Managed Income Fund | BLADX

Overview

Managing income for a better outcome

The BlackRock Managed Income Fund seeks consistent income in all markets through a diversified, risk-managed approach.

Seeks consistent income in all markets

Designed to pay an attractive consistent distribution each month with the potential for a quarterly bonus earned above the monthly rate

Conservative, risk-managed approach

The fund applies a nimble approach to a broad investment universe, carefully managing volatility through a focus on quality bonds and stocks

Core, low cost income solution

Designed to be a core holding with low expenses for those seeking higher income than cash and core bonds

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Performance

Returns

Average Annual
Cumulative
Calendar Year

	1y	3y	5y	10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	5.68	4.01	3.71	6.48
Return w/ Sales Charge (%) Max Sales Charge: 4.00	1.45	2.60	2.87	6.05
Benchmark (%) Index: 70% BBG Barc US Aggregate Bond / 30% S&P 500 Index.<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.	9.04	5.93	5.40	7.24
Morningstar Category Avg. (%) Allocation--15% to 30% Equity	4.31	3.67	3.03	5.30
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	100/206	124/192	37/162	25/90
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	2	3	1	1
Lipper Category Avg. (%) Corp Debt BBB Rated Fds	9.43	3.59	3.48	5.76
Lipper Ranking Rankings are based on total return excluding sales charges.	222/321	179/284	57/223	38/112
Lipper Quartile Rankings are based on total return excluding sales charges.	3	3	2	2

Missing average annual returns data

	YTD	1m	3m	1y	3y	5y	10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	6.03	1.39	2.18	5.68	12.51	19.98	87.40
Return w/ Sales Charge (%) Max Sales Charge: 4.00	1.79	-2.67	-1.91	1.45	8.01	15.19	79.91
Benchmark (%) Index: 70% BBG Barc US Aggregate Bond / 30% S&P 500 Index.<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.	9.89	2.99	3.57	9.04	18.87	30.06	101.11
Morningstar Category Avg. (%) Allocation--15% to 30% Equity	7.79	0.24	1.69	4.31	12.46	14.76	71.66
Lipper Category Avg. (%) Corp Debt BBB Rated Fds	9.07	2.08	3.95	9.43	11.20	18.78	76.67

Missing cumulative returns data

	2014	2015	2016	2017	2018
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	6.68	-1.48	9.33	5.03	-0.82
Benchmark (%) Index: 70% BBG Barc US Aggregate Bond / 30% S&P 500 Index<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.	8.30	1.01	5.50	8.76	-1.06
Morningstar Category Avg. (%) Allocation--15% to 30% Equity	3.54	-2.07	5.55	6.25	-3.14

Missing calendar year returns data

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 between July 29, 2013 and October 1, 2016 are the returns of the Fund when it followed different investment strategies under the name “BlackRock Investment Grade Bond Portfolio.” The Fund’s returns prior to July 29, 2013 are the returns of the Fund when it followed different investment strategies under the name “BlackRock Long Duration Bond 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

Managed Income Fund ($)

Cum. Fund Perf. Since Inception: 101.22

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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Recent
Calendar Year

Chart
Table

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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

Chart
Table

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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 Sep 16, 2019 $161.9 M

Size of Fund (Millions) as of Sep 16, 2019 $420.5 M

Share Class launch date Oct 19, 2007

Asset Class Fixed Income

Morningstar Category Allocation--15% to 30% Equity

Lipper Classification Multi-Sector Income Fds

Benchmark Index 70% BBG Barc US Aggregate Bond / 30% S&P 500 Index

CUSIP 091937219

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 Aug 30, 2019 1,044

Max Offer Price as of Sep 16, 2019 $10.41

Open to New Investors Yes

Turnover Percent as of Aug 31, 2019 79%

Portfolio Characteristics

Fund Sharpe Ratio (3y) Compared to 70% BBG Barc US Aggregate Bond / 30% S&P 500 Index. 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 Aug 31, 2019 1.00

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 Aug 31, 2019 3.42%

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 Aug 31, 2019 3.25%

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 Aug 30, 2019 1.67 yrs

Best 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2019 3.78%

Worst 3-Month Return Over the Last 3 Years 3 months ending Dec 31, 2018 -1.99%

R-Squared (3y) as of Aug 31, 2019 67.27

Fund Standard Deviation (3y) as of Aug 31, 2019 2.20

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	1.12%
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 Apr 30, 2020.	0.74%

Net Expense Ratio excluding Investment Related Expenses is 0.69%

There is an additional management fee waiver of 0.14% related to certain affiliated investments.

Ratings

Morningstar Rating

Overall Managed Income Fund received a Morningstar Rating of 3 stars for the 3-year period, 4 stars for the 5-year period and 4 stars for the 10-year period, rated against 184, 155 and 86 Allocation--15% to 30% Equity Funds, respectively. Performance results represent past performance and are no guarantee of future results. The Morningstar RatingTM 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 Ratings are for the share classes cited only; other classes may have different ratings.

Overall Morningstar Rating for Managed Income Fund, Class A, as of Aug 31, 2019 rated against 184 Allocation--15% to 30% Equity Funds.

Lipper Leader

Lipper Leader Ratings

Expense Managed Income Fund received the following Expense ratings for the 3-, 5-, and 10-year periods, respectively: 5 (96 funds), 5 (80 funds), and 5 (39 funds). Lipper ratings for Expense reflect funds' expense minimization relative to peers with similar load structures.

