Total Return Fund Monthly Insights

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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”).

© BlackRock, Inc. All rights reserved.

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