Schedule

of

Investments

(unaudited)

March

31,

2025

BlackRock

Managed

Income

Fund

2

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(a)

AGL

Core

CLO

36

Ltd.,

Series

2024-36A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.85%,

01/23/38

(b)

............

USD

2,000

$

1,984,995

AIMCO

CLO,

Series

2015-AA,

Class

CR3,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

6.10%,

10/17/34

(b)

..................

1,000

999,890

AREIT

Ltd.,

Series

2025-CRE10,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.71%,

12/17/29

(b)

..................

770

769,330

Ballyrock

CLO

27

Ltd.,

Series

2024-27A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

6.21%,

10/25/37

(b)

...........

1,500

1,500,212

Bayview

Financial

Revolving

Asset

Trust,

Series

2005-A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.11%),

5.44%,

02/28/40

(b)

..

462

415,350

BDS

LLC,

Series

2025-FL14,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.28%),

5.58%,

10/21/42

(b)

..................

1,000

998,244

Benefit

Street

Partners

CLO

VIII

Ltd.,

Series

2015-8A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

5.65%,

01/20/31

(b)

.......................

149

148,774

Benefit

Street

Partners

CLO

XII-B

Ltd.,

Series

2017-12BRA,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

6.00%,

10/15/37

(b)

.......................

1,350

1,348,050

Birch

Grove

CLO

9

Ltd.,

Series

2024-9A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

6.54%,

10/22/37

(b)

............

1,000

996,358

Boyce

Park

CLO

Ltd.,

Series

2022-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.10%),

6.39%,

04/21/35

(b)

............

1,000

996,686

Buckhorn

Park

CLO

Ltd.,

Series

2019-1A,

Class

B1RR,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.89%,

07/18/34

(b)

.......

1,000

996,757

Canyon

CLO

Ltd.,

Series

2021-4A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

6.26%,

10/15/34

(b)

............

450

448,806

CBAM

Ltd.,

Series

2020-13A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.43%

Floor

+

1.69%),

5.98%,

01/20/34

(b)

..................

1,000

1,001,996

CIFC

Funding

2020-III

Ltd.,

Series

2020-3A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.91%

Floor

+

1.91%),

6.20%,

10/20/34

(b)

.......

2,000

1,998,661

CIFC

Funding

2021-I

Ltd.,

Series

2021-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.10%),

6.40%,

07/25/37

(b)

............

1,000

1,003,696

CIFC

Funding

2022-IV

Ltd.,

Series

2022-4A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.00%),

6.31%,

07/16/35

(b)

.......

1,000

1,000,556

CIFC

Funding

Ltd.

(b)

Series

2019-4A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.91%

Floor

+

1.91%),

6.21%,

10/15/34

......................

1,000

998,921

Series

2019-5A,

Class

A1R1,

(3-mo.

CME

Term

SOFR

at

1.14%

Floor

+

1.40%),

5.70%,

01/15/35

.................

2,000

2,003,647

Series

2019-5A,

Class

A2RS,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

6.31%,

01/15/35

.................

1,500

1,500,856

Clover

CLO

LLC,

Series

2021-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

6.55%,

07/20/34

(b)

............

1,000

1,000,720

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(a)

(continued)

Diameter

Capital

CLO

3

Ltd.

(b)

Series

2022-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.33%

Floor

+

1.33%),

5.62%,

01/15/38

......................

USD

2,500

$

2,495,028

Series

2022-3A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.99%,

01/15/38

......................

2,500

2,490,025

Eaton

Vance

CLO

Ltd.,

Series

2013-1A,

Class

B3R,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

6.71%,

01/15/34

(b)

...........

1,000

998,398

Elmwood

CLO

II

Ltd.,

Series

2019-2A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.00%),

6.29%,

10/20/37

(b)

...........

700

702,450

First

Franklin

Mortgage

Loan

Trust,

Series

2005-

FF10,

Class

A6M,

(1-mo.

CME

Term

SOFR

at

0.70%

Floor

+

0.81%),

5.13%,

11/25/35

....

513

480,383

FS

Rialto

Issuer

LLC,

Series

2025-FL10,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.70%,

08/19/42

(b)

............

1,155

1,144,823

GoldenTree

Loan

Management

US

CLO

1

Ltd.,

Series

2017-1A,

Class

CR3,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.90%,

04/20/34

(b)

.......................

2,500

2,489,834

Golub

Capital

Partners

CLO

77

B

Ltd.,

Series

2024-77A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.90%,

01/25/38

(b)

.

2,000

1,986,974

Greywolf

CLO

II

Ltd.,

Series

2013-1A,

Class

A2AR,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

6.16%,

04/15/34

(b)

.......

300

299,100

HalseyPoint

CLO

4

Ltd.,

Series

2021-4A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.22%

Floor

+

1.48%),

5.77%,

04/20/34

(b)

............

500

499,383

Invesco

CLO

Ltd.,

Series

2021-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.12%

Floor

+

1.38%),

5.68%,

07/15/34

(b)

............

1,000

997,949

Madison

Park

Funding

XXXIII

Ltd.

(b)

Series

2019-33A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

6.10%,

10/15/32

......................

1,000

996,709

Series

2019-33A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.20%),

6.50%,

10/15/32

.................

1,000

999,829

OHA

Credit

Funding

6

Ltd.,

Series

2020-6A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.33%

Floor

+

1.33%),

5.62%,

10/20/37

(b)

.......

1,500

1,501,146

OHA

Loan

Funding

Ltd.,

Series

2013-1A,

Class

B1R3,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

6.19%,

04/23/37

(b)

.......

1,000

1,004,442

Palmer

Square

CLO

Ltd.

(b)

Series

2019-1A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.96%

Floor

+

1.96%),

6.28%,

11/14/34

......................

1,000

999,953

Series

2021-4A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.43%

Floor

+

1.43%),

5.73%,

10/15/34

......................

2,000

2,003,528

Series

2022-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

6.09%,

04/20/35

......................

500

500,101

Series

2022-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.05%),

6.34%,

04/20/35

......................

500

498,294

Series

2024-3A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.64%,

07/20/37

......................

1,000

1,000,411

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

3

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(a)

(continued)

Park

Avenue

Institutional

Advisers

CLO

Ltd.,

Series

2021-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.51%),

6.81%,

07/15/34

(b)

.......................

USD

1,000

$

1,000,058

PPM

CLO

5

Ltd.,

Series

2021-5A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.46%),

5.75%,

10/18/34

(b)

............

1,500

1,499,286

Rad

CLO

12

Ltd.,

Series

2021-12A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

6.60%,

10/30/34

(b)

............

1,000

998,320

RR

17

Ltd.,

Series

2021-17A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

6.21%,

07/15/34

(b)

..................

500

500,890

RR

38

Ltd.,

Series

2025-38A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.15%),

5.47%,

04/15/40

(b)

..................

1,250

1,246,849

RR15

Ltd.,

Series

2021-15A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.71%),

6.01%,

04/15/36

(b)

..................

2,000

1,998,179

Silver

Point

CLO

1

Ltd.,

Series

2022-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.99%,

01/20/38

(b)

............

2,000

1,994,674

Silver

Point

CLO

5

Ltd.,

Series

2024-5A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

6.04%,

10/20/37

(b)

............

5,000

4,990,592

Sixth

Street

CLO

XIX

Ltd.,

Series

2021-19A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

6.25%,

07/20/34

(b)

.......

1,000

1,000,863

Sixth

Street

CLO

XX

Ltd.,

Series

2021-20A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

6.20%,

10/20/34

(b)

.......

750

749,075

Sound

Point

CLO

XXIII,

Series

2019-2A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.17%

Floor

+

1.43%),

5.73%,

07/15/34

(b)

............

1,000

1,000,000

Symphony

CLO

XXVIII

Ltd.,

Series

2021-28A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.14%

Floor

+

1.40%),

5.69%,

10/23/34

(b)

.......

1,000

1,000,035

TCI-Flatiron

CLO

Ltd.,

Series

2018-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

6.31%,

01/29/32

(b)

............

1,000

1,000,711

TICP

CLO

VI

Ltd.,

Series

2016-6A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

6.06%,

01/15/34

(b)

............

