Fund Facts  

Inception Date: Nov 19, 1998
Ticker Symbol: BRHYX
Morningstar Category:High Yield Bond
As of Sep 30, 2016
Fund Net Assets ($millions) $18,801

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 Sep 30, 2016
Fund/Benchmark Name QtrYTD1-Yr3-Yr5-Yr10-YrSince Inception
BlackRock High Yield Bond Ka5.18%11.48%9.29%4.68%8.41%7.53%7.56%
Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Bond Indexa,b5.55%15.11%12.74%5.30%8.34%7.80%N/A
Morningstar High Yield Bonda,c4.70%11.45%9.13%3.76%7.05%6.15%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%

 

a. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2016 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.

Morningstar Information

Morningstar RatingTM   As of Sep 30, 2016
Period Stars Category Size
Overall 5 Stars659
3-Year 4 Stars659
5-Year 4 Stars524
10-Year 5 Stars368

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, fee waivers, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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 fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. For funds with loads, the Morningstar rating on a load-waived basis is provided, when available. Load-waived ratings do not include any front- or back-end sales loads and are intended for investors that have access to such purchase terms. Funds with loads are waived for plans administered by ICMA-RC. Past performance is no guarantee of future results.

Morningstar Stylebox As of Sep 30, 2016
Fixed Income Stylebox
Low Moderate
Allocation of Assets As of Aug 31, 2016
Type of Asset Percent
Equity3%
Fixed Income94%
Cash/Other2%

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

 
 

Characteristics

Allocation of Assets As of Aug 31, 2016
Asset ClassPercent
Domestic Stock2.9%
Foreign Stock0.4%
Domestic Bond71.6%
Foreign Bond21.3%
Preferred0.9%
Convertible0.7%
Cash-2.4%
Other4.7%

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

 
Fixed Income Sector As of Aug 31, 2016
SectorPercent
Corporate90.6%
Securitized2.8%
Government0.3%
Derivative0.1%
Cash & Equivalents-2.4%

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

 
Credit Quality As of Jun 30, 2016
Quality LevelPercent
AAA1.7%
AA0.0%
A0.4%
BBB3.2%
BB34.0%
B39.2%
Below B14.4%
Not Rated7.2%

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

 
Top Ten Holdings As of Aug 31, 2016
Holding NamePercent
iShares iBoxx $ High Yield Corporate Bd1.1%
SPDR® Barclays High Yield Bond ETF1.0%
First Data 144A 7%0.9%
Blackstone Cqp Holdco 144A 9.296%0.9%
Ngpl Pipeco 144A 7.119%0.9%
Gmac 8%0.8%
American Capital Ltd0.8%
First Data Corp New 144A 5.75%0.8%
Sprint Nextel 144A 9%0.8%
Numericable Grp Sa 144A 7.375%0.7%
 

Statistics

Duration and Maturity As of Jun 30, 2016
StatisticValue
Average Effective Duration4.11 years
Average Effective Maturity7.23 years
Portfolio Statistics As of Sep 30, 2016
Statistic3-Year5-Year
Beta0.900.93
Alpha-0.040.73
Standard Deviation5.685.86
 
 

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 © 2016 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.