Multi-Asset Income Fund

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NAV as of Jul 13, 2020 $10.43
52 WK: 8.86 - 11.07
1 Day NAV Change as of Jul 13, 2020 0.01 (0.10%)
NAV Total Return as of Jul 13, 2020 YTD: -2.87% YTD (year to date) is a period, starting from the beginning of the current calendar year, and continuing up to the prior day's close.
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Overview

Managing income for a better outcome

The BlackRock Multi-Asset Income Fund seeks out the best income opportunities around the world and across asset classes, carefully balancing the trade-offs between yield and risk.

Flexible, core income solution

Focused on managing volatility

Seeks attractive income and total return

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Performance

Returns

	1y	3y	5y	10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	-0.83	2.13	2.82	5.55
Return w/ Sales Charge (%) Returns with sales charge reflect the deduction of applicable contingent deferred sales charge (CDSC) for Investor C shares. The maximum CDSC of 1% for Investor C shares is reduced to 0% after 1 year.	-1.79	2.13	2.82	5.55
Benchmark (%) Index: 50% MSCI World Ind(Net TR)/50% Bar US Agg Ind.<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.	6.35	6.38	5.89	7.12
Morningstar Category Avg. (%) Allocation--30% to 50% Equity	1.77	3.74	3.96	6.00
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	422/552	412/511	352/427	185/277
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	4	4	4	3
Lipper Category Avg. (%) Flexible Portfolio Funds	-1.05	2.53	3.27	6.18
Lipper Ranking Rankings are based on total return excluding sales charges.	264/531	280/474	224/370	105/172
Lipper Quartile Rankings are based on total return excluding sales charges.	2	3	3	3

Performance data is not currently available

	YTD	1m	3m	1y	3y	5y	10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	-3.87	0.76	9.15	-0.83	6.53	14.93	71.59
Return w/ Sales Charge (%) Returns with sales charge reflect the deduction of applicable contingent deferred sales charge (CDSC) for Investor C shares. The maximum CDSC of 1% for Investor C shares is reduced to 0% after 1 year.	-4.81	-0.24	8.15	-1.79	6.53	14.93	71.59
Benchmark (%) Index: 50% MSCI World Ind(Net TR)/50% Bar US Agg Ind.<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.	0.51	1.64	10.96	6.35	20.38	33.10	99.02
Morningstar Category Avg. (%) Allocation--30% to 50% Equity	-2.66	1.47	10.57	1.77	11.63	21.41	79.03
Lipper Category Avg. (%) Flexible Portfolio Funds	-5.73	1.47	11.60	-1.05	8.16	18.08	85.03

Performance data is not currently available

	2015	2016	2017	2018	2019
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	-2.35	5.67	7.96	-4.48	12.75
Benchmark (%) Index: 50% MSCI World Ind(Net TR)/50% Bar US Agg Ind<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.	0.08	5.23	12.62	-4.19	18.11
Morningstar Category Avg. (%) Allocation--30% to 50% Equity	-2.32	6.62	9.86	-5.04	14.81

Performance data is not currently available

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 November 28, 2011 are the returns of the Fund when it followed different investment strategies under the name “BlackRock Income Portfolio.”

Growth of Hypothetical $10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Performance chart data not available for display.

Growth of Hypothetical $10,000
Historical NAVs

Multi-Asset Income Fund ($)

Cum. Fund Perf. Since Inception: 67.16

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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Ex-Date	Payable Date	Record Date	Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until approximately 60 days following calendar year-end.	Income	ST Cap Gains	LT Cap Gains	Return of Capital

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Year	Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until calendar year-end.	Income	ST Cap Gains	LT Cap Gains

Past distributions are not indicative of future distributions.
Click here, for the most recent distributions.

The scarcity of decent yields has driven determined income-seekers into fewer, more highly correlated asset classes.

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Key Facts

Size of Class (Millions) as of Jul 13, 2020 $1,997.1 M

Size of Fund (Millions) as of Jul 13, 2020 $16,244.2 M

Share Class launch date Apr 07, 2008

Asset Class MultiAsset

Morningstar Category Allocation--30% to 50% Equity

Lipper Classification Flexible Portfolio Funds

Benchmark Index 50% MSCI World Ind(Net TR)/50% Bar US Agg Ind

CUSIP 09256H344

Distribution Frequency How often a distribution is paid by the fund. The most common distribution frequencies are annually, biannually and quarterly. Monthly

Number of Holdings as of Jun 30, 2020 5,196

Max Offer Price as of Jul 13, 2020 $10.43

Open to New Investors Yes

Turnover Percent in the Annual Report as of Jun 30, 2020 67%

Portfolio Characteristics

Fund Sharpe Ratio (3y) Compared to Fund has no benchmark. A ratio to measure risk-adjusted performance. The Sharpe ratio is calculated by subtracting the risk-free rate - such as that of the 10-year U.S. Treasury bond - from the rate of return for a portfolio and dividing the result by the standard deviation of the portfolio returns. as of Jun 30, 2020 0.08

