Welcome to Shareholder® Magazine

We are pleased to present the online version of the magazine created specifically for mutual fund shareholders. This Web-based resource offers insights beyond those available in the pages of our printed magazine via links to complementary content on blackrock.com, including access to Shareholder Perspectives, a quarterly newsletter featuring news and views from BlackRock portfolio managers. Since 2003, we have been bringing shareholders information and perspectives from our own professional investors. Today, we invite you to explore the virtual pages of Shareholder magazine as we continue our quest to provide an online experience rich in investment insight and education.


Adapting — and Thriving — Post-Recession

In the wake of the financial crisis, the fixed income marketplace has undergone a significant transformation. For investors, the ability to adapt to the new landscape will be the key to investment success. In Today's Fixed Income Frontier, read about the changes that have taken place in the fixed income marketplace and the importance of looking beyond Treasury bonds in constructing a well diversified fixed income portfolio.


"Emerging" Opportunity

Fixed income markets are not alone in their recent transformation. No corner of the world was untouched by the Great Recession and related credit crisis. But in the equity space, emerging markets have demonstrated striking resilience. Once perceived as relatively "unsafe" destinations for investor assets, emerging markets have been the economic front runners since early 2009. The new world order could mean emerging markets equities are strong performers in 2010. Read more about this developing opportunity in All the World's a Stage.


Oil's Wild Ride Over?

Oil followed an erratic and slippery slope over the past two years, reaching as high as $150 per barrel in 2008 and as low as $40 per barrel in 2009. Both were extremes. Today, oil stocks are reflecting more "normal" prices of $65 to $70 per barrel, but this implies worldwide economic growth below 1%. Assuming, as many do, that global growth will be closer to 2% or more, there could be ample upside in oil and other commodities stocks. Dan Rice and Denis Walsh, co-heads of the BlackRock energy and resources team, discuss this outlook in Viewpoint on Energy and Resources.

IMAGE: Awards

Investment involves risks. Stock and bond values fluctuate in price so the value of an investment can go up or down depending on market conditions. Concentrating investments in natural resources companies means that performance will be more susceptible to factors affecting that sector and more volatile than funds that invest in many different sectors/stocks. Investments in the natural resources industries can be significantly affected by events relating to those industries, such as variations in the commodities markets, weather, disease, embargoes, international, political and economic developments, the success of exploration projects, tax and other government regulations, as well as other factors.

For a current prospectus of any BlackRock mutual fund, which contains more complete information, please call your financial professional or BlackRock at 800-882-0052. Before investing, consider the investment objectives, risks, charges and expenses of the fund(s) under consideration. This and other information can be found in each fund's prospectus. Read each prospectus carefully before you invest.

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 those of the BlackRock investment professionals profiled as of May 1, 2010, 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.

Shareholder, published by BlackRock, Inc., is designed to provide general information about investing. It is not intended to offer specific investment recommendations. Investing involves risk. You should contact your financial professional about your particular situation before making important investment decisions. Contact your financial professional about BlackRock products.

BLACKROCK is a registered trademark and SHAREHOLDER is a registered service mark of BlackRock, Inc. All other trademarks are the property of their respective owners.

Prepared by BlackRock Investments, LLC, member FINRA.