People want to avoid negative surprises that can reduce their retirement spending. That’s why LifePath® is designed to help anticipate and navigate the four major sources of uncertainties people face as they save and invest for retirement.

Financial Market Losses

LifePath is diversified across a range of asset classes to help manage risk and return over a person’s investment time horizon.

Market Risk

Outliving Retirement Savings

LifePath uses a “glidepath” to set an appropriate risk level at the point of retirement that minimize the chance of a person outliving their retirement savings.

Longevity Risk

Erosion of Purchasing Power

LifePath invests in a diversified basket of real assets that have historically helped to hedge against inflation.5

Inflation Risk

Poor Market Timing

LifePath seeks to reduce volatility to help keep people invested, particularly as they approach retirement.

Behavioral Risk

1Source: Morningstar. Cumulative S&P 500 losses from peak in October 2007 to bottom in March 2009. 2Source: U.S. Department of Health and Human Services. 3Source: US Inflation Calculator, U.S. Consumer Price Index, Bureau of Labor Statistics. 4Source: Morningstar, data as of 12/31/13. Based on the universe of all mutual funds including US Equity, Sector Equity, Balanced, International, Taxable Bond, Municipal, and Alternative mutual funds, tracked by Morningstar. Investor returns are defined as the funds’ asset-weighted stated returns, adjusted for inflows and outflows. Fund returns are the average 10 year total returns. For additional details please see Morningstar article: “Mind the Gap”, 2014. 5Real assets may include Treasury Inflation Protected Securities, gold, commodities and real estate. For additional details, see BlackRock article: “The ‘Real’ Deal: A Comprehensive Approach to Inflation Protection”, 2013.

Investing in target date funds involves risk, including possible loss of principal. The target date in the name of the fund is the approximate date when an investor plans to start withdrawing money. The blend of investments in each portfolio are determined by an asset allocation process that seeks to maximize assets based on an investor's investment time horizon and tolerance for risk. Typically, the strategic asset mix in each portfolio systematically rebalances at varying intervals and becomes more conservative (less equity exposure) over time as investors move closer to the target date. The principal value of a fund is not guaranteed at any time, including at and after the target date

The LifePath strategies are among various investment strategies that are managed by BlackRock as part of its investment management and fiduciary services. Strategies may include bank collective investment funds maintained and managed by BlackRock Institutional Trust Company, N.A. (“BTC”), which are available only to certain qualified employee benefit plans and governmental plans and not offered or available to the general public. Accordingly, prospectuses are not required and prices are not available in local publications. To obtain pricing information, please contact your local service representative. Strategies maintained by BlackRock are not insured by the Federal Deposit Insurance Corporation and are not guaranteed by BlackRock or its affiliates. There are structural and regulatory differences between collective funds and mutual funds that may affect their respective fees and performance.

The LifePath Funds may be offered as mutual funds. You should consider the investment objectives, risks, charges and expenses of each fund 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 from your financial professional. The prospectuses and, if available, the summary prospectuses should be read carefully before investing.

The LifePath products are covered by U.S. patents 5,812,987 and 6,336,102.

Prepared by BlackRock Investments, LLC, member FINRA

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