2018 - BlackRock

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2018

Important Tax Information for Open-End Funds

This Booklet is a summary of useful tax information for certain Open-End mutual funds. It will assist you, as an investor, in the preparation of your 2018 Federal and state income tax returns. We recommend that you consult your tax advisor for assistance with how this information will impact your specific tax situation.

BLK2018

Multi-State Municipal Funds

The information below summarizes the percentage of exempt interest income received by various BlackRock Open-End Funds on a state-by-state basis. These percentages may be useful in completing your state tax return. In addition, the percentage of income that represents a tax preference item (relating to tax-exempt interest income from certain private activity bonds) for Federal Alternative Minimum Tax purposes is included for each Fund. Your portion of the exempt interest income has been included on your Form 1099-DIV. Some states require a minimum percentage of home state bonds to permit the state tax exemption. Shareholders are urged to consult with their tax advisor concerning the application of this information.

Percentage of Exempt Interest Income Derived by State

State/Jurisdiction

BlackTRarogcektASlhloacreasti-oSneries EBPlaocrktMfRouolicnokicHipiaglhFYuineldd

BlackMRuocnkicNipaatlioFnuanld

BlackMRuocnkicSiphaolrFt-uTnedrm BlackMRuonckicSiptarlatOepgpicortuniitSiehsaFrBeuosnndMduInndiceixpaFlund

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Guam Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Puerto Rico Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virgin Islands Virginia Washington West Virginia Wisconsin Wyoming AMT Percentage

1.63 0.39 2.37 0.27 9.63 4.09 0.99 0.53 0.16 4.81 0.59

-- 0.13 0.12 9.18 2.11 1.37 0.01 0.30 0.44 0.15 1.40 3.45 1.52 1.39 0.07 1.24 0.13 0.30 0.03 0.07 7.42 0.24 11.50 0.95 0.01 2.62 3.42 0.52 5.11 1.83 1.74 2.41

-- 1.13 3.69 0.71

-- -- 2.65 1.62 0.34 3.22 -- 11.26%

1.79 0.44 2.56 0.12 7.16 3.33 1.04 1.08 0.64 6.58 0.52 0.28 0.15 0.38 8.35 2.41 2.36 0.02 0.42 1.43 0.19 1.53 2.01 0.58 0.51 0.04 1.65

-- 0.62 0.13 0.28 4.62 0.29 15.33 0.96 0.69 4.05 1.13 0.28 3.76 1.47 1.86 1.63

-- 0.66 6.72 0.74

-- -- 3.05 1.30 -- 2.86 -- 11.39%

3.76 0.14 1.15 0.01 15.18 1.35 0.02 0.58 3.36 6.02 1.92

-- 0.41

-- 9.84 2.67 1.38 0.42 0.79 0.65 0.13 0.35 4.03 2.07 0.40 0.06 0.03 0.06 0.37 2.46 0.35 6.63 0.05 13.18 0.06 0.01 1.50 0.03

-- 4.10 0.15 0.15 0.96 0.01 0.13 8.32 1.53

-- -- 0.49 2.19 0.01 0.54 -- 7.84%

1.84 0.05 1.92

-- 4.00 0.49 8.31

-- 0.04 3.80 1.42

-- -- -- 3.25 0.19 5.82 0.86 1.89 1.30 0.02 0.13 2.17 1.88 0.46 0.46 0.02 -- 1.63 1.48 0.01 27.42 0.28 11.51 0.48 -- 2.09 0.57 0.51 3.30 -- -- 0.33 -- 0.38 3.86 1.98 -- -- 0.49 3.10 -- 0.26 -- 2.96%

0.76 0.38 2.28

-- 11.26

1.68 1.28 0.10 2.03 3.45 2.07 0.01 0.08 0.05 5.75 0.40 1.08 0.10 1.30 0.64 0.32 2.08 5.26 2.05 0.97 0.20 1.34 0.01 0.35 1.36 0.13 3.84 0.04 15.24 1.30 0.13 2.68 0.67 0.70 4.20 1.14 0.40 1.72 0.07 1.12 8.81 0.53 0.04

-- 3.32 2.59 0.42 2.17 0.10 9.40%

3.09 2.66 9.12 3.08 4.47 2.11 2.04 0.75 0.06 4.17 0.82

-- 0.83 0.55 0.16 2.28 1.49 1.87 0.36 0.02

-- 1.18 0.80 6.05 0.55 0.64 2.17 0.98 2.18

-- -- 3.55 1.41 2.67 3.47 0.32 2.68 0.76 3.37 3.27 -- 0.38 5.14 -- 2.11 3.02 0.57 -- -- 2.26 4.83 3.89 1.82 -- 0.06%

Certain states require funds meet investment thresholds before a shareholder can exempt distributions attributable to his or her home state. In 2018, none of the funds listed above satisfied the thresholds imposed by California, Minnesota or New Jersey.

