PERFORMANCE

as of
  1y 3y 5y 10y Incept.  
-0.56 3.31 - - 3.30
-4.54 1.91 - - 2.18
Benchmark (%)   0.02 0.06 - - 0.06
Morningstar Category Avg. (%)   -0.34 2.46 3.02 3.79 -
as of
  1m 3m YTD 1y 3y 5y 10y Incept.  
-0.95 -0.57 1.06 -0.56 10.27 - - 12.94
-4.91 -4.55 -2.98 -4.54 5.86 - - 8.43
Benchmark (%)   0.00 0.01 0.01 0.02 0.19 - - 0.23
Morningstar Category Avg. (%)   -0.60 -0.07 0.85 -0.34 7.56 16.02 45.06 -
as of
  2010 2011 2012 2013 2014
Total Return (%)   - - 6.75 3.49 0.67
Annual w/ Sales Charge (%)   - - 2.47 -0.65 -3.36
Benchmark (%)   - 0.00 0.11 0.07 0.03
Morningstar Category Avg. (%)   5.44 -1.29 7.50 0.29 1.24


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 chart data not available for display.
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.

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Ex-Date Payable Date Record Date Total Distribution   Income ST Cap Gains Return of Capital LT Cap Gains

Interactive chart displaying fund performance. Javascript is required.

Year Total Distribution   Income ST Cap Gains LT Cap Gains

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.

Issuers

  • Top Long Issuers

as of 29-May-2015

Name Fund Weight (%)
ITALY (REPUBLIC OF) 2.78
SPAIN (KINGDOM OF) 2.69
UNITED STATES OF AMERICA 1.91
NEXT LIMITED PARTNERSHIP INC 1.85
ACTAVIS PLC 1.79

% of Market Value

  • Top Short Issuers

as of 29-May-2015

Name Fund Weight (%)
ITRAXX.FINSR.21.V1 -3.19
ITRAXX.XO.22.V1 -2.45
CDX.NA.HY.24.V1 -2.27
WELLS FARGO & COMPANY -1.48
ITRAXX.XO.23.V1 -1.43

% of Market Value

Holdings subject to change

Exposure Breakdowns

as of 29-May-2015

% of Market Value

Investment Grade Bonds

-14.72

|

25.95

High Yield Bonds

0.00

|

38.92

Cash

-10.09

|

21.84

Bond Futures

-27.68

|

0.00

CDX

-12.77

|

2.33

  • Long

  • Short

  • Net

as of 29-May-2015

% of Market Value

Europe

-41.24

|

55.57

North America

-37.91

|

50.61

Cash

-10.31

|

23.38

Emerging Markets

-0.57

|

4.34

Asia Pacific Basin

-0.31

|

0.56

  • Long

  • Short

  • Net

as of 29-May-2015

% of Market Value

United States

-36.62

|

48.10

Cash

-10.31

|

23.38

Germany

-23.20

|

6.04

European Union

-9.43

|

5.85

Italy

-1.16

|

10.86

  • Long

  • Short

  • Net

as of 29-May-2015

% of Market Value

Cash

-10.31

|

23.38

Derivatives

-59.86

|

7.27

AAA Rated

-4.22

|

9.10

AA rated

-1.76

|

1.27

A Rated

-8.18

|

6.69

  • Long

  • Short

  • Net

Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management.

Allocations are subject to change.

Ratings

  • Lipper Leader Ratings
  • Consistent Return   :
     
  • Preservation   :
     
  • Tax Efficiency   :
     
  • Total Return   :
     
  • Overall Lipper Leaders ratings based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable) and do not take into account the effects of sales charges for these categories (Consistent Return, Preservation, Total Return, Expense, and Tax Efficiency) as of 30-Apr-2015 out of 124, 5,106, 124, 40 and 124 Funds, respectively in Lipper's Alt Credit Focus Funds classification.

PORTFOLIO MANAGEMENT

KEY FACTS

Size of Class (Millions)

as of 02-Jul-2015

$1,041.6 M
Size of Fund (Millions)

as of 02-Jul-2015

$5,898.1 M
Asset Class -
Lipper Classification Alt Credit Focus Funds
Morningstar Category Nontraditional Bond
Benchmark Index BofA ML 3 Month Treasury Bill Index (G0O1)
CUSIP 091936757
Inception Date Sep 30, 2011

Net, Including Investment Related Expenses   1.96%
Net, Excluding Investment Related Expenses 1.34%
Total Expense Ratio 1.96%

Max Offer Price

as of 02-Jul-2015

$10.93
Distribution Frequency   Annual
Number of Holdings (Long)

as of -

-
Number of Holdings (Short)

as of -

-
Open to New Investors Yes
Turnover Percent

as of 30-Jun-2015

207%

PORTFOLIO CHARACTERISTICS

30 Day SEC Yield  

as of 31-May-2015

4.20%
Unsubsidized 30-Day SEC Yield  

as of 31-May-2015

4.20%

Weighted Average Life  

as of 29-May-2015

5.40 yrs
Effective Duration  

as of 29-May-2015

-0.07 yrs
Yield to Maturity  

as of 29-May-2015

3.21%
Yield to Worst  

as of 29-May-2015

3.15%

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

More Products

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 Fund prospectus pages. Read the prospectus carefully before investing.

The fund invests a large portion of assets which are denominated in other currencies; hence changes in the relevant exchange rate will affect the value of the investment. Compared to more established economies, the value of investments in developing Emerging Markets may be subject to greater volatility due to differences in generally accepted accounting principles or from economic or political instability. The fund may invest in smaller company shares which can be more unpredictable and less liquid than those of larger company shares.

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.

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”).

©2015 BlackRock, Inc. All rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, BUILD ON BLACKROCK, ALADDIN, iSHARES, iBONDS, FACTORSELECT, iTHINKING, iSHARES CONNECT, FUND FRENZY, LIFEPATH, SO WHAT DO I DO WITH MY MONEY, INVESTING FOR A NEW WORLD, BUILT FOR THESE TIMES, the iShares Core Graphic, CoRI and the CoRI logo are registered and unregistered trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners.

USR-3384