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.  
9.16 9.49 18.73 8.79 8.23
Benchmark (%)   7.53 8.97 18.14 8.67 7.87
Morningstar Category Avg. (%)   6.77 7.71 15.90 7.29 -
Lipper Category Avg. (%)   6.73 7.70 15.92 7.32 -
  YTD 1m 3m 1y 3y 5y 10y Incept.  
3.11 0.14 3.11 9.16 31.24 135.97 132.16 237.06
Benchmark (%)   2.98 0.24 2.98 7.53 29.41 130.12 129.75 220.23
Lipper Ranking   37/566 29/460 26/395 13/270
Morningstar Category Avg. (%)   2.63 0.26 2.63 6.77 24.98 109.14 102.18 -
Lipper Category Avg. (%)   2.61 0.27 2.61 6.73 24.99 110.16 103.36 -
  2009 2010 2011 2012 2013
Total Return (%)   52.77 18.36 3.22 17.12 9.30
Benchmark (%)   58.21 15.12 4.98 15.81 7.44
Morningstar Category Avg. (%)   46.70 14.24 2.83 14.67 6.90


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 $0.041500 - - - -
Feb 28, 2014 Feb 28, 2014 Feb 28, 2014 $0.039000 - - - -
Jan 31, 2014 Jan 31, 2014 Jan 31, 2014 $0.043400 - - - -
Dec 31, 2013 Dec 31, 2013 Dec 31, 2013 $0.041600 $0.041600 - - -
Dec 20, 2013 Dec 23, 2013 Dec 19, 2013 $0.110420 $0.000000 $0.008629 $0.101791 -
Nov 30, 2013 Nov 30, 2013 Nov 30, 2013 $0.038600 $0.038600 - - -
Nov 29, 2013 Nov 29, 2013 Nov 29, 2013 $0.038625 - - - -
Nov 13, 2013 Nov 13, 2013 Nov 13, 2013 $0.039786 - - - -
Oct 31, 2013 Oct 31, 2013 Oct 31, 2013 $0.039800 $0.039800 - - -
Sep 30, 2013 Sep 30, 2013 Sep 30, 2013 $0.040100 $0.040100 - - -
Aug 31, 2013 Aug 31, 2013 Aug 31, 2013 $0.042900 $0.042900 - - -
Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 $0.042899 - - - -
Jul 31, 2013 Jul 31, 2013 Jul 31, 2013 $0.043200 $0.043200 - - -
Jun 30, 2013 Jun 30, 2013 Jun 30, 2013 $0.043800 $0.043800 - - -
Jun 28, 2013 Jun 28, 2013 Jun 28, 2013 $0.043806 - - - -
May 31, 2013 May 31, 2013 May 31, 2013 $0.044500 $0.044500 - - -
Apr 30, 2013 Apr 30, 2013 Apr 30, 2013 $0.043900 $0.043900 - - -
Mar 31, 2013 Mar 31, 2013 Mar 31, 2013 $0.042800 $0.042800 - - -
Mar 28, 2013 Mar 28, 2013 Mar 28, 2013 $0.042752 - - - -
Feb 28, 2013 Feb 28, 2013 Feb 28, 2013 $0.037600 $0.037600 - - -
Jan 31, 2013 Jan 31, 2013 Jan 31, 2013 $0.040300 $0.040300 - - -
Dec 31, 2012 Dec 31, 2012 Dec 31, 2012 $0.042700 $0.042700 - - -
Dec 21, 2012 Dec 24, 2012 Dec 20, 2012 $0.030416 $0.000000 $0.030416 - -
Nov 30, 2012 Nov 30, 2012 Nov 30, 2012 $0.042700 $0.042700 - - -
Oct 31, 2012 Oct 31, 2012 Oct 31, 2012 $0.041600 $0.041600 - - -
Sep 30, 2012 Sep 30, 2012 Sep 30, 2012 $0.040900 $0.040900 - - -
Aug 31, 2012 Aug 31, 2012 Aug 31, 2012 $0.043600 $0.043600 - - -
Jul 31, 2012 Jul 31, 2012 Jul 31, 2012 $0.041800 $0.041800 - - -
Jun 30, 2012 Jun 30, 2012 Jun 30, 2012 $0.042300 $0.042300 - - -
May 31, 2012 May 31, 2012 May 31, 2012 $0.043900 $0.043900 - - -
Apr 30, 2012 Apr 30, 2012 Apr 30, 2012 $0.041600 $0.041600 - - -
Dec 21, 2011 Dec 22, 2011 Dec 20, 2011 $0.043196 $0.021598 $0.021598 - -
Dec 22, 2010 Dec 23, 2010 Dec 21, 2010 $0.032362 $0.016181 $0.016181 - -
Dec 8, 2005 Dec 9, 2005 Dec 7, 2005 $0.143100 $0.000000 $0.037400 $0.105700 -
Dec 20, 2004 Dec 20, 2004 Dec 20, 2004 $0.136600 $0.000000 $0.126500 $0.010100 -

