PERFORMANCE

as of
  1y 3y 5y 10y Incept.  
2.35 4.20 4.90 3.72 5.05
-0.21 3.32 4.37 3.45 4.95
Benchmark (%)   1.85 4.48 5.15 4.91 -
Morningstar Category Avg. (%)   1.26 3.96 4.69 3.52 -
Lipper Category Avg. (%)   1.26 3.92 4.66 3.49 -
Lipper Ranking   37/208 56/163 36/102 20/43
as of
  1m 3m YTD 1y 3y 5y 10y Incept.  
0.36 0.27 3.07 2.35 13.13 27.00 44.04 255.83
-2.15 -2.24 0.49 -0.21 10.30 23.82 40.44 246.93
Benchmark (%)   -0.01 -0.24 2.82 1.85 14.05 28.51 61.44 -
Morningstar Category Avg. (%)   0.02 -0.29 2.53 1.26 12.36 25.77 41.35 -
Lipper Category Avg. (%)   0.03 -0.28 2.51 1.26 12.25 25.68 41.12 -
Lipper Ranking   37/208 56/163 36/102 20/43
as of
  2010 2011 2012 2013 2014
Total Return (%)   8.61 2.41 8.29 5.09 1.20
Annual w/ Sales Charge (%)   - -0.15 5.55 2.46 -1.33
Benchmark (%)   10.15 1.51 9.66 5.29 1.60
Morningstar Category Avg. (%)   9.44 1.63 9.43 5.68 0.57


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.
Performance chart data not available for display.
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.

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Ex-Date Payable Date Record Date Total Distribution   Income ST Cap Gains LT Cap Gains

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Year Total Distribution   Income ST Cap Gains LT Cap Gains

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-Jul-2015

Name Weight (%)
VALEANT PHARMACEUTICALS INTERNATIONAL INC 1.83
FIRST DATA CORPORATION 1.20
ENDO LUXEMBOURG FINANCE CO I SARL 1.06
NEW LIGHTSQUARED LLC 1.04
CAESARS ENTERTAINMENT RESORT PROPERTIES LLC 0.96
LEVEL 3 FINANCING INC 0.85
CCO SAFARI III LLC 0.84
TRANS UNION LLC 0.80
INTERACTIVE DATA CORP 0.80
NUMERICABLE US LLC 0.78

Exposure Breakdowns

as of 31-Jul-2015

% Notional Exposures  

Term Loans

91.3%

100.0%

CLO

3.0%

-

High Yield Bonds

2.7%

-

Cash

2.3%

-

High Yield CDS

0.6%

-

Investment Grade Bonds

0.3%

-

Securitized Products

0.2%

-

Equity/Equity Futures

0.2%

-

Preferred Equity

-

-

Net Derivatives

-0.1%

-

  • Fund

  • Benchmark

as of 31-Jul-2015

% Notional Exposures  

North America

90.0%

91.9%

Europe

7.9%

7.1%

Cash

2.3%

-

Asia Pacific Basin

-

1.0%

Net Derivatives

-0.1%

-

  • Fund

  • Benchmark

as of 31-Jul-2015

% Notional Exposures  

United States

84.7%

87.1%

Luxembourg

3.8%

3.7%

Canada

3.7%

3.5%

Cash

2.3%

-

Netherlands

2.1%

1.6%

Cayman Islands

1.3%

0.6%

United Kingdom

0.8%

1.0%

Germany

0.5%

0.4%

Marshall Islands

0.3%

0.6%

Jersey, Channel Islands

0.2%

0.1%

  • Fund

  • Benchmark

Geographic exposure relates principally to the domicile of the issuers of the securities held in the product, added together and then expressed as a percentage of the product’s total holdings. However, in some instances it can reflect the country where the issuer of the securities carries out much of their business.
as of 31-Jul-2015

% Market Value

Cash

2.3%

-

Derivatives

0.0%

-

0 - 1 Years

1.9%

3.5%

1 - 2 Years

1.4%

2.9%

2 - 3 Years

6.5%

7.5%

3 - 5 Years

33.8%

36.4%

5 - 7 Years

49.4%

48.3%

7 - 10 Years

4.6%

1.4%

10 - 15 Years

0.0%

-

20+ Years

-

-

  • Fund

  • Benchmark

as of 31-Jul-2015

% Market Value

Fixed Income

97.6%

100.0%

Cash

2.3%

-

Equity

0.2%

-

Derivatives

0.0%

-

  • Fund

  • Benchmark

Allocations subject to change.
as of 31-Jul-2015

% Market Value

Cash

2.3%

-

Derivatives

0.0%

-

AAA Rated

0.2%

-

A Rated

0.9%

-

BBB Rated

4.4%

3.5%

BB Rated

27.6%

33.5%

B Rated

56.2%

53.2%

CCC Rated

6.1%

5.5%

CC Rated

-

0.3%

D Rated

-

0.6%

  • 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-Jul-2015

% Notional Exposures  

USD

99.9%

100.0%

GBP

0.1%

-

CAD

0.0%

-

  • 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

  • Lipper Leader Ratings
  • Consistent Return   :
     
  • Expense   :
     
  • Preservation   :
     
  • Total Return   :
     
  • 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 31-Jul-2015 out of 163, 5,186, 163, 52 and 163 Funds, respectively in Lipper's Loan Participation Funds classification.

KEY FACTS

Size of Class (Millions)

as of 01-Sep-2015

$597.5 M
Size of Fund (Millions)

as of 01-Sep-2015

$2,645.2 M
Asset Class Fixed Income
Morningstar Category Bank Loan
Lipper Classification Loan Participation Funds
Benchmark Index S&P/LSTA Leveraged Loan Index
CUSIP 09256H211
Inception Date Nov 3, 1989

Net, Including Investment Related Expenses   0.98%
Net, Excluding Investment Related Expenses 0.97%
Expense Ratio 0.98%

Max Offer Price

as of 01-Sep-2015

$10.45
Number of Holdings

as of 31-Jul-2015

456
Distribution Frequency   Monthly
Open to New Investors Yes
Turnover Percent

as of 31-Aug-2015

87%

PORTFOLIO CHARACTERISTICS

Alpha (3y)  

as of 31-Aug-2015

0.09
R-Squared (3y)

as of 31-Aug-2015

92.25
Beta (3y)

as of 31-Aug-2015

0.93

30 Day SEC Yield  

as of 30-Jun-2015

4.68%
Unsubsidized 30-Day SEC Yield  

as of 30-Jun-2015

4.68%

Weighted Average Life  

as of 31-Jul-2015

4.93 yrs
Yield to Maturity  

as of 31-Jul-2015

4.88%
Effective Duration  

as of 31-Jul-2015

0.24 yrs
Yield to Worst  

as of 31-Jul-2015

3.96%

Best 3-Month Return Over the Last 3 Years

3 months ending 30-Apr-2015

2.43%
Worst 3-Month Return Over the Last 3 Years

3 months ending 30-Sep-2014

-0.79%

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

More Products

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 Fund prospectus pages. Read the prospectus carefully before investing.

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.

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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USR-3384