Inflation Protected Bond Fund

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NAV as of Mar 28, 2025 $9.59
52 WK: 9.27 - 9.73
1 Day NAV Change as of Mar 28, 2025 0.05 (0.52%)
NAV Total Return as of Mar 28, 2025 YTD: 3.70%
NEUTRAL

Overview

About this Fund

High-Quality Inflation Protection
A Distinct Portfolio Diversifier
Pursuing Protection and Income

Investment Approach

Invests at least 80% of its assets in inflation-indexed bonds of varying maturities issued by the U.S. and non-U.S. governments, their agencies or instrumentalities, and U.S. and non-U.S. corporations.

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Performance

Returns

	1y	3y	5y	10y
Total Return (%)	1.61	-2.46	1.77	1.85
Return w/ Sales Charge (%)	-2.46	-3.78	0.94	1.44
Benchmark (%)	1.84	-2.30	1.87	2.24
Morningstar Category Avg. (%)	2.05	-2.16	1.27	1.78
Morningstar Ranking	102/147	59/139	53/130	49/94
Morningstar Quartile	3	3	2	3
Lipper Category Avg. (%)	2.62	-1.41	1.93	1.95
Lipper Ranking	168/215	115/196	107/182	86/132
Lipper Quartile	4	3	3	3

Performance data is not currently available

	YTD	1m	3m	1y	3y	5y	10y
Total Return (%)	1.61	-1.90	-3.24	1.61	-7.19	9.15	20.14
Return w/ Sales Charge (%)	-2.46	-5.83	-7.11	-2.46	-10.91	4.78	15.34
Benchmark (%)	1.84	-1.58	-2.88	1.84	-6.73	9.69	24.81
Morningstar Category Avg. (%)	2.05	-1.37	-2.62	2.05	-6.34	6.50	19.26
Lipper Category Avg. (%)	2.62	-1.30	-2.34	2.62	-3.61	10.24	21.53

Performance data is not currently available

	2020	2021	2022	2023	2024
Total Return (%)	11.53	5.45	-11.71	3.45	1.61
Annual w/ Sales Charge (%)	7.07	1.24	-15.24	-0.69	-2.46
Benchmark (%)	10.99	5.96	-11.85	3.90	1.84
Morningstar Category Avg. (%)	10.01	5.61	-8.98	2.82	2.05

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.

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.

Click here for Distribution data

Key Facts

Size of Fund (Millions)

as of Mar 28, 2025

$1,825.0 M

Share Class launch date

Jun 28, 2004

Benchmark Index

Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) (USD)

Morningstar Category

Inflation-Protected Bond

CUSIP

09260B572

Open to New Investors

Yes

Size of Class (Millions)

as of Mar 28, 2025

$263.0 M

Asset Class

Fixed Income

Distribution Frequency

None

Lipper Classification

Infl Protected Bd Fds

Max Offer Price

as of Mar 28, 2025

$9.99

Turnover Percent in the Annual Report

as of Dec 31, 2023

197%

Portfolio Characteristics

Number of Holdings

as of Feb 28, 2025

195

Alpha (3y)

as of Feb 28, 2025

-0.01

R-Squared (3y)

as of Feb 28, 2025

99.20

Beta (3y)

as of Feb 28, 2025

1.02

Unsubsidized 30-Day SEC Yield

as of Feb 28, 2025

1.22%

Effective Duration

as of Feb 28, 2025

6.48 yrs

Best 3-Month Return Over the Last 3 Years

3 months ending Jan 31, 2024

5.74%

30 Day SEC Yield

as of Feb 28, 2025

1.47%

Yield to Maturity

as of Feb 28, 2025

4.41%

Fund Standard Deviation (3y)

as of Feb 28, 2025

7.45

Average Coupon

as of Feb 28, 2025

1.19%

Yield to Worst

as of Feb 28, 2025

2.02%

Weighted Average Life

as of Feb 28, 2025

8.71 yrs

Worst 3-Month Return Over the Last 3 Years

3 months ending Oct 31, 2022

-8.28%

For the latest month-end Distribution Yield, click here.

