QUARTERLY

UPDATE
Q2
Target Allocation ETF Models

Market Themes
Increasing our overweight to equities by 1%, targeting exposure to cyclically sensitive assets that appear to have the most attractive risk/reward
profiles in a recovery regime.

Leaning into energy stocks on a tactical basis, seeking to benefit from oil and gas’ asymmetric exposure to accelerating economic growth prospects
and historical efficacy as a hedge against oil supply shock-induced market drawdown risks.

Trimming growth to add to value within our non-US Developed Market equities sleeve, consistent with the overall recalibrating of the growth v.
value ballast across our portfolios.

Shortening duration by selling longer-term investment grade bonds and US treasuries and adding cyclicality through increasing exposure to “fallen
angels” (i.e., investment grade bonds that have been downgraded to high yield).

Portfolio Changes Since Last Quarter

Increased Decreased

Energy stocks Momentum stocks

Fallen angel bonds Investment grade bonds

Overall Asset Allocation

Overweight Underweight

Value stocks US treasuries

US small cap stocks

This information is provided for illustrative and educational purposes only, does not constitute research, investment advice or a fiduciary investment recommendation from BlackRock to any
client of a third party financial professional (each, a “financial professional”), and is intended for use only by such financial professional as a resource to help build a portfolio or as an input
in the development of investment advice from such financial professional to its own clients and shall not be the sole or primary basis for such financial professional’s recommendation and/or
decision. BlackRock does not have investment discretion over, or place trade orders for, any portfolios or accounts derived from this information. Holdings, performance, and other
characteristics of any accounts or portfolios derived from this information may vary materially from the information shown herein. Please review the disclosures at the end of this document
and consult your financial professional for more information.

This information should not be relied upon as investment advice, research, or a recommendation by BlackRock regarding (i) the Funds, (ii) the use
or suitability of the model portfolios or (iii) any security in particular. Only an investor and their financial professionals know enough about their
circumstances to make an investment decision.
iCRMH0421U/S-1604191-1/11
Trade Rationale
In our view, market participants and analysts are still underestimating the near-term prospects for potentially rapid economic expansion and robust
corporate earnings growth that may result from successful vaccination efforts, easing social distancing mandates, and downstream stimulus impulses.
As such, we believe analyst earnings estimates and price targets may be revised higher over the coming quarters; events that have historically proven to
be some of the most potent catalysts for driving stock prices higher.

Given this possible disconnect between market expectations and reality, we expect the rally in small cap, value, and cyclically oriented stocks to
continue. These are the companies most vulnerable to negative Covid-19 shocks but favorably positioned to take advantage of a return to normalcy due
to the cost controls implemented during the recession and disproportionate exposure to pent-up consumer demand.

Consistent with this theme, we believe there is a potentially attractive tactical opportunity to add exposure to energy stocks, where investors currently
may be underweight. Historically, energy stocks have tended to perform well during economic recoveries and in inflationary environments. Furthermore,
with much of the downside likely priced-in following years of excess capacity, poor price returns, and low growth macroeconomic backdrops, energy
stocks are trading at attractive historical valuations and may be positioned to surprise to the upside as direct beneficiaries of a potentially synchronized
global economic recovery.

Portfolio Performance

The return of March Madness extended from the basketball court to financial markets this quarter, as heavy investor favorites like technology and
healthcare stocks were soundly upset, outperformed by some of the last few years’ biggest underdogs like small cap and value stocks. This shift in
leadership from large cap growth to more cyclically sensitive stocks picked up steam over the course of the quarter as Covid cases dwindled and the public
availability of vaccines accelerated, further increasing investor optimism that the worst of the pandemic was likely in the rearview mirror. The successful
reopening of various local economies coupled with trillions in stimulus and planned infrastructure spending in the US helped cause growth and inflation
expectations to rise sharply, driving interest rates higher and sparking bouts of volatility that disproportionately hurt long-duration assets.

All models outperformed their benchmarks for the quarter, with the equity-heavy models delivering the highest total returns. US large cap, small cap, and
value factor stocks were the largest contributors to return. Our preference for DM value stocks was also meaningfully additive to relative performance,
significantly outperforming DM growth stocks over the period. The main detractor to performance was exposure to interest rates and duration, sinking
positions in longer-duration IG credit and US government bonds.

Contributors Detractors

US small cap stocks Investment grade bonds

Value stocks US treasuries

This information should not be relied upon as investment advice, research, or a recommendation by BlackRock regarding (i) the Funds, (ii) the
use or suitability of the model portfolios or (iii) any security in particular. Only an investor and their financial professionals know enough about
their circumstances to make an investment decision.
iCRMH0421U/S-1604191-2/11
Asset Class Views
Asset Class Views Rationale
Asset Allocation
We increase our overweight to equities, leaning further into cyclically sensitive names. This
Equities vs. Fixed Income reflects our increased confidence in the likelihood of a robust economic expansion over the
course of the year as Covid restrictions ease and vaccinations ramp up.

