PERFORMANCE


Cum. Fund Perf. Since Inception: 38.71%

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.  
4.23 5.48 5.73 - 4.92
0.06 4.06 4.88 - 4.29
Benchmark (%)   5.29 3.66 4.59 - 4.89
Morningstar Category Avg. (%)   2.37 3.85 3.92 3.98 -
Lipper Category Avg. (%)   2.38 3.94 4.42 4.28 -
Lipper Ranking   21/154 23/114 8/46
as of
  YTD 1m 3m 1y 3y 5y 10y Incept.  
3.56 0.57 0.08 4.23 17.37 32.16 - 38.71
-0.59 -3.46 -3.93 0.06 12.68 26.87 - 33.15
Benchmark (%)   5.75 0.54 0.72 5.29 11.39 25.14 - 38.48
Morningstar Category Avg. (%)   1.86 -0.16 -0.63 2.37 11.99 21.22 47.79 -
Lipper Category Avg. (%)   1.90 -0.19 -0.90 2.38 12.41 24.47 52.71 -
Lipper Ranking   21/154 23/114 8/46
as of
  2009 2010 2011 2012 2013
Total Return (%)   24.76 13.10 -0.98 9.64 3.02
Annual w/ Sales Charge (%)   19.79 8.58 -4.99 5.21 -1.10
Benchmark (%)   8.60 7.16 7.40 5.53 -1.35
Morningstar Category Avg. (%)   19.00 5.44 -1.29 7.50 0.29


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
Nov 30, 2014 Nov 30, 2014 Nov 30, 2014 $0.018000 - - - -
Oct 31, 2014 Oct 31, 2014 Oct 31, 2014 $0.015600 - - - -
Sep 30, 2014 Sep 30, 2014 Sep 30, 2014 $0.014600 - - - -
Aug 31, 2014 Aug 31, 2014 Aug 31, 2014 $0.016700 - - - -
Aug 29, 2014 Aug 29, 2014 Aug 29, 2014 $0.016733 - - - -
Jul 31, 2014 Jul 31, 2014 Jul 31, 2014 $0.021100 - - - -
Jul 17, 2014 Jul 18, 2014 Jul 16, 2014 $0.019715 - - - -
Jun 30, 2014 Jun 30, 2014 Jun 30, 2014 $0.019700 - - - -
May 31, 2014 May 31, 2014 May 31, 2014 $0.021100 - - - -
Apr 30, 2014 Apr 30, 2014 Apr 30, 2014 $0.020900 - - - -
Mar 31, 2014 Mar 31, 2014 Mar 31, 2014 $0.019900 - - - -
Feb 28, 2014 Feb 28, 2014 Feb 28, 2014 $0.017800 - - - -
Jan 31, 2014 Jan 31, 2014 Jan 31, 2014 $0.014400 - - - -
Dec 31, 2012 Dec 31, 2012 Dec 31, 2012 $0.022278 $0.020975 $0.000000 $0.000000 $0.001303
Dec 24, 2012 Dec 24, 2012 Dec 24, 2012 $0.000000 $0.000000 $0.000000 $0.000000 $0.000000
Nov 30, 2012 Nov 30, 2012 Nov 30, 2012 $0.024517 $0.023083 $0.000000 $0.000000 $0.001434
Oct 31, 2012 Oct 31, 2012 Oct 31, 2012 $0.027781 $0.026156 $0.000000 $0.000000 $0.001625
Sep 28, 2012 Sep 28, 2012 Sep 28, 2012 $0.025232 $0.023756 $0.000000 $0.000000 $0.001476
Aug 31, 2012 Aug 31, 2012 Aug 31, 2012 $0.026167 $0.024636 $0.000000 $0.000000 $0.001531
Jul 31, 2012 Jul 31, 2012 Jul 31, 2012 $0.028707 $0.027027 $0.000000 $0.000000 $0.001679
Jun 29, 2012 Jun 29, 2012 Jun 29, 2012 $0.027700 $0.026080 $0.000000 $0.000000 $0.001620
May 31, 2012 May 31, 2012 May 31, 2012 $0.027889 $0.026258 $0.000000 $0.000000 $0.001632
Apr 30, 2012 Apr 30, 2012 Apr 30, 2012 $0.023676 $0.022291 $0.000000 $0.000000 $0.001385
Mar 30, 2012 Mar 30, 2012 Mar 30, 2012 $0.026419 $0.024873 $0.000000 $0.000000 $0.001546
Feb 29, 2012 Feb 29, 2012 Feb 29, 2012 $0.027875 $0.026245 $0.000000 $0.000000 $0.001631
Jan 31, 2012 Jan 31, 2012 Jan 31, 2012 $0.026159 $0.024629 $0.000000 $0.000000 $0.001530
Jul 21, 2011 Jul 22, 2011 Jul 20, 2011 $0.034184 $0.017084 - $0.017100 -
Dec 22, 2010 Dec 23, 2010 Dec 21, 2010 $0.289595 $0.144795 $0.144800 - -
May 20, 2010 May 21, 2010 May 19, 2010 $0.031968 $0.015968 - $0.016000 -
Dec 23, 2008 Dec 24, 2008 Dec 22, 2008 $0.009794 $0.004897 $0.004897 - -

Interactive chart displaying fund performance. Javascript is required.

