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1 BLACKROCK.COM/GLSE GLOBAL LONG/SHORT EQUITY FUND With the world full of uncertainty, investors have shied away from equity markets, sacrificing long-term growth potential. Today, investors need an investment solution that can reap the benefits of the global stock markets without experiencing the accompanying turbulence. Equity Investing in Volatile Markets } Investors Are Cautious of Re-Entering Stock Markets: Despite markets rallying, investors continue to shy away from owning stocks. } It s Harder to Find Equity Investments with Low Correlations: Over the last 15 years, global stock markets have had high correlations to each other and similar risk/return characteristics. } Diversification Through Long/Short Investing: Combining long and short investing can increase a portfolio s diversification by limiting exposure to market-related risks and expanding the investment universe. MANY INVESTORS ARE STARVING FOR GROWTH BUT ARE TOO AFRAID OF RISK TO DO ANYTHING ABOUT IT 10-Year Annualized Returns % 10-Year Annualized Volatility Standard Deviation % % International U.S. International U.S. Source: Informa Investment Solutions, December 31, 2004 December 31, Index performance is shown for illustrative purposes only. It is not possible to invest directly in an index. Risk is measured by standard deviation based on quarterly returns. Returns and risks for international are based on the MSCI EAFE Index and US on the S&P 500 Index. Past performance is no guarantee of future results. An Alternative to Traditional Equities The BlackRock Global Long/Short Equity Fund is a dedicated long/short strategy with the goal of adding equity growth while minimizing market risk. 1 A LOW VOLATILITY ALTERNATIVE TO TRADITIONAL GLOBAL EQUITIES 2 ANSWERING FUNDAMENTAL QUESTIONS USING BIG DATA 3 SEEKING RETURNS INDEPENDENT OF MARKET DIRECTION Institutional: BDMIX A: BDMAX C: BDMCX Morningstar Analyst Rating Morningstar has awarded the fund a Bronze medal. Fewer than 10% of U.S. open-end funds hold medalist ratings. (Effective 7/15/15) 1 Investment Approach The team emphasizes careful, fundamentally-based stock selection from a universe of over 2,500 developed market companies. The fund will employ a dedicated long/short strategy to manage net market exposure and seek to mitigate volatility. Morningstar Category Market Neutral Lipper Category Alternative Long/Short Equity Number of Holdings (Range) } Total holdings: Long positions: Short positions: } Average position 0.5% } Individual position limit: 3% Net Market Exposure } Target: 15% } Range: % Investable Universe } Companies: ~2,500 } Countries: 24

2 1 A Low Volatility Alternative to Traditional Global Equities Long/Short Investing is A non-traditional investment strategy that can benefit from both rising and falling stock prices. The fund manager buys stocks they expect to go up (buys long ) and sells borrowed stocks they expect to go down ( short selling or shorting ). This approach can limit market risk (volatility) while doubling an investor s opportunity set. Short Selling is An investment strategy that involves borrowing securities from a third party to short sell companies the fund manager considers unattractive or trading at inflated prices. If a shorted stock declines in value, it can be bought back for less than the original price, thus earning a profit. Conversely, if a shorted stock rises in value, the manager pays a higher price to buy the stock back to cover the sale and suffers a loss. Beta is A measure of a portfolio s sensitivity to general market movements. If a portfolio s beta = 1, the portfolio will tend to move with the market. If beta is < 1, the portfolio will generally be less volatile than the market; conversely, a beta > 1 indicates the portfolio will generally be more volatile than the market. Investing in long/short strategies presents the opportunity for significant losses, including the loss of your total investment. Such strategies could create a situation whereby a long/short strategy could increase volatility, and in general are not suitable for all investors. The BlackRock Global Long/Short Equity Fund is designed to provide one of the least volatile ways to access the long-term growth potential of equities. Unlike traditional, long-only strategies that rely heavily on rising markets for returns, the fund s dedicated long/short strategy focuses on generating returns that are independent of markets moving up, down or sideways. To accomplish this, the managers buy ( go long ) companies they anticipate will outperform the market and short sell ( short ) companies they anticipate will underperform to reduce the fund s net market exposure. % LONG SECURITIES % SHORT SECURITIES = % NET MARKET EXPOSURE By targeting just 15% net market exposure, the fund seeks to deliver significantly reduced sensitivity to equity market volatility. HOW SENSITIVE IS YOUR PORTFOLIO? Hypothetical Illustration of the Amount of Volatility Generated by Beta MARKET EXPOSURE AGGRESSIVE LONG-ONLY FUND (BETA = 1.20) 120 % LOWER MARKET EXPOSURE This chart is for illustrative purposes only. INDEX FUND (BETA = 1.00) = CONSERVATIVE LONG-ONLY FUND (BETA = 0.80) BLK GLOBAL LONG/SHORT EQUITY FUND (BETA 0.15) 100 % 80 % 15 % LOWER MARKET SENSITIVITY

