Multi-Asset Strategies

Past performance is no guarantee of future results.

¹ As of 12/31/16. Includes $136 bn managed under LifePath^® Funds. Additional assets are managed in collaboration with Multi-Asset Strategies leaders as part of Smart Beta ($148 bn), Scalable Portfolio Solutions ($46B), Impact Investing ($179B), and Private Investors ($75B) platforms.

^† As of 3/31/17. Source: Morningstar. Analysis based only on institutional shares of BlackRock active multi-asset funds vs. institutional shares of active multi-asset funds within their 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 multi-asset mutual funds only, and excludes index funds. Institutional shares may not be available to all retail investors. Performance for different share classes may vary.

Investing involves risk, including possible loss of principal.

Important Risks of the Funds: The mutual funds are actively managed and 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. The principal on mortgage- or asset-backed securities normally may be prepaid at any time, which reduces the yield and market value of those securities. Obligations of US gov’t agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the US gov’t. 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. There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to Alternative Minimum Tax (AMT). Capital gains distributions, if any, are taxable.

The iShares ETFs are not actively managed and will not attempt to take defensive positions under any market conditions, including declining markets. Investment in a fund of funds is subject to the risks and expenses of the underlying funds.

BlackRock's role is limited to providing you or your firm (collectively, the "Advisor") with non-discretionary investment recommendations in the form of model portfolios in connection with its management of its clients' accounts. The implementation of, or reliance on, a Managed Portfolio Strategy is left to the discretion of the Advisor. BlackRock is not responsible for determining the suitability or appropriateness of a Managed Portfolio Strategy or any securities included therein for any of the Advisor's clients. BlackRock does not place trade orders for any of the Advisor's clients' account. Information and other marketing materials provided to you by BlackRock concerning a Managed Portfolio Strategy - including holdings, performance and other characteristics - may not be indicative of a client's actual experience from an account managed in accordance with the strategy.

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

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