Fixed Income

BlackRock US Government Mortgage Fund

IMPORTANT:
•The Fund invests in asset/ mortgage backed securities that may be subject to greater credit, liquidity, and interest rate risks and are often exposed to extension and prepayment risks. The Fund may invest in debt securities that are subject to actual or perceived ratings downgrade. An increase in interest rates may adversely affect the value of the bonds held by the Fund. The Fund invests in bonds issued or guaranteed by governments or authorities, which may involve political, economic, default or other risks. The Fund's income-generating investment strategy may reduce the potential for capital growth and future income of the Fund.
•The Fund is subject to currency risk, delayed delivery transactions risk, geographical concentration risk in the US and securities lending counterparty risk.
•The Fund may use derivatives for hedging and extensively for investment purposes. Risks associated with derivatives include counterparty/credit, liquidity, valuation, volatility and market risks. The Fund’s volatility may increase or decrease from its derivative usage, and may suffer losses.
•The value of the Fund can be volatile and can go down substantially within a short period of time. It is possible that a certain amount of your investment could be lost.
•Investors should not make investment decisions based on this document alone. Investors should refer to the Prospectus and Key Facts Statement for details including risk factors.

Overview

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All currency hedged share classes of this fund use derivatives to hedge currency risk. The use of derivatives for a share class could pose a potential risk of contagion (also known as spill-over) to other share classes in the fund. The fund’s management company will ensure appropriate procedures are in place to minimise contagion risk to other share class. Using the drop down box directly below the name of the fund, you can view a list of all share classes in the fund – currency hedged share classes are indicated by the word “Hedged” in the name of the share class. In addition, a full list of all currency hedged share classes is available on request from the fund’s management company

Performance

Performance

Chart

Performance chart data not available for display.
View Charts & Calendar Year Performance

Distributions

Ex-Date Distribution
View full table
  1y 3y 5y 10y Incept.
4.06 1.97 1.15 1.31 1.91
Benchmark (%)

as of 30-Sep-2020

4.48 3.80 3.05 3.05 4.20
  YTD 6m 1y 3y 5y 10y Incept.
3.79 0.95 4.06 6.01 5.87 13.93 41.13
Benchmark (%)

as of 30-Sep-2020

3.68 0.39 4.48 11.83 16.21 35.02 111.76
Past performance is not a guide to future performance. Investors may not get back the full amount invested.

Performance is calculated based on the period NAV-to-NAV with dividend reinvested. Performance figures are calculated net of fees.

These figures show by how much the Share Class of the Fund increased or decreased in value during the period being shown. Performance is calculated in the relevant share class currency, including ongoing charges and taxes and excluding subscription and redemption fees, if applicable.

Where no past performance is shown there was insufficient data available in that period to provide performance.

Please refer to the Key Facts section for the inception date of the Fund and the Share Class.

Key Facts

Key Facts

Size of Fund (Millions) as of 23-Oct-2020 USD 154.222 M
Base Currency USD
Fund Inception 02-Aug-1985
Share Class Currency USD
Share Class Inception Date 01-Jul-2002
Additional Currencies
Asset Class Fixed Income
Morningstar Category USD Government Bond
Benchmark Index FTSE Mortgage Index
Distribution Frequency Monthly (Daily Calculation)
ISIN LU0147384878
Bloomberg Ticker MUSGOCD
Management Fee (incl Distribution Fee, if any) 2.00%
Initial Charge 0.00%
For Fee details, please refer to the Fund Prospectus.

Portfolio Characteristics

Portfolio Characteristics

Yield to Maturity as of 30-Sep-2020 1.48
Modified Duration as of 30-Sep-2020 3.66 yrs
12M Trailing Distribution as of 30-Sep-2020 1.92%
Effective Duration as of 30-Sep-2020 2.39
3y Volatility as of 30-Sep-2020 2.29
3y Volatility - Benchmark as of 30-Sep-2020 2.28
3y Beta as of 30-Sep-2020 0.903
5yr Volatility as of 30-Sep-2020 2.13
5y Volatility - Benchmark as of 30-Sep-2020 2.15
5y Beta as of 30-Sep-2020 0.905
Since Class Inception – Volatility as of 30-Sep-2020 2.62
Since Class Inception Volatility – Benchmark as of 30-Sep-2020 2.55
Since Class Inception - Beta as of 30-Sep-2020 0.91

Ratings

Morningstar, Inc. All Rights Reserved.

Holdings

Holdings

as of 30-Sep-2020
Name Weight (%)
UMBS 30YR TBA(REG A) 24.18
GNMA2 30YR 22.32
FNMA 30YR 2018 PRODUCTION 6.82
GNMA2 30YR 2020 PRODUCTION 5.68
FHLMC 30YR UMBS 4.30
Name Weight (%)
UMBS 15YR TBA(REG B) 3.54
FNMA 30YR 3.5% HLB 150K 2020 3.37
FNMA 30YR 3% SHLB 175K 2020 2.92
FNMA 30YR 4% SHLB 200K 2018 1.94
GNMA2 30YR 2017 PRODUCTION 1.87
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.
Holdings subject to change.

Exposure Breakdowns

Exposure Breakdowns

as of 30-Sep-2020

% of Weight

Type Fund Benchmark Net
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 geography where the issuer of the securities carries out much of their business. “Others” excluded from the chart above.
as of 30-Sep-2020

% of Weight

Type Fund Benchmark Net
as of 30-Sep-2020

% of Weight

Type Fund Benchmark Net
Allocations subject to change.
as of 30-Sep-2020

% of Weight

Type Fund Benchmark Net
as of 30-Sep-2020

% of Weight

Type Fund Benchmark Net
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. This breakdown is provided by BlackRock and takes the middle rating of the 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. Ratings and portfolio credit quality may change over time.
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. Allocations are subject to change.
Due to rounding, the total may not be equal to 100%

Pricing

Pricing

Share Class Currency Distribution Frequency NAV NAV $ Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
C1 USD Monthly (Daily Calculation) 9.92 0.01 0.10 23-Oct-2020 10.00 9.46 LU0147384878
A3 USD Monthly 9.41 0.00 0.00 23-Oct-2020 9.49 8.98 LU0172418690
D3 USD Monthly 9.44 0.01 0.11 23-Oct-2020 9.51 9.00 LU0592702145
C2 USD Non-Distributing 16.88 0.02 0.12 23-Oct-2020 16.91 15.93 LU0147385503
A1 USD Monthly (Daily Calculation) 9.40 0.01 0.11 23-Oct-2020 9.48 8.97 LU0035308682
D2 USD Non-Distributing 21.69 0.02 0.09 23-Oct-2020 21.71 20.28 LU0424777026
A2 USD Non-Distributing 20.85 0.01 0.05 23-Oct-2020 20.88 19.54 LU0096258446

Portfolio Managers

Portfolio Managers

Akiva Dickstein
Akiva Dickstein
Matthew Kraeger
Matthew Kraeger
Bob Miller
Bob Miller

Documents

Documents