Single State Municipal Funds

The information below summarizes the percentage of exempt interest income received by various BlackRock Open-End Funds on a state-by-state basis. These percentages may be useful in completing your state tax return. In addition, the percentage of income that represents a tax preference item (relating to tax-exempt interest income from private activity bonds) for Federal Alternative Minimum Tax purposes is included for each Fund. Your portion of the exempt interest income has been included on your Form 1099-DIV. Shareholders are urged to consult their tax advisor concerning the application of this information.

Exempt Interest Income Derived by State

Fund Name

SpeciSfiteadte

PerceInntcaogmeOeobfflrigoamStpioencsifioefd State PerceInntcaogmeUeo.SffrToemarnrditoProiesssessPieorncseInntcaogmetoeoASf lutbeMjreinncaitmti(vAueMmTT)ax

BlackRock California Municipal Opportunities Fund (1) BlackRock New Jersey Municipal Bond Fund (2) BlackRock New York Municipal Opportunities Fund BlackRock Pennsylvania Municipal Bond Fund (1) At least 50% of the fund's assets at the end of each quarter consist of California obligations. (2) Fund meets the requirements for a New Jersey "qualified investment fund."

California New Jersey New York Pennsylvania

99.01 99.32 99.03 99.37

0.99

4.27

0.68

12.86

0.97

3.78

0.63

6.89

Federal Obligations Table

Certain BlackRock Open-End Funds invest in obligations of the United States and obligations guaranteed by the United States or an agency or instrumentality of the United States ("Federal Obligations"). The information below summarizes the percentage of income received by various BlackRock Funds from Federal Obligations. State law varies as to what percentage of dividend income attributable to Federal Obligations is exempt from State income tax. We recommend that you consult your tax advisor to determine if any portion of the dividends you received is exempt from State income tax.

Fund Name

PerceOnrtdaigneDaroeyfriIvneFcdeodmfreoerOmablligations(1)

BBIF Money Fund (2)

63.58

BBIF Treasury Fund (2)(3)

99.14

BIF Money Fund (2)

63.56

BIF Treasury Fund (2)(3)

99.32

BlackRock 20/80 Target Allocation Fund

12.19

BlackRock 40/60 Target Allocation Fund

15.70

BlackRock 60/40 Target Allocation Fund

3.97

BlackRock 80/20 Target Allocation Fund

1.35

BlackRock Allocation Target Shares: Series M Portfolio

1.76

BlackRock Balanced Capital Fund

2.09

BlackRock Commodity Strategies Fund

33.06

BlackRock CoreAlpha Bond Fund

0.56

BlackRock Core Bond Portfolio

17.01

BlackRock Credit Strategies Income Fund

1.64

BlackRock Global Allocation Fund

44.90

BlackRock Global Long/Short Credit Fund

0.89

BlackRock GNMA Portfolio

0.41

BlackRock Inflation Protected Bond Fund (2)(3)

100

BlackRock LifePath? Dynamic 2020 Fund

3.56

BlackRock LifePath? Dynamic 2025 Fund

2.58

BlackRock LifePath? Dynamic 2030 Fund

1.39

BlackRock LifePath? Dynamic 2035 Fund

0.96

BlackRock LifePath? Dynamic Retirement Fund

4.52

BlackRock LifePath? Index 2020 Fund

22.11

BlackRock LifePath? Index 2025 Fund

17.38

BlackRock LifePath? Index 2030 Fund

11.85

BlackRock LifePath? Index 2035 Fund

8.20

BlackRock LifePath? Index 2040 Fund

3.96

BlackRock LifePath? Index 2045 Fund

1.43

BlackRock LifePath? Index Retirement Fund

24.71

BlackRock LifePath? Smart Beta 2020 Portfolio

8.54

BlackRock LifePath? Smart Beta 2025 Portfolio

5.43

BlackRock LifePath? Smart Beta 2030 Portfolio

3.63

BlackRock LifePath? Smart Beta 2035 Portfolio

2.64

BlackRock LifePath? Smart Beta 2040 Portfolio

1.74

BlackRock LifePath? Smart Beta 2045 Portfolio

1.55

BlackRock LifePath? Smart Beta 2050 Portfolio

1.16

BlackRock LifePath? Smart Beta 2055 Portfolio

1.25

BlackRock LifePath? Smart Beta 2060 Portfolio

1.21

BlackRock LifePath? Smart Beta Retirement Fund

9.58

BlackRock Low Duration Bond Portfolio

8.53

BlackRock Money Market Portfolio

2.24

BlackRock Strategic Global Bond Fund

19.33

BlackRock Strategic Income Opportunities Portfolio

11.41

BlackRock Summit Cash Reserves Fund

56.57

BlackRock Tactical Opportunities Fund

4.37

BlackRock Total Factor Fund

27.87

BlackRock Total Return Fund

7.78

BlackRock U.S. Government Bond Portfolio

38.80

iShares Short-Term TIPS Bond Index Fund (2)(3)

