PERFORMANCE


Cum. Fund Perf. Since Inception: -6.40%

Source: Lipper. Data reflects different methodology from the BlackRock calculated returns in the Returns tab. The $10,000 Hypothetical Over Time chart reflects a hypothetical $10,000 investment in the investor class of shares noted and does not assume the max sales charge. Had sales charge been included, returns would have been lower. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.


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, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be obtained by clicking the "Returns" tab above.
as of
  1y 3y 5y 10y Incept.  
-2.77 - - - -2.19
Benchmark (%)   -6.58 - - - -5.38
Morningstar Category Avg. (%)  

as of 31-Oct-2014

- - - - -
Lipper Category Avg. (%)   -5.91 -4.19 -0.40 -2.47 -
Lipper Ranking  

as of 31-Aug-2014

7/136
as of
  YTD 1m 3m 1y 3y 5y 10y Incept.  
-3.39 -7.70 -10.69 -2.77 - - - -6.40
Benchmark (%)   -5.59 -6.23 -11.83 -6.58 - - - -15.25
Morningstar Category Avg. (%)  

as of 31-Oct-2014

- - - - - - - -
Lipper Category Avg. (%)   -5.01 -5.61 -10.50 -5.91 -11.87 -1.43 -18.62 -
Lipper Ranking  

as of 31-Aug-2014

7/136
as of
  2009 2010 2011 2012 2013
Total Return (%)   - - - -1.05 -7.09
Benchmark (%)   - - 0.28 -1.06 -9.52
Morningstar Category Avg. (%)   22.93 16.03 -8.05 -0.79 -9.08


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.

Interactive chart displaying fund performance. Javascript is required.

Ex-Date Payable Date Record Date Total Distribution   Income ST Cap Gains LT Cap Gains Return of Capital
Dec 26, 2012 Dec 26, 2012 Dec 26, 2012 $0.002100 $0.002100 - - -
Dec 21, 2011 Dec 22, 2011 Dec 20, 2011 $0.549927 $0.278027 $0.271900 - -

Interactive chart displaying fund performance. Javascript is required.

Year Total Distribution   Income ST Cap Gains LT Cap Gains
2012 0.00 0.00 - -
2011 0.55 0.28 0.27 -

Past distributions are not indicative of future distributions.



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, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be obtained by clicking the "Returns" tab above.

Holdings

Top Equity Holdings as of 31-Aug-2014

*% of Market Value



Exposure Breakdowns

Sectors as of 30-Aug-2014

*this column reflects the sector exposures of the DJ UBS Benchmark. Please note that in practice, exposures may differ slightly due to enhanced index techniques.

% of Market Value

KEY FACTS

Size of Fund (Millions)

as of 31-Oct-2014

$413.5 M
Size of Class (Millions)

as of 31-Oct-2014

$389.4 M
Inception Date Oct 3, 2011
Asset Class Alternative
Morningstar Category Commodities Broad Basket
Lipper Classification Commodities General
CUSIP 091936666
Benchmark Index Bloomberg Commodity Index Total Return

Total Expense Ratio 1.38%
Net, Including Investment Related Expenses   1.31%
Net, Excluding Investment Related Expenses 1.30%

Max Offer Price

as of 31-Oct-2014

$8.78
Distribution Frequency   Annual
Turnover Percent

as of 30-Sep-2014

71%
Open to New Investors Yes

PORTFOLIO CHARACTERISTICS

30 Day SEC Yield  

as of -

-
Unsubsidized 30-Day SEC Yield  

as of -

-

This information must be preceded or accompanied by a current prospectus. For standardized performance, please click on the "Returns" tab above.

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Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses which may be obtained by visiting the iShares ETF and BlackRock Mutual Fund prospectus pages. Read the prospectus carefully before investing.

The fund is actively managed and its characteristics will vary.

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.

Futures trading can lead to large losses. Trading losses can sharply reduce the value of an interest in the fund. The fund may trade foreign futures contracts. Transactions on markets outside the United States may be subject to regulations that offer different or diminished protection.

Commodity futures exposure is achieved through investments in, but not limited to, commodity-linked notes, swap agreements, commodity options, futures and options on futures.

Investments in emerging markets may be considered speculative and are more likely to experience hyperinflation and currency devaluations, which adversely affect returns. In addition, many emerging securities markets have lower trading volumes and less liquidity.

Investing in long/short strategies presents the opportunity for significant losses, including the loss of your total investment. Such strategies have the potential for heightened volatility and in general, are not suitable for all investors.

The fund 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.

Investments in natural resources industries can be affected by variations in commodities markets, weather, disease, embargoes, political and economic developments, taxes and other government regulations.

Investing in commodity-linked derivatives and commodity-related companies may increase volatility. Price movements are outside of the funds control and may be influenced by weather and climate conditions, livestock disease, war, terrorism, political conflicts and economic events, interest rates, currency and exchange rates, government regulation and taxation.

Performance results reflect past performance and are no guarantee of future results. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvestment of all dividends. Performance information shown without sales charge would have been lower if the applicable sales charge had been included. Performance during periods of exceptional market conditions should not be expected to be repeated in a normal market environment. Current performance may be lower or higher than the performance data quoted.

Investing involves risk, including possible loss of principal.

The Fund is actively managed and its composition will vary. Fund details, holdings and characteristics are as of the date noted and subject to change.

Yields are based on income earned for the period cited and on the Fund's NAV at the end of the period.

Some BlackRock funds make distributions of ordinary income and capital gains at calendar year end. Those distributions temporarily cause extraordinarily high yields. There is no assurance that a fund will repeat that yield in the future. Subsequent monthly distributions that do not include ordinary income or capital gains in the form of dividends will likely be lower.

The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

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