Allocating to a flexible bond strategy that can navigate changes in interest rates and other challenges may offer you a better chance of success.

A Flexible, Core Bond Alternative

An all-in-one flexible bond portfolio that widens the opportunity set by blending traditional and non-traditional investment strategies. See how the Fund is positioned.

Adapting to Changing Bond Markets

Built to adapt to diverse interest rate and credit conditions by investing across the entire bond market without sector, quality and geography limitations. See how the Fund has adapted.

A History of Attractive Returns & Income

The Fund has offered a unique combination of attractive income, strong returns and downside protection through diverse markets. See the Fund’s results.

Learn how the Fund’s adaptable approach can help you.

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Not all bond funds are built the same. Find out why


Not all bond funds are built the same.

Experience a new way to see how the fund has adapted using our Interactive Chart

Experience a new way to see how the fund has adapted using our Interactive Chart

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Stay informed with monthly portfolio updates from the team

Check out our guide to learn more about the fund.

Check out our guide to learn more about the fund.

Rated against 270 Nontraditional Bond Funds, as of 12/31/15, based on risk-adjusted total return. Ratings are determined monthly and subject to change. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.For each fund with a 3- year history, a Morningstar Rating® is calculated based on risk-adjusted returns that account for variations in a fund’s monthly performance (including sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The fund was rated against the following numbers of U.S.-domiciled Nontraditional Bond funds over the following time periods: 270 in the last 3 years and 161 in the last 5 years. With respect to these Nontraditional Bond funds, the fund received a Morningstar Rating of 4 and 5 stars for the 3- and 5-year periods, respectively. Other classes may have different performance characteristics.

Past performance is no guarantee of future results.

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 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 values fluctuate in price so the value of your investment can go down depending on market conditions.

International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. These risks often are heightened for investments in emerging/ developing markets, in concentrations of single countries or smaller capital markets. Frontier markets involve heightened risks related to the same factors and may be subject to a greater risk of loss than investments in more developed and 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.

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.

Asset allocation strategies do not assure profit and do not protect against loss.

The funds 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.

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USR-6565