BlackRock Global Long/Short Credit Absolute Return Credit
Important Notes
Important Risks of the Fund: 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. 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 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 will
reduce the yield and market value of those securities. US obligations are supported by varying degrees of credit but generally are not backed by the
full faith and credit of the US government. 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. Investing in derivatives
entails specific risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Compared to a traditional long-only
portfolio, the potential for volatility (compared to the market and the fund's benchmark) is anticipated to be greater given the fund's additional long
exposure along with the short exposure. The fund may actively engage in short-selling, which entails special risks. If the fund makes 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 fund may engage in active and frequent trading of it's portfolio securities which may result in short term capital gains or losses
that could increase an investor's tax liability. For a complete list of fund risks, please see the prospectus.
This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy
or sell any securities or to adopt any investment strategy. The opinions expressed are as of 3/31/18 and may change as subsequent conditions vary.
Individual portfolio managers for BlackRock may have opinions and/or make investment decisions that, in certain respects, may not be consistent
with the information contained in this report. The information and opinions contained in this material are derived from proprietary and nonproprietary
sources deemed by BlackRock to be reliable, are not necessarily all inclusive and are not guaranteed as to accuracy. Past performance is no
guarantee of future results. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole
discretion of the reader.
This material is not intended to be a recommendation or advice by BlackRock. If this material were construed to be a recommendation by Black Rock,
BlackRock would seek to rely on Department of Labor Regulation Section 2510.3-21(c)(1). As such, by providing this material to you, a plan fiduciary
that is independent of BlackRock, BlackRock does not undertake to provide impartial investment advice or give advice in a fiduciary capacity.
Further, BlackRock receives revenue in the form of advisory fees for our mutual funds and exchange traded funds and management fees for our
collective investment trusts.
Please ask your clients to consider the investment objectives, risks, charges and expenses of the fund carefully before
investing. The prospectus and, if available, the summary prospectus contain this and other information about the fund and
are available, along with information on other BlackRock funds and iShares ETFs, by calling 800-882-0052 or at
www.blackrock.com/funds and www.ishares.com/us. The prospectus and, if available, the summary prospectus should be
read carefully before investing.
BLACKROCK*
FOR FINANCIAL PROFESSIONAL USE ONLY. NOT TO BE SHOWN OR DISTRIBUTED TO THE GENERAL PUBLIC.
USR0418U-470515-1498457
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