Global Long/Short Credit Fund | BGCIX

Overview

An alternative to typical bond funds

The BlackRock Global Long/Short Credit Fund casts a wide net among global credit opportunities to enhance diversification and help protect against interest rate moves.

TRUE DIVERSIFICATION TO TRADITIONAL FIXED INCOME

Investing long and short in global markets offers a differentiated way to seek returns

SEEKS TO MINIMIZE INTEREST RATE RISK

Aims to avoid any impact from rates by managing duration and focusing solely on credit

TOTAL RETURN DRIVEN BY CREDIT, NOT RATES

Delivered attractive returns, with far less volatility than core fixed income since inception

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Commentary & performance

Quarterly commentary & portfolio positioning highlights.
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Performance

Returns

Average Annual
Cumulative
Calendar Year

	1y	3y	5y	10y	Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	7.43	2.97	2.28	-	2.85
Benchmark (%) Index: ICE BofAML 3 Month Treasury Bill Index (G0O1).<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.	2.28	1.67	1.07	-	0.68
Morningstar Category Avg. (%) Long-Short Credit	7.53	3.32	2.63	3.86	-
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	15/46	21/37	19/30	-	-
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	2	2	3	-	-
Lipper Category Avg. (%) Alt Credit Focus Funds	7.84	3.56	2.92	3.38	-
Lipper Ranking Rankings are based on total return excluding sales charges.	22/84	23/81	25/72	-	-
Lipper Quartile Rankings are based on total return excluding sales charges.	2	2	2	-	-

Missing average annual returns data

	YTD	1m	3m	1y	3y	5y	10y	Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	7.43	0.90	1.50	7.43	9.17	11.95	-	26.12
Benchmark (%) Index: ICE BofAML 3 Month Treasury Bill Index (G0O1).<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.	2.28	0.14	0.46	2.28	5.09	5.49	-	5.72
Morningstar Category Avg. (%) Long-Short Credit	7.53	1.15	1.25	7.53	10.28	13.87	46.02	-
Lipper Category Avg. (%) Alt Credit Focus Funds	7.84	1.06	1.38	7.84	11.15	15.66	40.44	-

Missing cumulative returns data

	2015	2016	2017	2018	2019
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	-1.00	3.58	3.46	-1.78	7.43
Benchmark (%) Index: ICE BofAML 3 Month Treasury Bill Index (G0O1)<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.	0.05	0.33	0.86	1.87	2.28
Morningstar Category Avg. (%) Long-Short Credit	-2.58	4.54	2.44	-1.64	7.53

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.

The Fund’s returns prior to September 17, 2018 are the returns of a predecessor fund that reorganized into the Fund on September 17, 2018. The predecessor fund had the same investment objectives, strategies and policies, portfolio management team and contractual arrangements, including the same contractual fees and expenses, as the Fund as of the date of the reorganization. As a result, the performance of the Fund would have been substantially similar to that of the predecessor fund.

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

Global Long/Short Credit Fund ($)

Cum. Fund Perf. Since Inception: 26.75

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

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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

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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 Feb 25, 2020 $1,525.7 M

Size of Fund (Millions) as of Feb 25, 2020 $2,173.0 M

Share Class launch date Sep 30, 2011

Asset Class Alternative

Morningstar Category Long-Short Credit

Lipper Classification Specialty Fixed-Inc Fds

Benchmark Index ICE BofAML 3 Month Treasury Bill Index (G0O1)

Number of Holdings as of Jan 31, 2020 1,654

CUSIP 09260C604

Distribution Frequency How often a distribution is paid by the fund. The most common distribution frequencies are annually, biannually and quarterly. None

Max Offer Price as of Feb 25, 2020 $10.02

Open to New Investors Yes

Turnover Percent as of Jan 31, 2020 226%

Portfolio Characteristics

Alpha (3y) Compared to Fund has no benchmark. Alpha is calculated at the portfolio level. A measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund's alpha. as of Jan 31, 2020 0.00

R-Squared (3y) as of Jan 31, 2020 0.00

Beta (3y) as of Jan 31, 2020 0.00

30 Day SEC Yield A standard calculation of yield introduced by the SEC in order to provide fairer comparison among funds. This yield reflects the interest earned after deducting the fund's expenses during the most recent 30-day period by the average investor in the fund. Negative 30-Day SEC Yield results when accrued expenses of the past 30 days exceed the income collected during the past 30 days. as of Jan 31, 2020 3.07%

Unsubsidized 30-Day SEC Yield Represents what a fund's 30-Day SEC Yield would have been had no fee waiver or expense reimbursement been in place over the period. as of Jan 31, 2020 3.06%

Yield to Maturity Yield to Maturity (YTM) is the discount rate that equates the present value of a bond's cash flows with its market price (including accrued interest). The Fund Average YTM is the weighted average of the fund's individual bond holding YTMs based upon Net Asset Value ('NAV'). The measure does not include fees and expenses. For callable bonds, YTM is the yield-to-worst. as of Jan 31, 2020 4.04%

