PERFORMANCE


Cum. Fund Perf. Since Inception: 226.21%

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.


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.

Interactive chart displaying fund performance. Javascript is required.

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

Interactive chart displaying fund performance. Javascript is required.

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 27-Feb-2015

Name Weight (%)
ISHARES IBOXX $ HIGH YIELD CORPORATE BOND FUND 3.00
ALLY FINANCIAL INC 2.39
HD SUPPLY INC 2.12
SPDR BARCLAYS CAPITAL HIGH YIELD BOND ETF 1.82
FIRST DATA CORPORATION 1.57
AMAYA GAMING GROUP INC 1.44
HCA INC 1.21
BANK OF AMERICA CORP 1.11
JPMORGAN CHASE & CO 0.95
SPRINT CORP 0.92
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 27-Feb-2015

% Notional Exposures  

High Yield Bonds

70.3%

99.9%

Term Loans

8.4%

-

Equity/Equity Futures

5.2%

-

High Yield CDS

4.9%

-

Investment Grade Bonds

3.0%

0.0%

CLO

2.8%

-

Cash

2.2%

-

Hedges/Derivatives/Synthetics

2.2%

-

Preferred Equity

1.9%

-

Convertibles

0.6%

-

  • Fund

  • Benchmark

as of 27-Feb-2015

% Notional Exposures  

North America

86.0%

86.1%

Europe

13.1%

12.4%

Cash

2.2%

-

Asia Pacific Basin

0.3%

1.2%

Emerging Markets

0.3%

0.2%

Net Derivatives

-1.9%

-

  • Fund

  • Benchmark

as of 27-Feb-2015

% Notional Exposures  

United States

79.5%

82.7%

Canada

4.0%

3.4%

United Kingdom

2.9%

2.5%

Luxembourg

2.6%

3.1%

Cash

2.2%

-

Netherlands

1.6%

1.1%

France

1.6%

1.6%

Germany

1.3%

1.1%

Cayman Islands

1.2%

0.0%

Italy

1.1%

1.6%

  • 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 27-Feb-2015

% Notional Exposures  

USD

99.5%

100.0%

EUR

0.4%

-

CAD

0.1%

-

GBP

-

-

NOK

-

-

AUD

0.0%

-

  • Fund

  • Benchmark

as of 27-Feb-2015

% Market Value

Cash

2.2%

-

Derivatives

0.4%

-

0 - 1 Years

13.0%

11.1%

1 - 2 Years

7.3%

9.8%

2 - 3 Years

5.8%

10.2%

3 - 5 Years

20.5%

24.2%

5 - 7 Years

25.3%

22.2%

7 - 10 Years

19.5%

17.2%

10 - 15 Years

1.6%

1.6%

15 - 20 Years

1.8%

1.4%

  • Fund

  • Benchmark

as of 27-Feb-2015

% Market Value

Cash

2.2%

-

Derivatives

0.4%

-

AA rated

0.2%

-

A Rated

0.8%

-

BBB Rated

4.3%

0.0%

BB Rated

25.4%

43.5%

B Rated

38.1%

40.6%

CCC Rated

14.7%

15.4%

CC Rated

0.0%

0.2%

C Rated

-

0.0%

  • 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 27-Feb-2015

% Market Value

Fixed Income

90.3%

100.0%

Equity

7.0%

-

Cash

2.2%

-

Derivatives

0.4%

-

  • Fund

  • Benchmark

Allocations subject to change.
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 High Yield Bond Fund, CLASS A, as of 28-Feb-2015 rated against 596 High Yield Bond Funds.
  • Lipper Leader Ratings
  • Consistent Return   :
     
  • Total Return   :
     
  • Expense   :
     
  • 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 28-Feb-2015 out of 496, 5,065, 497, 150 and 497 Funds, respectively in Lipper's High Yield Funds classification.


Morningstar Analyst


Morningstar has awarded the Fund a Bronze medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective 11/17/14)*

KEY FACTS

Size of Fund (Millions)

as of 27-Mar-2015

$17,372.8 M
Size of Class (Millions)

as of 27-Mar-2015

$3,289.5 M
Inception Date Nov 19, 1998
Asset Class Fixed Income
Morningstar Category High Yield Bond
Lipper Classification High Yield Funds
CUSIP 091929679
Benchmark Index Barclays US Corp High Yield 2% Issuer Capped Index

Total Expense Ratio 0.97%
Net, Including Investment Related Expenses   0.95%
Net, Excluding Investment Related Expenses 0.92%

Max Offer Price

as of 27-Mar-2015

$8.25
Distribution Frequency   Monthly
Number of Holdings

as of 27-Feb-2015

1,107
Turnover Percent

as of 28-Feb-2015

87%
Open to New Investors Yes

PORTFOLIO CHARACTERISTICS

Alpha (3y)  

as of 30-Jan-2015

0.14
R-Squared (3y)

as of 30-Jan-2015

95.73
Beta (3y)

as of 30-Jan-2015

1.03

30 Day SEC Yield  

as of 28-Feb-2015

4.63%
Unsubsidized 30-Day SEC Yield  

as of 28-Feb-2015

4.63%

Effective Duration  

as of 27-Feb-2015

3.76 yrs
Weighted Average Life  

as of 27-Feb-2015

5.60 yrs
Yield to Worst  

as of 27-Feb-2015

5.27%

Best 3-Month Return Over the Last 3 Years

3 months ending 31-Aug-2012

5.18%
Worst 3-Month Return Over the Last 3 Years

3 months ending 30-Sep-2014

-1.55%

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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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.

The fund is actively managed and its characteristics will vary.

Bond values fluctuate in price so the value of your investment can go down depending on market conditions.

Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments.

Principal of mortgage- or asset-backed securities normally may be prepaid at any time, reducing the yield and market value of those securities.

Obligations of US govt. agencies are supported by varying degrees of credit but generally are not backed by the full faith and credit of the US govt.

Non-investment-grade debt securities (high-yield/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher rated securities.

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.

International investing involves special risks including, but not limited to currency fluctuations, illiquidity and volatility. These risks may be heightened for investments in emerging markets.

*The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the mutual fund analysts of Morningstar, Inc. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Morningstar’s analysts use this five-pillar evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors in their research, and the weighting of each pillar may vary. The Analyst Rating ultimately reflects the analyst’s overall assessment and is overseen by Morningstar’s Analyst Rating Committee. The approach serves not as a formula but as a framework to ensure consistency across Morningstar’s global coverage universe. The Analyst Rating scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest rating. A "Bronze"-rated fund has advantages that outweigh the disadvantages across the five pillars, with sufficient level of analyst conviction to warrant a positive rating. Analyst Ratings are reevaluated at least every 14 months. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please click here.

The Morningstar Analyst Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings are based on Morningstar's current expectations about future events; therefore, in no way does Morningstar represent ratings as a guarantee nor should they be viewed by an investor as such. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar's expectations not to occur or to differ significantly from what we expected.

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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