1,000

999,051

Trimaran

CAVU

Ltd.

(b)

Series

2021-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.42%

Floor

+

1.42%),

5.71%,

07/23/37

......................

1,000

1,001,688

Series

2021-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

6.09%,

07/23/37

......................

1,000

998,043

Wellington

Management

CLO

3

Ltd.,

Series

2024-3A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.65%,

07/18/37

(b)

.

1,000

1,001,000

Total

Asset-Backed

Securities

—

8

.8

%

(Cost:

$

69,064,634

)

...............................

69,180,579

Shares

Shares

Common

Stocks

Aerospace

&

Defense

—

0.3%

BAE

Systems

plc

.....................

39,693

801,501

GE

Aerospace

.......................

6,517

1,304,377

Hensoldt

AG

........................

489

32,821

2,138,699

Security

Shares

Shares

Value

Banks

—

0.5%

Banco

Bilbao

Vizcaya

Argentaria

SA

........

97,555

$

1,331,390

Banco

Santander

SA

..................

8,324

56,078

BNP

Paribas

SA

.....................

992

82,911

Citigroup,

Inc.

.......................

2,360

167,536

Citizens

Financial

Group,

Inc.

............

27,024

1,107,173

Commerzbank

AG

....................

2,013

46,067

Erste

Group

Bank

AG

..................

456

31,542

Hearthside

Bank

Corp.

(c)

................

737

4,510

ING

Groep

NV

.......................

3,960

77,582

Intesa

Sanpaolo

SpA

..................

16,409

84,567

M&T

Bank

Corp.

.....................

4,015

717,681

Nordea

Bank

Abp

....................

3,345

42,784

Raiffeisen

Bank

International

AG

..........

665

17,157

UniCredit

SpA

.......................

1,685

94,583

3,861,561

Beverages

—

0.2%

Coca-Cola

Co.

(The)

..................

20,421

1,462,552

Biotechnology

—

0.2%

AbbVie,

Inc.

........................

6,481

1,357,899

Broadline

Retail

—

0.0%

NMG

Parent

LLC

(c)

(d)

...................

265

—

Building

Products

—

0.2%

Allegion

plc

.........................

7,803

1,017,979

Belimo

Holding

AG

(Registered)

...........

24

14,796

Carrier

Global

Corp.

...................

270

17,118

Cie

de

Saint-Gobain

SA

................

540

53,793

Geberit

AG

(Registered)

................

78

48,866

Johnson

Controls

International

plc

.........

232

18,586

Kingspan

Group

plc

...................

307

24,799

Nibe

Industrier

AB

,

Class

B

..............

3,725

14,168

Rockwool

A/S

,

Class

B

.................

46

19,068

1,229,173

Capital

Markets

—

0.4%

Bank

of

New

York

Mellon

Corp.

(The)

.......

246

20,632

Charles

Schwab

Corp.

(The)

.............

10,968

858,575

Deutsche

Bank

AG

(Registered)

...........

2,685

64,003

Intercontinental

Exchange,

Inc.

...........

6,816

1,175,760

Moody's

Corp.

.......................

1,809

842,433

MSCI,

Inc.

.........................

282

159,471

Raymond

James

Financial,

Inc.

...........

128

17,780

State

Street

Corp.

....................

1,683

150,679

3,289,333

Chemicals

—

0.2%

Air

Liquide

SA

.......................

5,558

1,055,716

Akzo

Nobel

NV

......................

447

27,529

Arkema

SA

.........................

207

15,850

BASF

SE

..........................

1,389

69,629

Ecolab,

Inc.

........................

51

12,930

Evonik

Industries

AG

..................

1,078

23,370

Linde

plc

..........................

64

29,801

Sherwin-Williams

Co.

(The)

..............

407

142,120

Sika

AG

(Registered)

..................

288

70,152

1,447,097

Commercial

Services

&

Supplies

—

0.1%

Cintas

Corp.

........................

120

24,664

Republic

Services,

Inc.

.................

2,327

563,506

SPIE

SA

...........................

845

36,152

Waste

Management,

Inc.

................

455

105,337

729,659

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Communications

Equipment

—

0.0%

Cisco

Systems,

Inc.

...................

1,433

$

88,430

Construction

&

Engineering

—

0.1%

ACS

Actividades

de

Construccion

y

Servicios

SA

901

51,567

Eiffage

SA

.........................

471

54,838

EMCOR

Group,

Inc.

...................

25

9,241

Ferrovial

SE

........................

1,874

83,820

MasTec,

Inc.

(c)

.......................

54

6,302

Quanta

Services,

Inc.

..................

53

13,472

Skanska

AB

,

Class

B

(c)

.................

1,929

42,575

Vinci

SA

...........................

883

111,311

373,126

Construction

Materials

—

0.0%

Buzzi

SpA

..........................

384

18,478

Heidelberg

Materials

AG

................

246

42,405

Holcim

AG

.........................

613

65,967

Wienerberger

AG

.....................

427

14,234

141,084

Consumer

Finance

—

0.0%

Capital

One

Financial

Corp.

..............

872

156,350

Consumer

Staples

Distribution

&

Retail

—

0.2%

Costco

Wholesale

Corp.

................

223

210,909

Walmart,

Inc.

........................

17,742

1,557,570

1,768,479

Containers

&

Packaging

—

0.0%

Amcor

plc

..........................

15,796

153,221

Avery

Dennison

Corp.

..................

867

154,300

307,521

Distributors

—

0.0%

Genuine

Parts

Co.

....................

156

18,586

LKQ

Corp.

.........................

2,841

120,856

139,442

Diversified

REITs

—

0.1%

Essential

Properties

Realty

Trust,

Inc.

.......

6,053

197,570

LondonMetric

Property

plc

...............

110,447

262,264

Merlin

Properties

Socimi

SA

.............

14,925

159,199

Stoneweg

European

REIT

(e)

..............

10,100

16,371

635,404

Diversified

Telecommunication

Services

—

0.2%

Cellnex

Telecom

SA

(b)

(e)

.................

2,422

86,099

Deutsche

Telekom

AG

(Registered)

........

2,181

80,522

Koninklijke

KPN

NV

...................

197,795

837,792

TELUS

Corp.

.......................

52,386

751,362

1,755,775

Electric

Utilities

—

0.0%

Acciona

SA

.........................

271

35,469

American

Electric

Power

Co.,

Inc.

..........

217

23,712

Duke

Energy

Corp.

...................

268

32,688

Elia

Group

SA/NV

....................

171

14,832

Entergy

Corp.

.......................

232

19,834

Evergy,

Inc.

.........................

173

11,928

FirstEnergy

Corp.

....................

321

12,975

NextEra

Energy,

Inc.

..................

590

41,825

PG&E

Corp.

........................

967

16,613

Pinnacle

West

Capital

Corp.

.............

96

9,144

PPL

Corp.

.........................

417

15,058

Southern

Co.

(The)

...................

370

34,021

Xcel

Energy,

Inc.

.....................

265

18,759

286,858

Security

Shares

Shares

Value

Electrical

Equipment

—

0.1%

Eaton

Corp.

plc

......................

101

$

27,455

Emerson

Electric

Co.

..................

187

20,503

GE

Vernova,

Inc.

.....................

81

24,728

Generac

Holdings,

Inc.

(c)

................

40

5,066

Hubbell,

Inc.

........................

2,913

963,941

Legrand

SA

........................

247

26,158

Nexans

SA

.........................

115

11,290

NKT

A/S

(c)

..........................

164

11,174

nVent

Electric

plc

.....................

115

6,028

Vertiv

Holdings

Co.

,

Class

A

.............

140

10,108

1,106,451

Electronic

Equipment,

Instruments

&

Components

—

0.1%

Amphenol

Corp.

,

Class

A

...............

2,694

176,700

Jabil,

Inc.

..........................

1,102

149,949

326,649

Energy

Equipment

&

Services

—

0.1%

Baker

Hughes

Co.

,

Class

A

..............

22,897

1,006,323

Halliburton

Co.

......................

185

4,694

Schlumberger

NV

....................

