A complete retirement portfolio in a single fund

LifePath Index Funds

Morningstar
Analyst Rating
Morningstar has awarded the
fund a Gold medal, its highest
level of conviction. (Latest rating
as of 2/2/17.)1
Investing for retirement made easier. People are
living longer than ever, which means we have more
time for what we love, but need our retirement
savings to last longer, too. Thats why theres
LifePath an investment designed to help create
more stable retirement outcomes by taking age-
appropriate risk from career through retirement
and optimizing investments for each life stage.

1 Discover LifePath
A portfolio that A professionally managed, well-diversified
evolves over time investment portfolio in a single fund. Brought
to you by BlackRock, the pioneer of target date

2 funds and the leading index manager2 entrusted

to manage $5.69 trillion3 in assets by the worlds
Designed to largest institutions and governments.
keep retirement
savings on track Pick your fund closest to the year you plan to retire

Each portfolio is professionally diversified across

3
a range of asset classes
The investment mix is adjusted automatically
Simple to use to gradually become more conservative as you
near retirement

Cash U.S. stocks

Real estate

Inflation
protected
bonds Sample LifePath
portfolio

Bonds International
stocks

For illustrative purposes only. Allocations are subject to change. Real estate
allocation is invested in real estate investment trusts (REITs).

USR0717U-233460-696893
 LifePath by the numbers
LifePath is built to navigate uncertainty and seeks to deliver
a consistent standard of living.

20+
years of experience in
lifecycle investing

1 in 5
of Fortune 100 companies
use LifePath*

$ 179 billion
in LifePath assets

Sources: * BlackRock, June 2017. BlackRock, June 30, 2017.

USR0717U-233460-696893
1 A portfolio that
evolves over time
No matter when your retirement starts, you will want an
investment that seeks to provide a balance between growth,
safety and inflation. The investment professionals at BlackRock
manage this balance for LifePath, making adjustments as you
move closer to retirement.

LifePath funds are invested mainly in U.S. and international stocks

early on, to provide the potential for long-term growth. Over time,
LifePath gradually shifts to more conservative investments, such as
bonds, that are designed to manage your savings.

LifePath evolves as you near retirement

99%

Increasing
Starts with a high Bond allocation
allocation to stocks
to help younger Becomes more
participants capture conservative as
maximum growth retirement nears,
Stock allocation (%)

potential reaching a stock

allocation of 40%

40%

Maintains 40%
stock allocation
Decreasing in retirement for
potential growth
Stock allocation over time and stable spending

40 30 20 10 0 -10 -20

Years before RETIREMENT Years after

For illustrative purposes only. Stock allocation includes real estate investment trusts (REITs).

What is a glidepath?
A target date funds glidepath shows how the portfolios stock
holdings decrease over time. This professionally managed
process results in the portfolio seeking to become more
conservative as you approach retirement.

USR0717U-233460-696893
2 Designed to keep
retirement savings on track
LifePath Index has navigated stock market declines and
recoveries since June 2011, seeking to help investors grow
and preserve retirement savings by carefully managing risk.

One of LifePaths primary goals is to manage your investment

as you approach retirement to help keep your savings on track.

LifePath seeks to balance risk and return

in up and down markets

LifePath Index had outperformed the category average since inception

10%
-0.8%

BlackRock +0.6%
LifePath Index
Retirement +0.4%
Fund
Return (%)

+4.7%
0

Morningstar
Category Average

-8

Stock market Stock market Market Full time

decline recovery volatility period
(6/1112/11) (1/1212/14) (1/1512/16) (6/116/17)

Source: Morningstar Direct. BlackRock LifePath Index Retirement Fund returns represent Institutional
share performance since inception in June 2011. Morningstar Category Average returns represent
the Morningstar U.S. Open-End Target Date 2011-2015 mutual fund universe.
Performance data quoted represents past performance and is no guarantee
of future results. Investment returns and principal values may fluctuate so that
an investors shares, when redeemed, may be worth more or less than their
original cost. Current performance may be lower or higher than that shown.
Refer to www.blackrock.com for current month-end performance. Index and
benchmark performance returns do not reflect any management fees,
transaction costs or expenses. Indexes are unmanaged and one cannot
invest directly in an index.

