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SEPTEMBER 28, 2026
Summary Prospectus
BlackRock Event Driven Equity Fund | Investor and Institutional Shares Investor A: BALPX • Investor C: BCLPX • Institutional: BILPX
Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus (including amendments and supplements), reports to shareholders and other information about the Fund, including the Fund’s statement of additional information, online at https://www.blackrock.com/prospectus. You can also get this information at no cost by calling (800) 441-7762 or by sending an e-mail request to prospectus.request@blackrock.com , or from your financial professional. The Fund’s prospectus and statement of additional information, both dated September 28, 2026, as amended and supplemented from time to time, are incorporated by reference into (legally made a part of) this Summary Prospectus.
This Summary Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference.
The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Summary Prospectus. Any representation to the contrary is a criminal offense.
Not FDIC Insured • May Lose Value • No Bank Guarantee
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Summary Prospectus
Key Facts About BlackRock Event Driven Equity Fund
Investment Objective
The investment objective of BlackRock Event Driven Equity Fund (the “Fund”) is to seek long-term capital growth.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Amounts in the table are rounded to the nearest basis point, which in some cases may be “0.00.” You may pay other fees, such as brokerage commissions and other fees to your financial professional or your selected securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC (“BlackRock”) and its affiliates) (each, a “Financial Intermediary”), which are not reflected in the table and example below. 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 fund complex advised by BlackRock or its affiliates. More information about these and other discounts is available from your Financial Intermediary and in the “Details About the Share Classes” and the “Intermediary-Defined Sales Charge Waiver Policies” sections on pages 32 and A-1, respectively, of the Fund’s prospectus and in the “Purchase of Shares” section on page II-97 of Par t II of the Fund’s Statement of Additional Information.
Shareholder Fees (fees paid directly from your investment)
Investor A Shares
Investor C Shares
Institutional Shares Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.25% None None Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower) None 1 1.00% 2 None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Investor A Shares
Investor C Shares
Institutional Shares Management Fee 3 1.13% 1.13% 1.13% Distribution and/or Service (12b-1) Fees 0.25% 1.00% None Other Expenses 0.11% 0.12% 0.11% Acquired Fund Fees and Expenses 4 0.08% 0.08% 0.08% Total Annual Fund Operating Expenses 4 1.57% 2.33% 1.32% Fee Waivers and/or Expense Reimbursements 3,5 (0.06)% (0.06)% (0.06)% Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 3,5 1.51% 2.27% 1.26% 1 A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on cer tain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as par t of an investment of $250,000 or more. 2 There is no CDSC on Investor C Shares after one year. 3 As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 48, BlackRock has contractually agreed to waive the management fee with respect to any por tion of the Fund’s assets estimated to be attributable to investments in other equity and fixed income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2028. The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. 4 The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses. 5 As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 48, 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 Fees and Expenses and cer tain other Fund expenses) to 1.65% (for Investor A Shares), 2.39% (for Investor C Shares) and 1.38% (for Institutional Shares) of average daily net assets through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Fund or by a vote of a majority of the outstanding voting securities of the Fund.
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Example: 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:
1 Year 3 Years 5 Years 10 Years Investor A Shares $671 $989 $1,330 $2,290 Investor C Shares $330 $722 $1,240 $2,472 Institutional Shares $128 $412 $ 718 $1,585
You would pay the following expenses if you did not redeem your shares:
1 Year 3 Years 5 Years 10 Years Investor C Shares $230 $722 $1,240 $2,472
Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its por tfolio). A higher por tfolio turnover rate 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 per formance. During the most recent fiscal year, the Fund’s por tfolio turnover rate was 145% of the average value of its por tfolio.
