Performance

as of
  1y 3y 5y 10y Incept.  
0.14 3.41 5.25 4.68 5.04
Market Price Total Return (%)   -0.19 -1.08 2.78 4.56 3.88
as of
  YTD 1m 1y 3y 5y 10y Incept.  
1.46 - 0.14 10.57 29.17 57.92 84.13
Market Price Total Return (%)   2.29 - -0.19 -3.21 14.72 56.18 60.38
Lipper Ranking   5/31 5/29 6/22
as of
  2011 2012 2013 2014 2015
NAV Total Return (%)   2.46 13.50 8.55 2.30 1.93
Market Price Total Return (%)   -4.00 21.54 2.57 -2.77 2.27


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   Return of Capital

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Total Distribution   Year

Past distributions are not indicative of future distributions.
Click here, for the most recent 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-2016

Name Weight (%)
FIRST DATA CORPORATION 2.48
LEVEL 3 FINANCING INC 2.35
AVAGO TECHNOLOGIES CAYMAN FINANCE LTD 2.13
VALEANT PHARMACEUTICALS INTERNATIONAL INC 1.93
DAVITA HEALTHCARE PARTNERS INC 1.74
CCO SAFARI III LLC 1.37
SERVICEMASTER CO LLC 1.36
CAESARS ENTERTAINMENT RESORT PROPERTIES LLC 1.28
BERRY PLASTICS CORP 1.24
NEW LIGHTSQUARED LLC 1.17

Exposure Breakdowns

as of 31-Mar-2016

% of Market Value  

United States

90.7%

Canada

4.1%

Luxembourg

2.6%

Netherlands

2.5%

United Kingdom

1.2%

Germany

0.4%

France

0.2%

Ireland

0.2%

Jersey, Channel Islands

0.2%

Australia

0.1%

as of 31-Mar-2016

% of Market Value  

North America

94.9%

Europe

7.2%

Asia Pacific Basin

0.1%

Cash and Derivatives

-2.1%

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-Mar-2016

% of Market Value  

Term Loans

96.4%

CLO

2.7%

High Yield Bonds - Industrials

1.8%

Investment Grade Bonds

0.3%

Equity/Equity Futures

0.3%

Convertibles

0.2%

Preferred Equity

0.2%

CMBS

0.1%

High Yield Bonds - Financials

0.0%

Other

0.0%

as of 31-Mar-2016

% of Market Value  

Consumer Non-Cyclical

21.5%

Consumer Cyclicals

21.3%

Communications

17.1%

Technology

12.1%

Capital Goods

8.4%

Electric

3.7%

Basic Materials

3.7%

No Industry

2.9%

Other Financial Institutions

2.6%

Transportation

2.5%

as of 31-Mar-2016

% of Market Value  

Cash and Derivatives

-2.1%

0 - 1 Years

2.6%

1 - 2 Years

3.8%

2 - 3 Years

7.4%

3 - 5 Years

43.0%

5 - 7 Years

42.7%

7 - 10 Years

2.5%

20+ Years

0.2%

as of 31-Mar-2016

% of Market Value  

USD

99.2%

GBP

0.6%

CAD

0.2%

EUR

-

as of 31-Mar-2016

% of Market Value  

Cash and Derivatives

-2.1%

A Rated

0.3%

BBB Rated

8.0%

BB Rated

34.7%

B Rated

51.5%

CCC Rated

4.3%

D Rated

0.0%

Not Rated

3.3%

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.

Ratings

  • Morningstar Rating
     
  • Overall   :
  • 4
  • Overall Morningstar Rating for Floating Rate Income Strategies Fund as of 30-Apr-2016 rated against 24 Bank Loan Funds.

PORTFOLIO MANAGEMENT

KEY FACTS

Net Assets

as of 04-May-2016

$542,249,149
Managed Assets  

as of 04-May-2016

$743.2 M
Inception Date Oct 31, 2003
Exchange New York Stock Exchange Inc.
Asset Class Fixed Income
Morningstar Category Bank Loan
Lipper Classification Loan Participation Funds
CUSIP 09255X100

Management Fee 1.05%
Expense Ratio 1.56%

Shares Outstanding

as of 04-May-2016

37,232,488
Number of Holdings

as of 31-Mar-2016

436
Premium/Discount  

as of 04-May-2016

-8.93%
3m Avg Volume

as of 29-Apr-2016

138,210

PORTFOLIO CHARACTERISTICS

Distribution Rate  

as of 04-May-2016

5.52%

Yield to Worst  

as of 31-Mar-2016

7.10%
WAL to Worst  

as of 31-Mar-2016

5.38 yrs
Leverage  

as of 31-Mar-2016

$188,000,000.00
Effective Duration  

as of 31-Mar-2016

0.37 yrs
% Leveraged  

as of 31-Mar-2016

26.04
% AMT Bonds  

as of 31-Mar-2016

0.00%
% Insured  

as of 31-Mar-2016

0.00%

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. Read the prospectus carefully before investing.

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 U.S. government agencies are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. government. 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. International investing involves risks including, but not limited to political risks, currency fluctuations, illiquidity and volatility. These risks may be heightened in emerging markets. If the index measuring inflation falls, the principal value of inflation-indexed bonds will go down and the interest payable will be reduced. Any increase in the principal amount will be considered taxable ordinary income. Repayment of the original bond principal upon maturity (adjusted for inflation) is guaranteed for U.S. Treasury inflation-indexed bonds. For bonds that do not provide a guarantee, the adjusted principal value repaid at maturity may be less than the original principal. The fund may use derivatives to hedge investments or seek enhanced returns. Derivatives entail risks relating to liquidity, leverage and credit that may reduce returns and increase volatility. An index fund has operating and other expenses while an index does not. As a result, while an Index fund will attempt to track the applicable index as closely as possible, it will tend to underperform the index to some degree over time.

Performance results reflect past performance and are no guarantee of future results. Current performance may be lower or higher than the performance data quoted. All returns assume reinvestment of all dividends. The market value and net asset value (NAV) of a fund's shares will fluctuate with market conditions. Closed-end funds may trade at a premium to NAV but often trade at a discount.

Investment return, price, yields and NAV will fluctuate with changes in market conditions. At the time of sale, your shares may have a market price that is above or below net asset value, and may be worth more or less than your original investment. There is no assurance that a fund will meet its investment objective.

Some funds may utilize leveraging to seek to enhance the yield and net asset value of its common stock, through bank borrowings, issuance of short-term debt securities or shares of preferred stock, or a combination thereof. However, these objectives cannot be achieved in all interest rate environments. While leverage may result in a higher yield for the fund, the use of leverage involves risk, including the potential for higher volatility of the NAV, fluctuations of dividends and other distributions paid by the fund and the market price of the fund's common stock, among others. Certain funds may invest assets in securities of issuers domiciled outside the United States, including issuers from emerging markets. Foreign investing involves special risks, including foreign currency risk and the possibility of substantial volatility due to adverse political, economic or other developments.

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 amounts and sources of distributions reported are only estimates and are not provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon each Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Lipper rankings are based on total return using market prices.

The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

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