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For additional information, or to subscribe to monthly updates to this piece, please visit www.blackrock.com. Investment involves risk. The two main risks related to fixed income investing are interest rate risk 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 issuer of the bond will not be able to make principal and interest payments. 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. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. The opinions expressed are those of BlackRock® as of June 24, 2011, and may change as subsequent conditions vary. Information and opinions are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable. The information contained in this report is not necessarily all-inclusive and is not guaranteed as to accuracy. Past performance does not guarantee future results. There is no guarantee that any forecasts made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Investment involves risk. Reliance upon information in this report is at the sole discretion of the reader. FOR MORE INFORMATION: www.blackrock.com BlackRock is a registered trademark of BlackRock, Inc. All other trademarks are the property of their respective owners. Prepared by BlackRock Investments, LLC, member FINRA. ©2011 BlackRock, Inc. All Rights Reserved. Lit. No. ISG-0611 AC5432-0611 / 11-0679