LIFEPATH^® TARGET DATE FUNDS

¹ Source: BlackRock (as of 12/31/12)

² Source: BlackRock (12/31/2005 - 12/31/12)

² Source: BlackRock (12/31/2005 - 12/31/12)

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 Portfolio mutual funds are distributed by BlackRock Investments, LLC ("BRIL"), member FINRA. BlackRock Fund Advisors ("BFA") serves as the investment adviser to LifePath Portfolio mutual funds, and the Master Portfolios, in which each LifePath Portfolio invests all of its assets and to the Underlying Funds in which the Master Portfolios Portfolios invest.

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.

BRIL, BFA and BTC are subsidiaries of BlackRock, Inc.

The target date at the end of the name designates an approximate year in which an investor plans to start withdrawing money. The blend of investments in each portfolio is usually 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) overtime as investors move closer to the target date. The principal value of the funds is not guaranteed at any time including the target date.

Fund of funds is subject to the risks associated with the underlying BlackRock funds in which it invests. Stock and 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. 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. Asset allocation strategies do not assure profit and do not protect against loss. Short-selling entails special risks. If the funds make 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 funds 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.

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