USR0717U-233460-696893
3
Simple to use
The LifePath choice is easy. Simply select a fund dated nearest
your target year the year when you plan to retire. Your LifePath
fund seeks to provide a diversified, age-appropriate investment to
help you achieve more financial security when you retire.

If you expect to retire between: You might consider:

2018 or earlier LifePath Index Retirement

2019 2023 LifePath Index 2020

2024 2028 LifePath Index 2025

2029 2033 LifePath Index 2030

2034 2038 LifePath Index 2035

2039 2043 LifePath Index 2040

2044 2048 LifePath Index 2045

2049 2053 LifePath Index 2050

2054 2058 LifePath Index 2055

2059 or later LifePath Index 2060

LifePath years indicate target year for retirement

Short TIME HORIZON Long

LifePath LifePath LifePath

Index Index Index
Retirement 2035 2055

Lower EXPECTED RISK (%) Higher

U.S. stocks International stocks Bonds

Inflation protected bonds Real estate

For illustrative purposes only.

USR0717U-233460-696893
LifePath Index Retirement Fund
% Average annual total
1 Year 3 Years 5 Years 10 Years Inception4
Returns (6/30/2017)

Institutional
6.85 3.81 5.71 5.34
Share Class

1 The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the manager
research analysts of Morningstar. Morningstar evaluates funds based on five key pillars, which are process, performance,
people, parent, and price. Analysts use this five pillar evaluation to determine how they believe funds are likely to perform
over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and the
weighting of each pillar may vary. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, Negative. A Morningstar
Analyst Rating of Gold, Silver, or Bronze reflect an Analysts conviction in a funds prospects for outperformance. Analyst
Ratings are continuously monitored and reevaluated at least every 14 months. For more detailed information about
Morningstars Analyst Rating, including its methodology, please go to http://corporate.morningstar.com/us/documents/
MethodologyDocuments/AnalystRatingforFundsMethodology.pdf. The Morningstar Analyst Rating should not be used
as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings involve unknown risks and uncertainties which
may cause Morningstars expectations not to occur or to differ significantly from what we expected. 2 Pensions &
Investments as of 6/30/16. 3 AUM as of 6/30/2017. 4 Fund inception 5/31/11.

LifePath Index Retirement Fund performance data quoted represents past

performance and is no guarantee of future results. Investment returns and principal
values may fluctuate so that an investors shares, when redeemed, may be worth
more or less than their original cost. Current performance may be lower or higher
than that shown. All returns assume reinvestment of all dividend and capital gain
distributions. Refer to blackrock.com for current month-end performance.
Fund annual expenses (% of net assets) are 0.23% (gross) and 0.16% (net, including
investment related) for Institutional share class. Expenses stated as of the funds
most recent prospectus. Investment dividend expense, interest expense, acquired
fund fees and expenses and certain other fund expenses are included in the Net,
Including Investment Related Expenses. Institutional share class has contractual
waivers with an end date of 4/30/18 terminable upon 90 days notice.
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.
Investing involves risk, including possible loss of principal. Asset allocation models
and diversification do not promise any level of performance or guarantee against
loss of principal. Investment in the funds is subject to the risks of the underlying
funds. The principal value of the funds is not guaranteed at any time, including at
and after the target date.
The LifePath products are covered by U.S. patents 5,812,987 and 6,336,102.
2017 BlackRock, Inc. All Rights Reserved. BLACKROCK and LIFEPATH are registered trademarks of BlackRock, Inc. or
its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.

Prepared by BlackRock Investments, LLC, member FINRA.

Not FDIC Insured May Lose Value No Bank Guarantee

Lit. No. LIFE-PATH-IG-0617 171193T-0617

USR0717U-233460-696893