2,179

91,082

1,102,099

Financial

Services

—

0.1%

Aimbridge

Topco

LLC

(c)

(d)

................

2,800

186,170

Jack

Henry

&

Associates,

Inc.

............

906

165,435

Mastercard,

Inc.

,

Class

A

................

1,026

562,371

Travelport

Technology

Ltd.

(c)

(d)

............

30

84,174

998,150

Ground

Transportation

—

0.1%

SIRVA,

Inc.

(c)

........................

58

116

Union

Pacific

Corp.

...................

3,492

824,950

825,066

Health

Care

Equipment

&

Supplies

—

0.0%

ResMed,

Inc.

.......................

445

99,613

Health

Care

Providers

&

Services

—

0.3%

Cardinal

Health,

Inc.

...................

1,269

174,830

Cencora,

Inc.

.......................

651

181,037

Envision

Healthcare

Corp.

,

(Acquired

11/03/23

,

cost

$

21,657

)

(c)

(f)

...................

2,678

28,341

HCA

Healthcare,

Inc.

..................

43

14,859

McKesson

Corp.

.....................

267

179,688

UnitedHealth

Group,

Inc.

................

3,192

1,671,810

Universal

Health

Services,

Inc.

,

Class

B

.....

762

143,180

2,393,745

Health

Care

REITs

—

0.2%

Alexandria

Real

Estate

Equities,

Inc.

........

3,091

285,948

Assura

plc

.........................

498,398

299,092

Healthpeak

Properties,

Inc.

..............

21,166

427,977

Welltower,

Inc.

.......................

1,315

201,471

1,214,488

Hotel

&

Resort

REITs

—

0.0%

Japan

Hotel

REIT

Investment

Corp.

........

189

91,500

Hotels,

Restaurants

&

Leisure

—

0.0%

Domino's

Pizza,

Inc.

...................

334

153,456

Yum!

Brands,

Inc.

....................

80

12,589

166,045

Household

Durables

—

0.1%

Taylor

Wimpey

plc

....................

512,370

719,876

Household

Products

—

0.1%

Colgate-Palmolive

Co.

.................

6,030

565,011

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

AES

Corp.

(The)

.....................

648

$

8,048

Industrial

Conglomerates

—

0.0%

Siemens

AG

(Registered)

...............

391

90,300

Industrial

REITs

—

0.2%

EastGroup

Properties,

Inc.

..............

1,018

179,321

Goodman

Group

.....................

11,941

214,301

Lineage,

Inc.

........................

2,826

165,688

Prologis,

Inc.

........................

1,528

170,815

Rexford

Industrial

Realty,

Inc.

............

4,030

157,774

Segro

plc

..........................

8,857

79,216

STAG

Industrial,

Inc.

..................

4,925

177,891

Warehouses

De

Pauw

CVA

..............

8,949

212,146

1,357,152

Insurance

—

0.3%

Assurant,

Inc.

.......................

3,386

710,214

Brown

&

Brown,

Inc.

...................

1,365

169,806

Globe

Life,

Inc.

......................

1,250

164,650

Hartford

Insurance

Group,

Inc.

(The)

........

1,376

170,252

Zurich

Insurance

Group

AG

..............

1,575

1,099,363

2,314,285

Interactive

Media

&

Services

—

0.4%

Alphabet,

Inc.

,

Class

A

.................

10,245

1,584,287

Meta

Platforms,

Inc.

,

Class

A

.............

2,841

1,637,439

3,221,726

IT

Services

—

0.2%

Accenture

plc

,

Class

A

.................

4,608

1,437,880

Cognizant

Technology

Solutions

Corp.

,

Class

A

.

1,907

145,886

NEXTDC

Ltd.

(c)

......................

14,543

104,164

1,687,930

Machinery

—

0.5%

Aalberts

NV

........................

593

20,219

Alstom

SA

(c)

........................

2,307

51,102

Atlas

Copco

AB

,

Class

A

................

2,134

34,087

Caterpillar,

Inc.

......................

113

37,268

Cummins,

Inc.

.......................

52

16,299

Georg

Fischer

AG

(Registered)

...........

505

36,960

IMI

plc

............................

1,989

48,927

Indutrade

AB

........................

527

14,604

Interpump

Group

SpA

..................

666

23,787

KION

Group

AG

......................

700

29,355

Knorr-Bremse

AG

....................

445

40,497

Konecranes

OYJ

.....................

403

25,791

Nordson

Corp.

.......................

64

12,910

Otis

Worldwide

Corp.

..................

12,405

1,280,196

Parker-Hannifin

Corp.

..................

1,750

1,063,738

SMC

Corp.

.........................

2,200

787,257

3,522,997

Media

—

0.0%

Learfield

Communications

LLC

,

(Acquired

09/13/23

,

cost

$

9,686

)

(c)

(f)

.............

771

58,596

Omnicom

Group,

Inc.

..................

1,701

141,030

199,626

Metals

&

Mining

—

0.0%

ArcelorMittal

SA

......................

1,205

34,808

Aurubis

AG

(c)

........................

175

16,603

Freeport-McMoRan,

Inc.

................

278

10,525

Southern

Copper

Corp.

.................

142

13,271

75,207

Security

Shares

Shares

Value

Multi-Utilities

—

0.2%

CMS

Energy

Corp.

....................

18,519

$

1,390,962

Dominion

Energy,

Inc.

..................

354

19,849

E.ON

SE

..........................

2,990

45,133

Public

Service

Enterprise

Group,

Inc.

.......

227

18,682

Sempra

...........................

265

18,911

1,493,537

Office

REITs

—

0.0%

BXP,

Inc.

..........................

4,540

305,043

Oil,

Gas

&

Consumable

Fuels

—

0.3%

Antero

Resources

Corp.

(c)

...............

191

7,724

Coterra

Energy,

Inc.

...................

372

10,751

EQT

Corp.

.........................

278

14,853

Expand

Energy

Corp.

..................

155

17,255

Kinder

Morgan,

Inc.

...................

1,158

33,038

ONEOK,

Inc.

........................

159

15,776

Range

Resources

Corp.

................

156

6,229

Shell

plc

...........................

32,299

1,181,969

South

Bow

Corp.

.....................

103

2,629

TC

Energy

Corp.

.....................

516

24,360

Williams

Cos.,

Inc.

(The)

................

20,225

1,208,646

2,523,230

Pharmaceuticals

—

0.5%

AstraZeneca

plc

.....................

12,730

1,869,335

Novo

Nordisk

A/S

,

Class

B

..............

14,378

983,144

Sanofi

SA

..........................

9,518

1,053,851

3,906,330

Professional

Services

—

0.2%

Leidos

Holdings,

Inc.

..................

1,031

139,123

Paychex,

Inc.

.......................

1,085

167,394

RELX

plc

..........................

28,020

1,408,322

1,714,839

Real

Estate

Management

&

Development

—

0.1%

CK

Asset

Holdings

Ltd.

.................

19,500

78,896

Katitas

Co.

Ltd.

......................

3,200

42,394

Tokyu

Fudosan

Holdings

Corp.

............

6,200

41,599

VGP

NV

...........................

968

84,132

Vonovia

SE

.........................

5,944

159,955

Wharf

Real

Estate

Investment

Co.

Ltd.

......

46,000

111,694

518,670

Residential

REITs

—

0.1%

AvalonBay

Communities,

Inc.

............

1,101

236,297

Invitation

Homes,

Inc.

..................

300

10,455

Mid-America

Apartment

Communities,

Inc.

....

1,323

221,708

UNITE

Group

plc

(The)

.................

15,878

167,093

635,553

Retail

REITs

—

0.1%

Agree

Realty

Corp.

...................

1,670

128,907

Federal

Realty

Investment

Trust

...........

1,313

128,438

Link

REIT

..........................

44,800

209,941

Regency

Centers

Corp.

................

2,937

216,633

Region

RE

Ltd.

(g)

.....................

63,019

82,046

Simon

Property

Group,

Inc.

..............

1,820

302,266

1,068,231

Semiconductors

&

Semiconductor

Equipment

—

0.8%

Applied

Materials,

Inc.

