Fixed Income

BONAX

GNMA 529 Option

How To Buy
  • NAV as of Jun 02, 2023 $11.95
    52 WK: 11.17 - 12.69
  • 1 Day NAV Change as of Jun 02, 2023 -0.07 (-0.58%)
  • NAV Total Return as of Jun 02, 2023 YTD: 1.96%

Overview

About this Fund

  • Seeking Safety in GNMA
  • Access BlackRock's Deep Bond Expertise
  • Pursuing Protection and Income

Investment Approach

Invests at least 80% of its assets in securities issued by the Government National Mortgage Association (GNMA) as well as other U.S. government securities in the 5- to 10-year maturity range.

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Performance

Performance

Growth of Hypothetical $10,000

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Cum. Fund Perf. Since Inception: 19.90

Source: Lipper. Data reflects different methodology from the BlackRock calculated returns in the Returns tab. The $10,000 Hypothetical Over Time chart reflects a hypothetical $10,000 investment in the investor class of shares noted and does not assume the max sales charge. Had sales charge been included, returns would have been lower. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

Distributions

This fund does not have any distributions.

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Ex-Date Payable Date Record Date Total Distribution Income ST Cap Gains LT Cap Gains Return of Capital

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Year Total Distribution Income ST Cap Gains LT Cap Gains

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



  1y 3y 5y 10y
Total Return (%) -5.94 -3.53 -0.33 0.22
Return w/ Sales Charge (%) -9.70 -4.83 -1.14 -0.19
Benchmark (%) -4.48 -3.17 0.26 0.87
Morningstar Category Avg. (%) -0.71 0.74 1.35 1.06
Morningstar Ranking 168/178 151/154 139/142 93/101
Morningstar Quartile 4 4 4 4
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 2.73 1.86 2.73 -5.94 -10.22 -1.63 2.21
Return w/ Sales Charge (%) -1.38 -2.21 -1.38 -9.70 -13.81 -5.57 -1.88
Benchmark (%) 2.59 1.88 2.59 -4.48 -9.20 1.33 9.06
Morningstar Category Avg. (%) 1.85 1.23 1.85 -0.71 2.23 6.95 11.13
  2018 2019 2020 2021 2022
Total Return (%) 0.00 6.04 3.80 -1.54 -12.93
Benchmark (%) 1.02 5.85 3.68 -1.45 -10.76
Morningstar Category Avg. (%) 0.34 4.95 3.50 0.46 -4.71

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.

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 Jun 02, 2023 $5.2 M
Size of Fund (Millions) as of Jun 02, 2023 $6.1 M
Share Class launch date Oct 05, 2009
Asset Class Fixed Income
Benchmark Index BBG Fixed-Rate GNMA MBS Index
CUSIP 19452P800
Max Offer Price $12.45
Open to New Investors Yes
Expenses as of current program description

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Apr 30, 2023 -0.03
R-Squared (3y) as of Apr 30, 2023 98.59
Beta (3y) as of Apr 30, 2023 1.09
30 Day SEC Yield as of Apr 30, 2023 2.20%
Yield to Maturity as of Apr 28, 2023 4.57%
Yield to Worst as of Apr 28, 2023 4.57%
Nominal WAL as of Apr 28, 2023 8.63 yrs
Effective Duration 5.99 yrs
Fund Standard Deviation (3y) as of Apr 30, 2023 6.53
This information must be preceded or accompanied by a current program description. For standardized performance, please see the Performance section above.

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 stage of the investment process. ESG information may be sourced from both internal and external sources and included in the Aladdin risk system. The Fund manager conducts 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.

Fees

Fees

as of current program description
Gross Expense Ratio 0.81%
Net Expense Ratio 0.81%

Net Expense Ratio excluding Investment Related Expenses is 0.39%

  • Acquired Fund Fees and Expenses 0.42%
  • Interest expense 0.00%

Ratings

Holdings

Holdings

as of Apr 28, 2023
Name Weight (%)
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION II 91.65
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION I 10.47
FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.18
GNMA_15-187-C 1.71
GNMA_15-55-A 1.31
Name Weight (%)
GNMA_15-79-MY 0.85
GNMA_15-103-B 0.80
FHLMC_4325-ZX 0.79
FEDERAL HOME LOAN MORTGAGE CORPORATION 0.71
GNMA_20-151-MI 0.70
The portfolio holds a mutual fund and/or an ETF. Top holdings from the underlying vehicles are listed above for greater visibility

Exposure Breakdowns

Exposure Breakdowns

as of Apr 28, 2023

% of Market Value

Type Fund Benchmark Net
as of Apr 28, 2023

% of Market Value

Type Fund Benchmark Net
as of Apr 28, 2023

% of Market Value

Type Fund Benchmark Net
as of Apr 28, 2023

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Feb 28, 2020

% of Market Value

Type Fund Benchmark Net
as of Apr 28, 2023

% of Market Value

Type Fund Benchmark Net
as of Feb 28, 2020

% of 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
Matthew Kraeger
Lead Portfolio Manager, Mortgage Portfolios

    

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Matthew Kraeger, Managing Director, is lead portfolio manager for mortgage portfolios on BlackRock's Global Fixed Income platform. He is responsible for the Mortgage Portfolio Team.

Mr. Kraeger has been a portfolio manager within the mortgage team since 2004, serving as a PM across both institutional accounts and retail funds. Mr. Kraeger has been a PM on the BlackRock GNMA Fund, which was ranked first in the Lipper Fund GNMA category for both 2008 and 2009 3 year periods, along with the BlackRock U.S. Mortgage Fund and the U.S. Government Bond Portfolio which was ranked first in its Lipper Fund category for the 2015 3 year period. Mr. Kraeger began his investment career as an analyst in BlackRock's operations department in 2000 and joined the Portfolio Analytics Group in 2002.

Mr. Kraeger earned a BS degree in finance from Syracuse University in 2000.

Siddharth Mehta
Siddharth Mehta
Portfolio Manager, Mortgage Portfolios

   

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Siddharth Mehta, Director, is a member of the Mortgage Portfolio Team within BlackRock's Americas Fixed Income Alpha Strategies.

 

Mr. Mehta joined the Portfolio Management Group in 2008. From 2006 to 2008, Mr. Mehta was amemberof BlackRock's Risk and Quantitative Analytics Group, where he was responsible for supporting the mortgage team. Mr. Mehta began his investment career with BlackRock as an analyst in the Portfolio Analytics Group.

 

Mr. Mehta earned a BS degree, magna cum laude, in electrical engineering from the University of Michigan in 2005.

Portfolio Manager

Literature

Literature

 

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