Fund Facts  

Inception Date: Nov 19, 1998
CUSIP: 091929687
Ticker Symbol: BRHYX
Morningstar Category:High Yield Bond
As of Mar 31, 2017
Fund Net Assets ($millions) $18,672

Documents for Fund or Underlying Fund(s)  

Description

Objective  

The investment seeks to maximize total return, consistent with income generation and prudent investment management.

Principal Investment Strategies  

The fund invests primarily in non-investment grade bonds with maturities of ten years or less. It normally invests at least 80% of its assets in high yield bonds. The fund may invest up to 30% of its assets in non-dollar denominated bonds of issuers located outside of the United States. Its investment in non-dollar denominated bonds may be on a currency hedged or unhedged basis. The fund may also invest in convertible and preferred securities.

Principal Investment Risks  

There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. Please see the Fund’s prospectus or other disclosure documents for information about the Fund’s risks.

 

Performance & Expenses

Standard Performance As of Mar 31, 2017
Fund/Benchmark Name QtrYTD1-Yr3-Yr5-Yr10-YrSince Inception
BlackRock High Yield Bond Ka2.81%2.81%15.06%4.09%7.01%7.24%7.64%
Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Bond Indexa,b2.70%2.70%16.39%4.58%6.82%7.54%N/A
Morningstar High Yield Bonda,c2.31%2.31%13.52%3.15%5.56%5.86%N/A

Fund past performance, as shown, is no guarantee of how the Fund will perform in the future. The performance shown has been annualized for periods greater than one year. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. For current performance, visit www.icmarc.org.

Fund performance is shown comparing it to a "benchmark" which may be a (i) broad-based securities market index (ii) a group of mutual funds with similar investment objectives, or (iii) a short term government backed debt obligation such as a U.S. Treasury Bill. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund's portfolio may differ from the securities held in an index.

Annual Fund Operating Expenses
Total Expensesa0.54%

An expense waiver or reimbursement is not included due to receipt of incomplete or inconsistent data. For additional information regarding the fund's fees including possible waivers please read the fund's prospectus.

 

a. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2017 All rights reserved. This information: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar and/or its content providers are responsible for any damages or losses arising from any use of information. Morningstar is a registered trademark of Morningstar, Inc.

b. The Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Bond Index is an issuer-constrained version of the Bloomberg Barclays U.S. Corporate High Yield Index that measures the market of USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds. The Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Bond Index limits the exposure of each issuer to 2% of the total market value and redistributes any excess market value index-wide on a pro-rata basis.

c. The Fund’s Morningstar Category Average is a group of funds with similar investment objectives and strategies and is the equal–weighted return of all funds per category. Morningstar places funds in certain categories based on a fund’s historical portfolio holdings.

Distributions

Dividends and Capital Gains  
Record Date Ex/Payable Date Income/Capital Gains Paid Per Share
Apr 1, 2017 to Apr 28, 2017Apr 28, 2017$0.047976255
Mar 1, 2017 to Mar 31, 2017Mar 31, 2017$0.055165050
Feb 1, 2017 to Feb 28, 2017Feb 28, 2017$0.047530032
Dec 31, 2016 to Jan 31, 2017Jan 31, 2017$0.048996772
Dec 1, 2016 to Dec 30, 2016Dec 30, 2016$0.051796509
Dec 22, 2016Dec 22, 2016$0.028546000
Nov 1, 2016 to Nov 30, 2016Nov 30, 2016$0.048703769
Oct 1, 2016 to Oct 31, 2016Oct 31, 2016$0.046357070
Sep 1, 2016 to Sep 30, 2016Sep 30, 2016$0.050561618
Jul 30, 2016 to Aug 31, 2016Aug 31, 2016$0.046217434
Jul 1, 2016 to Jul 29, 2016Jul 29, 2016$0.046285059
Jun 1, 2016 to Jun 30, 2016Jun 30, 2016$0.046937899
Apr 30, 2016 to May 31, 2016May 31, 2016$0.045331662
Apr 1, 2016 to Apr 29, 2016Apr 29, 2016$0.045431344
Mar 1, 2016 to Mar 31, 2016Mar 31, 2016$0.044560410
Jan 30, 2016 to Feb 29, 2016Feb 29, 2016$0.039514776
Jan 1, 2016 to Jan 29, 2016Jan 29, 2016$0.039118644
Dec 23, 2015Dec 23, 2015$0.046446000
 