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 (%)
ALLY FINANCIAL INC 3.09
HD SUPPLY INC 2.02
CAESARS ENTERTAINMENT RESORT PROPERTIES LLC 1.52
GOODYEAR TIRE & RUBBER COMPANY (THE) 1.42
SPRINT COMMUNICATIONS INC 1.30
FIRST DATA CORPORATION 1.28
TENET HEALTHCARE CORPORATION 1.14
REYNOLDS GROUP ISSUER INC / REYNOLDS GROUP ISSUER LLC / REYNOLDS GROUP ISSUER LUXEMBOURG 1.08
HCA INC 1.05
AMERICAN CAPITAL LTD 1.03
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

77.6%

83.7%

Canada

4.4%

3.7%

Luxembourg

4.2%

3.8%

United Kingdom

3.8%

2.0%

Australia

1.6%

0.7%

Netherlands

1.5%

1.0%

Germany

1.2%

0.3%

Bermuda

1.2%

0.3%

Italy

1.1%

1.0%

Marshall Islands

0.8%

0.3%

  • Fund

  • Benchmark

as of 31-Mar-2014

% Notional Exposures  

North America

84.6%

88.5%

Europe

14.0%

9.8%

Asia Pacific Basin

1.6%

1.4%

Net Derivatives

0.7%

-

Emerging Markets

0.5%

0.2%

Cash

-1.5%

-

  • Fund

  • Benchmark

as of 31-Mar-2014

% Notional Exposures  

High Yield Bonds

76.3%

100.0%

Term Loans

11.1%

-

Equity/Equity Futures

5.3%

-

CLO

2.2%

-

High Yield CDS

1.8%

-

Convertibles

1.3%

-

Preferred Equity

1.3%

-

Investment Grade Bonds

1.0%

-

Net Derivatives

0.7%

-

Securitized Products

0.4%

-

  • Fund

  • Benchmark

as of 31-Mar-2014

% Notional Exposures  

USD

99.4%

100.0%

EUR

0.3%

-

GBP

0.2%

-

AUD

0.0%

-

CAD

0.0%

-

  • Fund

  • Benchmark

as of 31-Mar-2014

% Market Value

Cash

-1.5%

-

Derivatives

-0.4%

-

0 - 1 Years

18.2%

13.6%

1 - 2 Years

16.6%

16.3%

2 - 3 Years

8.2%

10.4%

3 - 5 Years

22.8%

22.3%

5 - 7 Years

21.2%

19.9%

7 - 10 Years

10.5%

12.6%

10 - 15 Years

0.9%

1.2%

15 - 20 Years

1.5%

1.5%

  • Fund

  • Benchmark

as of 31-Mar-2014

% Market Value

Cash

-1.5%

-

Derivatives

-0.4%

-

AAA Rated

0.9%

-

AA rated

0.0%

-

A Rated

0.4%

-

BBB Rated

2.0%

-

BB Rated

25.8%

40.9%

B Rated

44.6%

40.4%

CCC Rated

16.9%

17.9%

CC Rated

0.1%

0.4%

  • 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

92.3%

100.0%

Equity

9.6%

-

Derivatives

-0.4%

-

Cash

-1.5%

-

  • 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   :
  • 5
  • Overall Morningstar Rating for High Yield Bond Fund, Institutional, as of 31-Mar-2014 rated against 550 High Yield Bond Funds.

KEY FACTS

Size of Fund (Millions)

as of 16-Apr-2014

$14,129.8 M
Size of Class (Millions)

as of 16-Apr-2014

$7,445.8 M
Inception Date Nov 19, 1998
Asset Class Fixed Income
Morningstar Category High Yield Bond
Lipper Classification High Yield Funds
CUSIP 091929638
Benchmark Index Barclays US Corp High Yield 2% Issuer Capped Index

Total Expense Ratio 0.64%
Net, Including Investment Related Expenses   0.63%
Net, Excluding Investment Related Expenses 0.60%

Max Offer Price

as of 16-Apr-2014

$8.33
Distribution Frequency   Daily
Number of Holdings

as of 31-Mar-2014

1,056
Turnover Percent

as of 28-Feb-2014

84%
Open to New Investors Yes

PORTFOLIO CHARACTERISTICS

30 Day SEC Yield  

as of 31-Mar-2014

5.23%
Unsubsidized Yield

as of 31-Mar-2014

5.23

WAL to Worst

as of 31-Mar-2014

3.96 yrs
Model Duration  

as of 31-Mar-2014

3.18 yrs
Yield to Worst

as of 31-Mar-2014

4.41%

Best Rolling 3 Months Over 3 Years

3 months ending 29-Feb-2012

8.86%
Worst Rolling 3 Months Over 3 Years

3 months ending 30-Sep-2011

-6.23%

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.

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.

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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