Fixed Income

BMSAX

BlackRock Income Fund

Overview

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Performance

Performance

Growth of Hypothetical $10,000

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Distributions

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  1y 3y 5y 10y
5.77 5.44 4.90 4.98
3.12 4.56 4.37 4.72
Benchmark (%) 6.17 5.87 4.72 5.68
Morningstar Category Avg. (%) 6.21 5.28 4.19 4.35
Morningstar Ranking 270/336 173/271 96/235 45/127
Morningstar Quartile 3 3 2 2
Lipper Category Avg. (%) 7.72 2.92 3.52 4.03
  YTD 1m 3m 1y 3y 5y 10y
1.06 -1.07 -1.00 5.77 17.24 27.04 62.61
-1.46 -3.54 -3.47 3.12 14.31 23.87 58.55
Benchmark (%) 2.06 -0.38 0.37 6.17 18.66 25.92 73.77
Morningstar Category Avg. (%) 2.12 -0.13 -0.25 6.21 15.56 22.56 58.24
Lipper Category Avg. (%) 3.96 0.53 0.91 7.72 9.04 18.96 48.76
  2016 2017 2018 2019 2020
Total Return (%) 7.46 6.35 -1.23 11.71 6.63
Benchmark (%) 9.63 5.94 -0.76 10.86 6.17
Morningstar Category Avg. (%) 7.52 6.07 -1.52 9.80 4.84
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 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. The predecessor fund's returns between July 2, 2012 and July 1, 2016 are the returns of the predecessor fund when it followed different investment strategies under the name “BlackRock Secured Credit Portfolio." The predecessor fund's returns prior to July 2, 2012 are the returns of the predecessor fund when it followed different investment strategies under the name "BlackRock Multi-Sector Bond Portfolio."

Key Facts

Key Facts

Size of Class (Millions) as of Dec 06, 2021 $218.7 M
Size of Fund (Millions) as of Dec 06, 2021 $3,092.9 M
Share Class launch date Feb 26, 2010
Asset Class Fixed Income
Morningstar Category Multisector Bond
Lipper Classification Multi-Sector Income Fds
Benchmark Index 25BBGHY100HDG 25SPLSTALL 25BBUSCMBSIG 25JPMCEMBIBD
CUSIP 09260B705
Distribution Frequency Monthly
Number of Holdings as of Oct 29, 2021 2,542
Max Offer Price as of Dec 06, 2021 $10.47
Open to New Investors Yes
Turnover Percent in the Annual Report 92%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Nov 30, 2021 -0.08
R-Squared (3y) as of Nov 30, 2021 95.70
Beta (3y) as of Nov 30, 2021 1.07
30 Day SEC Yield as of Oct 31, 2021 2.77%
Unsubsidized 30-Day SEC Yield as of Oct 31, 2021 2.75%
Yield to Maturity as of Oct 29, 2021 4.63%
Yield to Worst as of Oct 29, 2021 4.49%
Weighted Average Life as of Oct 29, 2021 5.47 yrs
Effective Duration as of Oct 29, 2021 1.86 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jun 30, 2020 9.89%
Worst 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2020 -10.33%
Fund Standard Deviation (3y) as of Nov 30, 2021 7.96

For the latest month-end Distribution Yield, click here.


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

Sustainability Characteristics

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% of the fund’s gross weight must come from securities covered 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. For newly launched funds, sustainability characteristics are typically available 6 months after launch. MSCI Ratings are currently unavailable for this fund.

Business Involvement

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, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. 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 Oct 29, 2021 0.00%
MSCI - UN Global Compact Violators as of Oct 29, 2021 0.40%
MSCI - Nuclear Weapons as of Oct 29, 2021 0.00%
MSCI - Thermal Coal as of Oct 29, 2021 0.00%
MSCI - Civilian Firearms as of Oct 29, 2021 0.00%
MSCI - Oil Sands as of Oct 29, 2021 0.00%
MSCI - Tobacco as of Oct 29, 2021 0.01%

Business Involvement Coverage as of Oct 29, 2021 31.19%
Percentage of Fund not covered as of Oct 29, 2021 69.14%
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 0.62% and for Oil Sands 0.08%.

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

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 the initial screening, sourcing and due diligence phases of the investment process. In the due diligence process, the Fund manager uses an internal ESG risk assessment to identify, analyze and document key ESG risks. Specialist consultants may also be appointed to further support due diligence if needed. Identified material ESG risks and relevant mitigating actions are documented in Investment Committee material. This information, where appropriate, is discussed at relevant Investment Committee meetings, and is considered in the Investment Committee’s investment decision. In the structuring and documentation stage of the investment process, the investment team considers requesting bespoke information related to ESG. The Fund’s ongoing portfolio management process includes the monitoring of ESG criteria over the life of an investment, and each portfolio company’s ESG assessment is refreshed on a quarterly basis. Furthermore, the investment team and the Risk and Quantitative Analysis group analyze and discuss the portfolio’s exposure to material ESG risks as part of the portfolio risk review each quarter.

Fees

Fees

as of current prospectus
Gross Expense Ratio 1.00%
Net Expense Ratio 0.90%

Net Expense Ratio excluding Investment Related Expenses is 0.87%

  • Acquired Fund Fees and Expenses 0.03%
  • Interest expense 0.00%

Ratings

Ratings

Lipper Leader

 
 
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 Oct 31, 2021 out of 307, 6,214, 307, 102 and 306 Funds, respectively in Lipper's Multi-Sector Income Fds classification.

Holdings

Holdings

as of Oct 29, 2021
Name Weight (%)
UNITED STATES TREASURY 5.01
CITIGROUP INC 0.80
VANECK VECTORS JP MORGAN EM LOCAL CURRENCY BD ETF 0.78
ISHARES HIGH YIELD CORPORATE BOND 0.76
INTESA SANPAOLO SPA 0.74
Name Weight (%)
ALTICE FRANCE SA (FRANCE) 0.68
SOFTBANK GROUP CORP 0.53
ISHARES FLOATING RATE BOND ETF 0.49
ZAYO GROUP HOLDINGS INC 0.48
CELLNEX TELECOM SA 0.48

Exposure Breakdowns

Exposure Breakdowns

as of Oct 29, 2021

% Notional Exposures

Type Fund
as of Oct 29, 2021

% Notional Exposures

Type Fund
as of Oct 29, 2021

% Notional Exposures

Type Fund
as of Oct 29, 2021

% Notional Exposures

Type Fund
as of Oct 29, 2021

% Market Value

Type Fund
as of Oct 29, 2021

% Market Value

Type Fund
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

James Keenan, CFA
Chief Investment Officer and Global Co-Head of Credit

James E. Keenan, CFA, Managing Director, is Chief Investment Officer and Global Co-Head of Credit within BlackRock Alternative Investors (BAI).

Jose Aguilar
Portfolio manager on the Credit Enhanced Strategies Europe team

  

Jeff Cucunato
Managing Director

Jeff Cucunato is the lead portfolio manager for the Multi-Strategy Credit platform within BlackRock's Global Credit group.

Mitchell S. Garfin, CFA
Co-Head of U.S. High Yield in Global Credit team

  

Artur Piasecki
Senior member of the Asian Credit team

     

Portfolio Manager

Literature

Literature

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