Principal Investment Strategies of the Fund
Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities and related derivative instruments with similar economic characteristics. Investments in derivatives are counted toward the Fund’s 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. The Fund seeks to achieve its investment objective by employing an event driven strategy, primarily investing in companies that have announced a material change or in companies that BlackRock expects to undergo a material change. A material change that could impact the price of securities for purposes of the Fund’s investment strategies is referred to herein as a “catalyst.” The Fund focuses on identifying investments that have a sufficiently defined catalyst. These catalysts span a broad spectrum and include, for example, announced mergers and acquisitions, spinoffs and split-offs, financial or strategic restructurings, management changes, synergistic acquisitions, as well as other transformative events. The intended goal of the Fund is to profit when the price of a security changes to reflect more accurately the likelihood and potential impact of the occurrence, or non-occurrence, of the extraordinary event. This can be done by taking a long position in a security or other financial instrument that is believed to be underpriced or a shor t position in a security or other financial instrument that is believed to be overpriced. The Fund generally maintains long positions through direct positions in equity securities, but may also take long positions through the use of swap agreements and other derivative instruments. The Fund generally maintains shor t positions through the use of swap agreements and other derivative instruments, but may also take shor t positions directly. At times, the Fund may have significant shor t positions in equity securities and equity-related instruments.
The Fund normally invests in both U.S. and non-U.S. securities. Non-U.S. securities may be denominated in either U.S. dollars or foreign currencies. The Fund may invest in securities of issuers of any market capitalization.
The Fund’s investment in equity securities may include common stock, preferred stock, non-conver tible preferred stock and depositary receipts. The Fund may gain exposure to equity securities through derivatives. The Fund may also purchase securities conver tible into common stock.
The Fund may invest up to 20% of its net assets (plus any borrowings for investment purposes) in fixed-income securities and related derivative instruments with similar economic characteristics. The Fund’s investment in fixed income securities may include fixed and floating rate corporate bonds and municipal securities. The Fund may invest in debt securities of any credit quality, as determined by Fund management, which may include high yield securities (commonly called “junk bonds”).
The Fund may invest in derivatives, including but not limited to, total return swaps (some of which may be referred to as contracts for difference), credit default swaps, futures, options and foreign exchange transactions, for hedging
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purposes, as well as to enhance the return on its por tfolio investments. There is no limit to the Fund’s ability to invest in derivatives, except as may be limited by requirements of the Investment Company Act of 1940, as amended (the “Investment Company Act”) and related rules and regulations adopted thereunder, and at times the Fund may utilize derivatives to a significant extent.
The Fund may also invest in indexed and inverse securities.
When consistent with the Fund’s investment objective, the Fund’s investments may include shor t-term investments such as cash and cash equivalents, U.S. Government and agency securities, money market funds (including funds that may be affiliated with or sponsored or managed by BlackRock), commercial paper, cer tificates of deposit and other bank deposits and bankers’ acceptances.
The Fund may invest in securities of companies without an identified catalyst to hedge unwanted exposures to an industry or the market as a whole.
The Fund may engage in active and frequent trading of por tfolio securities to achieve its primary investment strategies.
Principal Risks of Investing in the Fund
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 par t or all of your investment in the Fund or your investment may not per form as well as other similar investments. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other Government agency. The following is a summary description of the principal risks of investing in the Fund. The relative significance of each risk factor below may change over time and you should review each risk factor carefully. Equity Securities Risk — 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. Event Driven Strategies Risk —The Fund may invest in event driven strategies, which entail investing in companies involved, or potentially involved, in significant corporate actions. Investment decisions may take into account BlackRock’s perceptions of the likelihood that an event or transaction will occur, the amount of time that the process will take and the perceived expected value following the catalyst. The success of event driven trading depends on the successful prediction of whether various catalyst events will occur or be consummated. If a proposed transaction appears likely not to be consummated or in fact is not consummated or is delayed, the market price of the securities purchased by the Fund may decline sharply and result in losses to the Fund. The Fund may purchase securities at prices only slightly below the anticipated value to be paid or exchanged for the securities in the proposed merger, exchange offer, cash tender offer or other similar transaction. The purchase price to the Fund may be substantially above the prices at which such securities traded immediately prior to the announcement of such merger, exchange offer, cash tender offer or other similar transaction. If the proposed merger, exchange offer, cash tender offer or other similar transaction appears likely not to be consummated or in fact is not consummated or is delayed, or if the value of a transaction is reduced, the market price of the security to be tendered or exchanged may, and