.................

5,413

785,535

Broadcom,

Inc.

......................

8,747

1,464,510

Monolithic

Power

Systems,

Inc.

...........

182

105,556

NVIDIA

Corp.

.......................

991

107,405

QUALCOMM,

Inc.

....................

303

46,544

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.

65,000

1,830,594

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Texas

Instruments,

Inc.

.................

8,664

$

1,556,921

5,897,065

Software

—

0.7%

Microsoft

Corp.

......................

8,562

3,214,089

Oracle

Corp.

........................

7,481

1,045,919

Salesforce,

Inc.

......................

3,615

970,121

5,230,129

Specialized

REITs

—

0.3%

DigiCo

Infrastructure

REIT

(c)

(g)

............

17,064

32,390

Digital

Realty

Trust,

Inc.

................

1,299

186,134

EPR

Properties

......................

1,654

87,017

Equinix,

Inc.

........................

637

519,378

Extra

Space

Storage,

Inc.

...............

1,398

207,589

Iron

Mountain,

Inc.

....................

4,079

350,957

Keppel

DC

REIT

.....................

99,200

158,027

SBA

Communications

Corp.

.............

1,645

361,916

VICI

Properties,

Inc.

...................

13,011

424,419

2,327,827

Specialty

Retail

—

0.2%

Home

Depot,

Inc.

(The)

................

3,187

1,168,004

Tractor

Supply

Co.

....................

1,555

85,680

1,253,684

Technology

Hardware,

Storage

&

Peripherals

—

0.2%

Apple,

Inc.

.........................

5,443

1,209,053

Hewlett

Packard

Enterprise

Co.

...........

718

11,079

1,220,132

Textiles,

Apparel

&

Luxury

Goods

—

0.1%

LVMH

Moet

Hennessy

Louis

Vuitton

SE

......

1,658

1,026,764

Trading

Companies

&

Distributors

—

0.0%

AddTech

AB

,

Class

B

..................

487

14,263

Rexel

SA

..........................

1,333

35,926

RS

GROUP

plc

......................

4,993

36,352

86,541

Transportation

Infrastructure

—

0.0%

Incora

Top

Holdco

LLC

(b)

(c)

(d)

..............

1,311

32,775

Total

Common

Stocks

—

9

.3

%

(Cost:

$

68,233,352

)

...............................

72,494,756

Par

(000)

Par

(000)

Corporate

Bonds

Aerospace

&

Defense

—

0.8%

Boeing

Co.

(The)

2.20%

,

02/04/26

...................

USD

1,004

982,315

2.70%

,

02/01/27

...................

450

433,987

6.26%

,

05/01/27

...................

966

993,880

3.20%

,

03/01/29

...................

1,022

959,550

5.15%

,

05/01/30

...................

815

820,054

3.63%

,

02/01/31

...................

505

468,217

3.60%

,

05/01/34

...................

321

276,272

3.90%

,

05/01/49

...................

9

6,487

Embraer

Netherlands

Finance

BV,

5.98%,

02/11/35

.......................

269

272,900

L3Harris

Technologies,

Inc.

4.40%

,

06/15/28

...................

80

79,411

5.35%

,

06/01/34

...................

17

17,160

4.85%

,

04/27/35

...................

118

113,923

Lockheed

Martin

Corp.

4.75%

,

02/15/34

...................

22

21,671

Security

Par

(000)

Par

(000)

Value

Aerospace

&

Defense

(continued)

4.80%

,

08/15/34

...................

USD

55

$

54,180

3.60%

,

03/01/35

...................

28

25,003

Series

B

,

6.15%

,

09/01/36

.............

23

25,148

Northrop

Grumman

Corp.,

3.25%,

01/15/28

...

17

16,458

RTX

Corp.

5.75%

,

01/15/29

...................

131

136,387

6.10%

,

03/15/34

...................

238

255,221

TransDigm,

Inc.

(b)

6.38%

,

03/01/29

...................

195

196,988

6.63%

,

03/01/32

...................

201

203,562

Wolverine

Escrow

LLC,

9.00%,

11/15/26

(b)

(d)

(h)

..

92

—

6,358,774

Air

Freight

&

Logistics

—

0.0%

FedEx

Corp.,

2.40%,

05/15/31

...........

105

90,842

Automobile

Components

—

0.1%

Aptiv

Swiss

Holdings

Ltd.

4.35%

,

03/15/29

...................

198

194,239

4.65%

,

09/13/29

...................

400

394,173

3.25%

,

03/01/32

...................

185

161,197

5.15%

,

09/13/34

...................

200

189,075

938,684

Automobiles

—

0.1%

Ford

Motor

Co.,

9.63%,

04/22/30

.........

22

25,133

Hyundai

Capital

America,

6.25%,

11/03/25

(b)

..

162

163,273

Nissan

Motor

Acceptance

Co.

LLC,

1.85%,

09/16/26

(b)

......................

228

216,421

404,827

Banks

—

5.2%

Associated

Banc-Corp.,

(1-day

SOFR

+

3.03%),

6.46%,

08/29/30

(a)

.................

720

728,546

Bank

of

America

Corp.

(a)

(1-day

SOFR

+

1.01%),

1.20%

,

10/24/26

..

66

64,750

(1-day

SOFR

+

1.29%),

5.08%

,

01/20/27

..

550

551,974

(3-mo.

CME

Term

SOFR

+

1.32%),

3.56%

,

04/23/27

......................

803

794,296

(1-day

SOFR

+

0.96%),

1.73%

,

07/22/27

..

1,016

979,274

(1-day

SOFR

+

1.05%),

2.55%

,

02/04/28

..

929

896,237

(3-mo.

CME

Term

SOFR

+

1.63%),

3.59%

,

07/21/28

......................

1,056

1,033,389

(3-mo.

CME

Term

SOFR

+

1.30%),

3.42%

,

12/20/28

......................

63

61,055

(3-mo.

CME

Term

SOFR

+

1.33%),

3.97%

,

03/05/29

......................

1,492

1,465,626

(1-day

SOFR

+

1.06%),

2.09%

,

06/14/29

..

312

288,500

(1-day

SOFR

+

1.57%),

5.82%

,

09/15/29

..

323

334,732

Series

FIX

,

(1-day

SOFR

+

1.00%),

5.16%

,

01/24/31

......................

933

945,860

(1-day

SOFR

+

1.74%),

5.52%

,

10/25/35

..

542

531,783

(1-day

SOFR

+

1.70%),

5.74%

,

02/12/36

..

425

424,188

Bank

of

Nova

Scotia

(The),

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.02%),

8.00%,

01/27/84

(a)

............

200

206,566

Barclays

plc

(a)

(1-day

SOFR

+

2.21%),

5.83%

,

05/09/27

..

400

404,880

(1-day

SOFR

+

1.49%),

5.67%

,

03/12/28

..

251

255,424

(1-day

SOFR

+

0.96%),

5.09%

,

02/25/29

..

400

402,836

(USISSO05

+

5.78%),

9.63%

(i)

.........

430

471,646

(USISSO05

+

3.69%),

7.63%

(i)

.........

217

212,214

(1-day

SOFR

+

1.59%),

5.79%

,

02/25/36

..

762

766,160

Citigroup,

Inc.

(a)

(1-day

SOFR

+

2.84%),

3.11%

,

04/08/26

..

199

198,934

(1-day

SOFR

+

0.87%),

4.79%

,

03/04/29

..

1,669

1,672,631

(1-day

SOFR

+

1.36%),

5.17%

,

02/13/30

..

495

501,442

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

7

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Series

EE

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.57%),

6.75%

(i)

.......................

USD

217

$

214,575

Series

FF

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.73%),

6.95%

(i)

.......................

622

620,207

(1-day

SOFR

+

1.34%),

4.54%

,

09/19/30

..

301

296,941

(1-day

SOFR

+

1.42%),

2.98%

,

11/05/30

..

61

56,172

(1-day

SOFR

+

1.15%),

2.67%

,

01/29/31

..

410

369,910

(1-day

SOFR

+

2.11%),

2.57%

,

06/03/31

..

