PERFORMANCE


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.


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, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be obtained by clicking the "Returns" tab above.
as of
  1y 3y 5y 10y Incept.  
4.24 5.05 10.96 4.36 -
Benchmark (%)   4.35 5.01 12.52 5.23 -
Morningstar Category Avg. (%)   4.16 4.79 10.83 3.99 -
Lipper Category Avg. (%)   4.08 4.74 10.78 3.96 -
  YTD 1m 3m 1y 3y 5y 10y Incept.  
0.94 0.23 0.94 4.24 15.94 68.20 53.21 -
Benchmark (%)   1.20 0.36 1.20 4.35 15.79 80.39 66.48 -
Lipper Ranking   58/175
Morningstar Category Avg. (%)   0.96 0.22 0.96 4.16 15.06 67.19 47.84 -
Lipper Category Avg. (%)   0.94 0.22 0.94 4.08 14.94 67.36 47.74 -
  2009 2010 2011 2012 2013
Total Return (%)   - - 2.79 8.66 5.40
Benchmark (%)   - 4.97 1.51 9.66 5.29
Morningstar Category Avg. (%)   41.81 9.44 1.63 9.43 5.68


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.
Ex-Date Payable Date Record Date Total Distribution   Income ST Cap Gains LT Cap Gains Return on Capital
Mar 31, 2014 Mar 31, 2014 Mar 31, 2014 $0.034500 - - - -
Feb 28, 2014 Feb 28, 2014 Feb 28, 2014 $0.031400 - - - -
Jan 31, 2014 Jan 31, 2014 Jan 31, 2014 $0.033200 - - - -
Dec 31, 2013 Dec 31, 2013 Dec 31, 2013 $0.033200 $0.033200 - - -
Nov 30, 2013 Nov 30, 2013 Nov 30, 2013 $0.034100 $0.034100 - - -
Nov 29, 2013 Nov 29, 2013 Nov 29, 2013 $0.034079 - - - -
Oct 31, 2013 Oct 31, 2013 Oct 31, 2013 $0.032700 $0.032700 - - -
Sep 30, 2013 Sep 30, 2013 Sep 30, 2013 $0.035100 $0.035100 - - -
Aug 31, 2013 Aug 31, 2013 Aug 31, 2013 $0.037000 $0.037000 - - -
Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 $0.036999 - - - -
Jul 31, 2013 Jul 31, 2013 Jul 31, 2013 $0.041100 $0.041100 - - -
Jun 30, 2013 Jun 30, 2013 Jun 30, 2013 $0.039400 $0.039400 - - -
Jun 28, 2013 Jun 28, 2013 Jun 28, 2013 $0.039353 - - - -
May 31, 2013 May 31, 2013 May 31, 2013 $0.037800 $0.037800 - - -
Apr 30, 2013 Apr 30, 2013 Apr 30, 2013 $0.035900 $0.035900 - - -
Mar 31, 2013 Mar 31, 2013 Mar 31, 2013 $0.033500 $0.033500 - - -
Mar 28, 2013 Mar 28, 2013 Mar 28, 2013 $0.033522 - - - -
Feb 28, 2013 Feb 28, 2013 Feb 28, 2013 $0.032000 $0.032000 - - -
Jan 31, 2013 Jan 31, 2013 Jan 31, 2013 $0.038900 $0.038900 - - -
Dec 31, 2012 Dec 31, 2012 Dec 31, 2012 $0.037800 $0.037800 - - -
Dec 21, 2012 Dec 24, 2012 Dec 20, 2012 $0.018938 $0.000000 $0.018938 - -
Nov 30, 2012 Nov 30, 2012 Nov 30, 2012 $0.036300 $0.036300 - - -
Oct 31, 2012 Oct 31, 2012 Oct 31, 2012 $0.036300 $0.036300 - - -
Sep 30, 2012 Sep 30, 2012 Sep 30, 2012 $0.040400 $0.040400 - - -
Aug 31, 2012 Aug 31, 2012 Aug 31, 2012 $0.042000 $0.042000 - - -
Jul 31, 2012 Jul 31, 2012 Jul 31, 2012 $0.040600 $0.040600 - - -
Jun 30, 2012 Jun 30, 2012 Jun 30, 2012 $0.039300 $0.039300 - - -
May 31, 2012 May 31, 2012 May 31, 2012 $0.038500 $0.038500 - - -
Apr 30, 2012 Apr 30, 2012 Apr 30, 2012 $0.037400 $0.037400 - - -
Dec 21, 2011 Dec 22, 2011 Dec 20, 2011 $0.019036 $0.009536 $0.009500 - -
Dec 22, 2010 Dec 23, 2010 Dec 21, 2010 $0.026668 $0.013334 $0.013334 - -

Past distributions are not indicative of future distributions.



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, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be obtained by clicking the "Returns" tab above.

Holdings

as of 31-Mar-2014

Name Weight (%)
LA QUINTA INTERMEDIATE HOLDINGS LLC 1.90
CAESARS ENTERTAINMENT RESORT PROPERTIES LLC 1.40
LEVEL 3 FINANCING INC 1.35
CHS/COMMUNITY HEALTH SYSTEMS INC 1.15
FEDERAL MOGUL CORP 1.08
TRANSUNION LLC 1.05
FIRST DATA CORPORATION 0.97
CENGAGE LEARNING ACQUISITIONS INC 0.95
ALCATEL-LUCENT USA INC 0.89
GRIFOLS WORLDWIDE OPERATIONS USA INC 0.85
The Fund is actively managed and its composition will vary. Holdings shown are for illustrative purposes only and should not be deemed as a recommendation to buy or sell the securities listed. Fund details, holdings and characteristics are as of the date noted and subject to change.

