BlackRock Total Return
Objective And StrategyObjective
Total return consistent with income generation and prudent investment management.
Typically invests more than 90% of its assets in a diversified portfolio of fixed-income securities such as corporate bonds and notes, mortgage-backed securities, asset-backed securities, convertible securities, preferred securities and government obligations. Both U.S. and foreign companies and governments may issue these securities. Under normal circumstances, the Fund invests at least 80% of its assets in bonds and invests primarily in investment grade fixed-income securities. The Fund may invest in fixed-income securities of any duration or maturity. The Fund will invest most of its assets in securities issued by U.S. issuers, but may also invest a portion of its assets in securities issued by foreign issuers. The Fund may also invest in derivative securities for hedging purposes or to increase the return on its investments, and may also enter into dollar rolls. The Fund may invest up to 20% of its net assets in fixed-income securities that are rated below investment grade by at least one of the recognized rating agencies or in unrated securities of equivalent credit quality.
Tax Inefficient Fund
Asset classes that make large ordinary income distributions or generate significant short term capital gains are tax inefficient. Asset classes that match this description include REITs, commodities funds and absolute return funds.
Bonds - Intermediate09/2004