Fixed Income


Allocation Target Shares: Series C Fund





Growth of Hypothetical $10,000

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  1y 3y 5y 10y
8.33 5.88 5.80 6.22
Benchmark (%) 8.30 5.44 4.83 5.77
Morningstar Category Avg. (%) 8.80 5.36 5.14 5.76
Morningstar Ranking 112/194 48/171 46/146 27/93
Morningstar Quartile 3 2 2 2
Lipper Category Avg. (%) 8.44 5.12 4.85 5.55
Lipper Ranking 119/257 51/213 43/177 24/108
Lipper Quartile 2 1 1 1
  YTD 1m 3m 1y 3y 5y 10y
9.05 -0.29 1.51 8.33 18.71 32.58 82.90
Benchmark (%) 8.86 -0.28 1.23 8.30 17.22 26.59 75.26
Morningstar Category Avg. (%) 9.40 -0.05 1.95 8.80 16.95 28.49 75.04
Lipper Category Avg. (%) 9.25 -0.13 1.64 8.44 16.29 26.91 73.04
  2011 2012 2013 2014 2015
Total Return (%) 8.47 11.23 -0.50 8.52 -1.01
Benchmark (%) 8.35 9.37 -2.01 7.53 -0.77
Morningstar Category Avg. (%) 7.46 11.06 -1.06 6.93 -1.39
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.

Key Facts

Key Facts

Size of Class (Millions) as of Aug 11, 2022 $438.5 M
Size of Fund (Millions) as of Aug 11, 2022 $438.5 M
Share Class launch date Sep 30, 2004
Asset Class Fixed Income
Morningstar Category Corporate Bond
Lipper Classification Corp Debt BBB Rated Fds
Benchmark Index Bloomberg U.S. Credit Index
CUSIP 092480102
Distribution Frequency Monthly
Number of Holdings as of Jul 29, 2022 919
Max Offer Price as of Aug 11, 2022 $9.25
Open to New Investors No
Turnover Percent in the Annual Report 42%

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics provide investors with specific non-traditional metrics. Alongside other metrics and information, these enable investors to evaluate funds on certain environmental, social and governance characteristics. Sustainability Characteristics do not provide an indication of current or future performance nor do they represent the potential risk and reward profile of a fund. They are provided for transparency and for information purposes only. Sustainability Characteristics should not be considered solely or in isolation, but instead are one type of information that investors may wish to consider when assessing a fund. Learn more

This fund does not seek to follow a sustainable, impact or ESG investment strategy. The metrics do not change the fund’s investment objective or constrain the fund’s investable universe, and there is no indication that a sustainable, impact or ESG investment strategy will be adopted by the fund. For more information regarding the fund's investment strategy, please see the fund's prospectus.

Review the MSCI methodologies behind Sustainability Characteristics using the links below.

MSCI ESG Fund Rating (AAA-CCC) as of Jul 21, 2022 AA
MSCI ESG % Coverage as of Jul 21, 2022 87.32%
MSCI ESG Quality Score (0-10) as of Jul 21, 2022 7.9
MSCI ESG Quality Score - Peer Percentile as of Jul 21, 2022 38.83%
Fund Lipper Global Classification as of Jul 21, 2022 Bond USD Corporates
Funds in Peer Group as of Jul 21, 2022 273
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Jul 21, 2022 310.07
MSCI Weighted Average Carbon Intensity % Coverage as of Jul 21, 2022 81.95%
All data is from MSCI ESG Fund Ratings as of Jul 21, 2022, based on holdings as of Jan 31, 2022. As such, the fund’s sustainable characteristics may differ from MSCI ESG Fund Ratings from time to time.

To be included in MSCI ESG Fund Ratings, 65% of the fund’s gross weight must come from securities with ESG coverage by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities. For newly launched funds, Sustainability Characteristics are typically available 6 months after launch.

Business Involvement

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.

Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe. For more information regarding a fund's investment strategy, please see the fund's prospectus.

Review the MSCI methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weapons as of Jul 29, 2022 1.28%
MSCI - UN Global Compact Violators as of Jul 29, 2022 0.40%
MSCI - Nuclear Weapons as of Jul 29, 2022 0.62%
MSCI - Thermal Coal as of Jul 29, 2022 0.00%
MSCI - Civilian Firearms as of Jul 29, 2022 0.00%
MSCI - Oil Sands as of Jul 29, 2022 0.06%
MSCI - Tobacco as of Jul 29, 2022 1.01%

Business Involvement Coverage as of Jul 29, 2022 88.74%
Percentage of Fund not covered as of Jul 29, 2022 11.26%
BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 0.12% and for Oil Sands 0.69%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.

Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of portfolios. Unless otherwise stated in Fund documentation or included within the Fund’s investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective, but rather describes how ESG information is considered as part of the overall investment process.

The Fund manager includes ESG considerations in combination with other information in the research and due diligence phase of the investment process. ESG information may be sourced internally, via collaboration with the BlackRock Investment Stewardship team in engaging issuers on material environmental, social or governance topics, or from third-party providers. The Fund manager’s ongoing monitoring of the portfolio involves regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion of the portfolio’s exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.



as of current prospectus
Gross Expense Ratio 0.09%
Net Expense Ratio 0.00%

Net Expense Ratio excluding Investment Related Expenses is 0.00%

  • Acquired Fund Fees and Expenses 0.00%
  • Interest expense 0.00%



Morningstar Rating

4 stars
Overall Morningstar Rating for Allocation Target Shares: Series C Fund, Class, as of Jul 31, 2022 rated against 188 Corporate Bond Funds based on risk adjusted total return.

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, 2022 out of 245, 6,265, 245, 158 and 245 Funds, respectively in Lipper's Corp Debt BBB Rated Fds classification.

Portfolio Managers

Portfolio Managers

Stephan Bassas
Managing Director

Stephan Bassas, Managing Director, is Head of Americas Liability Driven Investing and a member of Americas Fixed Income within Alpha Strategies. In addition to his responsibilities leading the North America LDI effort, he is also an active participant in the Investment Grade Credit Group as a senior portfolio manager.

Mr. Bassas' service with the firm dates back to 2000, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, Mr. Bassas was the lead PM on European corporate bond portfolios. Prior to joining MLIM in 2000, Mr. Bassas worked as a portfolio manager and asset swap proprietary trader for Paribas Asset Management and Paribas Capital Markets in Luxembourg and London.

Mr. Bassas earned an MBA degree from the University of Lyon, France in 1993 and attended the Investment Management Program at the London Business School in 2000.

Michael Heilbronn

Michael Heilbronn, Director, is a member of the Core PM SMA Team in Princeton for BlackRock's Managed Account business within Multi-Asset Strategies (MAS). In this capacity, he is responsible for managing mid-sized institutional taxable bond portfolios. Additionally, Mr. Heilbronn is part of a liaison team that coordinates the SMA fixed income portfolio strategy and credit research with the rest of the firm. He works closely with each group to facilitate idea sharing and trade ideas across portfolios.


Michael service with the firm dates back to 1998, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he was a product specialist for the firm's entire range of fixed income portfolios, and also served as an associate asset management advisor. Michael joined MLIM in 2000, after working with the mutual funds marketing team at the Merrill Lynch Private Client Group for two years.


Michael earned a BS degree from the Pennsylvania State University in 1998.

Portfolio Manager



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