Equity
We are marginally overweight U.S. equities, primarily through introducing a new exposure to
U.S. energy stocks, which we believe stand to benefit from a bullish oil supply/demand
U.S. Equities
imbalance in the near- to intermediate-term, driven by reopening local economies and antsy
consumers flush with cash and eager to travel.
We maintain a neutral allocation to international developed market equities, selling regional
Non-U.S. Developed Equities growth names and adding further exposure to the most value-oriented segments of the
economy, consistent with the broader themes reflected across our portfolios.
Subdued future growth expectations, slower vaccination rollouts, and less available firepower
Emerging Market Equities at policymakers’ disposal make emerging market equities less attractive on a relative basis.
We are neutral to marginally underweight.
Given the current recovery regime, value is our preferred factor exposure, complemented by
Smart Beta exposure to momentum for trend-reversal and diversification purposes and to minimum
volatility for broader downside protection purposes.

Fixed Income
We maintain a broadly underweight allocation to U.S. treasuries and again shorten our
duration profile to reduce net exposure to interest rate risks. Given increasing economic
U.S. Treasuries
growth estimates and potential downstream inflation risks, we see value in adding exposure to
inflation-protected government bonds across our fixed income-heavy portfolios.
We again trim exposure to IG credit given the full recovery in spreads post-Covid and see a
U.S. Investment Grade Credit less attractive risk/reward profile but continue to hold due to the broader paucity of yield across
the fixed income complex.
We increase our overweight to speculative grade credit, seeing the most attractive
opportunities in fallen angel debt (i.e., high yield bonds that were previously rated investment
High Yield Credit
grade), expressing our preference for higher-quality High Yield issues with more exposure to
some of the most cyclically-sensitive sectors of the economy.
We maintain a strategic position in fixed-income heavy portfolios, where we remain marginally
Emerging Market Bonds (USD)
positive due to the potential carry the asset class offers.
Subject to change.

This information should not be relied upon as investment advice, research, or a recommendation by BlackRock regarding (i) the Funds, (ii) the
use or suitability of the model portfolios or (iii) any security in particular. Only an investor and their financial professionals know enough about
their circumstances to make an investment decision.
iCRMH0421U/S-1604191-3/11
Target Portfolio Holdings (%)
As of March 23, 2021

Asset Allocation (% Equity / Fixed Income)

0/100 10/90 20/80 30/70 40/60 50/50 60/40 70/30 80/20 90/10 100/0

Standard Deviation (%)1 3.12 3.84 4.96 6.38 7.98 9.57 11.24 12.93 14.56 16.31 17.39

Weighted Average Net Expense Ratio (%) 0.15 0.15 0.15 0.16 0.15 0.16 0.17 0.18 0.19 0.20 0.21

Equity - 12.0 22.0 32.0 44.0 54.0 64.0 74.0 84.0 94.0 100.0
IVV iShares Core S&P 500 ETF - 3.0 7.0 9.5 11.0 13.0 14.0 17.5 19.0 21.0 21.5
ESGU iShares ESG Aware MSCI USA ETF - 2.0 3.0 5.0 8.0 11.0 13.5 15.0 19.0 21.0 22.0
EFV iShares MSCI EAFE Value ETF - 1.0 3.0 4.5 5.5 7.0 8.0 9.0 9.0 10.0 11.0
ESGE iShares ESG Aware MSCI EM ETF - 1.0 2.0 3.0 4.0 5.0 6.0 6.0 6.5 7.5 8.0
EFG iShares MSCI EAFE Growth ETF - 1.0 1.0 2.0 3.5 4.5 5.0 6.0 8.0 9.0 10.0
VLUE iShares MSCI USA Value Factor ETF - 2.0 3.0 3.0 4.0 4.0 4.0 4.0 5.0 6.0 6.0
IJR iShares Core S&P Small-Cap ETF - 1.0 2.0 2.0 3.0 3.5 4.0 4.0 4.0 4.5 5.0
IXN iShares Global Tech ETF - - - 2.0 2.0 2.0 3.0 4.0 4.0 5.0 5.0
iShares MSCI USA Momentum Factor
MTUM - - - - 1.0 1.5 2.0 2.5 2.5 2.5 3.0
ETF
IYE iShares U.S. Energy ETF - 1.0 1.0 1.0 1.0 1.5 2.0 3.0 3.0 3.0 3.5
IHI iShares U.S. Medical Devices ETF - - - - 1.0 1.0 1.5 2.0 2.5 3.0 3.0
USMV iShares MSCI USA Min Vol Factor ETF - - - - - - 1.0 1.0 1.5 1.5 2.0
Fixed Income 100.0 88.0 78.0 68.0 56.0 46.0 36.0 26.0 16.0 6.0 -
GOVT iShares U.S. Treasury Bond ETF 18.0 18.0 17.0 16.0 16.0 13.5 12.0 8.5 6.5 3.0 -
iShares 1-5 Year Investment Grade
IGSB 17.0 16.5 13.5 12.0 12.0 11.0 8.0 5.0 - - -
Corporate Bond ETF
iShares Core Total USD Bond Market
IUSB 17.0 13.0 12.5 11.5 11.0 10.5 10.0 9.5 9.5 3.0 -
ETF
iShares iBoxx $ Investment Grade
LQD 9.0 9.0 9.0 7.0 7.0 6.0 4.0 3.0 - - -
Corporate Bond ETF
MBB iShares MBS ETF 13.0 11.0 10.0 7.0 5.0 2.5 - - - - -
FALN iShares Fallen Angels USD Bond ETF 12.0 11.0 10.0 10.0 5.0 2.5 2.0 - - - -
iShares J.P. Morgan USD Emerging
EMB 3.0 2.0 - - - - - - - - -
Markets Bond ETF
TIP iShares TIPS Bond ETF 3.0 2.5 2.0 1.5 - - - - - - -
iShares iBoxx $ High Yield Corporate
HYG 8.0 5.0 4.0 3.0 - - - - - - -
Bond ETF
Subject to change.