Preservation Managed Income Fund received the following Preservation ratings for the 3-, 5-, and 10-year periods, respectively: 5 (5,851 funds), 4 (5,096 funds), and 1 (3,291 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.

Tax Efficiency Managed Income Fund received the following Tax Efficiency ratings for the 3-, 5-, and 10-year periods, respectively: 3 (279 funds), 4 (222 funds), and 2 (106 funds). Lipper ratings for Tax Efficiency (US) reflect funds' historical success in postponing taxable distributions relative to peers. Tax Efficiency (US) offers no benefit to investors in tax-sheltered accounts such as retirement plans.

Total Return Managed Income Fund received the following Total Return ratings for the 3-, 5-, and 10-year periods, respectively: 2 (279 funds), 4 (222 funds), and 4 (106 funds). Lipper ratings for Total Return reflect funds' historical total return performance relative to peers.

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 Aug 31, 2019 out of 279, 5,851, 279, 96 and 279 Funds, respectively in Lipper's Multi-Sector Income Fds classification.

as of Aug 30, 2019

Name	Weight (%)
ISHARES CORE DIVIDEND GROWTH ETF	1.16
WISDOMTREE INTERNATIONAL EQUITY FU	0.48
ISHARES INTERNATIONAL SELECT DIVID	0.24
DANAHER CORP - ELN	0.17
PROGRESSIVE CORP - ELN	0.17

Name	Weight (%)
HONEYWELL INTERNATIONAL INC - ELN	0.17
BANK OF AMERICA CORP - ELN	0.17
MORGAN STANLEY - ELN	0.17
UNITED AIRLINES HOLDINGS INC - ELN	0.16
UNITED TECHNOLOGIES CORP - ELN	0.13

as of Aug 30, 2019

Name	Weight (%)
HIGH YIELD BOND FUND CLASS K	14.21
FLOATING RATE INCOME FUND CLASS K	11.37
BLACKROCK ALL TGT SH BATS SERIES A	4.58
GNMA FUND CLASS K	3.53
CIFC_17-3A A1 144A	0.45

Name	Weight (%)
ALLERGAN FUNDING SCS 3.45 03/15/2022	0.44
CIGNA CORP 3.2 09/17/2020	0.42
BANK OF AMERICA CORP MTN 2.881 04/24/2023	0.42
DRSLF_17-49A A 144A	0.40
WELLS FARGO & COMPANY MTN 3.75 01/24/2024	0.38

Exposure Breakdowns

Asset Class
Geography
Credit Quality

as of Aug 30, 2019

% Market Value

Type	Fund	Benchmark	Net

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Allocations subject to change.

as of Aug 30, 2019

% Notional Exposures % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type	Fund	Benchmark	Net

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as of Apr 28, 2017

Type	Fund	Benchmark	Net

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as of Aug 30, 2019

% Market Value

Type	Fund	Benchmark	Net

Show All Show Fewer

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

Head of Income Investing for BlackRock Multi-Asset Strategies Team

Portfolio Manager, Multi-Asset Portfolio Strategies

Portfolio Manager, Multi-Asset Portfolio Strategies

Portfolio Manager

Literature

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Important Information

Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses which may be obtained by visiting the iShares Fund and BlackRock Fund prospectus pages. Read the prospectus carefully before investing.

The fund is actively managed and its characteristics will vary.

Stock and bond values fluctuate in price so the value of your investment can go down depending on market conditions.

Fund of funds are subject to the risks associated with the underlying BlackRock funds in which it invests.

International investing involves special risks including, but not limited to currency fluctuations, illiquidity and volatility. These risks may be heightened for investments in emerging markets.

Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments.

Non-investment-grade debt securities (high-yield/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher rated securities.

Asset allocation strategies do not assure profit and do not protect against loss.

Non-diversification of investments means that more assets are potentially invested in fewer securities than if investments were diversified, so risk is increased because each investment has a greater effect on performance.

The fund may use derivatives to hedge its investments or to seek to enhance returns. Derivatives entail risks relating to liquidity, leverage and credit that may reduce returns and increase volatility.

Performance results reflect past performance and are no guarantee of future results. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvestment of all dividends. Performance information shown without sales charge would have been lower if the applicable sales charge had been included. Performance during periods of exceptional market conditions should not be expected to be repeated in a normal market environment. Current performance may be lower or higher than the performance data quoted.

Investing involves risk, including possible loss of principal.

Fund details, holdings and characteristics are as of the date noted and subject to change.

Yields are based on income earned for the period cited and on the Fund's NAV at the end of the period.

Some BlackRock funds make distributions of ordinary income and capital gains at calendar year end. Those distributions temporarily cause extraordinarily high yields. There is no assurance that a fund will repeat that yield in the future. Subsequent monthly distributions that do not include ordinary income or capital gains in the form of dividends will likely be lower.

The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

© 2019 BlackRock, Inc. All rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, BUILD ON BLACKROCK, ALADDIN, iSHARES, iBONDS, iSHARES CONNECT, FUND FRENZY, LIFEPATH, SO WHAT DO I DO WITH MY MONEY, INVESTING FOR A NEW WORLD, BUILT FOR THESE TIMES, the iShares Core Graphic, CoRI and the CoRI logo are registered and unregistered trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners.

USR-10487