Yield to Worst The average rate of return of the portfolio at current market prices, adjusting for optionality. as of Jan 31, 2020 3.71%

Effective Duration Effective Duration measures the sensitivity of the price of a bond with or without embedded options to changes in interest rates, taking into account the likelihood of the bond being called, put and/or sunk prior to its final maturity date while incorporating after-tax impacts on the bond. The options-based duration model used by BlackRock employs certain assumptions and may differ from other fund complexes. Effective Duration is measured at the individual bond level, aggregated to the portfolio level, and adjusted for leverage, hedging transactions and non-bond holdings, including derivatives. as of Jan 31, 2020 0.38 yrs

Weighted Average Life Nominal Weighted Average Life is shown. Weighted Average Life is the average number of years for which each dollar of unpaid principal on a loan or mortgage remains outstanding. as of Jan 31, 2020 3.77 yrs

Best 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2019 2.61%

Worst 3-Month Return Over the Last 3 Years 3 months ending Dec 31, 2018 -2.34%

Fund Standard Deviation (3y) as of Jan 31, 2020 0.00

This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Fees

as of current prospectus

Gross Expense Ratio	2.02%
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 Nov 30, 2020.	2.02%

Net Expense Ratio excluding Investment Related Expenses is 1.07%

Ratings

Lipper Leader

Lipper Leader Ratings

Consistent Return Global Long/Short Credit Fund received the following Consistent Return ratings for the 3-, 5-, and 10-year periods, respectively: 4 (81 funds), 5 (72 funds), and - ( funds). Lipper ratings for Consistent Return reflect funds' historical risk-adjusted returns, adjusted for volatility, relative to peers.

Preservation Global Long/Short Credit Fund received the following Preservation ratings for the 3-, 5-, and 10-year periods, respectively: 4 (5,840 funds), 4 (5,100 funds), and - ( funds). Lipper ratings for Preservation reflect funds' historical loss avoidance relative to other funds within the same asset class. Preservation ratings are relative, rather than absolute, measures, and funds named Lipper Leaders for Preservation may still experience losses periodically; those losses may be larger for equity and mixed equity funds than for fixed income funds.

Total Return Global Long/Short Credit Fund received the following Total Return ratings for the 3-, 5-, and 10-year periods, respectively: 4 (81 funds), 4 (72 funds), and - ( 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 Dec 31, 2019 out of 81, 5,840, 81, 37 and 81 Funds, respectively in Lipper's Specialty Fixed-Inc Fds classification.

as of Jan 31, 2020

Name	Fund Weight (%)
AMERICAN AIRLINES PASS THROUGH TRUSTS	3.93
INFORMATICA HOLDCO 2 LLC	3.13
ADVANCED MICRO DEVICES INC	2.77
MANTA HOLDINGS LP	2.45
SOFTBANK GROUP CORP	1.78

Name	Fund Weight (%)
AMERICAN AIRLINES GROUP INC	1.77
STAR PARENT LP	1.54
COMMSCOPE HOLDING CO INC	1.51
TELEFONICA SA	1.49
BROADCOM INC	1.41

as of Jan 31, 2020

Name	Weight (%)
AMERICAN AIRLINES PASS THROUGH TRUSTS	3.93
INFORMATICA HOLDCO 2 LLC	3.13
ADVANCED MICRO DEVICES INC	2.77
MANTA HOLDINGS LP	2.45
SOFTBANK GROUP CORP	1.78

Name	Weight (%)
AMERICAN AIRLINES GROUP INC	1.77
STAR PARENT LP	1.54
COMMSCOPE HOLDING CO INC	1.51
TELEFONICA SA	1.49
BROADCOM INC	1.41

as of Jan 31, 2020

Name	Fund Weight (%)
ITRAXX.FINSUB.32.V1	-3.67
CDX.NA.HY.33.V2	-2.31
INEOS LTD	-1.33
ITRAXX.XO.32.V1	-1.17
ARD HOLDINGS SA	-1.17

Name	Fund Weight (%)
BANCO BILBAO VIZCAYA ARGENTARIA SA	-0.92
CATERPILLAR INC	-0.89
UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND (GOVERNMENT)	-0.83
MATTERHORN TELECOM HOLDING SA	-0.75
WALGREENS BOOTS ALLIANCE INC	-0.71

Exposure Breakdowns

Sector
Geography
Credit Quality

as of Jan 31, 2020

% of Market Value

Type	Long	Short	Net

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as of Jan 31, 2020

% of Market Value

Type	Long	Short	Net

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as of Jan 31, 2020

% of Market Value

Type	Long	Short	Net

Show All Show Fewer

as of Jan 31, 2020

% of Market Value

Type	Long	Short	Net

Show All Show Fewer

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.

These sectors may contain hedge positions intended to bring the portfolio to a neutral duration and/or currency positioning and are not deemed active credit positions.

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.

Portfolio Managers

Managing Director, Global Credit

Portfolio manager on the Credit Enhanced Strategies Europe team

Carly Wilson

Stephen Gough

Portfolio Manager

Read the Team's Commentary

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”).

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