3 2 Answering Fundamental Questions Using Big Data Markets Are More Complex Today Last Generation } Tens of billions of dollars worth of stock traded each day } Dozens of industry research reports are published each day } Approximately 150 data providers globally Today } Hundreds of billions of dollars worth of stock traded each day } Thousands of industry research reports are published each day } More than 400 data providers globally Investors today are deluged with more information than ever. For example, on an average day, over 4,000 analyst reports are generated around the globe, compared to just a few dozen a generation ago. In the hands of a skilled investor, armed with 21st century tools, this potentially overwhelming flow of data can instead be used to uncover hidden opportunities. The Fund s portfolio managers seek to identify these non-obvious opportunities using the insights gleaned from a massive proprietary database of company and market information four times larger than the Library of Congress and eight times Wikipedia. Managed by an in-house team of data scientists, with experience from world-class organizations like NASA, the FBI and Google, this wealth of data allows the Fund s management team to create a virtual ecosystem of possible connections around 8,000+ companies across the globe. This powerful information advantage helps the team quickly discover companies they believe will be caught in the ripple effects of other company-specific or market-wide events, looking past obvious trades to capitalize on more select investment opportunities. CASE STUDY: CAPTURING TRENDS IN THE IT SECTOR Over the past few decades, semiconductors, or materials that can conduct electrical currents, went from being found only in computers to much broader usage. By looking at its virtual ecosystem, the Fund s team analyzed millions of data connections between firms and was able to get a view of all of the companies that use semiconductors in their products. The team also found that many of these other industries buying semiconductors were gaining momentum, something that many other investors were slower to notice. The Fund quickly bought into semiconductor stocks, which was a top-performing industry in % Computer Hardware 11 % 4 % Auto Companies Commercial Services 4 % Machinery Chemicals 5 % Aerospace and Defense ESTIMATED BUYERS OF SEMICONDUCTORS 6 % Telecommunications Health Care Equipment Retail Household Durables Source: BlackRock. All other industries account for 26%.

4 3 Seeking Returns Independent of Market Direction The team tasked with managing the BlackRock Global Long/Short Equity Fund is the Scientific Active Equity team. This team has extensive experience with long/short investing, having executed these strategies for nearly two decades. Portfolio Management Raffaele Savi, Senior PM 17 years of investment experience Kevin Franklin, Senior PM 16 years of investment experience Paul Ebner, CFA, Senior PM 14 years of investment experience The portfolio management team is enhanced by the broader capabilities of the world s largest asset manager, BlackRock. With the support of BlackRock s specialized teams located in Asia, Australia, Europe, and the east and west coasts of the United States, the portfolio management team has a strong advantage in identifying and acting upon the many ripples running through today s markets. BlackRock s Scientific Active Equity Team } Manages over $85 billion of assets } Local presence on 4 continents } Invests in more than 24 markets around the world } Backed by over 130 risk analysts and 40 research analysts REDUCING A PORTFOLIO S SENSITIVITY TO STOCK MARKET UPS AND DOWNS Performance Since Fund Inception (12/20/12 6/30/15) with Down Markets Highlighted 40% MSCI World Index MSCI World Index BlackRock Global Long/Short Equity Fund BlackRock Global Long/Short Equity Fund /12 2/13 4/13 6/13 Source: Morningstar. Performance above is represented by the Fund s Investor A share. 8/13 10/13 12/13 2/14 4/14 6/14 8/14 10/14 12/14 2/15 4/15 6/15 Performance data quoted represents past performance and is no guarantee of future results. Investment returns and principal values may fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown. All returns assume reinvestment of all dividend and capital gain distributions. Refer to blackrock.com for current month-end performance. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. The index annualized performance as of 6/30/15: 1 year, 1.43%; 5 year, 13.10%; 10 year, 6.38%. The average annual total returns for BlackRock Global Long/Short Equity Fund Investor A shares as of 6/30/15 with/without current maximum initial sales charge of 5.25%: 1 year, -3.32/2.03%; since inception, 4.60%/6.86%. Expenses stated as of the fund s most recent prospectus including Total / Net, Including Investment-Related Expenses / Net, Excluding Investment Related Expenses are: Investor A, 2.15% / 2.15% / 1.97%. Investment dividend expense, interest expense, acquired fund fees and expenses and certain other fund expenses are included in the Net, Including Investment Related expenses and excluded from the Net, Excluding Investment Related expenses. BlackRock has agreed contractually to waive or reimburse certain fees and expenses until 12/1/15. Contractual waivers terminable upon 90 days notice by the fund s independent trustees or majority vote of outstanding fund securities.