99.52

iShares U.S. Aggregate Bond Index Fund

29.56

Managed Account Series U.S. Mortgage Portfolio

0.62

Ready Assets Government Liquidity Fund (2)

57.42

Ready Assets U.S. Treasury Money Fund (2)(3)

100

Ready Assets U.S.A. Government Money Fund

34.60

Retirement Reserves Money Fund (2)

57.10

(1) Includes U.S. Treasury Bills, U.S. Treasury Notes, and U.S. Treasury Bonds, obligations issued by the Federal Home Loan Bank and Federal Credit Banks and the

Tennessee Valley Authority.

(2) At least 50% of the assets of the fund were invested in Federal Obligations at the end of each quarter of the fiscal year.

(3) The fund meets the requirements for a New Jersey "qualified investment fund"

Foreign Source Income

The information below summarizes the percentage of income that was derived from foreign sources with regard to certain BlackRock Open-End Funds. The foreign source income may have taxes associated with it that were paid by BlackRock Open-End Funds to various foreign jurisdictions. The Funds listed below have qualified to "pass-through" the foreign taxes and foreign source income to their shareholders. Accordingly, you may either deduct your portion of the taxes in computing your taxable income or take a credit for such taxes against your tax liability. These deductions or credits may be subject to limitations under the tax law. Your portion of the foreign taxes have been included on your Form 1099-DIV. The information below is provided to assist you in computing your foreign tax credit. Please consult your tax advisor regarding the appropriate treatment of foreign source income and foreign taxes.

Fund Name

PercefnrotamgeQFoourfaeIlniifgcienodmSDoeuivricdeendsP(1e)(r2c)efnrotamgeSOoothuferIncrecFoso(m1r)eeign

(1)

PercefnrotamgeFoorfeInigcnomSoeurces

BlackRock 20/80 Target Allocation Fund

2.76

5.83

8.59

BlackRock 40/60 Target Allocation Fund

8.49

5.48

13.97

BlackRock 60/40 Target Allocation Fund

10.29

--

10.29

BlackRock 80/20 Target Allocation Fund

9.53

--

9.53

BlackRock Advantage International Fund

92.94

--

92.94

BlackRock Asian Dragon Fund

58.05

--

58.05

BlackRock Emerging Markets Bond Fund

0

99.12

99.12

BlackRock Emerging Markets Dividend Fund

84.51

--

84.51

BlackRock Emerging Markets Equity Strategies Fund

22.34

--

22.34

BlackRock Emerging Markets Fund

97.36

--

97.36

BlackRock EuroFund

98.41

--

98.41

BlackRock Global Dividend Portfolio

50.04

--

50.04

BlackRock International Dividend Fund

96.55

--

96.55

BlackRock International Fund

100

--

100

BlackRock Latin America Fund

91.80

--

91.80

BlackRock Natural Resources Trust

40.95

--

40.95

BlackRock LifePath? Smart Beta 2020 Fund

20.23

--

20.23

BlackRock LifePath? Smart Beta 2025 Fund

21.76

--

21.76

BlackRock LifePath? Smart Beta 2030 Fund

20.56

--

20.56

BlackRock LifePath? Smart Beta 2035 Fund

20.56

--

20.56

BlackRock LifePath? Smart Beta 2040 Fund

18.46

--

18.46

BlackRock LifePath? Smart Beta 2045 Fund

23.87

--

23.87

BlackRock LifePath? Smart Beta 2050 Fund

22.94

--

22.94

BlackRock LifePath? Smart Beta 2055 Fund

16.98

--

16.98

BlackRock LifePath? Smart Beta 2060 Fund

25.22

25.22

BlackRock LifePath? Smart Beta Retirement Fund

13.42

--

13.42

FDP BlackRock International Fund

89.59

--

89.59

iShares Edge MSCI Min Vol EAFE Index Fund

72.14

72.14

iShares Edge MSCI Multifactor Intl Index Fund

70.71

--

70.71

iShares MSCI Asia ex Japan Index Fund

30.94

30.94

iShares MSCI EAFE International Index Fund

91.89

--

91.89

iShares MSCI Total International Index Fund

94.93

5.07

100

(1) To determine your portion of foreign source qualified dividends, other foreign source income and total foreign source income, multiply the dollar amount of your ordinary

dividend by the percentage indicated.

(2) Represents the portion of your qualified dividends that was derived from foreign sources. As a result of the lower tax rates on qualified dividends, these amounts may be

subject to certain adjustments before they are taken into account for purposes of computing your foreign tax credit. Please refer to the instructions for Form 1116 or consult

your tax advisor for additional information.

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