147

130,907

(1-day

SOFR

+

1.17%),

2.56%

,

05/01/32

..

53

46,041

(1-day

SOFR

+

1.94%),

3.79%

,

03/17/33

..

152

139,035

(1-day

SOFR

+

2.06%),

5.83%

,

02/13/35

..

351

349,491

(1-day

SOFR

+

1.83%),

6.02%

,

01/24/36

..

662

668,323

First

Horizon

Corp.,

(1-day

SOFR

+

1.77%),

5.51%,

03/07/31

(a)

.................

158

158,796

FNB

Corp.,

(SOFR

Index

+

1.93%),

5.72%,

12/11/30

(a)

......................

331

330,659

HSBC

Holdings

plc

(a)

(1-day

SOFR

+

1.57%),

5.89%

,

08/14/27

..

275

279,337

(1-day

SOFR

+

1.06%),

5.60%

,

05/17/28

..

200

203,316

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.65%),

4.60%

(i)

....

200

176,835

(1-day

SOFR

+

1.29%),

5.13%

,

03/03/31

..

805

807,488

Intesa

Sanpaolo

SpA,

5.71%,

01/15/26

(b)

....

400

401,117

JPMorgan

Chase

&

Co.

(a)

(1-day

SOFR

+

0.77%),

1.47%

,

09/22/27

..

39

37,304

(1-day

SOFR

+

1.99%),

4.85%

,

07/25/28

..

71

71,453

(1-day

SOFR

+

0.86%),

4.51%

,

10/22/28

..

150

149,849

(1-day

SOFR

+

0.80%),

4.92%

,

01/24/29

..

131

132,246

(1-day

SOFR

+

1.02%),

2.07%

,

06/01/29

..

76

70,366

(3-mo.

CME

Term

SOFR

+

1.52%),

4.20%

,

07/23/29

......................

1,534

1,513,551

(1-day

SOFR

+

1.57%),

6.09%

,

10/23/29

..

1,230

1,287,816

(1-day

SOFR

+

1.31%),

5.01%

,

01/23/30

..

489

494,430

(1-day

SOFR

+

1.16%),

5.58%

,

04/22/30

..

27

27,849

(1-day

SOFR

+

1.13%),

5.00%

,

07/22/30

..

1,455

1,468,170

(1-day

SOFR

+

0.90%),

5.14%

,

01/24/31

..

832

844,976

(1-day

SOFR

+

1.46%),

5.29%

,

07/22/35

..

335

336,339

(1-day

SOFR

+

1.34%),

4.95%

,

10/22/35

..

50

48,931

(1-day

SOFR

+

1.32%),

5.50%

,

01/24/36

..

180

183,877

KeyBank

NA

5.85%

,

11/15/27

...................

543

557,838

4.90%

,

08/08/32

...................

250

238,940

KeyCorp

2.55%

,

10/01/29

...................

946

855,525

(SOFR

Index

+

2.42%),

6.40%

,

03/06/35

(a)

.

972

1,026,841

Lloyds

Banking

Group

plc,

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.85%),

5.09%,

11/26/28

(a)

............

335

338,322

M&T

Bank

Corp.

(a)

(1-day

SOFR

+

0.93%),

4.83%

,

01/16/29

..

240

240,114

(1-day

SOFR

+

2.80%),

7.41%

,

10/30/29

..

499

537,569

(1-day

SOFR

+

1.61%),

5.39%

,

01/16/36

..

615

603,152

Mitsubishi

UFJ

Financial

Group,

Inc.

(a)

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.67%),

1.64%

,

10/13/27

......................

200

191,342

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.83%),

2.34%

,

01/19/28

......................

200

192,370

Morgan

Stanley

Bank

NA

(a)

(1-day

SOFR

+

1.08%),

4.95%

,

01/14/28

..

665

669,159

(1-day

SOFR

+

0.87%),

5.50%

,

05/26/28

..

250

254,614

(1-day

SOFR

+

0.93%),

4.97%

,

07/14/28

..

298

300,591

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

National

Australia

Bank

Ltd.

(b)

2.33%

,

08/21/30

...................

USD

250

$

217,489

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.30%),

5.90%

,

01/14/36

(a)

.....................

499

506,354

NatWest

Group

plc,

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.10%),

5.58%,

03/01/28

(a)

............

573

582,590

PNC

Financial

Services

Group,

Inc.

(The)

(a)

(1-day

SOFR

+

0.80%),

5.10%

,

07/23/27

..

156

156,884

(SOFR

Index

+

1.73%),

6.62%

,

10/20/27

..

103

106,146

(1-day

SOFR

+

1.34%),

5.30%

,

01/21/28

..

75

76,029

(1-day

SOFR

+

1.84%),

5.58%

,

06/12/29

..

281

288,943

(1-day

SOFR

+

1.07%),

5.22%

,

01/29/31

..

176

179,085

(1-day

SOFR

+

1.90%),

5.68%

,

01/22/35

..

195

199,591

(1-day

SOFR

+

1.60%),

5.40%

,

07/23/35

..

315

316,038

(1-day

SOFR

+

1.39%),

5.58%

,

01/29/36

..

78

79,386

Santander

UK

Group

Holdings

plc

(a)

(1-day

SOFR

+

2.60%),

6.53%

,

01/10/29

..

200

207,939

(SOFR

Index

+

1.52%),

5.69%

,

04/15/31

..

200

204,156

(1-day

SOFR

+

1.48%),

2.90%

,

03/15/32

..

200

176,017

Societe

Generale

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.51%),

5.38%

(a)

(b)

(i)

................

200

175,293

Truist

Financial

Corp.

(a)

(1-day

SOFR

+

2.05%),

6.05%

,

06/08/27

..

467

474,774

(1-day

SOFR

+

2.45%),

7.16%

,

10/30/29

..

223

240,123

(1-day

SOFR

+

1.62%),

5.44%

,

01/24/30

..

110

112,265

US

Bancorp

(a)

(1-day

SOFR

+

1.66%),

4.55%

,

07/22/28

..

378

378,052

(1-day

SOFR

+

2.02%),

5.78%

,

06/12/29

..

378

389,846

(1-day

SOFR

+

1.56%),

5.38%

,

01/23/30

..

53

54,074

(1-day

SOFR

+

1.60%),

4.84%

,

02/01/34

..

130

126,322

(1-day

SOFR

+

1.86%),

5.68%

,

01/23/35

..

325

332,248

Wells

Fargo

&

Co.

(a)

(1-day

SOFR

+

1.32%),

3.91%

,

04/25/26

..

615

614,588

(1-day

SOFR

+

2.00%),

2.19%

,

04/30/26

..

275

274,426

(1-day

SOFR

+

1.51%),

3.53%

,

03/24/28

..

142

139,141

(3-mo.

CME

Term

SOFR

+

1.57%),

3.58%

,

05/22/28

......................

250

244,769

(1-day

SOFR

+

2.10%),

2.39%

,

06/02/28

..

158

150,797

(1-day

SOFR

+

1.74%),

5.57%

,

07/25/29

..

250

256,797

(1-day

SOFR

+

1.79%),

6.30%

,

10/23/29

..

18

18,928

(1-day

SOFR

+

1.50%),

5.20%

,

01/23/30

..

492

500,243

(1-day

SOFR

+

1.11%),

5.24%

,

01/24/31

..

275

279,610

(1-day

SOFR

+

2.06%),

6.49%

,

10/23/34

..

353

380,812

(1-day

SOFR

+

1.78%),

5.50%

,

01/23/35

..

414

419,631

40,975,013

Beverages

—

0.0%

Anheuser-Busch

Cos.

LLC,

4.70%,

02/01/36

..

36

34,716

Anheuser-Busch

InBev

Finance,

Inc.,

4.70%,

02/01/36

.......................

58

55,931

Anheuser-Busch

InBev

Worldwide,

Inc.

4.00%

,

04/13/28

...................

27

26,830

4.75%

,

01/23/29

...................

76

76,762

5.88%

,

06/15/35

...................

57

61,020

255,259

Biotechnology

—

0.1%

AbbVie,

Inc.

4.65%

,

03/15/28

...................

