Managed Income Fund | BLADX

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NAV as of May 13, 2021 $10.38
52 WK: 9.55 - 10.44
1 Day NAV Change as of May 13, 2021 0.03 (0.29%)
NAV Total Return as of May 13, 2021 YTD: 2.02%
Neutral

Overview

About this Fund

1. Core, low-cost income solution
2. Conservative, risk-managed approach
3. Seeks attractive income, with a focus on risk management

Investment Approach

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

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Performance

Growth of Hypothetical $10,000

Performance chart data not available for display.

Growth of Hypothetical $10,000
Historical NAVs

Managed Income Fund ($)

Cum. Fund Perf. Since Inception: 121.76

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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Table

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Ex-Date	Payable Date	Record Date	Total Distribution	Income	ST Cap Gains	LT Cap Gains	Return of Capital

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Year	Total Distribution	Income	ST Cap Gains	LT Cap Gains

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

Returns

	1y	3y	5y	10y
Total Return (%)	15.28	5.04	4.98	5.81
Return w/ Sales Charge (%)	10.67	3.62	4.13	5.38
Benchmark (%)	15.37	8.55	7.17	6.71
Morningstar Category Avg. (%)	17.24	5.52	5.26	4.73
Morningstar Ranking	111/166	126/158	105/140	13/87
Morningstar Quartile	3	4	3	1
Lipper Category Avg. (%)	9.49	5.95	4.75	4.86
Lipper Ranking	195/348	141/304	138/267	14/127
Lipper Quartile	3	2	3	1

Performance data is not currently available

	YTD	1m	3m	1y	3y	5y	10y
Total Return (%)	0.87	0.52	0.87	15.28	15.91	27.54	75.88
Return w/ Sales Charge (%)	-3.17	-3.51	-3.17	10.67	11.27	22.43	68.84
Benchmark (%)	-0.55	0.44	-0.55	15.37	27.92	41.36	91.38
Morningstar Category Avg. (%)	0.18	0.31	0.18	17.24	17.50	29.21	58.71
Lipper Category Avg. (%)	-4.03	-1.50	-4.03	9.49	18.99	26.30	61.86

Performance data is not currently available

	2016	2017	2018	2019	2020
Total Return (%)	9.33	5.03	-0.82	9.36	5.51
Benchmark (%)	5.50	8.76	-1.06	15.37	11.35
Morningstar Category Avg. (%)	5.55	6.25	-3.14	11.20	7.29

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.”

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 May 13, 2021 $310.2 M

Size of Fund (Millions) as of May 13, 2021 $816.1 M

Share Class launch date Oct 19, 2007

Asset Class MultiAsset

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 Monthly

Number of Holdings as of Apr 30, 2021 2,655

Max Offer Price as of May 13, 2021 $10.81

Open to New Investors Yes

Turnover Percent in the Annual Report 76%

Portfolio Characteristics

Fund Sharpe Ratio (3y) as of Apr 30, 2021 0.69

30 Day SEC Yield as of Apr 30, 2021 2.65%

Unsubsidized 30-Day SEC Yield as of Apr 30, 2021 2.48%

Effective Duration as of Apr 30, 2021 1.57 yrs

Best 3-Month Return Over the Last 3 Years 3 months ending Jun 30, 2020 7.13%

Worst 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2020 -7.68%

R-Squared (3y) as of Apr 30, 2021 74.92

Fund Standard Deviation (3y) as of Apr 30, 2021 5.84

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 can help investors integrate non-financial, sustainability considerations into their investment process. These metrics enable investors to evaluate funds based on their environmental, social, and governance (ESG) risks and opportunities. This analysis can provide insight into the effective management and long-term financial prospects of a fund.

The metrics below have been provided for transparency and informational purposes only. The existence of an ESG rating is not indicative of how or whether ESG factors will be integrated into a fund. The metrics are based on MSCI ESG Fund Ratings 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 Sustainability Characteristics, using links below.

