Fixed Income

BFMSX

Low Duration Bond Fund

Overview

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Performance

Performance

Growth of Hypothetical $10,000

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Distributions

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  1y 3y 5y 10y
3.00 2.75 2.35 2.34
Benchmark (%) 3.74 2.87 2.11 1.60
Morningstar Category Avg. (%) 3.10 2.75 2.35 1.94
Morningstar Ranking 389/557 271/493 222/438 68/284
Morningstar Quartile 3 3 3 1
Lipper Category Avg. (%) 3.04 2.59 2.28 1.84
Lipper Ranking 223/374 152/336 133/296 30/189
Lipper Quartile 3 2 2 1
  YTD 1m 3m 1y 3y 5y 10y
2.39 0.06 1.14 3.00 8.48 12.32 26.08
Benchmark (%) 3.11 0.02 0.27 3.74 8.86 11.01 17.24
Morningstar Category Avg. (%) 2.82 0.07 0.40 3.10 8.49 12.31 21.16
Lipper Category Avg. (%) 2.45 0.03 1.05 3.04 7.99 12.01 20.20
  2015 2016 2017 2018 2019
Total Return (%) 0.92 1.88 1.97 1.11 4.73
Benchmark (%) 0.67 1.29 0.86 1.63 4.07
Morningstar Category Avg. (%) 0.19 2.08 1.73 0.92 4.72
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.

The Fund’s returns prior to September 17, 2018 are the returns of a predecessor fund that reorganized into the Fund on September 17, 2018. The predecessor fund had the same investment objectives, strategies and policies, portfolio management team and contractual arrangements, including the same contractual fees and expenses, as the Fund as of the date of the reorganization. As a result, the performance of the Fund would have been substantially similar to that of the predecessor fund.

Key Facts

Key Facts

Size of Class (Millions) as of Nov 27, 2020 $5,564.4 M
Size of Fund (Millions) as of Nov 27, 2020 $7,697.8 M
Share Class launch date Jul 17, 1992
Asset Class Fixed Income
Morningstar Category Short-Term Bond
Lipper Classification Sht Inv Grade Debt Funds
Benchmark Index ICE BofA US Corp & Govt Index, 1-3 Yrs (B1A0)
CUSIP 09260B465
Distribution Frequency None
Number of Holdings as of Oct 30, 2020 1,100
Max Offer Price as of Nov 27, 2020 $9.75
Open to New Investors Yes
Turnover Percent in the Annual Report 182%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Oct 31, 2020 0.00
R-Squared (3y) as of Oct 31, 2020 10.74
Beta (3y) as of Oct 31, 2020 0.98
30 Day SEC Yield as of Oct 31, 2020 1.19%
Unsubsidized 30-Day SEC Yield as of Oct 31, 2020 1.15%
Yield to Maturity as of Oct 30, 2020 1.44%
Yield to Worst as of Oct 30, 2020 1.36%
Effective Duration as of Oct 30, 2020 1.55 yrs
Weighted Average Life as of Oct 30, 2020 2.65 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jun 30, 2020 4.46%
Worst 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2020 -3.08%
Fund Standard Deviation (3y) as of Oct 31, 2020 2.98

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.

Fees

Fees

as of current prospectus
Gross Expense Ratio 0.54%
Net Expense Ratio 0.49%

Net Expense Ratio excluding Investment Related Expenses is 0.40%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.08%

Ratings

Ratings

Morningstar Rating

4
Overall Morningstar Rating for Low Duration Bond Fund, Class Inst, as of Oct 31, 2020 rated against 512 Short-Term 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 Oct 31, 2020 out of 329, 6,065, 333, 183 and 333 Funds, respectively in Lipper's Sht Inv Grade Debt Funds classification.

Morningstar Analyst Rating

Morningstar Analyst Rating - Bronze
Morningstar has awarded the Fund a Bronze medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Oct 30, 2020)

Holdings

Holdings

as of Oct 30, 2020
Name Weight (%)
UNITED STATES TREASURY 10.06
FEDERAL NATIONAL MORTGAGE ASSOCIATION 5.99
CANADA HOUSING TRUST NO.1 4.38
ISHARES ULTRASHORT DURATION BOND FUND 2.31
FEDERAL HOME LOAN MORTGAGE CORPORATION 1.88
Name Weight (%)
BANK OF AMERICA CORP 1.32
UNIFORM MBS 1.11
GENERAL MOTORS FINANCIAL CO INC 0.97
BAT CAPITAL CORP 0.87
JPMORGAN CHASE & CO 0.81

Exposure Breakdowns

Exposure Breakdowns

as of Oct 30, 2020

% Notional Exposures

Type Fund Benchmark Net
as of Oct 30, 2020

% Notional Exposures

Type Fund Benchmark Net
as of Oct 30, 2020

% Notional Exposures

Type Fund Benchmark Net
as of Oct 30, 2020

% Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Oct 30, 2020

% Market Value

Type Fund Benchmark Net
as of Oct 30, 2020

% Notional Exposures

Type Fund Benchmark Net
as of Oct 30, 2020

% 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

Bob Miller
Head of U.S. Multi-Sector Fixed Income

  

Akiva Dickstein
Managing Director, Head of Customized Multi-Sector Portfolios

    

Scott MacLellan, CFA
Portfolio Manager, BlackRock Global Fixed Income Group

  

Portfolio Manager

Literature

Literature

 

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