likely will, decline sharply by an amount greater than the difference between the Fund’s purchase price and the anticipated consideration to be paid. In addition, where a security to be issued in a merger or exchange offer has been sold shor t in the expectation that the shor t position will be covered by delivery of such security when issued, failure of the merger or exchange offer to be consummated may force the Fund to cover its shor t sale, with a resulting, and perhaps significant, loss. In addition, if BlackRock determines that the offer price for a security which is the subject of a tender offer is likely to be increased, either by the original bidder or by another par ty, the Fund may purchase securities above the offer price, thereby exposing the Fund to an even greater degree of risk of loss. Where BlackRock determines that it is probable that a transaction will not be consummated, the Fund may sell the securities of the target company shor t, at times significantly below the announced tender or offering prices for the securities in the transaction. If the transaction, or another transaction, such as a “defensive” merger or a “friendly” tender offer, is consummated at the announced price or a higher price, the Fund may be forced to cover the shor t position in the market at a higher price than the shor t sale price, with a resulting, and perhaps significant, loss. The consummation of mergers, exchange offers, cash tender offers or other similar transactions can be prevented or delayed by a variety of factors. Transactions may also be contingent on cer tain contractual conditions precedent. Offerors in tender or exchange offers customarily reserve the right to cancel such offers in a variety of circumstances. An exchange offer or a cash tender offer may be made for less than all of the outstanding securities of an issuer, with the provision that, if a greater number is tendered, securities will be accepted on a pro rata basis.
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Thus, after the completion of the offer, and at a time when the market price of the securities has declined below its cost, the Fund may have returned to it, and be forced to sell at a loss, a por tion of the securities it tendered. Derivatives Risk — The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or increase volatility. Derivatives involve significant risks, including:
Leverage Risk — The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market movements may result in large changes in the value of a derivatives position and can result in losses that greatly exceed the amount originally invested. Market Risk — Some derivatives are more sensitive to interest rate changes and market price fluctuations than other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s derivatives positions to lose value. Counterpar ty Risk — Derivatives are also subject to counterpar ty risk, which is the risk that the other par ty in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterpar ty. Illiquidity Risk — 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. Operational Risk — The use of derivatives includes the risk of potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls and human error.
Legal Risk — The risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality or enforceability of a contract. Volatility and Correlation Risk — Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a shor t time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets. Valuation Risk — Valuation for derivatives may not be readily available in the market. Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them.
Hedging Risk — Hedges are sometimes subject to imper fect matching between the derivative and the underlying security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging may result in cer tain adverse tax consequences. Tax Risk — Cer tain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its investments. Convertible Securities Risk — The market value of a conver tible security per forms like that of a regular debt security; that is, if market interest rates rise, the value of a conver tible security usually falls. In addition, conver tible securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditwor thiness. Since it derives a por tion of its value from the common stock into which it may be conver ted, a conver tible security is also subject to the same types of market and issuer risks that apply to the underlying common stock, including the potential for increased volatility in the price of the conver tible security. Short Sales and Short Position Risk — Because making shor t sales or taking shor t positions in securities that it does not own would expose the Fund to the risks associated with those securities, such shor t sales or positions involve speculative exposure risk. In such situations, the Fund will incur a loss as a result of a shor t sale or position if the price of the reference instrument increases after the Fund entered into the shor t sale or position. The Fund may engage in shor t sales and gain shor t exposure through cer tain derivative instruments, such as futures, options or swaps. The Fund may lose more money than the actual cost of a shor t sale or position and the potential losses are theoretically unlimited on a shor t sale or position. Debt Securities Risk — Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk, extension risk, and prepayment risk, each of which are described in fur ther detail below: Credit Risk — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s