Past performance does not guarantee future results. This information should not be relied upon as investment advice, research, or a
recommendation by BlackRock regarding (i) the Funds, (ii) the use or suitability of the model portfolios or (iii) any security in particular. Only an
investor and their financial professionals know enough about their circumstances to make an investment decision.
iCRMH0421U/S-1604191-4/11
Changes To Holdings (%)
As of March 23, 2021

Asset Allocation (% Equity / Fixed Income)

0/100 10/90 20/80 30/70 40/60 50/50 60/40 70/30 80/20 90/10 100/0

Equity - - - - +1.0 +1.0 +1.0 +1.0 +1.0 +1.0 -

IVV iShares Core S&P 500 ETF - -1.0 - - +1.0 - - - - - -1.5
ESGU iShares ESG Aware MSCI USA ETF - - - - - - - - - - -
EFV iShares MSCI EAFE Value ETF - +1.0 +1.0 +1.5 +1.5 +2.0 +2.0 +2.0 +2.0 +2.0 +2.0
ESGE iShares ESG Aware MSCI EM ETF - - - - - - - -1.0 -1.0 -1.0 -1.0
EFG iShares MSCI EAFE Growth ETF - -1.0 -1.0 -1.0 -1.5 -1.5 -2.0 -2.0 -2.0 -2.0 -2.0
VLUE iShares MSCI USA Value Factor ETF - - - - - - - - - - -
IJR iShares Core S&P Small-Cap ETF - - - - - - - - - - -
IXN iShares Global Tech ETF - - - - - - - - - - -
iShares MSCI USA Momentum Factor
MTUM - - -1.0 -1.5 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0
ETF
IYE iShares U.S. Energy ETF - +1.0 +1.0 +1.0 +1.0 +1.5 +2.0 +3.0 +3.0 +3.0 +3.5
IHI iShares U.S. Medical Devices ETF - - - - - - - - - - -
USMV iShares MSCI USA Min Vol Factor ETF - - - - - - - - - - -
Fixed Income - - - - -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -
GOVT iShares U.S. Treasury Bond ETF - +1.0 - - - - - - - - -
iShares 1-5 Year Investment Grade
IGSB +4.0 +3.5 +1.5 +1.0 +2.0 +2.0 +3.5 +5.0 - - -
Corporate Bond ETF
iShares Core Total USD Bond Market
IUSB +2.0 - - - - - +1.0 +1.0 +3.0 +1.0 -
ETF
iShares iBoxx $ Investment Grade
LQD -6.0 -5.5 -3.5 -4.5 -4.0 -4.0 -4.0 -4.0 -4.0 -2.0 -
Corporate Bond ETF
MBB iShares MBS ETF - - - - - - -2.5 -3.0 - - -
FALN iShares Fallen Angels USD Bond ETF +4.0 +4.0 +3.0 +4.0 +1.0 +1.0 +1.0 - - - -
TLT iShares 20+ Year Treasury Bond ETF -1.0 -1.0 -1.0 - - - - - - - -
iShares J.P. Morgan USD Emerging
EMB - - - - - - - - - - -
Markets Bond ETF
IEF iShares 7-10 Year Treasury Bond ETF -3.0 -2.5 -2.0 -2.0 - - - - - - -
TIP iShares TIPS Bond ETF +3.0 +2.5 +2.0 +1.5 - - - - - - -
iShares iBoxx $ High Yield Corporate
HYG - - - - - - - - - - -
Bond ETF
SHY iShares 1-3 Year Treasury Bond ETF -3.0 -2.0 - - - - - - - - -
Subject to change.

