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Source: BlackRock. Based on $6.52 trillion in AUM as of 03/31/19

Institutional shares have limited availability and may be purchased at various minimums. See prospectus for details.

Overall Morningstar Rating for iShares S&P 500 Index Fund as of May 31, 2019 rated against 1,197 Large Blend Funds.

Morningstar has awarded the Fund a Bronze medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Mar 08, 2019)

Invests in a portfolio of assets whose performance seeks to match the performance of the S&P 500® Index.

Total return represents changes to the NAV and accounts for distributions from the fund.

Index: S&P 500 Index.br /br / Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.

Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.

Rankings are based on total return excluding sales charges.

Rankings are based on total return excluding sales charges.

Total return represents changes to the NAV and accounts for distributions from the fund.

Index: S&P 500 Index.br /br / Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

Total return represents changes to the NAV and accounts for distributions from the fund.

Index: S&P 500 Indexbr /br / Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investors shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. The performance information for periods prior to the inception date of the share class are based on the Funds Class K Shares, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

Growth of Hypothetical $10,000The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Performance chart data not available for display.

Source: Lipper. Data reflects different methodology from the BlackRock calculated returns in the Returns tab. The $10,000 Hypothetical Over Time chart reflects a hypothetical $10,000 investment in the investor class of shares noted and does not assume the max sales charge. Had sales charge been included, returns would have been lower. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

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Interactive chart displaying fund performance. Javascript is required.

Total DistributionCurrent year distributions are not classified as Income, Short-Term Capital Gains, Long-Term Capital Gains, or Return of Capital until approximately 60 days following calendar year-end.

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Total DistributionCurrent year distributions are not classified as Income, Short-Term Capital Gains, Long-Term Capital Gains, or Return of Capital until calendar year-end.

Past distributions are not indicative of future distributions.Click here, for the most recent distributions.

Distribution FrequencyHow often a distribution is paid by the fund. The most common distribution frequencies are annually, biannually and quarterly.

P/E RatioThe price to earnings ratio is a fundamental measure used to determine if an investment is valued appropriately. Each holdings P/E is the latest closing price divided by the latest 12 months earnings per share. Negative earnings are excluded, extraordinary items are excluded, and P/E ratios over 60 are set to 60.

P/B RatioThe price to book (P/B) value ratio is a fundamental measure used to determine if an investment is valued appropriately. The book value of a company is a measure of how much a companys assets are worth assuming the companys debts are paid off. Negative book values are excluded from this calculation and holding price to book ratios over 25 are set to 25.

Average Market Cap (Millions)The average size of the securities the fund invests in.

This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Net Expense RatioThe difference between gross and net expense ratios are due to contractual and/or voluntary waivers, if applicable. Any applicable contractual waiver will be terminable upon 90 days notice. BlackRock may agree to voluntarily waive certain fees and expenses, which the adviser may discontinue at any time without notice. For this share class, the contractual waiver end date is Apr 30, 2021.

Net Expense Ratio excluding Investment Related Expenses is 0.11%

Acquired Fund Fees and ExpensesInvestment related expense that reflects the Funds pro rata share of the indirect fees and expenses incurred by investing in one or more acquired funds, such as mutual funds, exchange traded funds, or other pooled investment vehicles. AFFE are reflected in the prices of the acquired funds and thus included in the total returns of the Fund.0.00%

Interest expenseInvestment related expense that reflects the cost of borrowing securities to seek to enhance return or reduce risk. The amount of Interest Expense (if any) will fluctuate with each Funds use of certain investments.0.00%

OveralliShares S&P 500 Index Fund received a Morningstar Rating of 4 stars for the 3-year period, 4 stars for the 5-year period and – stars for the 10-year period, rated against 1197, 1065 and 808 Large Blend Funds, respectively. Performance results represent past performance and are no guarantee of future results.br /br /The Morningstar RatingTM for funds, or star rating, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed products monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.br /br /Morningstar Ratings are for the share classes cited only; other classes may have different ratings.

Overall Morningstar Rating for iShares S&P 500 Index Fund, Institutional, as of May 31, 2019 rated against 1197 Large Blend Funds.