30 Day SEC Yield A standard calculation of yield introduced by the SEC in order to provide fairer comparison among funds. This yield reflects the interest earned after deducting the fund's expenses during the most recent 30-day period by the average investor in the fund. Negative 30-Day SEC Yield results when accrued expenses of the past 30 days exceed the income collected during the past 30 days. as of May 31, 2020 4.03%

Unsubsidized 30-Day SEC Yield Represents what a fund's 30-Day SEC Yield would have been had no fee waiver or expense reimbursement been in place over the period. as of May 31, 2020 3.91%

Effective Duration Effective Duration measures the sensitivity of the price of a bond with or without embedded options to changes in interest rates, taking into account the likelihood of the bond being called, put and/or sunk prior to its final maturity date while incorporating after-tax impacts on the bond. The options-based duration model used by BlackRock employs certain assumptions and may differ from other fund complexes. Effective Duration is measured at the individual bond level, aggregated to the portfolio level, and adjusted for leverage, hedging transactions and non-bond holdings, including derivatives. as of Jun 30, 2020 2.40 yrs

Best 3-Month Return Over the Last 3 Years 3 months ending Jun 30, 2020 9.15%

Worst 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2020 -11.93%

Fund Standard Deviation (3y) as of Jun 30, 2020 8.22

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.

Fees

as of current prospectus

Gross Expense Ratio	1.71%
Net Expense Ratio The difference between gross and net expense ratios are due to contractual and/or voluntary waivers, if applicable. Any applicable contractual waiver will be terminable upon 90 days’ notice. BlackRock may agree to voluntarily waive certain fees and expenses, which the adviser may discontinue at any time without notice. For this share class, the contractual waiver end date is Nov 30, 2020.	1.59%

Net Expense Ratio excluding Investment Related Expenses is 1.55%

Ratings

Lipper Leader

Lipper Leader Ratings

Expense Multi-Asset Income Fund received the following Expense ratings for the 3-, 5-, and 10-year periods, respectively: 5 (101 funds), 4 (82 funds), and 5 (45 funds). Lipper ratings for Expense reflect funds' expense minimization relative to peers with similar load structures.

Preservation Multi-Asset Income Fund received the following Preservation ratings for the 3-, 5-, and 10-year periods, respectively: 5 (4,694 funds), 5 (3,793 funds), and 5 (2,234 funds). Lipper ratings for Preservation reflect funds' historical loss avoidance relative to other funds within the same asset class. Preservation ratings are relative, rather than absolute, measures, and funds named Lipper Leaders for Preservation may still experience losses periodically; those losses may be larger for equity and mixed equity funds than for fixed income funds.

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 Jun 30, 2020 out of 470, 4,694, 474, 101 and 474 Funds, respectively in Lipper's Flexible Portfolio Funds classification.

as of Jun 30, 2020

Name	Weight (%)
TEXAS INSTRUMENT INC - ELN	0.32
MICROSOFT CORP - ELN	0.31
GOLDMAN SACHS GROUP INC - ELN	0.31
QUALCOMM INC - ELN	0.31
PROLOGIS REIT INC - ELN	0.31

Name	Weight (%)
THERMO FISHER SCIENTIFIC INC - ELN	0.31
ALPHABET INC CLASS A - ELN	0.31
CISCO SYSTEMS INC - ELN	0.30
ELI LILLY - ELN	0.30
HOME DEPOT INC - ELN	0.30

as of Jun 30, 2020

Name	Weight (%)
ISHARES IBOXX $ HIGH YIELD CORP BO	1.48
ISHARES MBS ETF	0.68
ISHARES SHORT-TERM CORP BOND	0.54
HOUSTON CENTER (BSREP II HOUSTON) CML Prvt	0.29
CREDIT SUISSE GROUP AG 144A 6.25 12/31/2049	0.26

Name	Weight (%)
TRANSDIGM INC 144A 6.25 03/15/2026	0.22
ALIGNED ENERGY DATA CENTERS CML Prvt	0.22
TRANSCANADA TRUST 5.875 08/15/2076	0.21
NORDEA BANK ABP 144A 6.625 12/31/2049	0.21
TRK_20-1 A1 144A	0.20

Exposure Breakdowns

as of Jun 30, 2020

% of Market Value

Type	Fund	Benchmark	Net

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Allocations subject to change.

as of Jun 30, 2020

% of Market Value

Type	Fund	Benchmark	Net

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as of Jun 30, 2020

% of Market Value

Type	Fund	Benchmark	Net

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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.

Allocations are subject to change.

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