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 the iShares Fund and BlackRock Fund prospectus pages. Read the prospectus carefully before investing.

^*Source: BlackRock and Morningstar. As of 12/31/18. Based on 5-year performance. 21 of 25 funds outperformed their respective Morningstar category median 5-year performance. 21 of 25 funds accounts for 84% of BlackRock active fixed income mutual funds. Over the 1, 3, 5 and 10-year periods, 13, 14, 21 and 18 of BlackRock fixed income funds outperformed the Morningstar category median. 22 funds have 5-year performance track records. Based on institutional share classes of BlackRock open-end taxable and tax-free fixed income funds (based on 25 funds). 99% statistic based on $62.0B out of $62.5B AUM of all institutional share classes of the funds. Strategic Income Opportunities Fund (inst. class) AUM is $23.6B which accounts for 38% of the total $62.0B AUM of funds that outperformed their Morningstar category median 5-year performance. Institutional shares may not be available to all retail investors. Performance for different share classes may vary.

^†Source: BlackRock and Morningstar. As of 5/31/18. Current fee rankings may vary based on recent and frequent prospectus updates to the funds within the respective Morningstar categories. Expenses are based on the funds’ most recent prospectus net expense ratios, excluding investment dividend expense, interest expense, and certain other fund expenses. Morningstar category net expense ratio also excludes these expenses. Includes active open-end taxable and tax-free fixed income mutual funds only, and excludes index funds. Analysis based only on institutional shares of BlackRock active retail fixed income funds vs. institutional shares of active fixed income funds within their respective Morningstar categories. 88% of BlackRock active fixed income funds are in the lowest fee quartile (22 out of 25 funds). Based on 25 BlackRock active taxable and tax-free funds. Institutional shares may not be available to all retail investors. Performance for different share classes may vary.

The fund is actively managed and its characteristics will vary.

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

International investing involves special risks including, but not limited to currency fluctuations, illiquidity and volatility. These risks may be heightened for investments in emerging markets.

Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments.

Principal of mortgage- or asset-backed securities normally may be prepaid at any time, reducing the yield and market value of those securities.

Obligations of US govt. agencies are supported by varying degrees of credit but generally are not backed by the full faith and credit of the US govt.

Non-investment-grade debt securities (high-yield/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher rated securities.

If the index measuring inflation falls, the principal value of inflation-indexed bonds will go down and the interest payable will be reduced. Any increase in the principal amount will be considered taxable ordinary income. Repayment of the original bond principal upon maturity (adjusted for inflation) is guaranteed for US Treasury inflation-indexed bonds. For bonds that do not provide a guarantee, the adjusted principal value repaid at maturity may be less than the original principal.

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.

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.

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 Fund's 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”).

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