Past performance does not guarantee future results. This information should not be relied upon as investment advice, research, or a
recommendation by BlackRock regarding (i) the Funds, (ii) the use or suitability of the model portfolios or (iii) any security in particular. Only an
investor and their financial professionals know enough about their circumstances to make an investment decision.
iCRMH0421U/S-1604191-5/11
Performance Details (%) - Models and Benchmarks
As of March 31, 2021
Since
Q1 2021 Year to Date 1 Year 3 Year 5 Year 2020
Inception

0/100 -2.68 -2.68 3.66 3.96 3.06 2.79 5.75

0/100 Benchmark -3.05 -3.05 2.95 4.86 3.59 3.38 7.58

10/90 -1.62 -1.62 8.55 5.33 4.49 3.96 7.43

10/90 Benchmark -2.27 -2.27 7.54 5.93 4.75 4.13 9.04

20/80 -0.67 -0.67 13.07 6.63 5.85 4.85 9.07

20/80 Benchmark -1.49 -1.49 12.28 6.96 5.88 4.86 10.42

30/70 0.15 0.15 18.29 7.97 7.12 5.76 11.17

30/70 Benchmark -0.71 -0.71 17.16 7.94 6.99 5.58 11.71

40/60 0.89 0.89 22.84 9.08 8.35 6.54 12.28

40/60 Benchmark 0.07 0.07 22.20 8.88 8.08 6.27 12.89

50/50 1.63 1.63 27.76 10.02 9.47 7.29 13.39

50/50 Benchmark 0.86 0.86 27.39 9.78 9.15 6.93 13.97

60/40 2.35 2.35 33.22 11.02 10.65 8.08 14.78

60/40 Benchmark 1.64 1.64 32.74 10.63 10.19 7.57 14.94

70/30 2.97 2.97 38.42 11.74 11.64 8.63 15.94

70/30 Benchmark 2.43 2.43 38.25 11.42 11.21 8.19 15.79

80/20 3.86 3.86 43.72 12.39 12.64 9.21 16.49

80/20 Benchmark 3.22 3.22 43.93 12.16 12.20 8.78 16.52

90/10 4.95 4.95 50.23 12.95 13.52 9.70 16.47

90/10 Benchmark 4.02 4.02 49.77 12.85 13.15 9.35 17.12

100/0 5.52 5.52 55.48 13.46 14.21 10.07 17.00

100/0 Benchmark 4.81 4.81 55.79 13.48 14.08 9.88 17.59

Inception date for the model portfolios is June 30, 2014. Performance for periods longer than a year has been annualized using a geometric mean.

The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion is represented by
100% Bloomberg Barclays US Universal Index. For example, the 10/90 benchmark is represented by 7% MSCI ACWI Index, 3% MSCI USA Index, and 90%
Bloomberg Barclays US Universal Index. Index performance is for illustrative purposes only. Index performance does not reflect any management
fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. The model performance shown is
hypothetical, for illustrative purposes only, and does not represent the performance of a specific investment product or any client account.
Performance does not reflect actual trading, nor does it include any brokerage fees, commissions, or any portfolio management overlay fee,
which would further reduce returns. The model performance reflects rebalancing in response to market conditions. Past performance does not
guarantee future results. This information should not be relied upon as investment advice, research, or a recommendation by BlackRock
regarding (i) the Funds, (ii) the use or suitability of the model portfolios or (iii) any security in particular. Only an investor and their financial
professional know enough about their circumstances to make an investment decision. For standardized performance for the underlying funds,
please see the end of this document.
iCRMH0421U/S-1604191-6/11
Monthly Performance (%) - Models and Benchmarks
Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr
2021 2021 2021 2020 2020 2020 2020 2020 2020 2020 2020 2020

0/100 -0.70 -1.28 -0.72 0.27 1.64 -0.44 -0.20 -0.71 2.05 0.81 1.57 1.37

0/100 Benchmark -1.16 -1.29 -0.63 0.35 1.30 -0.36 -0.18 -0.58 1.76 0.83 0.93 2.00