Exposure Breakdowns

as of 31-Mar-2014

% Notional Exposures  

United States

87.0%

90.1%

Luxembourg

2.8%

2.4%

Canada

2.2%

2.9%

Cash

2.2%

-

Netherlands

1.7%

0.7%

United Kingdom

1.5%

0.9%

Australia

0.7%

1.0%

Germany

0.6%

0.6%

Marshall Islands

0.3%

0.5%

Cayman Islands

0.3%

0.2%

  • Fund

  • Benchmark

as of 31-Mar-2014

% Notional Exposures  

North America

90.1%

93.8%

Europe

7.1%

5.1%

Cash

2.2%

-

Asia Pacific Basin

0.7%

1.0%

Emerging Markets

-

0.0%

  • Fund

  • Benchmark

as of 31-Mar-2014

% Notional Exposures  

Term Loans

93.8%

100.0%

Cash

2.2%

-

CLO

2.0%

-

High Yield Bonds

1.6%

-

Securitized Products

0.3%

-

Equity/Equity Futures

0.2%

-

  • Fund

  • Benchmark

as of 31-Mar-2014

% Notional Exposures  

USD

99.8%

100.0%

EUR

0.1%

-

GBP

0.1%

-

CAD

0.0%

-

  • Fund

  • Benchmark

as of 31-Mar-2014

% Market Value

Cash

2.2%

-

0 - 1 Years

1.8%

2.0%

1 - 2 Years

1.4%

1.6%

2 - 3 Years

4.4%

7.2%

3 - 5 Years

24.4%

33.8%

5 - 7 Years

62.6%

54.3%

7 - 10 Years

3.2%

1.1%

  • Fund

  • Benchmark

as of 31-Mar-2014

% Market Value

Cash

2.2%

-

AAA Rated

0.3%

-

AA rated

0.1%

-

A Rated

0.6%

-

BBB Rated

2.1%

2.1%

BB Rated

28.2%

34.7%

B Rated

59.0%

53.4%

CCC Rated

6.5%

7.4%

CC Rated

-

0.1%

C Rated

-

-

  • Fund

  • Benchmark

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.

as of 31-Mar-2014

% Market Value

Fixed Income

97.6%

100.0%

Cash

2.2%

-

Equity

0.2%

-

  • Fund

  • Benchmark

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.

Ratings

  • Morningstar Rating
     
  • Overall   :
  • 4
  • Overall Morningstar Rating for Floating Rate Income Fund, Institutional, as of 31-Mar-2014 rated against 147 Bank Loan Funds.

KEY FACTS

Size of Fund (Millions)

as of 15-Apr-2014

$2,877.4 M
Size of Class (Millions)

as of 15-Apr-2014

$1,852.0 M
Inception Date Mar 18, 2011
Asset Class Fixed Income
Morningstar Category Bank Loan
Lipper Classification Loan Participation Funds
CUSIP 09256H187
Benchmark Index S&P/LSTA Leveraged Loan Index

Total Expense Ratio 0.76%
Net, Including Investment Related Expenses   0.73%
Net, Excluding Investment Related Expenses 0.70%

Max Offer Price

as of 15-Apr-2014

$10.48
Distribution Frequency   Daily
Number of Holdings

as of 31-Mar-2014

542
Turnover Percent

as of 28-Feb-2014

91%
Open to New Investors Yes

PORTFOLIO CHARACTERISTICS

Alpha (3y)  

as of 28-Feb-2014

0.09
R-Squared (3y)  

as of 28-Feb-2014

97.03
Beta (3y)  

as of 28-Feb-2014

0.99

30 Day SEC Yield  

as of 31-Mar-2014

3.75%
Unsubsidized Yield

as of 31-Mar-2014

3.74

WAL to Worst

as of 31-Mar-2014

2.51 yrs
Model Duration  

as of 31-Mar-2014

0.23 yrs
Yield to Worst

as of 31-Mar-2014

3.61%

This information must be preceded or accompanied by a current prospectus. For standardized performance, please click on the "Returns" tab above.

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The fund is actively managed and its characteristics will vary.

The fund 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.

Corporate loan values fluctuate in price so your investment can go down depending on market conditions. Corporate loans may be illiquid, affecting the funds ability to realize net asset value in the event of a liquidation of assets. The fund may invest in non-US borrowers, which involves risks including fluctuation in foreign exchange rates, political and economic developments. Corporate loans in the funds portfolio typically are not rated or rated non-investment-grade (below Baa by Moodys or BBB by Standard & Poors). These corporate loans generally involve greater risks to principal and income.

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 ETF and BlackRock Mutual 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.

Expense information is reported from the most recent fund prospectus. The fund's net operating expenses exclude investment interest expenses, acquired fund fees, if any, and certain other fund expenses net of all waivers and reimbursements. For fund-of-funds, acquired fund fees are included in the net operating expenses. BlackRock may contractually agree to waive or reimburse certain fees and expenses until a specified date. Contractual waivers terminable upon 90 days notice by the fund's independent trustees or majority vote of outstanding fund securities. BlackRock may also voluntarily agree to waive certain fees and expenses in which the adviser may discontinue at any time without notice. Please see the prospectus for additional information.

The Fund is actively managed and its composition will vary. 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.

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