Consistent ReturniShares S&P 500 Index Fund received the following Consistent Return ratings for the 3-, 5-, and 10-year periods, respectively: 5 (105 funds), 5 (97 funds), and – ( funds).br /br /Lipper ratings for Consistent Return reflect funds historical risk-adjusted returns, adjusted for volatility, relative to peers.

ExpenseiShares S&P 500 Index Fund received the following Expense ratings for the 3-, 5-, and 10-year periods, respectively: 4 (55 funds), 4 (48 funds), and – ( funds).br /br /Lipper ratings for Expense reflect funds expense minimization relative to peers with similar load structures.

PreservationiShares S&P 500 Index Fund received the following Preservation ratings for the 3-, 5-, and 10-year periods, respectively: 5 (12,251 funds), 5 (10,368 funds), and – ( funds).br /br /Lipper ratings for Preservation reflect funds historical loss avoidance relative to other funds within the same asset class. Preservation ratings are relative, rather than absolute, measures, and funds named Lipper Leaders for Preservation may still experience losses periodically; those losses may be larger for equity and mixed equity funds than for fixed income funds.

Tax EfficiencyiShares S&P 500 Index Fund received the following Tax Efficiency ratings for the 3-, 5-, and 10-year periods, respectively: 4 (105 funds), 4 (97 funds), and – ( funds).br /br /Lipper ratings for Tax Efficiency (US) reflect funds historical success in postponing taxable distributions relative to peers. Tax Efficiency (US) offers no benefit to investors in tax-sheltered accounts such as retirement plans.

Total ReturniShares S&P 500 Index Fund received the following Total Return ratings for the 3-, 5-, and 10-year periods, respectively: 5 (105 funds), 5 (96 funds), and – ( funds).br /br /Lipper ratings for Total Return reflect funds historical total return performance relative to peers.

Overall Lipper Leaders ratings based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable) and do not take into account the effects of sales charges for these categories (Consistent Return, Preservation, Total Return, Expense, and Tax Efficiency) as of Apr 30, 2019 out of 105, 12,251, 105, 55 and 105 Funds, respectively in Lippers S&P 500 Index Funds classification.

Morningstar has awarded the Fund a Bronze medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Mar 08, 2019) ‡

Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management.

Alan Mason, Managing Director, is Head of Americas ETF & Index Investments. Mr. Masons investment team is responsible for Index Equity, iShares Equity, Alternative Beta and Asset Allocation portfolios. Mr. Mason is a member of the EII ExCo, Americas ExCo and Global Human Capital Committees. He is a global sponsor for OUT, the firms LGBT employee network.

Mr. Masons service with the firm dates back to 1991, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. At BGI, Mr. Mason served as head of portfolio management and strategy for U.S. transitions, strategist for the Global Index and Markets Group, head of U.S. Asset Allocation, and most recently as head of Global Portfolio Management, Client Solutions. Mr. Mason has led three key growth efforts: developing the U.S. transition capability from a service to a business, growing the key asset allocation product for the firms U.S. DC platform, LifePath, and building the foundation for key dimensions of the firms rapidly growing solutions business.

Mr. Mason earned a BA degree in music from Baylor University in 1983, summa cum laude, an MA degree in musicology from the University of Louisville in 1989, with honors, and an MA degree in ethnomusicology from University of California Berkeley in 1991. In the same year that Mr. Mason became head of portfolio management for BGIs transitions business, he was advanced to Ph.D. candidacy in ethnomusicology at UC Berkeley, having completed all coursework for the degree and comprehensive doctoral oral examinations with distinction.

Greg Savage, CFA, Managing Director, is the Head of the Americas Index Asset Allocation team within BlackRocks ETF and Index Investment Group. He is responsible for overseeing the management of the LifePath Target Date Funds as well as a wide range of fund of funds for both Institutional and Defined Contribution clients. Previously, Greg was the Head of iShares Equity Portfolio Management team within BlackRocks Index Equity team where he was responsible for overseeing the management of the Americas listed iShares equity funds.

Mr. Savages service with the firm dates back to 1999, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. At BGI he was a senior portfolio manager and team leader in the iShares Index Equity Portfolio Management Group and was previously a transition manager in the Transition Management Group. Prior to BGI, Mr. Savage worked at Pacific Investment Management Company (PIMCO) from 1997 to 1999 in various roles.