10/90 -0.21 -0.79 -0.63 0.75 2.84 -0.55 -0.55 0.01 2.36 0.85 2.01 2.26

10/90 Benchmark -0.74 -0.93 -0.63 0.79 2.36 -0.57 -0.53 0.15 2.13 1.07 1.34 2.95

20/80 0.20 -0.31 -0.56 1.14 3.83 -0.64 -0.79 0.51 2.72 1.03 2.16 3.19

20/80 Benchmark -0.32 -0.56 -0.62 1.22 3.42 -0.78 -0.87 0.88 2.50 1.30 1.73 3.89

30/70 0.53 0.03 -0.41 1.64 4.81 -0.86 -1.11 1.29 3.09 1.33 2.53 4.26

30/70 Benchmark 0.10 -0.19 -0.62 1.65 4.48 -1.00 -1.21 1.60 2.87 1.52 2.12 4.83

40/60 0.83 0.39 -0.33 2.06 5.75 -0.95 -1.30 1.76 3.39 1.44 2.84 5.13

40/60 Benchmark 0.52 0.17 -0.62 2.07 5.55 -1.21 -1.54 2.32 3.24 1.74 2.50 5.78

50/50 1.19 0.74 -0.31 2.52 6.76 -1.10 -1.64 2.54 3.72 1.50 3.19 6.00

50/50 Benchmark 0.94 0.54 -0.62 2.49 6.62 -1.42 -1.86 3.03 3.61 1.95 2.87 6.72

60/40 1.54 1.03 -0.24 3.01 7.69 -1.29 -1.89 3.21 4.17 1.69 3.53 7.06

60/40 Benchmark 1.35 0.91 -0.61 2.90 7.70 -1.64 -2.18 3.74 3.99 2.15 3.23 7.66

70/30 1.88 1.33 -0.27 3.42 8.61 -1.52 -2.17 3.91 4.58 1.87 3.89 8.01

70/30 Benchmark 1.76 1.28 -0.61 3.30 8.79 -1.85 -2.49 4.44 4.36 2.34 3.58 8.60

80/20 2.33 1.70 -0.20 3.83 9.50 -1.63 -2.40 4.49 4.85 1.91 4.24 8.91

80/20 Benchmark 2.17 1.65 -0.61 3.70 9.88 -2.06 -2.79 5.14 4.73 2.54 3.92 9.55

90/10 2.78 2.16 -0.04 4.33 10.55 -1.78 -2.63 5.21 5.19 1.95 4.59 9.97

90/10 Benchmark 2.58 2.02 -0.61 4.09 10.98 -2.28 -3.09 5.83 5.10 2.72 4.26 10.49

100/0 3.08 2.46 -0.10 4.62 11.31 -1.90 -2.84 5.71 5.42 2.05 4.96 11.22

100/0 Benchmark 2.99 2.39 -0.61 4.48 12.08 -2.49 -3.39 6.52 5.47 2.90 4.59 11.43

Inception date for the model portfolios is June 30, 2014. Performance for periods longer than a year has been annualized using a geometric mean.

The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion is represented by
100% Bloomberg Barclays US Universal Index. For example, the 10/90 benchmark is represented by 7% MSCI ACWI Index, 3% MSCI USA Index, and 90%
Bloomberg Barclays US Universal Index. Index performance is for illustrative purposes only. Index performance does not reflect any management
fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. The model performance shown is
hypothetical, for illustrative purposes only, and does not represent the performance of a specific investment product or any client account.
Performance does not reflect actual trading, nor does it include any brokerage fees, commissions, or any portfolio management overlay fee,
which would further reduce returns. The model performance reflects rebalancing in response to market conditions. Past performance does not
guarantee future results. This information should not be relied upon as investment advice, research, or a recommendation by BlackRock
regarding (i) the Funds, (ii) the use or suitability of the model portfolios or (iii) any security in particular. Only an investor and their financial
professional know enough about their circumstances to make an investment decision. For standardized performance for the underlying funds,
please see the end of this document.
iCRMH0421U/S-1604191-7/11
Risk Analysis (%)
Risk Contribution
As of March 31, 2021
These portfolios seek to provide a range of risk and return levels by diversifying across a wide variety of factors that can impact investments, such as
interest rates, credit spreads and foreign exchange. This chart leverages BlackRock’s proprietary risk management system – Aladdin® – to show the
contribution of individual risk factors.

0/100 10/90 20/80 30/70 40/60 50/50 60/40 70/30 80/20 90/10 100/0
Rate Risk 2.58 0.98 0.20 -0.16 -0.34 -0.40 -0.37 -0.31 -0.21 -0.09 -0.00

Spread 0.48 1.23 1.24 1.17 0.78 0.60 0.46 0.29 0.14 0.05 -

FX Risk - 0.07 0.15 0.25 0.33 0.40 0.46 0.50 0.55 0.61 0.67

Equity Risk - 1.49 3.30 5.03 7.10 8.82 10.53 12.26 13.88 15.51 16.49

Other Risk 0.02 0.03 0.04 0.05 0.06 0.07 0.08 0.10 0.11 0.11 0.12

Total Standard
3.08% 3.80% 4.93% 6.33% 7.92% 9.50% 11.15% 12.84% 14.46% 16.20% 17.28%
Deviation1