5 So What Do I Do with My Money? The BlackRock Global Long/Short Equity Fund s goal is to provide long-term global equity-like returns with significantly less volatility and low correlation to traditional equities. When added to a hypothetical portfolio, this non-traditional equity strategy would have lessened the portfolio s dependence on broad stock market trends, with the goal of producing fewer dramatic peaks and valleys over time. TRADITIONAL PORTFOLIO ENHANCED PORTFOLIO 15 % The Fund 40 % Fixed Income 60 % Global Equity 30 % Fixed Income 55 % Global Equity Traditional Portfolio Enhanced Portfolio RETURN 7.73% 8.02% VOLATILITY 6.51% 6.08% Past performance is no guarantee of future results. The hypotheticals are provided for illustrative purposes only. These results are not based on actual investments. Return and risk since fund s inception (12/20/12 6/30/15). Source: Morningstar, BlackRock. Global Equity is represented by the Morningstar World Stock funds category average. Annualized returns for the category as of 6/30/15: 1 year, 0.44%; 5 year, 11.75%; 10 year, 6.33%. Fixed Income is represented by the Morningstar Intermediate-Term Bond funds category average. Annualized returns for the category as of 6/30/15: 1 year, 1.03%; 5 year, 3.71%; 10 year, 3.99%. Volatility is represented by annualized standard deviation which is only one measurement of risk. GLOBAL LONG/SHORT EQUITY FUND An Alternative to Traditional Global Equities Institutional: BDMIX A: BDMAX C: BDMCX This Fund Is For: } Investors looking to add more growth potential but are wary about owning stocks due to recent extreme market swings. } Investors lacking international investments that can help alleviate concerns over the uncertainty in domestic politics and the economy. } Investors preparing for retirement and are looking to preserve capital with the stability of a long/short strategy.

6 WHY BLACKROCK BlackRock helps people around the world, as well as the world s largest institutions and governments, pursue their investing goals. We offer: } A comprehensive set of innovative solutions, including mutual funds, separately managed accounts, alternatives and ishares ETFs } Global market and investment insights } Sophisticated risk and portfolio analytics We work only for our clients, who have entrusted us with managing $4.72 trillion, earning BlackRock the distinction of being trusted to manage more money than any other investment firm in the world.* Want to know more? blackrock.com/glse * AUM as of 6/30/15. Important Risks of the Fund: The fund is actively managed and its characteristics will vary. Stock values fluctuate in price so the value of your investment can go down depending on market conditions. International investing risks: Risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. Depositary receipt risks: The issuers of unsponsored depositary receipts are not obligated to disclose information that is, in the U.S., considered material. The fund may engage in active and frequent trading of its portfolio securities which may result in short term capital gains or losses that could increase an investor s tax liability. The fund may actively engage in short selling. Short selling risks: If the fund makes short sales in securities that increase in value, the fund will lose value. Any loss on short positions may or may not be offset by investing short sale proceeds in other investments. Derivatives risks: Risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. For a complete list of fund risks, please see the prospectus. 1 The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the manager research analysts of Morningstar. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Analysts use this five pillar evaluation to determine how they believe funds are likely to perform over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and the weighting of each pillar may vary. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflect an Analyst s conviction in a fund s prospects for outperformance. Analyst Ratings are continuously monitored and reevaluated at least every 14 months. For more detailed information about Morningstar s Analyst Rating, including its methodology, please go to documents/methodologydocuments/analystratingforfundsmethodology.pdf. The Morningstar Analyst Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar s expectations not to occur or to differ significantly from what we expected. The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization unmanaged index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. The MSCI EAFE Index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. You should consider the investment objectives, risks, charges and expenses of the fund carefully before investing. The fund s prospectus and, if available, summary prospectus contains this and other information about the fund and is available, along with information on other BlackRock funds, by calling or from your financial professional. The prospectus and, if available, summary prospectus should be read carefully before investing. Unless noted, all information is as of the publication date of this brochure BlackRock, Inc. All Rights Reserved. BLACKROCK, ishares and SO WHAT DO I DO WITH MY MONEY are registered trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners. Prepared by BlackRock Investments, LLC, member FINRA. Not FDIC Insured May Lose Value No Bank Guarantee Lit. No. GLS-GDE-0615R OE21549T-0715 / USR-6831

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