MSCI ESG Fund Rating (AAA-CCC) as of Mar 05, 2021 BBB

MSCI ESG Quality Score (0-10) as of Mar 05, 2021 5.6

MSCI ESG Quality Score - Peer Percentile as of Mar 05, 2021 44.34%

MSCI ESG % Coverage as of Mar 05, 2021 65.23%

Fund Lipper Global Classification as of Mar 05, 2021 Bond USD

MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Mar 05, 2021 245.13

Funds in Peer Group as of Mar 05, 2021 221

All data is from MSCI ESG Fund Ratings as of Mar 05, 2021, based on holdings as of Nov 30, 2020. As such, the fund’s sustainable characteristics may differ from MSCI ESG Fund Ratings from time to time.

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.

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 Apr 30, 2021 0.06%

MSCI - UN Global Compact Violators as of Apr 30, 2021 1.35%

MSCI - Nuclear Weapons as of Apr 30, 2021 0.03%

MSCI - Thermal Coal as of Apr 30, 2021 0.01%

MSCI - Civilian Firearms as of Apr 30, 2021 0.02%

MSCI - Oil Sands as of Apr 30, 2021 0.03%

MSCI - Tobacco as of Apr 30, 2021 0.62%

Business Involvement Coverage as of Apr 30, 2021 60.99%

Percentage of Fund not covered as of Apr 30, 2021 39.01%

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 0.10% and for Oil Sands 0.34%.

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 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 combination with other information in the research and due diligence phase of the investment process. ESG information may be sourced internally, via collaboration with the BlackRock Investment Stewardship team in engaging issuers on material environmental, societal or governance topics, and from third-party providers. The Fund manager’s ongoing monitoring of the portfolio involves regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion of the portfolio’s exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Fees

as of current prospectus

Gross Expense Ratio	0.90%
Net Expense Ratio	0.69%

Net Expense Ratio excluding Investment Related Expenses is 0.62%

Acquired Fund Fees and Expenses 0.07%
Interest expense 0.00%

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

Ratings

Lipper Leader

Lipper Leader Ratings

Consistent Return

Expense

Preservation

Tax Efficiency

Total Return

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 Apr 30, 2021 out of 309, 6,138, 309, 106 and 309 Funds, respectively in Lipper's Multi-Sector Income Fds classification.

as of Apr 30, 2021

Name	Weight (%)
ISHARES CORE DIVIDEND GROWTH ETF	2.29
SANOFI SA	0.38
RECKITT BENCKISER GROUP PLC	0.37
VISA INC CLASS A	0.37
MICROSOFT CORP	0.37

Name	Weight (%)
MICROSOFT CORP - ELN	0.37
UNITEDHEALTH GROUP INC	0.35
RELX PLC	0.33
ASTRAZENECA PLC	0.30
INTERCONTINENTAL EXCHANGE INC	0.29

as of Apr 30, 2021

Name	Weight (%)
ISHARES IBOXX $ HIGH YIELD CORP BO	2.48
Notional Cash Offset (WNM1 FUTURE)	2.24
Notional Cash Offset (TYM1 FUTURE)	2.06
Notional Cash Offset (USM1 FUTURE)	1.64
Notional Cash Offset (FVM1 FUTURE)	1.35

Name	Weight (%)
Notional Cash Offset (UXYM1 FUTURE)	1.23
ISHARES IBOXX $ INV GRADE CORPORAT	1.20
SHIRE ACQUISITIONS INVESTMENTS IRE 2.875 09/23/2023	0.31
VERIZON COMMUNICATIONS INC 4.272 01/15/2036	0.24
TRANSDIGM INC 144A 6.25 03/15/2026	0.24

Exposure Breakdowns

as of Apr 30, 2021

% Market Value

Type	Fund	Benchmark	Net

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Allocations subject to change.

as of Apr 30, 2021

% Notional Exposures

Type	Fund	Benchmark	Net

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as of Apr 28, 2017

% Notional Exposures

Type	Fund	Benchmark	Net

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as of Apr 30, 2021

% 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. 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.