permitted, BlackRock may determine in light of market conditions or other factors that a greater variation is warranted to protect the Fund or achieve its investment goal. <br/><br/>The Fund’s equity allocation may be further diversified by style (including both value and growth funds), market capitalization (including both large cap and small cap funds), globally (including domestic and international (including emerging market) funds), or other factors. The Fund’s fixed income allocation may be further diversified by sector (including government, corporate, agency, and other sectors), duration (a calculation of the average life of a bond which measures its price risk), credit quality (including non-investment grade debt or “junk bonds”), geographic location, or other factors. The percentage allocation to the various styles of equity and fixed income are determined at the discretion of the portfolio manager and can be changed to reflect the current market environment. <br/><br/>The Fund may, when consistent with its investment objective, buy or sell options or futures, or enter into total return swaps and foreign currency transactions (collectively, commonly known as derivatives). The Fund typically uses derivatives as a substitute for taking a position in the underlying asset and/or as part of a strategy designed to reduce exposure to other risks, such as currency risk. The Fund may also use derivatives to enhance returns, in which case their use would involve leveraging risk. The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as reverse repurchase agreements or dollar rolls). <br/><br/>The Fund is a non-diversified portfolio under the Investment Company Act of 1940, as amended. 0 0.01 0 0 highest return 2009-06-30 0.1639 lowest return 2008-12-31 -0.2052 0.0123 0.0098 0.0102 0.0137 0.0248 0.0195 0.0229 0.0186 2006-12-21 2006-12-21 2006-12-21 2006-12-21 February 1, 2014 0.005 2104 2516 1307 2098 188 657 1152 2516 0.0794 -0.2169 0.2254 0.1248 0.0099 0.1165 0.0583 0.0459 0.0406 0.099 0.1215 0.0421 0.1152 0.0923 0.029 0.0194 0.0196 0.0328 0.0445 0.038 0.0595 0.0443 0.0376 0.0282 0.0272 0.0394 0.0509 0.0445 0.06 0.0477 2006-12-21 2006-12-21 2006-12-21 2006-12-21 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsBLACKROCKCONSERVATIVEPREPAREDPORTFOLIOBarChart column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedBLACKROCKCONSERVATIVEPREPAREDPORTFOLIO column period compact * ~</div> 0.48 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the BlackRock-advised fund complex. 25000 Acquired Fund Fees and Expenses have been restated to reflect current fees. The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s annual report, which do not include Acquired Fund Fees and Expenses. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. 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. 800-882-0052 http://www.blackrock.com/funds As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor C, Institutional and Class R Shares will vary. highest return 2009-09-30 0.1092 lowest return 2008-12-31 -0.1037 A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. Acquired Fund Fees and Expenses have been restated to reflect current fees. February 1, 2014 <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Non-Diversification Risk</b> — The Fund is a non-diversified fund. Because the Fund may invest in securities of a smaller number of issuers, it may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely.</p></li></ul> You would pay the following expenses if you did not redeem your shares: You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the BlackRock-advised fund complex. 25000 Acquired Fund Fees and Expenses have been restated to reflect current fees. <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Non-Diversification Risk</b> — The Fund is a non-diversified fund. Because the Fund may invest in securities of a smaller number of issuers, it may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely.</p></li></ul> However, the table includes all applicable fees and sales charges. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor C, Institutional and Class R Shares will vary. A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. A contingent deferred sales charge ("CDSC") of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. There is no CDSC on Investor C Shares after one year. Acquired Fund Fees and Expenses have been restated to reflect current fees. The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund's annual report, which do not include Acquired Fund Fees and Expenses. Acquired Fund Fees and Expenses have been restated to reflect current fees. As described in the "Management of the Funds" section on pages 91-93, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund (underlying fund) Fees and Expenses and certain other Fund expenses) to 1.43% (for Investor A Shares), 2.18% (for Investor C Shares), 1.09% (for Institutional Shares) and 1.59% (for Class R Shares) of average daily net assets. This agreement is perpetual and has no effective termination date. In addition, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund (underlying fund) Fees and Expenses and certain other Fund expenses) to 0.43% (for Investor A Shares), 1.18% (for Investor C Shares), 0.09% (for Institutional Shares) and 0.59% (for Class R Shares) of average daily net assets until February 1, 2014. The Fund may have to repay some of these waivers and reimbursements to BlackRock in the following two years. These contractual agreements may be terminated upon 90 days notice by a majority of the non-interested trustees of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. As described in the "Management of the Funds" section on pages 91-93, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund (underlying fund) Fees and Expenses and certain other Fund expenses) to 1.51% (for Investor A Shares), 2.24% (for Investor C Shares), 1.09% (for Institutional Shares) and 1.59% (for Class R Shares) of average daily net assets. This agreement is perpetual and has no effective termination date. In addition, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund (underlying fund) Fees and Expenses and certain other Fund expenses) to 0.51% (for Investor A Shares), 1.24% (for Investor C Shares), 0.09% (for Institutional Shares) and 0.59% (for Class R Shares) of average daily net assets until February 1, 2014. The Fund may have to repay some of these waivers and reimbursements to BlackRock in the following two years. These contractual agreements may be terminated upon 90 days notice by a majority of the non-interested trustees of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. As described in the "Management of the Funds" section on pages 91-93, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund (underlying fund) Fees and Expenses and certain other Fund expenses) to 1.45% (for Investor A Shares), 2.17% (for Investor C Shares), 1.07% (for Institutional Shares) and 1.62% (for Class R Shares) of average daily net assets. This agreement is perpetual and has no effective termination date. In addition, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund (underlying fund) Fees and Expenses and certain other Fund expenses) to 0.45% (for Investor A Shares), 1.17% (for Investor C Shares), 0.07% (for Institutional Shares) and 0.62% (for Class R Shares) of average daily net assets until February 1, 2014. The Fund may have to repay some of these waivers and reimbursements to BlackRock in the following two years. These contractual agreements may be terminated upon 90 days notice by a majority of the non-interested trustees of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. A contingent deferred sales charge ("CDSC") of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. As described in the "Management of the Funds" section on pages 91-93, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund (underlying fund) Fees and Expenses and certain other Fund expenses) to 1.53% (for Investor A Shares), 2.25% (for Investor C Shares), 1.13% (for Institutional Shares) and 1.74% (for Class R Shares) of average daily net assets. This agreement is perpetual and has no effective termination date. In addition, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund (underlying fund) Fees and Expenses and certain other Fund expenses) to 0.53% (for Investor A Shares), 1.25% (for Investor C Shares), 0.13% (for Institutional Shares) and 0.74% (for Class R Shares) of average daily net assets until February 1, 2014. The Fund may have to repay some of these waivers and reimbursements to BlackRock in the following two years. These contractual agreements may be terminated upon 90 days notice by a majority of the non-interested trustees of the Fund or by a vote of a majority of the outstanding voting securities of the Fund.