Managed Income Fund | BLADX

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NAV as of May 27, 2022 $9.50
52 WK: 9.30 - 10.54
1 Day NAV Change as of May 27, 2022 0.06 (0.64%)
NAV Total Return as of May 27, 2022 YTD: -6.77%
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: 113.98

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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Table

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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 (%)	0.89	4.20	3.86	4.00
Return w/ Sales Charge (%)	-3.15	2.80	3.02	3.58
Benchmark (%)	1.59	6.95	6.41	6.03
Morningstar Category Avg. (%)	-5.50	2.62	2.90	3.30
Morningstar Ranking	42/191	105/176	105/162	58/109
Morningstar Quartile	1	3	3	3
Lipper Category Avg. (%)	-4.06	3.00	3.12	3.47
Lipper Ranking	31/358	33/310	44/267	38/141
Lipper Quartile	1	1	1	2

Performance data is not currently available

	YTD	1m	3m	1y	3y	5y	10y
Total Return (%)	-3.41	-0.27	-3.41	0.89	13.15	20.87	48.05
Return w/ Sales Charge (%)	-7.27	-4.26	-7.27	-3.15	8.62	16.03	42.13
Benchmark (%)	-5.48	-0.83	-5.48	1.59	22.32	36.42	79.54
Morningstar Category Avg. (%)	-7.78	-3.75	-5.68	-5.50	14.31	21.78	49.30
Lipper Category Avg. (%)	-7.08	-2.58	-7.08	-4.06	9.32	16.71	41.28

Performance data is not currently available

	2017	2018	2019	2020	2021
Total Return (%)	5.03	-0.82	9.36	5.51	5.36
Benchmark (%)	8.76	-1.06	15.37	11.35	6.88
Morningstar Category Avg. (%)	6.25	-3.14	11.20	7.29	5.04

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 27, 2022 $361.1 M

Size of Fund (Millions) as of May 27, 2022 $963.7 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 US Aggregate Bond / 30% S&P 500 Index

CUSIP 091937219

Distribution Frequency Monthly

Number of Holdings as of Apr 29, 2022 2,884

Max Offer Price as of May 27, 2022 $9.90

Open to New Investors Yes

Turnover Percent in the Annual Report 45%

Portfolio Characteristics

Fund Sharpe Ratio (3y) as of Apr 30, 2022 0.35

30 Day SEC Yield as of Apr 30, 2022 3.61%

Unsubsidized 30-Day SEC Yield as of Apr 30, 2022 3.46%

Effective Duration as of Apr 29, 2022 2.16 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, 2022 78.88

Fund Standard Deviation (3y) as of Apr 30, 2022 6.32

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

To be included in MSCI ESG Fund Ratings, 65% of the fund’s gross weight must come from securities with ESG coverage 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 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 29, 2022 0.03%

MSCI - UN Global Compact Violators as of Apr 29, 2022 0.93%

MSCI - Nuclear Weapons as of Apr 29, 2022 0.02%

MSCI - Thermal Coal as of Apr 29, 2022 0.00%

MSCI - Civilian Firearms as of Apr 29, 2022 0.00%

MSCI - Oil Sands as of Apr 29, 2022 0.02%

MSCI - Tobacco as of Apr 29, 2022 0.58%

Business Involvement Coverage as of Apr 29, 2022 53.40%

Percentage of Fund not covered as of Apr 29, 2022 46.60%

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 0.03% and for Oil Sands 0.42%.

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	0.86%
Net Expense Ratio	0.69%

Net Expense Ratio excluding Investment Related Expenses is 0.65%

Acquired Fund Fees and Expenses 0.04%
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, 2022 out of 311, 6,245, 311, 103 and 310 Funds, respectively in Lipper's Multi-Sector Income Fds classification.

as of Apr 29, 2022

Name	Weight (%)
ISHARES CORE DIVIDEND GROWTH ETF	2.35
MICROSOFT CORP	0.29
ALPHABET INC CLASS A - ELN	0.28
SANOFI SA	0.27
APPLE INC - ELN	0.26

Name	Weight (%)
MICROSOFT CORP - ELN	0.25
ASTRAZENECA PLC	0.25
RELX PLC	0.25
RECKITT BENCKISER GROUP PLC	0.25
NOVO NORDISK CLASS B	0.24

as of Apr 29, 2022

Name	Weight (%)
Notional Cash Offset (FVM2 FUTURE)	3.32
Notional Cash Offset (WNM2 FUTURE)	0.67
GLM_1R-R CR2 144A	0.25
CIFC_17-3A A1 144A	0.19
TRANSDIGM INC 144A 6.25 03/15/2026	0.18

Name	Weight (%)
REALPAGE INC TL-B	0.18
L3HARRIS TECHNOLOGIES INC 4.4 06/15/2028	0.17
CHARLES SCHWAB CORPORATION (THE) 4 12/31/2049	0.17
ALTICE FRANCE HOLDING SA 144A 10.5 05/15/2027	0.16
ENERGY TRANSFER LP 7.125 12/31/2049	0.16

Exposure Breakdowns

as of Apr 29, 2022

% Market Value

Type	Fund	Benchmark	Net

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Allocations subject to change.

as of Apr 29, 2022

% 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 29, 2022

% 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.