Risk Exposures - Betas

As of March 23, 2021
Betas for these portfolios are estimated based on underlying fund holdings and risk factor exposures. They are intended to convey expected longer-term
relationships and offer relative comparisons. A positive beta indicates a tendency for co-movement with the benchmark, while a negative beta indicates that
the portfolio and the benchmark tend to move in opposite directions.
0/100 10/90 20/80 30/70 40/60 50/50 60/40 70/30 80/20 90/10 100/0
Beta To 10-Year
-3.36 -1.98 -0.93 0.12 1.19 2.33 3.44 4.63 5.85 7.19 8.00
Treasury Rates
Beta To 2-Year
0.02 0.84 1.65 3.32 4.01 4.74 5.44 6.14 6.75 7.52 8.05
Inflation Expectations
Beta To Investment
-2.47 -3.85 -4.98 -8.25 -10.80 -13.22 -15.71 -18.13 -20.46 -23.02 -24.58
Grade Credit Spreads
Beta To S&P 500
0.06 0.18 0.26 0.36 0.48 0.58 0.68 0.77 0.86 0.96 1.02
Index
Beta To USDX (US
-0.11 -0.17 -0.23 -0.31 -0.39 -0.47 -0.55 -0.63 -0.71 -0.79 -0.84
Dollar Currency Index)

Past performance does not guarantee future results. For further information on the Risk Contribution and Risk Exposures, please see the end of
this document. This information should not be relied upon as investment advice, research, or a recommendation by BlackRock regarding (i) the
Funds, (ii) the use or suitability of the model portfolios or (iii) any security in particular. Only an investor and their financial professional know
enough about their circumstances to make an investment decision.
iCRMH0421U/S-1604191-8/11
Standardized Performance (%) — for All Holdings in the Models
As of March 31, 2021

Gross 1Year Returns 5Year Returns 10Year Returns Since Inception

Inception
Ticker Mutual Fund / ETF Expense Market Market Market Market
Date NAV NAV NAV NAV
Ratio Price Price Price Price

SHY iShares 1-3 Year Treasury Bond ETF 07/22/2002 0.15 0.12 0.17 1.58 1.58 1.16 1.17 2.04 2.04

iShares 1-5 Year Investment Grade Corporate

IGSB 01/05/2007 0.06 7.23 6.85 2.99 3.00 2.26 2.26 2.99 2.98
Bond ETF

TLT iShares 20+ Year Treasury Bond ETF 07/22/2002 0.15 -17.13 -16.75 3.04 3.03 6.66 6.66 6.30 6.30

IEF iShares 7-10 Year Treasury Bond ETF 07/22/2002 0.15 -6.12 -6.19 2.26 2.26 3.88 3.90 4.62 4.62

IVV iShares Core S&P 500 ETF 05/15/2000 0.03 56.31 56.45 16.25 16.28 13.86 13.87 6.94 6.94

IJR iShares Core S&P Small-Cap ETF 05/22/2000 0.06 95.23 96.02 15.58 15.62 12.94 12.97 10.77 10.78

IUSB iShares Core Total USD Bond Market ETF 06/10/2014 0.07 3.00 2.88 3.51 3.53 - - 3.42 3.45

ESGE iShares ESG Aware MSCI EM ETF 06/28/2016 0.25 58.89 60.52 - - - - 13.88 14.09

ESGU iShares ESG Aware MSCI USA ETF 12/01/2016 0.15 59.82 59.91 - - - - 17.86 17.87

FALN iShares Fallen Angels USD Bond ETF 06/14/2016 0.25 37.34 37.74 - - - - 9.38 9.51

IXN iShares Global Tech ETF 11/12/2001 0.46 68.97 69.66 26.35 26.46 18.47 18.50 10.29 10.31

iShares J.P. Morgan USD Emerging Markets

EMB 12/17/2007 0.39 15.62 16.20 4.48 4.50 4.98 4.96 5.59 5.61
Bond ETF

MBB iShares MBS ETF 03/13/2007 0.07 0.24 0.13 2.30 2.30 2.64 2.63 3.52 3.52

EFG iShares MSCI EAFE Growth ETF 08/01/2005 0.39 42.28 42.66 10.56 10.66 6.94 6.92 6.32 6.32

EFV iShares MSCI EAFE Value ETF 08/01/2005 0.39 45.53 46.01 6.43 6.47 3.48 3.47 3.56 3.56

USMV iShares MSCI USA Min Vol Factor ETF 10/18/2011 0.15 30.45 30.43 11.73 11.73 - - 13.50 13.50

MTUM iShares MSCI USA Momentum Factor ETF 04/16/2013 0.15 52.14 52.09 18.54 18.54 - - 16.78 16.78

VLUE iShares MSCI USA Value Factor ETF 04/16/2013 0.15 66.73 66.79 13.62 13.63 - - 11.96 11.97

TIP iShares TIPS Bond ETF 12/04/2003 0.19 7.25 7.48 3.70 3.70 3.29 3.28 4.18 4.18

IYE iShares U.S. Energy ETF 06/12/2000 0.42 78.12 78.26 -1.75 -1.74 -2.54 -2.54 4.27 4.27

IHI iShares U.S. Medical Devices ETF 05/01/2006 0.42 47.02 46.90 22.38 22.39 18.37 18.38 13.99 13.99

GOVT iShares U.S. Treasury Bond ETF 02/14/2012 0.05 -4.82 -4.71 2.10 2.11 - - 2.02 2.04