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perception of an issuer’s creditwor thiness may also affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation. Interest Rate Risk — The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. 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. The Fund may be subject to a greater risk of rising interest rates during a period of low interest rates. For example, if interest rates increase by 1%, assuming a current por tfolio duration of ten years, and all other factors being equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of the price sensitivity of a debt security or por tfolio of debt securities to relative changes in interest rates.) The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The Fund may lose money if shor t-term or long-term interest rates rise sharply in a manner not anticipated by Fund management. To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mor tgage backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of the Fund) when interest rates rise. Moreover, because rates on cer tain floating rate debt securities typically reset only periodically, changes in prevailing interest rates (and par ticularly sudden and significant changes) can be expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate debt securities. These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in value when interest rates change. A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy redemptions could cause the Fund to sell assets at inoppor tune times or at a loss or depressed value and could hur t the Fund’s per formance. Extension Risk — When interest rates rise, cer tain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall. Prepayment Risk — When interest rates fall, cer tain obligations will be paid off by the obligor more quickly than originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields. Depositary Receipts Risk — Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be conver ted. In addition to investment risks associated with the underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other par ties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that is, in the United States, considered material. Therefore, there may be less information available regarding these issuers and there may not be a correlation between such information and the market value of the depositary receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their respective markets and currencies, they continue to be subject to many of the risks associated with investing directly in foreign securities, including political, economic, and currency risk. Emerging Markets Risk — 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 financial markets have far lower trading volumes and less liquidity than developed markets. Foreign Securities Risk — 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: 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. Changes in foreign currency exchange rates can affect the value of the Fund’s por tfolio.
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The economies of cer tain 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. The governments of cer tain countries, or the U.S. Government with respect to cer tain countries, may prohibit or impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital markets or cer tain industries in those countries, which may prohibit or restrict the ability to own or transfer currency, securities, derivatives or other assets. 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. Settlement and clearance procedures in cer tain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments. The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the foreign country, accruals in the Fund’s net asset value for such refunds may be written down par tially or in full, which will adversely affect the Fund’s net asset value. High Portfolio Turnover Risk — The Fund may engage in active and frequent trading of its por tfolio securities. High por tfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in other securities. The sale of Fund por tfolio securities may result in the realization and/or distribution to shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects of higher than normal por tfolio turnover may adversely affect Fund per formance. High Yield Bonds Risk — Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that are considered speculative and may cause income and principal losses for the Fund.
Illiquid Investments Risk — The Fund may not acquire any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid investments may become illiquid after purchase by the Fund, par ticularly during periods of market turmoil. There can be no assurance that a security or instrument that is deemed to be liquid when purchased will continue to be liquid for as long as it is held by the Fund, and any security or instrument held by the Fund may be deemed an illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may reduce the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous time or price. In addition, if the Fund is limited in its ability to dispose of illiquid investments during periods when shareholders are redeeming or selling their shares or the Fund’s net assets otherwise shrink, the Fund will need to dispose of liquid securities to meet redemption requests and illiquid securities will become a larger por tion of the Fund’s holdings. An investment may be illiquid due to, among other things, the reduced number and capacity of traditional market par ticipants to make a market in fixed-income securities or the lack of an active trading market. To the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market and/or credit risk, the Fund will tend to have greater exposure to the risks associated with illiquid investments. Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. This may be magnified in a rising interest rate environment or other circumstances where investor redemptions or sales of Fund shares may be higher than normal. In addition, when there is illiquidity in the market for cer tain securities, the Fund, due to limitations on illiquid investments, may be subject to purchase and sale restrictions. Indexed and Inverse Securities Risk — Indexed and inverse securities provide a potential return based on a par ticular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect to the value of the par ticular index. These securities are subject to leverage risk and correlation risk. Cer tain indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other securities, and the Fund’s investment in such instruments may decline significantly in value if interest rates or index levels move in a way Fund management does not anticipate. Leverage Risk — 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 por tfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the applicable requirements of the Investment Company Act and the rules thereunder. Increases and decreases in the value of the Fund’s por tfolio will be magnified when the Fund uses leverage.