19

19,154

3.20%

,

11/21/29

...................

133

125,636

Amgen,

Inc.

5.25%

,

03/02/30

...................

57

58,300

4.20%

,

03/01/33

...................

275

260,670

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Biotechnology

(continued)

5.25%

,

03/02/33

...................

USD

108

$

109,560

Gilead

Sciences,

Inc.

4.80%

,

11/15/29

...................

94

94,946

4.60%

,

09/01/35

...................

79

76,229

744,495

Building

Products

—

0.0%

Carrier

Global

Corp.,

5.90%,

03/15/34

......

65

68,370

Capital

Markets

—

2.8%

Apollo

Debt

Solutions

BDC

6.70%

,

07/29/31

...................

180

185,714

6.55%

,

03/15/32

(b)

..................

225

227,979

Ares

Capital

Corp.

5.88%

,

03/01/29

...................

489

496,450

5.95%

,

07/15/29

...................

183

185,970

5.80%

,

03/08/32

...................

294

292,234

Ares

Strategic

Income

Fund

(b)

5.70%

,

03/15/28

...................

1,742

1,742,040

6.20%

,

03/21/32

...................

332

330,119

Bain

Capital

Specialty

Finance,

Inc.,

5.95%,

03/15/30

.......................

245

240,790

Blackstone

Private

Credit

Fund,

4.95%,

09/26/27

(b)

......................

367

363,501

Blackstone

Secured

Lending

Fund,

2.85%,

09/30/28

.......................

108

98,954

Blue

Owl

Capital

Corp.,

5.95%,

03/15/29

....

670

671,738

Blue

Owl

Credit

Income

Corp.

(b)

6.60%

,

09/15/29

...................

50

50,807

5.80%

,

03/15/30

...................

106

103,942

Brookfield

Finance,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.08%),

6.30%,

01/15/55

(a)

............

305

290,614

Deutsche

Bank

AG

4.50%

,

04/01/25

...................

200

200,000

(1-day

SOFR

+

1.32%),

2.55%

,

01/07/28

(a)

.

240

230,832

(1-day

SOFR

+

1.59%),

5.71%

,

02/08/28

(a)

.

440

446,680

(1-day

SOFR

+

3.18%),

6.72%

,

01/18/29

(a)

.

175

183,146

5.41%

,

05/10/29

...................

655

672,428

(1-day

SOFR

+

2.51%),

6.82%

,

11/20/29

(a)

.

170

180,272

Goldman

Sachs

Group,

Inc.

(The)

(1-day

SOFR

+

1.08%),

5.80%

,

08/10/26

(a)

.

402

403,630

(1-day

SOFR

+

0.80%),

1.43%

,

03/09/27

(a)

.

460

446,115

(1-day

SOFR

+

0.82%),

1.54%

,

09/10/27

(a)

.

150

143,509

(1-day

SOFR

+

1.73%),

4.48%

,

08/23/28

(a)

.

390

389,053

(3-mo.

CME

Term

SOFR

+

1.42%),

3.81%

,

04/23/29

(a)

.....................

75

73,222

2.60%

,

02/07/30

...................

684

619,878

(1-day

SOFR

+

1.27%),

5.73%

,

04/25/30

(a)

.

1,070

1,103,804

(1-day

SOFR

+

1.08%),

5.21%

,

01/28/31

(a)

.

1,596

1,617,711

(1-day

SOFR

+

1.09%),

1.99%

,

01/27/32

(a)

.

35

29,637

(1-day

SOFR

+

1.28%),

2.62%

,

04/22/32

(a)

.

106

92,553

(1-day

SOFR

+

1.25%),

2.38%

,

07/21/32

(a)

.

20

17,130

(1-day

SOFR

+

1.26%),

2.65%

,

10/21/32

(a)

.

85

73,462

(1-day

SOFR

+

1.42%),

5.02%

,

10/23/35

(a)

.

265

257,674

(1-day

SOFR

+

1.38%),

5.54%

,

01/28/36

(a)

.

406

411,668

Intercontinental

Exchange,

Inc.

3.63%

,

09/01/28

...................

189

183,950

1.85%

,

09/15/32

...................

122

99,129

4.60%

,

03/15/33

...................

11

10,783

Lehman

Brothers

Holdings,

Inc.,

6.88%,

07/17/37

(c)

(d)

(h)

....................

203

—

Morgan

Stanley

(a)

(1-day

SOFR

+

0.88%),

1.59%

,

05/04/27

..

419

405,778

(1-day

SOFR

+

1.01%),

5.65%

,

04/13/28

..

37

37,766

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

(3-mo.

CME

Term

SOFR

+

1.40%),

3.77%

,

01/24/29

......................

USD

348

$

340,389

(1-day

SOFR

+

1.59%),

5.16%

,

04/20/29

..

5

5,068

(1-day

SOFR

+

1.26%),

5.66%

,

04/18/30

..

500

515,479

(1-day

SOFR

+

1.22%),

5.04%

,

07/19/30

..

1,158

1,167,676

(1-day

SOFR

+

1.10%),

4.65%

,

10/18/30

..

1,127

1,117,917

(1-day

SOFR

+

1.11%),

5.23%

,

01/15/31

..

1,784

1,813,024

(1-day

SOFR

+

1.42%),

5.59%

,

01/18/36

..

105

107,233

(1-day

SOFR

+

1.36%),

2.48%

,

09/16/36

..

45

37,309

Nasdaq,

Inc.

5.35%

,

06/28/28

...................

149

152,513

5.55%

,

02/15/34

...................

49

50,251

Oaktree

Specialty

Lending

Corp.,

6.34%,

02/27/30

.......................

325

323,695

Sixth

Street

Specialty

Lending,

Inc.,

5.63%,

08/15/30

.......................

612

606,781

UBS

AG,

7.50%,

02/15/28

.............

431

464,132

UBS

Group

AG

(a)(b)

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.05%),

4.70%

,

08/05/27

......................

700

699,887

(USISSO05

+

3.08%),

7.00%

(i)

.........

200

196,966

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.76%),

9.25%

(i)

....

200

228,240

(USISSO05

+

3.18%),

7.13%

(i)

.........

225

221,314

21,658,536

Chemicals

—

0.2%

Celanese

US

Holdings

LLC

(j)

6.58%

,

07/15/29

...................

62

64,010

6.95%

,

11/15/33

...................

120

125,408

DuPont

de

Nemours,

Inc.,

4.73%,

11/15/28

...

794

797,129

Eastman

Chemical

Co.

5.00%

,

08/01/29

...................

19

19,099

5.63%

,

02/20/34

...................

49

49,515

Illuminate

Buyer

LLC,

9.00%,

07/01/28

(b)

.....

5

4,970

LYB

Finance

Co.

BV,

8.10%,

03/15/27

(b)

.....

171

180,541

LYB

International

Finance

II

BV,

3.50%,

03/02/27

17

16,662

1,257,334

Commercial

Services

&

Supplies

—

0.0%

Madison

IAQ

LLC,

5.88%,

06/30/29

(b)

.......

91

85,974

Republic

Services,

Inc.,

2.30%,

03/01/30

....

57

51,271

137,245

Communications

Equipment

—

0.1%

Motorola

Solutions,

Inc.

5.00%

,

04/15/29

...................

355

358,755

2.75%

,

05/24/31

...................

447

395,985

5.40%

,

04/15/34

...................

25

25,292

780,032

Consumer

Finance

—

1.6%

AerCap

Ireland

Capital

DAC,

2.45%,

10/29/26

.

250

241,598

Ally

Financial,

Inc.

(a)

Series

B

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.87%),

4.70%

(i)

.......................

144

134,013

(SOFR

Index

+

1.73%),

5.54%

,

01/17/31

..

1,349

1,342,176

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.45%),

6.65%

,

01/17/40

......................

60

58,058

American

Express

Co.

(a)

(1-day

SOFR

+

0.93%),

5.04%

,

07/26/28

..

299

302,763

(1-day

SOFR

+

1.42%),

5.28%

,

07/26/35

..

220

219,899

Capital

One

Financial

Corp.

3.80%

,

01/31/28

...................