HYG iShares iBoxx $ High Yield Corporate Bond ETF 04/04/2007 0.49 18.92 18.73 6.67 6.65 5.32 5.27 5.48 5.46

iShares iBoxx $ Investment Grade Corporate

LQD 07/22/2002 0.14 8.54 7.91 5.17 5.14 5.45 5.46 5.61 5.61
Bond ETF

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an
investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.
Performance data current to the most recent month end for the BlackRock and iShares Funds may be obtained by visiting www.iShares.com or www.blackrock.com. Shares of
ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the fund. Any applicable brokerage commissions will reduce returns. Beginning August 10, 2020,
market price returns for BlackRock and iShares ETFs are calculated using the closing price and account for distributions from the fund. Prior to August 10, 2020, market price returns for
BlackRock and iShares ETFs were calculated using the midpoint price and accounted for distributions from the fund. The midpoint is the average of the bid/ask prices at 4:00 PM ET (when
NAV is normally determined for most ETFs). The returns shown do not represent the returns you would receive if you traded shares at other times.

iCRMH0421U/S-1604191-9/11
 Want to know more?
877-275-1255 (1-877-ASK-1BLK)

1Standard deviation for the model portfolio is a statistical estimate measuring how dispersed returns are around an average. Standard deviation is estimated using the risk factor exposures
and volatilities of the underlying funds, based on BlackRock Solutions multi-asset class risk models, and takes into account the correlations of these factors across the portfolio. Standard
deviation is not meant to be a prediction of fund or model volatility and actual volatility of any portfolio based in whole or in part on the models shown will vary and may be higher. The
standard deviation was calculated on 03/23/2021.

Contribution to risk is an additive measure of risk. The contribution to risk of a factor exposure of the fund is calculated as the change in the total portfolio risk that results from a small
incremental increase to that factor exposure. This risk measure takes into account correlations across exposures and captures the risk of these as well as how diversifying they are in the total
portfolio. Risk contributions are designed to sum to equal the total volatility of the portfolio.

Risk contribution factor exposures are (1) Total Risk contribution is the total standard deviation of the portfolio and is the sum of the risk contributions across rate, credit, equity, FX and other
risk. (2) Rate Risk contribution captures volatility associated with portfolio covariation with benchmark government interest rates. (3) Credit Risk contribution captures volatility associated with
portfolio covariation with investment grade, high yield and distressed debt credit spreads over benchmark interest rates. (4) Equity Risk contribution captures volatility associated with portfolio
covariation with equity market fluctuations. (5) FX Risk contribution captures volatility associated with portfolio covariation with foreign exchange rate fluctuations (6) Other Risk contribution
captures the remaining portion of volatility that is idiosyncratic relative to Rate, Credit, Equity and FX Risk.

Beta to 10-year Treasury Rates measures the portfolio’s sensitivity to changes in the 10-year maturity US Treasury bond interest rate.

Beta to 2-Year Inflation Expectations measures the portfolio’s sensitivity to changes in the market interest rate spread between 2-year US Treasuries and the 2-year US Treasury Inflation
Protected Security.

Beta to the S&P 500 Index measures the portfolio’s sensitivity to changes in the value of the S&P 500 index.

Beta to Investment Grade Spreads measures the portfolio’s sensitivity to changes in the credit spread of a diversified US investment grade bond index, as measured by the J.P. Morgan US
Liquid Index.

Beta to USDX (US Dollar Currency Index) measures the portfolio’s sensitivity to changes in the value of the US Dollar Index, which measures the average change in value of the USD versus
major world currencies.

Carefully consider the BlackRock and iShares Funds within the model portfolios' investment objectives, risk factors, and charges and expenses before investing. This and other
information can be found in the BlackRock and iShares Funds' prospectuses or, if available, the summary prospectuses which may be obtained by visiting www.iShares.com or
www.blackrock.com. Read the prospectus carefully before investing.

Investing involves risk, including possible loss of principal. Asset allocation and diversification may not protect against market risk, loss of principal or volatility of returns.

The BlackRock Model Portfolios are provided for illustrative and educational purposes only. The BlackRock Model Portfolios do not constitute research, investment advice, or an investment
recommendation from BlackRock, and are intended for use only by a financial professional, with other information, as a resource to help build a portfolio or as an input in the development of
investment advice for its own clients. Such financial professionals are responsible for making their own independent judgment as to how to use the BlackRock Model Portfolios. BlackRock
does not have investment discretion over, or place trade orders for, any portfolios or accounts derived from the BlackRock Model Portfolios. BlackRock is not responsible for determining the
appropriateness or suitability of the BlackRock Model Portfolios or any of the securities included therein for any client of a financial professional. Information and other marketing materials
provided by BlackRock concerning the BlackRock Model Portfolios – including holdings, performance, and other characteristics – may vary materially from any portfolios or accounts derived
from the BlackRock Model Portfolios. Any performance shown for the BlackRock Model Portfolios does not reflect actual trading, nor does it include brokerage fees, commissions, or any
portfolio management overlay fee, which would further reduce returns. There is no guarantee that any investment strategy will be successful or achieve any particular level of results. The
BlackRock Model Portfolios, allocations, and data are subject to change. The BlackRock Model Portfolios themselves are not funds, and the portfolio performance shown is hypothetical.
Some of the BlackRock strategies are also available as managed account strategies. Such managed account strategies have actual performance that may differ from, and in some cases
may be lower than, the hypothetical performance of the model portfolios. Performance of such managed account strategies, which reflects the impact of advisory fees, trading, and other
factors, is available upon request.