Mr. Savage earned a BS degree in Accounting from the University of Colorado at Boulder in 1994.

Amy Whitelaw, Managing Director, is the Head of the U.S. & Canadian iShares Equity ETF Portfolio Engineering within BlackRocks Index Equity team. She is responsible for overseeing the management of the Americas listed U.S. & Canadian iShares equity funds.  She is a member of the LifePath Executive Committee and serves as a member of the U.S. & Canada Defined Contribution Operating Committee. Ms. Whitelaw also co-chairs the Womens Initiative Network on the West Coast.

Ms. Whitelaws service with the firm dates back to 1999, including her years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. At BGI, she led the Defined Contribution Portfolio Management team in Client Solutions, responsible for the management of defined contribution strategies for institutional and retail investors. Previously, Ms. Whitelaw worked in the Transition Services group as both a transition manager and strategist, and was also an international equity trader on Barclays Global Investors trading desk. Prior to BGI, she worked in the Institutional Derivatives Sales group at Goldman Sachs.

Ms. Whitelaw earned a BA degree in International studies and French from Dickinson College in 1993.

Share this fund with your financial planner to find out how it can fit in your portfolio.

Carefully consider the Funds investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds prospectuses or, if available, the summary prospectuses which may be obtained by visiting theiShares FundandBlackRock Fundprospectus pages. Read the prospectus carefully before investing.

The portfolio holdings information shown for iShares S&P 500 Index Fund (the Fund) on this site are the portfolio holdings of S&P 500 Index Master Portfolio (the Master Portfolio). The Fund is a feeder fund that invests all of its assets in the Master Portfolio, a mutual fund that has the same investment objectives and strategies as the Fund. All investments are made at the level of the Master Portfolio. The Funds investment results will correspond directly to the investment results of the Master Portfolio. Because the Master Portfolio may have other investors, the percentage of the Master Portfolio held by the Fund may change from time to time. As ofApril 30, 2019,the Fund held96.53%of the Master Portfolio.

Stock values fluctuate in price so the value of your investment can go down depending on market conditions.

The fund may use derivatives to hedge its investments or to seek to enhance returns. Derivatives entail risks relating to liquidity, leverage and credit that may reduce returns and increase volatility.

‡Morningstar Analyst Rating™is not a credit or risk rating. It is a subjective evaluation performed by Morningstars manager research group, which consists of various Morningstar, Inc. subsidiaries (Manager Research Group). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. The Manager Research Group evaluates funds based on five key pillars, which are process, performance, people, parent, and price. The Manager Research Group uses this five pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark, or in the case of exchange-traded funds and index mutual funds, a relevant peer group, over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and the weight of each pillar may vary. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Groups conviction in a funds prospects for outperformance. Analyst Ratings ultimately reflect the Manager Research Groups overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and reevaluated at least every 14 months. For more detailed information about Morningstars Analyst Rating, including its methodology, please go /managerdisclosures/.

The Morningstar Analyst Rating (i) should not be used as the sole basis in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause Analyst expectations not to occur or to differ significantly from what they expected, and (iii) should not be considered an offer or solicitation to buy or sell the fund.

Performance results reflect past performance and are no guarantee of future results. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvestment of all dividends. Performance information shown without sales charge would have been lower if the applicable sales charge had been included. Performance during periods of exceptional market conditions should not be expected to be repeated in a normal market environment. Current performance may be lower or higher than the performance data quoted.

Performance shown for certain share classes of certain funds is synthetic, pre-inception performance leveraging the performance of a different share class of the fund. When evaluating fund performance, it is important to note that it does not represent actual performance of such share class. All performance after inception of the share class is actual performance. For details regarding which funds and share classes leverage synthetic, pre-inception performance,please visit this page.

Investing involves risk, including possible loss of principal.

Fund details, holdings and characteristics are as of the date noted and subject to change.

Yields are based on income earned for the period cited and on the Funds NAV at the end of the period.

Some BlackRock funds make distributions of ordinary income and capital gains at calendar year end. Those distributions temporarily cause extraordinarily high yields. There is no assurance that a fund will repeat that yield in the future. Subsequent monthly distributions that do not include ordinary income or capital gains in the form of dividends will likely be lower.

The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, BlackRock).