77

75,350

(1-day

SOFR

+

2.64%),

6.31%

,

06/08/29

(a)

.

277

288,043

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

(1-day

SOFR

+

2.37%),

5.27%

,

05/10/33

(a)

.

USD

252

$

248,118

(1-day

SOFR

+

2.86%),

6.38%

,

06/08/34

(a)

.

61

63,756

(1-day

SOFR

+

2.04%),

6.18%

,

01/30/36

(a)

.

155

154,643

Ford

Motor

Credit

Co.

LLC

3.38%

,

11/13/25

...................

455

449,568

5.80%

,

03/05/27

...................

620

622,683

7.35%

,

11/04/27

...................

400

414,476

6.80%

,

05/12/28

...................

788

809,316

5.11%

,

05/03/29

...................

1,452

1,399,702

5.30%

,

09/06/29

...................

1,010

979,126

7.35%

,

03/06/30

...................

335

350,541

7.20%

,

06/10/30

...................

222

230,473

4.00%

,

11/13/30

...................

225

201,445

6.05%

,

03/05/31

...................

222

218,933

3.63%

,

06/17/31

...................

232

199,547

6.05%

,

11/05/31

...................

234

229,253

6.53%

,

03/19/32

...................

655

654,649

6.13%

,

03/08/34

...................

200

191,865

General

Motors

Financial

Co.,

Inc.

4.35%

,

01/17/27

...................

196

194,202

5.40%

,

05/08/27

...................

145

146,400

4.90%

,

10/06/29

...................

665

654,139

OneMain

Finance

Corp.,

6.63%,

05/15/29

....

275

275,514

Synchrony

Financial

4.88%

,

06/13/25

...................

3

2,999

4.50%

,

07/23/25

...................

72

71,920

(SOFR

Index

+

2.13%),

5.94%

,

08/02/30

(a)

.

267

270,756

7.25%

,

02/02/33

...................

712

732,933

Toyota

Motor

Credit

Corp.,

1.65%,

01/10/31

...

53

44,939

12,473,796

Containers

&

Packaging

—

0.2%

Amcor

Flexibles

North

America,

Inc.,

5.50%,

03/17/35

(b)

......................

375

376,268

Berry

Global,

Inc.

1.57%

,

01/15/26

...................

401

390,860

5.50%

,

04/15/28

...................

371

378,413

5.80%

,

06/15/31

...................

551

572,469

Graham

Packaging

Co.,

Inc.,

7.13%,

08/15/28

(b)

10

9,767

Sonoco

Products

Co.,

2.25%,

02/01/27

.....

135

129,226

1,857,003

Diversified

REITs

—

0.4%

Digital

Realty

Trust

LP,

1.88%,

11/15/29

(b)

(k)

...

132

130,720

GLP

Capital

LP

5.75%

,

06/01/28

...................

165

167,895

5.30%

,

01/15/29

...................

619

619,881

4.00%

,

01/15/30

...................

154

145,576

VICI

Properties

LP

4.38%

,

05/15/25

...................

30

29,969

4.63%

,

06/15/25

(b)

..................

12

11,997

4.75%

,

02/15/28

...................

649

649,044

4.75%

,

04/01/28

...................

45

45,089

3.88%

,

02/15/29

(b)

..................

55

52,510

4.63%

,

12/01/29

(b)

..................

37

35,894

4.13%

,

08/15/30

(b)

..................

740

696,591

5.13%

,

11/15/31

...................

555

547,320

5.13%

,

05/15/32

...................

190

185,959

5.63%

,

04/01/35

...................

75

74,576

3,393,021

Diversified

Telecommunication

Services

—

0.1%

CCO

Holdings

LLC,

4.25%,

01/15/34

(b)

......

362

297,745

Level

3

Financing,

Inc.,

11.00%,

11/15/29

(b)

...

26

28,889

Sprint

Capital

Corp.,

6.88%,

11/15/28

.......

713

761,184

1,087,818

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

—

1.9%

Baltimore

Gas

&

Electric

Co.,

2.25%,

06/15/31

.

USD

14

$

12,184

CenterPoint

Energy

Houston

Electric

LLC,

5.05%,

03/01/35

..................

110

109,211

DTE

Electric

Co.

5.20%

,

03/01/34

...................

25

25,166

Series

A

,

6.63%

,

06/01/36

.............

23

25,490

Duke

Energy

Carolinas

LLC

4.85%

,

03/15/30

...................

78

78,788

4.95%

,

01/15/33

...................

123

123,031

4.85%

,

01/15/34

...................

56

55,262

Duke

Energy

Florida

LLC,

1.75%,

06/15/30

...

104

90,038

Duke

Energy

Progress

LLC

2.00%

,

08/15/31

...................

116

98,861

3.40%

,

04/01/32

...................

68

61,819

Edison

International

4.70%

,

08/15/25

...................

390

390,005

5.75%

,

06/15/27

...................

100

100,979

5.45%

,

06/15/29

...................

218

215,124

6.25%

,

03/15/30

...................

145

146,854

Eversource

Energy

4.60%

,

07/01/27

...................

210

210,162

Series

M

,

3.30%

,

01/15/28

............

133

128,486

5.45%

,

03/01/28

...................

26

26,567

Exelon

Corp.

2.75%

,

03/15/27

...................

40

38,712

5.15%

,

03/15/28

...................

200

203,222

FirstEnergy

Corp.

Series

B

,

3.90%

,

07/15/27

(j)

............

703

691,242

2.65%

,

03/01/30

...................

782

704,213

FirstEnergy

Transmission

LLC

4.55%

,

01/15/30

...................

141

139,052

5.00%

,

01/15/35

...................

153

149,973

Georgia

Power

Co.

4.55%

,

03/15/30

...................

795

794,060

4.70%

,

05/15/32

...................

216

213,517

4.95%

,

05/17/33

...................

67

66,538

5.25%

,

03/15/34

...................

28

28,251

Interstate

Power

&

Light

Co.,

4.95%,

09/30/34

.

182

177,464

Jersey

Central

Power

&

Light

Co.,

5.10%,

01/15/35

(b)

......................

100

98,863

MidAmerican

Energy

Co.,

5.75%,

11/01/35

...

21

22,071

NextEra

Energy

Capital

Holdings,

Inc.

1.88%

,

01/15/27

...................

20

19,109

3.55%

,

05/01/27

...................

300

294,257

2.75%

,

11/01/29

...................

37

34,157

5.00%

,

02/28/30

...................

57

57,999

2.44%

,

01/15/32

...................

50

42,716

5.05%

,

02/28/33

...................

57

56,662

NRG

Energy,

Inc.

(b)

2.45%

,

12/02/27

...................

256

240,109

6.00%

,

02/01/33

...................

50

48,642

6.25%

,

11/01/34

...................

35

34,454

Ohio

Power

Co.

Series

P

,

2.60%

,

04/01/30

.............

18

16,270

5.00%

,

06/01/33

...................

177

174,609

5.65%

,

06/01/34

...................

25

25,368

Series

F

,

5.85%

,

10/01/35

.............

9

9,293

Pacific

Gas

&

Electric

Co.

2.10%

,

08/01/27

...................

228

213,868

3.30%

,

12/01/27

...................

140

134,318

3.30%

,

12/01/27

...................

314

301,256

3.00%

,

06/15/28

...................

150

141,035

4.20%

,

03/01/29

...................

685

662,615

5.55%

,

05/15/29

...................

288

291,931

4.55%

,

07/01/30

...................

1,063

1,028,944

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

2.50%

,

02/01/31

...................

USD

369

$

317,195

3.25%

,

06/01/31

...................

146

129,906

5.80%

,

05/15/34

...................

217

219,116

PECO

Energy

Co.,

4.90%,

06/15/33

.......

85

84,659

PG&E

Corp.

5.25%

,

07/01/30

...................

88

84,480

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.88%),

7.38%

,

03/15/55

(a)

.....................

215

211,313

PPL

Capital

Funding,

Inc.,

5.25%,

09/01/34

...

110

109,456

Public

Service

Electric

&

Gas

Co.

2.45%

,

01/15/30

...................

39

35,574

4.90%

,

12/15/32

...................

