Advantage CoreAlpha Bond Fund | BCRIX

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NAV as of May 26, 2023 $8.63
52 WK: 8.31 - 9.27
1 Day NAV Change as of May 26, 2023 0.00 (0.00%)
NAV Total Return as of May 26, 2023 YTD: 1.05%

Overview

Investment Approach

The Fund invests, under normal circumstances, at least 80% of the value of the Fund’s net assets, plus the amount of any borrowing for investment purposes, in bonds. For the purposes of this strategy, “bonds” include the following: obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities; mortgage-backed securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, including U.S. agency mortgage pass-through securities; commercial mortgage-backed securities; mortgage to-be-announced (“TBA”) securities; debt obligations of U.S. issuers; municipal securities; asset-backed securities; and U.S.-registered dollar-denominated debt obligations of foreign issuers. The fund may invest up to 10% of its assets in securities rated below investment grade (“high yield” or “junk” bonds.)

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Performance

Growth of Hypothetical $10,000

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Growth of Hypothetical $10,000
Historical NAVs

Advantage CoreAlpha Bond Fund ($)

Cum. Fund Perf. Since Inception: 82.76

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.

Historical NAVs

Distributions

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Table

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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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Table

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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.

Returns

	1y	3y	5y	10y
Total Return (%)	-5.73	-2.30	0.89	1.39
Benchmark (%)	-4.78	-2.77	0.91	1.36
Morningstar Category Avg. (%)	-5.07	-2.26	0.75	1.19
Morningstar Ranking	357/461	227/414	148/378	86/282
Morningstar Quartile	4	2	2	2
Lipper Category Avg. (%)	-5.20	-1.70	0.86	1.29
Lipper Ranking	365/518	333/487	205/458	144/339
Lipper Quartile	3	3	2	2

Performance data is not currently available

	YTD	1m	3m	1y	3y	5y	10y
Total Return (%)	2.88	2.35	2.88	-5.73	-6.74	4.51	14.75
Benchmark (%)	2.96	2.54	2.96	-4.78	-8.09	4.61	14.51
Morningstar Category Avg. (%)	2.99	2.31	2.99	-5.07	-6.62	3.81	12.54
Lipper Category Avg. (%)	3.04	2.18	3.04	-5.20	-4.97	4.38	13.79

Performance data is not currently available

	2018	2019	2020	2021	2022
Total Return (%)	-0.18	9.72	8.77	-1.98	-14.24
Benchmark (%)	0.01	8.72	7.51	-1.54	-13.01
Morningstar Category Avg. (%)	-0.50	8.06	7.52	-1.48	-13.32

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 performance for periods prior to the inception date of the share class are based on the performance of the master portfolio in which the Fund invested all of its assets, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

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

Size of Class (Millions) as of May 26, 2023 $526.1 M

Size of Fund (Millions) as of May 26, 2023 $918.7 M

Share Class launch date Feb 28, 2011

Asset Class Fixed Income

Morningstar Category Intermediate Core Bond

Lipper Classification Core Bond Funds

Benchmark Index BBG U.S. Aggregate Index

CUSIP 09260T300

Distribution Frequency None

Number of Holdings as of Apr 28, 2023 1,299

Max Offer Price as of May 26, 2023 $8.63

Open to New Investors Yes

Turnover Percent in the Annual Report 205%

Portfolio Characteristics

Alpha (3y) as of Apr 30, 2023 0.02

R-Squared (3y) as of Apr 30, 2023 97.99

Beta (3y) as of Apr 30, 2023 1.04

30 Day SEC Yield as of Apr 30, 2023 3.82%

Unsubsidized 30-Day SEC Yield as of Apr 30, 2023 3.82%

Yield to Maturity as of Apr 28, 2023 5.35%

Yield to Worst as of Apr 28, 2023 5.34%

Average Coupon as of Apr 28, 2023 3.24%

Effective Duration as of Apr 28, 2023 6.23 yrs

Weighted Average Life as of Apr 28, 2023 7.00 yrs

Best 3-Month Return Over the Last 3 Years 3 months ending Jan 31, 2023 6.82%

Worst 3-Month Return Over the Last 3 Years 3 months ending Apr 30, 2022 -8.52%

Fund Standard Deviation (3y) as of Apr 30, 2023 6.51

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

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% (or 50% for bond funds and money market funds) 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. MSCI Ratings are currently unavailable for this fund.

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 Apr 28, 2023 0.46%

MSCI - UN Global Compact Violators as of Apr 28, 2023 0.22%

MSCI - Nuclear Weapons as of Apr 28, 2023 0.30%

MSCI - Thermal Coal as of Apr 28, 2023 0.22%

MSCI - Civilian Firearms as of Apr 28, 2023 0.00%

MSCI - Oil Sands as of Apr 28, 2023 0.03%

MSCI - Tobacco as of Apr 28, 2023 1.20%

Business Involvement Coverage as of Apr 28, 2023 26.77%

Percentage of Fund not covered as of Apr 28, 2023 73.23%

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 0.31% and for Oil Sands 0.32%.

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 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. The Fund manager has developed internal research signals to help evaluate corporate issuers on climate, governance and human capital issues. ESG information may be sourced from both internal and external sources. 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

as of current prospectus

Gross Expense Ratio	0.30%
Net Expense Ratio	0.29%

Net Expense Ratio excluding Investment Related Expenses is 0.29%

Acquired Fund Fees and Expenses 0.00%
Interest expense 0.00%

Ratings

Lipper Leader

Lipper Leader Ratings

Expense

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 Apr 30, 2023 out of 484, 6,259, 487, 308 and 487 Funds, respectively in Lipper's Core Bond Funds classification.

Holdings

Top

as of Apr 28, 2023

Name	Weight (%)
FEDERAL NATIONAL MORTGAGE ASSOCIATION	12.44
FEDERAL HOME LOAN MORTGAGE CORPORATION	6.01
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION II	5.90
UNIFORM MBS	5.03
CITIGROUP INC	1.55

Name	Weight (%)
UNITED STATES TREASURY	1.08
BANK OF AMERICA CORP	0.99
FEDERAL HOME LOAN MORTGAGE CORPORATION -GOLD	0.87
JPMORGAN CHASE & CO	0.79
PHILIP MORRIS INTERNATIONAL INC	0.79

Exposure Breakdowns

as of Apr 28, 2023

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Allocations subject to change.

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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.