The BlackRock Model Portfolios include investments in shares of funds. Clients will indirectly bear fund expenses in respect of portfolio assets allocated to funds, in addition to any fees
payable associated with any applicable advisory or wrap program. BlackRock intends to allocate a significant percentage of the BlackRock Model Portfolios to funds for which it and/or its
affiliates serve as investment manager and/or are compensated for services provided to the funds ("BlackRock Affiliated Funds"). BlackRock has an incentive to (a) select BlackRock
Affiliated Funds and (b) select BlackRock Affiliated Funds with higher fees over BlackRock Affiliated Funds with lower fees. The fees that BlackRock and its affiliates receive from investments
in the BlackRock Affiliated Funds constitute BlackRock’s compensation with respect to the BlackRock Model Portfolios. This may result in BlackRock Model Portfolios that achieve a level of
performance less favorable to the model portfolios, or reflect higher fees, than otherwise would be the case if BlackRock did not allocate to BlackRock Affiliated Funds.

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.

This material does not constitute any specific legal, tax or accounting advice. Please consult with qualified professionals for this type of advice.

iCRMH0421U/S-1604191-10/11
There can be no assurance that performance will be enhanced or risk will be reduced for funds that seek to provide exposure to certain quantitative investment characteristics ("factors").
Exposure to such investment factors may detract from performance in some market environments, perhaps for extended periods. In such circumstances, a fund may seek to maintain
exposure to the targeted investment factors and not adjust to target different factors, which could result in losses.

Funds that concentrate investments in specific industries, sectors, markets or asset classes may underperform or be more volatile than other industries, sectors, markets or asset classes and
than the general securities market.

Technology companies may be subject to severe competition and product obsolescence.

International investing involves risks, including 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 in concentrations of single countries.

A fund's use of derivatives may reduce a fund's returns and/or increase volatility and subject the fund to counterparty risk, which is the risk that the other party in the transaction will not fulfill
its contractual obligation. A fund could suffer losses related to its derivative positions because of a possible lack of liquidity in the secondary market and as a result of unanticipated market
movements, which losses are potentially unlimited. There can be no assurance that any fund's hedging transactions will be effective.

There can be no assurance that performance will be enhanced or risk will be reduced for funds that seek to provide exposure to certain quantitative investment characteristics ("factors").
Exposure to such investment factors may detract from performance in some market environments, perhaps for extended periods. In such circumstances, a fund may seek to maintain
exposure to the targeted investment factors and not adjust to target different factors, which could result in losses.

The BlackRock and iShares Funds within the model portfolios are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”). BlackRock Fund Advisors, an affiliate
of BlackRock Investments, LLC, is a registered investment adviser.

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Barclays, Bloomberg Finance L.P., BlackRock Index Services, LLC, Cohen & Steers Capital Management, Inc.,
European Public Real Estate Association (“EPRA® ”), FTSE International Limited (“FTSE”), ICE Data Services, LLC, India Index Services & Products Limited, JPMorgan Chase & Co., Japan
Exchange Group, MSCI Inc., Markit Indices Limited, Morningstar, Inc., The NASDAQ OMX Group, Inc., National Association of Real Estate Investment Trusts (“NAREIT”), New York Stock
Exchange, Inc., Russell or S&P Dow Jones Indices LLC. None of these companies make any representation regarding the advisability of investing in the Funds. With the exception of
BlackRock Index Services, LLC, who is an affiliate, BlackRock Investments, LLC is not affiliated with the companies listed above.

Neither FTSE nor NAREIT makes any warranty regarding the FTSE NAREIT Equity REITS Index, FTSE NAREIT All Residential Capped Index or FTSE NAREIT All Mortgage Capped Index;
all rights vest in NAREIT. Neither FTSE nor NAREIT makes any warranty regarding the FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index, FTSE EPRA/NAREIT Developed Europe
Index or FTSE EPRA/NAREIT Global REIT Index; all rights vest in FTSE, NAREIT and EPRA.“FTSE®” is a trademark of London Stock Exchange Group companies and is used by FTSE
under license.

©2021 BlackRock. All rights reserved. ALADDIN, iSHARES and BLACKROCK are registered trademarks of BlackRock. All other marks are the property of their respective owners.

iCRMH0421U/S-1604191-11/11