BlackRock Managed Income Fund

Justin Christofel, CFA, CAIA, serves as Managing Director and global head of Income Investing for BlackRock's Multi-Asset Strategies & Solutions (MASS) group, bringing extensive experience since joining BlackRock in 2007. He earned his BA with honors in economics and mathematics from Yale University, providing strong analytical foundations for portfolio management. His leadership encompasses strategies that seek to deliver attractive risk-adjusted income and total return across multiple risk profiles to clients globally. Christofel's expertise centers on exploring the intersection of macroeconomic drivers and asset class returns in portfolio construction. Louis Arranz, CFA, CAIA, FRM, serves as Director and portfolio manager for the MASS Income team, beginning fund management on December 31, 2025. The fund has experienced significant management transitions with the recent departure of co-portfolio manager Alex Shingler in early 2026 and former lead manager Michael Fredericks in April 2023. These management changes have resulted in Morningstar placing the fund's ratings Under Review. The current management team operates within BlackRock's global platform managing $14.04 trillion in assets. The team benefits from BlackRock's extensive research capabilities and global presence across 30 countries.

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The BlackRock Managed Income Fund employs a diversified, risk-managed approach focused on maximizing current income with consideration for risk-managed total return. The fund seeks to deliver attractive risk-adjusted income and total return across multiple risk profiles through active management. The investment strategy allows flexibility to invest up to 100% in fixed-income securities and up to 30% in equity securities, including non-investment grade bonds, bank loans, non-dollar denominated bonds, and emerging market bonds. The portfolio management team focuses on exploring the intersection of macroeconomic drivers and asset class returns. The fund constructs portfolios designed to offer clients resilience in a variety of market regimes. The strategy emphasizes broad diversification across approximately 1,908 securities with active allocation management. The fund distributes income monthly and maintains a focus on attractive income generation and low costs. The approach does not incorporate ESG, sustainable, or impact investment considerations. The management philosophy centers on delivering consistent income while managing downside risk through diversification.

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