Allocation Target Shares: Series C Fund | BRACX

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NAV as of Jul 16, 2019 $10.56
52 WK: 9.77 - 10.67
1 Day NAV Change as of Jul 16, 2019 -0.02 (-0.19%)
NAV Total Return as of Jul 16, 2019 YTD: 9.24% YTD (year to date) is a period, starting from the beginning of the current calendar year, and continuing up to the prior day's close.

Overview

Investment Approach

This fund is only available through BlackRock Separately Managed Accounts.

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Performance

Returns

Average Annual
Cumulative
Calendar Year

	1y	3y	5y	10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	8.33	5.88	5.80	6.22
Benchmark (%) Index: BBG Barc U.S. Credit Index.<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.	8.30	5.44	4.83	5.77
Morningstar Category Avg. (%) Corporate Bond	8.80	5.36	5.14	5.76
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	112/194	48/171	46/146	27/93
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	3	2	2	2
Lipper Category Avg. (%) Corp Debt BBB Rated Fds	8.44	5.12	4.85	5.55
Lipper Ranking Rankings are based on total return excluding sales charges.	119/257	51/213	43/177	24/108
Lipper Quartile Rankings are based on total return excluding sales charges.	2	1	1	1

Missing average annual returns data

	YTD	1m	3m	1y	3y	5y	10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	9.05	-0.29	1.51	8.33	18.71	32.58	82.90
Benchmark (%) Index: BBG Barc U.S. Credit Index.<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.	8.86	-0.28	1.23	8.30	17.22	26.59	75.26
Morningstar Category Avg. (%) Corporate Bond	9.40	-0.05	1.95	8.80	16.95	28.49	75.04
Lipper Category Avg. (%) Corp Debt BBB Rated Fds	9.25	-0.13	1.64	8.44	16.29	26.91	73.04

Missing cumulative returns data

	2011	2012	2013	2014	2015
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	8.47	11.23	-0.50	8.52	-1.01
Benchmark (%) Index: BBG Barc U.S. Credit Index<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.	8.35	9.37	-2.01	7.53	-0.77
Morningstar Category Avg. (%) Corporate Bond	7.46	11.06	-1.06	6.93	-1.39

Missing calendar year returns data

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.

Growth of Hypothetical $10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Performance chart data not available for display.

Growth of Hypothetical $10,000
Historical NAVs

Allocation Target Shares: Series C Fund ($)

Cum. Fund Perf. Since Inception: 95.65

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.

Historical NAVs

Distributions

Interactive chart displaying fund performance. Javascript is required.

Recent
Calendar Year

Chart
Table

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Ex-Date	Payable Date	Record Date	Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until approximately 60 days following calendar year-end.	Income	ST Cap Gains	LT Cap Gains	Return of Capital

Chart
Table

Interactive chart displaying fund performance. Javascript is required.

Year	Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until calendar year-end.	Income	ST Cap Gains	LT Cap Gains

Past distributions are not indicative of future distributions.
Click here, for the most recent distributions.

Key Facts

Size of Class (Millions) as of Jul 16, 2019 $404.0 M

Size of Fund (Millions) -

Share Class launch date Sep 30, 2004

Asset Class Fixed Income

Morningstar Category Corporate Bond

Lipper Classification Corp Debt BBB Rated Fds

Benchmark Index BBG Barc U.S. Credit Index

CUSIP 092480102

Distribution Frequency How often a distribution is paid by the fund. The most common distribution frequencies are annually, biannually and quarterly. Monthly

Number of Holdings as of Aug 29, 2014 321

Max Offer Price as of Jul 16, 2019 $10.56

Open to New Investors No

Turnover Percent as of Jun 30, 2019 55%

Fees

as of current prospectus

Gross Expense Ratio	0.13%
Net Expense Ratio The difference between gross and net expense ratios are due to contractual and/or voluntary waivers, if applicable. Any applicable contractual waiver will be terminable upon 90 days’ notice. BlackRock may agree to voluntarily waive certain fees and expenses, which the adviser may discontinue at any time without notice. For this share class, the contractual waiver end date is -.	-

Net Expense Ratio excluding Investment Related Expenses is -

Ratings

Lipper Leader

Lipper Leader Ratings

Consistent Return Allocation Target Shares: Series C Fund received the following Consistent Return ratings for the 3-, 5-, and 10-year periods, respectively: 4 (212 funds), 4 (181 funds), and 4 (114 funds). Lipper ratings for Consistent Return reflect funds' historical risk-adjusted returns, adjusted for volatility, relative to peers.

Expense Allocation Target Shares: Series C Fund received the following Expense ratings for the 3-, 5-, and 10-year periods, respectively: 5 (126 funds), 5 (100 funds), and 5 (53 funds). Lipper ratings for Expense reflect funds' expense minimization relative to peers with similar load structures.

Total Return Allocation Target Shares: Series C Fund received the following Total Return ratings for the 3-, 5-, and 10-year periods, respectively: 3 (212 funds), 4 (181 funds), and 4 (114 funds). Lipper ratings for Total Return reflect funds' historical total return performance relative to peers.

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 Jun 30, 2019 out of 212, 5,787, 212, 126 and 212 Funds, respectively in Lipper's Corp Debt BBB Rated Fds classification.

Portfolio Managers

Managing Director

Stephan Bassas, Managing Director, is Head of Americas Liability Driven Investing and a member of Americas Fixed Income within Alpha Strategies. In addition to his responsibilities leading the North America LDI effort, he is also an active participant in the Investment Grade Credit Group as a senior portfolio manager.

Mr. Bassas' service with the firm dates back to 2000, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, Mr. Bassas was the lead PM on European corporate bond portfolios. Prior to joining MLIM in 2000, Mr. Bassas worked as a portfolio manager and asset swap proprietary trader for Paribas Asset Management and Paribas Capital Markets in Luxembourg and London.

Mr. Bassas earned an MBA degree from the University of Lyon, France in 1993 and attended the Investment Management Program at the London Business School in 2000.

Director

Michael Heilbronn, Director, is a member of the Core PM SMA Team in Princeton for BlackRock's Managed Account business within Multi-Asset Strategies (MAS). In this capacity, he is responsible for managing mid-sized institutional taxable bond portfolios. Additionally, Mr. Heilbronn is part of a liaison team that coordinates the SMA fixed income portfolio strategy and credit research with the rest of the firm. He works closely with each group to facilitate idea sharing and trade ideas across portfolios.

Michael service with the firm dates back to 1998, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he was a product specialist for the firm's entire range of fixed income portfolios, and also served as an associate asset management advisor. Michael joined MLIM in 2000, after working with the mutual funds marketing team at the Merrill Lynch Private Client Group for two years.

Michael earned a BS degree from the Pennsylvania State University in 1998.

Portfolio Manager

Literature

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Important Information

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 Fund and BlackRock Fund prospectus pages. Read the prospectus carefully before investing.

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”).

© 2019 BlackRock, Inc. All rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, BUILD ON BLACKROCK, ALADDIN, iSHARES, iBONDS, 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-9785