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	1.26%
Net Expense Ratio	1.09%

Net Expense Ratio excluding Investment Related Expenses is 0.59%

Acquired Fund Fees and Expenses 0.00%
Interest expense 0.50%

Ratings

Holdings

as of Feb 28, 2025

Name	Weight (%)
UMBS 30YR TBA(REG A)	6.17
TREASURY (CPI) NOTE 1.875 07/15/2034	4.01
TREASURY (CPI) NOTE 1.75 01/15/2034	3.78
TREASURY (CPI) NOTE 1.125 01/15/2033	3.56
TREASURY (CPI) NOTE 1.375 07/15/2033	3.52

Name	Weight (%)
TREASURY (CPI) NOTE 0.625 07/15/2032	3.51
TREASURY (CPI) NOTE 1.625 10/15/2029	3.50
TREASURY (CPI) NOTE 2.125 04/15/2029	3.43
TREASURY (CPI) NOTE 2.375 10/15/2028	3.40
TREASURY (CPI) NOTE 1.625 10/15/2027	3.32

Name	Market Value	Weight (%)	Shares	Maturity	Coupon (%)
TREASURY (CPI) NOTE	$72,848,485.23	4.01	71,978,884.00	Jul 15, 2034	1.88
TREASURY (CPI) NOTE	$68,662,191.52	3.78	68,666,602.00	Jan 15, 2034	1.75
TREASURY (CPI) NOTE	$64,708,258.82	3.56	67,588,683.00	Jan 15, 2033	1.13
TREASURY (CPI) NOTE	$64,060,216.93	3.52	65,669,271.00	Jul 15, 2033	1.38
TREASURY (CPI) NOTE	$63,781,561.52	3.51	68,537,854.00	Jul 15, 2032	0.63
TREASURY (CPI) NOTE	$63,696,598.69	3.50	62,607,260.00	Oct 15, 2029	1.63
TREASURY (CPI) NOTE	$62,377,853.03	3.43	60,261,288.00	Apr 15, 2029	2.13
TREASURY (CPI) NOTE	$61,749,117.57	3.40	58,931,095.00	Oct 15, 2028	2.38
TREASURY (CPI) NOTE	$60,303,359.62	3.32	59,140,354.00	Oct 15, 2027	1.63
TREASURY (CPI) NOTE	$59,990,432.24	3.30	66,592,778.00	Jan 15, 2032	0.13

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Detailed Holdings and Analytics

Holdings are subject to change. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. The Fund is actively managed and its details, holdings and characteristics will vary. Holdings shown should not be deemed as a recommendation to buy or sell securities. The user relies on this data at its own risk and neither BlackRock nor any other party makes any representations or express or implied warranties (which are expressly disclaimed) nor shall they incur any liability for any errors or omissions in the data.

Exposure Breakdowns

as of Feb 28, 2025

% Notional Exposures

Type	Fund	Benchmark	Net
US Government Related	90.16	100.00	-9.84
Net Derivatives	9.41	0.00	9.41
Agency Mortgages	8.02	0.00	8.02
Securitized Products	6.49	0.00	6.49
High Yield	2.80	0.00	2.80
Emerging Markets	1.29	0.00	1.29
Other	0.27	0.00	0.27
Equity	-0.01	0.00	-0.01
Non-US Developed	-0.81	0.00	-0.81
Cash	-17.62	0.00	-17.62

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as of Feb 28, 2025

% Market Value

Type	Fund	Benchmark	Net
Derivatives	0.19	0.00	0.19
0 - 1 Years	0.59	0.00	0.59
1 - 2 Years	13.79	11.80	1.99
2 - 3 Years	13.97	13.12	0.86
3 - 5 Years	34.81	27.14	7.67
5 - 7 Years	14.66	12.28	2.38
7 - 10 Years	22.32	20.55	1.77
10 - 15 Years	0.81	0.66	0.15
15 - 20 Years	5.86	6.10	-0.24
20+ Years	10.61	8.36	2.25

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as of Feb 28, 2025

% Market Value

Type	Fund	Benchmark	Net
Derivatives	0.19	0.00	0.19
AAA Rated	3.02	0.00	3.02
AA rated	108.66	100.00	8.66
A Rated	0.38	0.00	0.38
BBB Rated	0.80	0.00	0.80
BB Rated	0.31	0.00	0.31
B Rated	0.09	0.00	0.09
Not Rated	3.71	0.00	3.71
Cash	-17.62	0.00	-17.62
Other	0.46	0.00	0.46

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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.

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.