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Market Risk and Selection Risk — 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. An investor could lose money over shor t periods due to fluctuation in the Fund’s net asset value in response to shor t-term market movements and over longer periods during market downturns. Securities or other investments held by the Fund may underper form the markets, the relevant indices or benchmarks, or the securities selected by other funds with similar investment objectives and investment strategies, or may otherwise fail to per form as intended. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a par ticular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic uncer tainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and environmental disasters, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events. Recent policy initiatives under taken by the U.S. government have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncer tainty and instability in domestic and global markets, and could adversely affect the investment per formance of the Fund. In par ticular, actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased costs for impor ted goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests. Operational and Technology Risks — The Fund is directly and indirectly susceptible to operational and technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, and the use of ar tificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management policies and procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value. Preferred Securities Risk — Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of larger companies. Small and Mid-Capitalization Company Risk — 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 shor ter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts. U.S. Government Obligations Risk — Cer tain securities in which the Fund may invest, including securities issued by cer tain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or suppor ted by the full faith and credit of the United States. In addition, circumstances could arise that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the legislative “debt ceiling.” Such non-payment could result in losses to the Fund and substantial negative consequences for the U.S. economy and the global financial system.
Performance Information
The information shows you how the Fund’s per formance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund’s per formance to that of the Russell 1000 Index and the ICE BofA 3-Month U.S. Treasury Bill Index. To the extent that dividends and distributions have been paid by the Fund, the per formance information for the Fund in the char t and table assumes reinvestment of the dividends and distributions. As with all such investments, past per formance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar char t. 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 cer tain Fund expenses during these periods, the Fund’s returns would have been lower.
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Updated information on the Fund’s per formance, including its current net asset value, can be obtained by visiting www.blackrock.com or can be obtained by phone at (800) 882-0052.
Investor A Shares ANNUAL TOTAL RETURNS BlackRock Event Driven Equity Fund As of 12/31
3.94%
6.87%
5.13%
7.16% 6.03%
1.60%
-0.25%
5.15%
1.95%
8.19%
-2%
0%
2%
4%
6%
8%
10%
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
During the ten-year period shown in the bar char t, the highest return for a quar ter was 5.66% (quar ter ended June 30, 2020) and the lowest return for a quar ter was -5.16% (quar ter ended March 31, 2020). The year-to-date return as of June 30, 2026 was 2.43%.
For the periods ended 12/31/25 Average Annual Total Returns 1 Year 5 Years 10 Years BlackRock Event Driven Equity Fund — Investor A Shares Return Before Taxes 2.51% 2.18% 3.98% Return After Taxes on Distributions 0.98% 1.19% 2.90% Return After Taxes on Distributions and Sale of Fund Shares 1.66% 1.28% 2.64% BlackRock Event Driven Equity Fund — Investor C Shares Return Before Taxes 6.44% 2.54% 3.93% BlackRock Event Driven Equity Fund — Institutional Shares Return Before Taxes 8.43% 3.55% 4.81% Russell 1000 Index (Reflects no deduction for fees, expenses or taxes) 17.37% 13.59% 14.59% ICE BofA 3-Month U.S. Treasury Bill Index 1 (Reflects no deduction for fees, expenses or taxes) 4.18% 3.17% 2.18% 1 On December 1, 2023, the Fund began to compare its per formance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.
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 and Institutional Shares will vary.
Investment Manager
The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).
Portfolio Manager
Portfolio Manager
Portfolio Manager of the Fund Since Title Mark McKenna 2015 Managing Director of BlackRock, Inc.
9
NM1026U-5981074-9/12
Page 10
Purchase and Sale of Fund Shares
You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. To purchase or sell shares you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should contact the Fund by phone at (800) 441-7762, by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429), or by the Internet at www.blackrock.com. The Fund’s initial and subsequent investment minimums generally are as follows, although the Fund may reduce or waive the minimums in some cases:
Investor A and Investor C Shares Institutional Shares Minimum Initial Investment
$1,000 for all accounts except: • $50, if establishing an Automatic Investment Plan. • There is no investment minimum for employer sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs). • There is no investment minimum for cer tain fee based programs.
