Nasdaq Dorsey Wright

There are no changes to any of the iShares models this week. As we do each quarter, today we review the performance of the models covered in this report.

There are no changes to any of the iShares models this week. As we do each quarter, today we review the performance of the models covered in this report. Despite a major sell-off in April, US equities finished the second quarter with strong gains as the S&P 500 (SPX) advanced more than 10%. The iShares Sector Rotation Model (ISHRSECT) and iShares Tactical Model (ISHRTACT) each had strong absolute gains. ISHSECT outperformed the S&P by about 1.6%, while ISHTRACT trailed the benchmark by about 35 basis points.

International equities also had a strong quarter as the iShares MSCI EAFE ETF (EFA) and the iShares MSCI Emerging Markets ETF (EEM) each gained more than 9%. The iShares International Model (ISHRINTL) outperformed both benchmarks, gaining more than 15% and is now up just under 28% for the year.

Bonds eked out a small gain in the second quarter as the iShares US Core Bond ETF (AGG) finished the quarter up 0.28%. The iShares Fixed Income Model (ISHRFIXED) handily outperformed the benchmark, gaining more than 3% for the quarter. ISHRFIXED was aided by its exposure to non-US fixed income, which has benefited from the weak US dollar.

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DISCLOSURE

**Unless otherwise stated, the performance numbers herein are based on price returns and do not include dividends or all transaction costs. Past performance is not indicative of future results. Potential for profits is accompanied by possibility of loss. BlackRock sponsors the Dorsey Wright iShares ETF Models. However, analysis, models and recommendations are created and provided solely by Dorsey, Wright & Associates (Dorsey Wright). Neither BlackRock, BlackRock Advisors and its affiliates, nor SEI Investments Distribution Co. or its affiliates (SEI) are affiliated with Dorsey Wright. Neither BlackRock nor SEI provides investment advice or recommendations regarding any security, fund or market. Analysis, models and recommendations should not be considered an offer to purchase or sell, or a solicitation of an offer to buy or purchase any security, including iShares. The examples presented do not take into consideration commissions, tax implications, or other transactions costs. No individual risk management tools are used in maintaining this model. This model may not be suitable for all investors. As the investment professional making the final decision with respect to allocations, remember to adhere to NASD Rules 2090 and 2111 (formerly NYSE Rule 405, Know Your Customer). The percentage of the portfolio devoted to any iShares strategy, as well as final individual weightings are at the sole discretion of the financial advisor and not Dorsey, Wright & Associates, BlackRock or SEI Investments Distribution Co. or its affiliates (SEI) . If you are not familiar with the Point & Figure methodology, we suggest you read "Point & Figure Charting, 4th Edition" by Thomas J. Dorsey or visit the PnF University at www.dorseywright.com. If you are not familiar with the iShares products, or Exchange Traded Funds (ETFs), we suggest you visit www.ishares.com for more information.