Summary Prospectus by Investment Company (Form 497K)

The Fund will convert to a unitary administration fee structure by entering into a new administration agreement (the "Administration Agreement") with the Fund's administrator, BlackRock Advisors, LLC ("BlackRock"), pursuant to which BlackRock will provide administration services and pay for all expenses incurred by the Fund, excluding certain expenses described in the Administration Agreement. Under the Administration Agreement, the Trust, on behalf of the Fund, will pay BlackRock the following fee with respect to each share class: 0.09% for Institutional Shares, 0.08% for Investor A Shares, 0.09% for Investor A1 Shares, 0.09% for Investor C Shares and 0.04% for Class K Shares.

The Fund's existing investment management agreement will be amended and restated to remove the provision of administrative services and reduce each breakpoint to the contractual management fee rate as follows: 0.36% of the Fund's average daily Net Assets not exceeding $1 billion, 0.34% of the Fund's average daily Net Assets in excess of $1 billion but not exceeding $3 billion, 0.32% of the Fund's average daily Net Assets in excess of $3 billion but not exceeding $5 billion, 0.31% of the Fund's average daily Net Assets in excess of $5 billion but not exceeding $10 billion, and 0.30% of the Fund's average daily Net Assets exceeding $10 billion.

The contractual operating expense limit applicable to each share class of the Fund will be terminated.