There is no minimum initial investment for: • Cer tain employee benefits plans, such as health savings accounts, and cer tain employer sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund’s distributor to purchase such shares. • Clients of Financial Intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar services or (ii) have entered into an agreement with the Fund’s distributor to offer Institutional Shares through a no-load program or investment platform. • Clients investing through a self-directed IRA brokerage account program sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that the program maintains an account with the Fund on an omnibus basis. $2 million for individuals and “Institutional Investors,” which include, but are not limited to, endowments, foundations, family offices, local, city, and state governmental institutions, corporations and insurance company separate accounts who may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund’s distributor to purchase such shares. $1,000 for: • Clients investing through Financial Intermediaries that offer such shares on a platform that charges a transaction based sales commission outside of the Fund. • Tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s broker-dealer that has entered into an agreement with the Fund’s distributor to offer Institutional Shares, and the family members of such persons. Minimum Additional Investment
$50 for all accounts (with the exception of cer tain employer-sponsored retirement plans which may have a lower minimum).
No subsequent minimum.
10
NM1026U-5981074-10/12
Page 11
Tax Information
The Fund’s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan described in section 401(a) of the Internal Revenue Code of 1986, as amended, in which case you may be subject to U.S. federal income tax when distributions are received from such tax-deferred arrangements.
Payments to Broker/Dealers and Other Financial Intermediaries
If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the Fund’s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services.
These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial professional to recommend the Fund over another investment.
Ask your individual financial professional or visit your Financial Intermediary’s website for more information.
11
NM1026U-5981074-11/12
Page 12
INVESTMENT COMPANY ACT FILE # 811-09637 SPRO-EDE-0926
NM1026U-5981074-12/12
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"text": "Maximum Deferred Sales Charge (Load) (as a percentage of offering price or"
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"text": "redemption proceeds, whichever is lower) None"
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"text": "1.00%"
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"text": "Annual Fund Operating Expenses"
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"text": "(expenses that you pay each year as a"
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"text": "percentage of the value of your investment)"
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"text": "Investor A"
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"text": "Shares"
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"text": "Investor C"
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"text": "Institutional"
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"text": "Shares"
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"text": "Management Fee"
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"text": "1.13% 1.13% 1.13%"
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"text": "Distribution and/or Service (12b-1) Fees 0.25% 1.00% None"
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"text": "Other Expenses"
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"text": "0.11% 0.12% 0.11%"
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"text": "Acquired Fund Fees and Expenses"
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"text": "0.08% 0.08% 0.08%"
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"text": "Total Annual Fund Operating Expenses"
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"text": "1.57% 2.33% 1.32%"
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"text": "Fee Waivers and/or Expense Reimbursements"
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"text": "3,5"
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"text": "(0.06)% (0.06)% (0.06)%"
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"text": "Total Annual Fund Operating Expenses After Fee Waivers and/or Expense"
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"text": "Reimbursements"
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"text": "1.51% 2.27% 1.26%"
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"text": "1"
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"text": "A contingent deferred sales charge (\u201cCDSC\u201d) of 1.00% is assessed on cer tain redemptions of Investor A Shares made within 18 months after"
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"text": "purchase where no initial sales charge was paid at the time of purchase as par t of an investment of $250,000 or more."
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"text": "There is no CDSC on Investor C Shares after one year."
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"text": "As described in the \u201cManagement of the Fund\u201d section of the Fund\u2019s prospectus beginning on page 48, BlackRock has contractually agreed to"
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"text": "waive the management fee with respect to any por tion of the Fund\u2019s assets estimated to be attributable to investments in other equity and fixed"
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"text": "income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through"
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"text": "June 30, 2028. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the"
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"text": "Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2028."
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"text": "The contractual agreements may be terminated upon 90 days\u2019 notice by a majority of the non-interested directors of the Fund or by a vote of a"
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"text": "majority of the outstanding voting securities of the Fund."
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"text": "The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund\u2019s most recent"
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"text": "Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses."
