Fixed Income

MSUMX

U.S. Mortgage Fund

Overview

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Performance

Performance

  • Returns

  1y 3y 5y 10y Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
0.32 1.87 3.00 5.32 5.05
Benchmark (%) Index: BBG Barc MBS Index.<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. 0.15 1.46 2.25 3.54 3.90
Morningstar Category Avg. (%) Intermediate-Term Bond -0.36 1.68 2.20 3.89 -
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking. 139/999 315/878 94/778 20/563 -
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking. 1 2 1 1 -
Lipper Category Avg. (%) US Mortgage Funds 0.28 1.36 2.05 3.63 -
Lipper Ranking Rankings are based on total return excluding sales charges. 42/125 23/114 8/99 4/69 -
Lipper Quartile Rankings are based on total return excluding sales charges. 2 1 1 1 -
  YTD 1m 3m 1y 3y 5y 10y Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
-0.81 0.09 0.42 0.32 5.73 15.92 67.86 89.08
Benchmark (%) Index: BBG Barc MBS Index.<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. -0.95 0.05 0.24 0.15 4.43 11.79 41.59 63.90
Morningstar Category Avg. (%) Intermediate-Term Bond -1.55 -0.10 -0.24 -0.36 4.81 11.56 47.81 -
Lipper Category Avg. (%) US Mortgage Funds -0.68 0.05 0.26 0.28 4.18 10.76 43.37 -
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.

Growth of Hypothetical $10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

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Distributions

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BlackRock Fixed Income Funds Delivered
15 of 25 U.S. bond funds, accounting for 88% of our assets, have 1st quartile performance*
22 of 25 U.S. bond funds, accounting for 88% of our fixed income funds, are priced in the least expensive quartile†
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Key Facts

Key Facts

Size of Class (Millions) as of Sep 24, 2018 $189.5 M
Size of Fund (Millions) as of Sep 24, 2018 $229.5 M
Share Class launch date Jul 29, 2005
Asset Class Fixed Income
Morningstar Category Intermediate-Term Bond
Lipper Classification US Mortgage Funds
Benchmark Index BBG Barc MBS Index
CUSIP 56166L303
Number of Holdings as of Aug 31, 2018 505
Max Offer Price as of Sep 24, 2018 $9.87
Open to New Investors Yes
Turnover Percent as of Aug 31, 2018 826%

Portfolio Characteristics

Portfolio Characteristics

R-Squared (3y) as of Aug 31, 2018 94.01
Beta (3y) as of Aug 31, 2018 0.89
Best 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2016 1.79%
Worst 3-Month Return Over the Last 3 Years 3 months ending Dec 31, 2016 -1.72%
Standard Deviation (3y) as of Aug 31, 2018 1.79

For the latest month-end Distribution Yield, click here.


This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Ratings

Ratings

Morningstar Rating

4
Overall Morningstar Rating for U.S. Mortgage Fund, Class Inst, as of Aug 31, 2018 rated against 901 Intermediate-Term Bond Funds.

Lipper Leader

 
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 Jul 31, 2018 out of 115, 5,775, 115, 75 and 115 Funds, respectively in Lipper's US Mortgage Funds classification.

Morningstar Analyst Rating

Morningstar Analyst Rating - Silver
Morningstar has awarded the Fund a Silver medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Apr 26, 2018) ‡

Holdings

Holdings

as of Aug 31, 2018
Name Weight (%)
GNMA2 30YR 2016 PRODUCTION 15.87
FNMA 15YR TBA(REG B) 3 09/18/2018 14.20
GNMA2 30YR TBA(REG C) 3.5 09/20/2018 7.98
FNMA 30YR 2011 PRODUCTION 6.97
GNMA2 30YR TBA(REG C) 4 09/20/2018 5.98
Name Weight (%)
FGOLD 30YR TBA(REG A) 3 09/13/2018 3.61
FGOLD 30YR 3.5% MLB 125K 2013 2.99
FNMA 30YR 2003 PRODUCTION 2.98
FGOLD 30YR TBA(REG A) 4 09/13/2018 2.47
GNMA2 30YR TBA(REG C) 4.5 09/20/2018 1.83

Exposure Breakdowns

Exposure Breakdowns

Type Fund Benchmark Net
Type Fund Benchmark Net
Type Fund Benchmark Net
as of Aug 31, 2018

% Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Aug 31, 2018

% Market Value

Type Fund Benchmark Net
Type Fund Benchmark Net
as of Aug 31, 2018

% Market Value

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 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.

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.

Portfolio Managers

Portfolio Managers

Matthew Kraeger
Lead Portfolio Manager, Mortgage Portfolios

    

Siddharth Mehta
Portfolio Manager, Mortgage Portfolios

   

Portfolio Manager

Literature

Literature

 

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