Morningstar Information

Morningstar RatingTM   As of Mar 31, 2017
Period Stars Category Size
Overall 4 Stars596
3-Year 4 Stars596
5-Year 4 Stars471
10-Year 4 Stars318

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange–traded funds, closed–end funds, and separate accounts) with at least a three–year history. Exchange–traded funds and open–ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk–Adjusted Return measure that accounts for variation in a managed product′s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three–, five–, and 10–year (if applicable) Morningstar Rating metrics. The weights are: 100% three–year rating for 36–59 months of total returns, 60% five–year rating⁄40% three–year rating for 60–119 months of total returns, and 50% 10–year rating⁄30% five–year rating⁄20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Morningstar Stylebox As of Mar 31, 2017
Fixed Income Stylebox
Low Limited
Allocation of Assets As of Feb 28, 2017
Type of Asset Percent
Equity1%
Fixed Income94%
Cash/Other5%

Due to rounding, percentages shown may not add up to 100%.

 
 

Characteristics

Allocation of Assets As of Feb 28, 2017
Asset ClassPercent
Domestic Stock0.7%
Foreign Stock0.3%
Domestic Bond69.4%
Foreign Bond23.3%
Preferred1.2%
Convertible0.5%
Cash-0.3%
Other5.0%

Due to rounding, percentages shown may not add up to 100%.

 
Fixed Income Sector As of Feb 28, 2017
SectorPercent
Corporate90.4%
Securitized2.8%
Derivative0.4%
Cash & Equivalents-0.3%

Exposure reflects fixed income securities only and will sum to the fixed income exposure of the fund.

 
Credit Quality As of Dec 31, 2016
Quality LevelPercent
AAA0.1%
AA0.0%
A0.6%
BBB2.5%
BB31.8%
B41.1%
Below B16.0%
Not Rated7.8%

Due to rounding, percentages shown may not add up to 100%. Exposure reflects fixed income securities only.

 
Top Ten Holdings As of Feb 28, 2017
Holding NamePercent
Blackstone Cqp Holdco 144A 9.296%0.9%
Consol Engy 5.875%0.9%
Ligado Networks Llc (New Lightsqua Tl0.8%
Sprint Nextel 144A 9%0.8%
Caesars Entertainment Resort Prope Tl-B0.7%
Gmac 8%0.7%
Freeport-Mcmoran 2.375%0.7%
First Data Corp New 144A 5.75%0.7%
Clear Channel Ww Hldgs 6.5%0.7%
Sprint Cap 6.875%0.6%
 

Statistics

Duration and Maturity As of Dec 31, 2016
StatisticValue
Average Effective Duration4.11 years
Average Effective Maturity7.10 years
Portfolio Statistics As of Mar 31, 2017
Statistic3-Year5-Year
Beta0.890.92
Alpha0.000.66
Standard Deviation5.605.14
 
 

Footnotes

1.

Please read the fund's prospectus carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus before investing. You may contact us to obtain a prospectus or to answer questions by calling 800-669-7400, emailing investorservices@icmarc.org, or visiting www.icmarc.org.

The source for this information is Morningstar, Inc. Copyright © 2017 Morningstar, Inc.® All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar, Inc. is a global investment research firm that is not affiliated with ICMA-RC. ICMA-RC does not independently verify Morningstar data.

Morningstar places funds in certain categories based on the fund's historical portfolio holdings. Placement of a fund in a particular Morningstar category does not mean that the fund will remain in that category or that it will invest primarily in securities consistent with its Morningstar category. A fund's investment strategy and portfolio holdings are governed by its prospectus, guidelines or other governing documents, not its Morningstar category.