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"text": "As described in the \u201cManagement of the Fund\u201d section of the Fund\u2019s prospectus beginning on page 48, BlackRock has contractually agreed to"
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"text": "waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense"
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"text": "Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) to 1.65%"
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"text": "(for Investor A Shares), 2.39% (for Investor C Shares) and 1.38% (for Institutional Shares) of average daily net assets through June 30, 2028."
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"text": "The contractual agreement may be terminated upon 90 days\u2019 notice by a majority of the non-interested directors of the Fund or by a vote of a"
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"text": "majority of the outstanding voting securities of the Fund."
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"text": "NM1026U-5981074-2/12"
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"text": "Example:"
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"text": "This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other"
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"text": "mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then"
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"text": "redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5%"
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"text": "return each year and that the Fund\u2019s operating expenses remain the same. Although your actual costs may be higher"
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"text": "or lower, based on these assumptions your costs would be:"
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"text": "1 Year 3 Years 5 Years 10 Years"
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"text": "Investor A Shares $671 $989 $1,330 $2,290"
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"text": "Investor C Shares $330 $722 $1,240 $2,472"
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"text": "Institutional Shares $128 $412 $ 718 $1,585"
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"text": "You would pay the following expenses if you did not redeem your shares:"
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"text": "Investor C Shares $230 $722 $1,240 $2,472"
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"text": "Portfolio Turnover:"
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"text": "The Fund pays transaction costs, such as commissions, when it buys and sells securities (or \u201cturns over\u201d its"
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"id": "c9b38e92-a4f5-4da2-aca9-9a144484e672",
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"text": "por tfolio). A higher por tfolio turnover rate may indicate higher transaction costs and may result in higher taxes when"
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"text": "shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the"
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"text": "Example, affect the Fund\u2019s per formance. During the most recent fiscal year, the Fund\u2019s por tfolio turnover rate was"
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"text": "145% of the average value of its por tfolio."
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"text": "Principal Investment Strategies of the Fund"
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"text": "Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment"
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"id": "0e5d7fee-44a6-40c4-86c3-91801120a4ef",
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"text": "purposes) in equity securities and related derivative instruments with similar economic characteristics. Investments in"
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"text": "derivatives are counted toward the Fund\u2019s 80% policy to the extent that they provide investment exposure to the"
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"text": "securities included within that policy or to one or more market risk factors associated with such securities. The Fund"
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"text": "seeks to achieve its investment objective by employing an event driven strategy, primarily investing in companies that"
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"text": "have announced a material change or in companies that BlackRock expects to undergo a material change. A material"
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"id": "0339a123-f88d-47e0-b6df-522b95a88e97",
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"text": "change that could impact the price of securities for purposes of the Fund\u2019s investment strategies is referred to herein"
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"text": "as a \u201ccatalyst.\u201d The Fund focuses on identifying investments that have a sufficiently defined catalyst. These catalysts"
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"text": "span a broad spectrum and include, for example, announced mergers and acquisitions, spinoffs and split-offs,"
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"text": "financial or strategic restructurings, management changes, synergistic acquisitions, as well as other transformative"
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"id": "aa35db4c-e3a7-42f1-acda-bcd25d5bca82",
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"text": "events. The intended goal of the Fund is to profit when the price of a security changes to reflect more accurately the"
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"text": "likelihood and potential impact of the occurrence, or non-occurrence, of the extraordinary event. This can be done by"
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"text": "taking a long position in a security or other financial instrument that is believed to be underpriced or a shor t position in"
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"text": "a security or other financial instrument that is believed to be overpriced. The Fund generally maintains long positions"
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"text": "through direct positions in equity securities, but may also take long positions through the use of swap agreements and"
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"id": "1c6db5f0-c1e1-43ec-870c-1dd6c22ce600",
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"text": "other derivative instruments. The Fund generally maintains shor t positions through the use of swap agreements and"
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"text": "other derivative instruments, but may also take shor t positions directly. At times, the Fund may have significant shor t"
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"text": "positions in equity securities and equity-related instruments."
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"text": "The Fund normally invests in both U.S. and non-U.S....