Please consider the investment objectives, risks, charges and expenses of the funds
carefully before investing. The prospectuses and, if available, the summary prospectuses contain this and
other information about the funds and are available, along with information on other BlackRock funds, by
calling 800-882-0052 or at www.blackrock.com. The prospectuses and, if available, the
summary prospectuses should be read carefully before investing
Investing involves risk, including possible loss of principal.
Fund details, holdings and characteristics are as of the date noted and subject to change.
Important Risks of the Funds: The Portfolios are actively managed and their characteristics
will vary. Bond values fluctuate in price so the value of your investment can go down depending on market
conditions. The two main risks related to fixed income investing are interest-rate and credit risk.
Typically, when interest rates rise, there is a corresponding decline in the market value of bonds. Credit
risk refers to the possibility that the bond issuer will not be able to make principal and interest
payments. Investing in derivatives entails specific risks relating to liquidity, leverage and credit that
may reduce returns and increase volatility. International investing includes risks related to foreign
currency, limited liquidity, less government regulation and the possibility of substantial volatility due to
adverse political, economic or other developments. These risks often are heightened for investments in
emerging/developing markets or smaller capital markets. Investments in non-investment-grade debt securities
(”high-yield” or ”junk” bonds) may be subject to greater market fluctuations and risk of default or loss of
income and principal than securities in higher rating categories. The funds may actively engage in
short-selling, which entails special risks. If the funds make 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.
The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").
Prepared by BlackRock Investments, LLC, member FINRA
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
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