Year Total Distribution   Income ST Cap Gains LT Cap Gains
2012 0.31 0.30 0.00 0.00
2011 0.03 0.02 - 0.02
2010 0.32 0.16 0.14 0.02
2008 0.01 0.00 0.00 -

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

as of 28-Nov-2014

Name Weight (%)
UNITED STATES TREASURY 18.46
FEDERAL NATIONAL MORTGAGE ASSOCIATION 18.31
ITALY (REPUBLIC OF) 5.35
JAPAN (GOVERNMENT OF) 2.93
SPAIN (KINGDOM OF) 1.44
MEXICO (UNITED MEXICAN STATES) 0.95
PORTUGAL (REPUBLIC OF) 0.73
SLOVENIA (REPUBLIC OF) 0.61
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION II 0.59
NETHERLANDS (KINGDOM OF) 0.54
The Fund is actively managed and its composition will vary. Holdings shown are for illustrative purposes only and should not be deemed as a recommendation to buy or sell the securities listed. Fund details, holdings and characteristics are as of the date noted and subject to change.

Exposure Breakdowns

as of 28-Nov-2014

% Notional Exposures  

Net Derivatives

24.8%

Agency Pass-Through MBS

18.7%

Non-US Sovereign Related

10.8%

Emerging Markets

9.8%

Asset Backed Securities

8.1%

Commercial Mortgages

6.8%

Cash

6.0%

Non-US Credit Related

5.4%

Municipals

5.2%

CLO Securities

4.2%

as of 28-Nov-2014

% Notional Exposures  

United States

42.1%

Net Derivatives

25.7%

Cash

6.0%

Italy

5.8%

Brazil

3.8%

Australia

3.1%

Spain

2.3%

China

1.7%

India

1.6%

Cayman Islands

1.6%

as of 28-Nov-2014

% Notional Exposures  

North America

44.3%

Net Derivatives

25.7%

Emerging Markets

11.3%

Europe

7.8%

Cash

6.0%

Asia Pacific Basin

4.8%

Geographic exposure relates principally to the domicile of the issuers of the securities held in the product, added together and then expressed as a percentage of the product’s total holdings. However, in some instances it can reflect the country where the issuer of the securities carries out much of their business.
as of 28-Nov-2014

% Notional Exposures  

USD

105.9%

MXN

0.6%

INR

0.4%

TRY

0.2%

CNY

0.1%

PLN

0.1%

HKD

0.0%

NOK

0.0%

CNH

0.0%

RUB

0.0%

as of 28-Nov-2014

% Market Value

Cash

6.0%

Derivatives

-3.2%

0 - 1 Years

4.2%

1 - 2 Years

4.7%

2 - 3 Years

7.9%

3 - 5 Years

27.3%

5 - 7 Years

17.6%

7 - 10 Years

26.6%

10 - 15 Years

2.1%

15 - 20 Years

4.4%

as of 28-Nov-2014

% Market Value

Cash

6.0%

Derivatives

-3.2%

AAA Rated

42.7%

AA rated

6.9%

A Rated

6.5%

BBB Rated

15.8%

BB Rated

8.4%

B Rated

6.2%

CCC Rated

1.5%

CC Rated

0.6%

The fund itself has not been rated by an independent rating agency. Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.

as of 28-Nov-2014

% Market Value

Fixed Income

95.5%

Cash

6.0%

Alternatives

0.8%

Equity

0.7%

Derivatives

-3.2%

Allocations subject to change.
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. Certain transactions the funds may utilize may give rise to a form of leverage through either (a) additional market exposure or (b) borrowing capital in an attempt to increase investment return. The use of such transactions includes certain leverage-related risks, including potential for higher volatility, greater decline of the fund’s net asset value and fluctuations of dividends and distributions paid by the fund.

Allocations are subject to change.

Ratings

KEY FACTS

Size of Fund (Millions)

as of 18-Dec-2014

$24,774.7 M
Size of Class (Millions)

as of 18-Dec-2014

$4,028.7 M
Inception Date Feb 5, 2008
Asset Class Fixed Income
Morningstar Category Nontraditional Bond
Lipper Classification Alt Credit Focus Funds
CUSIP 09256H310
Benchmark Index Barclays U.S. Universal Index

Total Expense Ratio 1.18%
Net, Including Investment Related Expenses   1.15%
Net, Excluding Investment Related Expenses 0.90%

Max Offer Price

as of 18-Dec-2014

$10.71
Distribution Frequency   Monthly
Number of Holdings

as of 28-Nov-2014

1,610
Turnover Percent

as of 30-Nov-2014

1,413%
Open to New Investors Yes

PORTFOLIO CHARACTERISTICS

30 Day SEC Yield  

as of 30-Nov-2014

1.96%
Unsubsidized 30-Day SEC Yield  

as of 30-Nov-2014

1.95%

Effective Duration  

as of 28-Nov-2014

1.56 yrs
Weighted Average Life  

as of 28-Nov-2014

6.66 yrs
Yield to Worst  

as of 28-Nov-2014

2.65%

Best 3-Month Return Over the Last 3 Years

3 months ending 31-Mar-2012

3.69%
Worst 3-Month Return Over the Last 3 Years

3 months ending 31-Aug-2013

-2.01%

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 Mutual Fund prospectus pages. Read the prospectus carefully before investing.

The fund is actively managed and its characteristics will vary.

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.

Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments.

Principal of mortgage- or asset-backed securities normally may be prepaid at any time, reducing the yield and market value of those securities.

Obligations of US govt. agencies are supported by varying degrees of credit but generally are not backed by the full faith and credit of the US govt.

Non-investment-grade debt securities (high-yield/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher rated securities.

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.

Short-selling entails special risks. If the fund makes short sales in securities that increase in value, the fund will lose value. Any loss on short positions may or may not be offset by investing short-sale proceeds in other investments.

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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