210

211,568

Series

Q

,

5.05%

,

03/01/35

............

200

201,256

Southern

California

Edison

Co.

4.88%

,

02/01/27

(l)

..................

171

171,601

Series

B

,

3.65%

,

03/01/28

(l)

............

193

186,881

5.15%

,

06/01/29

...................

143

143,928

Series

G

,

2.50%

,

06/01/31

............

337

290,392

2.75%

,

02/01/32

...................

414

352,496

Southern

Co.

(The)

Series

21-B

,

1.75%

,

03/15/28

..........

150

138,510

5.50%

,

03/15/29

...................

281

289,798

5.20%

,

06/15/33

...................

94

94,221

4.85%

,

03/15/35

...................

349

337,772

4.25%

,

07/01/36

...................

116

105,280

System

Energy

Resources,

Inc.

6.00%

,

04/15/28

...................

86

88,979

5.30%

,

12/15/34

...................

80

79,087

Tampa

Electric

Co.,

5.15%,

03/01/35

.......

121

120,068

Vistra

Operations

Co.

LLC

(b)

5.05%

,

12/30/26

...................

892

894,536

4.38%

,

05/01/29

...................

1,047

994,180

6.88%

,

04/15/32

...................

71

72,364

15,017,433

Entertainment

—

0.0%

Netflix,

Inc.,

5.88%,

11/15/28

............

43

44,971

Financial

Services

—

0.3%

AT&T

Reign

II

Multi-Property

Lease-Backed

Pass-Through

Trust,

6.09%,

12/15/44

(b)

....

595

606,359

Fidelity

National

Information

Services,

Inc.

1.65%

,

03/01/28

...................

135

124,329

3.75%

,

05/21/29

...................

85

81,926

5.10%

,

07/15/32

...................

234

235,131

Fiserv,

Inc.

3.50%

,

07/01/29

...................

123

116,973

5.63%

,

08/21/33

...................

47

48,386

5.45%

,

03/15/34

...................

77

78,058

5.15%

,

08/12/34

...................

80

79,348

Global

Payments,

Inc.

1.20%

,

03/01/26

...................

53

51,328

2.15%

,

01/15/27

...................

197

188,666

3.20%

,

08/15/29

...................

24

22,470

PayPal

Holdings,

Inc.

2.85%

,

10/01/29

...................

17

15,851

5.10%

,

04/01/35

...................

90

89,509

TER

Finance

Jersey

Ltd.,

Series

22,

0.00%,

10/02/25

(b)

(m)

....................

926

892,657

2,630,991

Food

Products

—

0.3%

Mars,

Inc.

(b)

4.80%

,

03/01/30

...................

1,133

1,139,481

5.00%

,

03/01/32

...................

520

522,248

Security

Par

(000)

Par

(000)

Value

Food

Products

(continued)

5.20%

,

03/01/35

...................

USD

505

$

507,528

2,169,257

Gas

Utilities

—

0.0%

Atmos

Energy

Corp.,

5.90%,

11/15/33

......

47

49,739

CenterPoint

Energy

Resources

Corp.,

5.25%,

03/01/28

(l)

......................

18

18,349

68,088

Ground

Transportation

—

0.3%

Canadian

National

Railway

Co.,

3.85%,

08/05/32

61

56,970

Penske

Truck

Leasing

Co.

LP

(b)

5.75%

,

05/24/26

...................

275

278,079

5.88%

,

11/15/27

...................

25

25,654

5.70%

,

02/01/28

...................

241

246,785

5.35%

,

03/30/29

...................

111

113,113

5.25%

,

07/01/29

...................

175

177,140

5.25%

,

02/01/30

...................

29

29,353

Ryder

System,

Inc.

2.85%

,

03/01/27

...................

135

130,604

6.60%

,

12/01/33

...................

134

145,907

SMBC

Aviation

Capital

Finance

DAC,

1.90%,

10/15/26

(b)

......................

200

191,826

Uber

Technologies,

Inc.

4.30%

,

01/15/30

...................

696

683,524

4.80%

,

09/15/34

...................

49

47,589

Union

Pacific

Corp.,

2.40%,

02/05/30

.......

24

21,857

2,148,401

Health

Care

Equipment

&

Supplies

—

0.4%

Baxter

International,

Inc.

1.92%

,

02/01/27

...................

37

35,292

2.27%

,

12/01/28

...................

93

85,441

3.95%

,

04/01/30

...................

63

60,647

1.73%

,

04/01/31

...................

7

5,849

Becton

Dickinson

&

Co.,

4.87%,

02/08/29

....

384

386,805

Solventum

Corp.

5.45%

,

02/25/27

...................

125

126,800

5.40%

,

03/01/29

...................

1,180

1,203,732

5.45%

,

03/13/31

...................

881

897,539

5.60%

,

03/23/34

...................

670

679,156

3,481,261

Health

Care

Providers

&

Services

—

1.0%

Banner

Health,

1.90%,

01/01/31

..........

128

110,276

Centene

Corp.

3.38%

,

02/15/30

...................

1,417

1,281,530

3.00%

,

10/15/30

...................

242

211,660

2.50%

,

03/01/31

...................

187

157,657

2.63%

,

08/01/31

...................

158

132,802

CommonSpirit

Health

6.07%

,

11/01/27

...................

35

36,143

3.35%

,

10/01/29

...................

69

65,032

2.78%

,

10/01/30

...................

161

144,780

CVS

Health

Corp.

5.40%

,

06/01/29

...................

146

148,747

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.89%),

7.00%

,

03/10/55

(a)

.....................

260

262,051

Elevance

Health,

Inc.

4.10%

,

03/01/28

...................

111

109,810

4.10%

,

05/15/32

...................

229

217,075

4.75%

,

02/15/33

...................

27

26,408

HCA,

Inc.

3.13%

,

03/15/27

...................

987

958,542

4.13%

,

06/15/29

...................

268

260,222

5.25%

,

03/01/30

...................

835

844,907

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

3.50%

,

09/01/30

...................

USD

356

$

330,141

5.45%

,

09/15/34

...................

838

830,724

5.75%

,

03/01/35

...................

341

344,069

Humana,

Inc.

4.88%

,

04/01/30

...................

16

15,917

5.88%

,

03/01/33

...................

149

152,336

Nationwide

Children's

Hospital,

Inc.,

4.56%,

11/01/52

.......................

90

78,688

UnitedHealth

Group,

Inc.

4.70%

,

04/15/29

...................

195

196,720

4.80%

,

01/15/30

...................

17

17,192

4.95%

,

01/15/32

...................

606

610,267

7,543,696

Health

Care

REITs

—

0.2%

Healthpeak

OP

LLC

1.35%

,

02/01/27

...................

262

247,026

5.25%

,

12/15/32

...................

67

67,283

Ventas

Realty

LP

3.85%

,

04/01/27

...................

94

92,711

4.00%

,

03/01/28

...................

82

80,608

3.00%

,

01/15/30

...................

160

146,928

5.63%

,

07/01/34

...................

120

122,130

5.00%

,

01/15/35

...................

255

246,619

Welltower

OP

LLC

3.10%

,

01/15/30

...................

122

113,330

3.85%

,

06/15/32

...................

276

256,846

1,373,481

Hotels,

Restaurants

&

Leisure

—

0.1%

Expedia

Group,

Inc.,

3.80%,

02/15/28

......

35

34,131

Hilton

Domestic

Operating

Co.,

Inc.,

6.13%,

04/01/32

(b)

......................

43

43,164

Royal

Caribbean

Cruises

Ltd.,

6.25%,

03/15/32

(b)

337

340,043

417,338

Household

Durables

—

0.0%

DR

Horton,

Inc.,

5.50%,

10/15/35

.........

186

186,999

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

AES

Corp.

(The)

5.45%

,

06/01/28

...................

211

214,662

2.45%

,

01/15/31

...................

196

167,547

382,209

Industrial

Conglomerates

—

0.2%

3M

Co.,

5.15%,

03/15/35

..............

720

719,767

Honeywell

International,

Inc.

4.88%

,

09/01/29

...................

179

182,330

4.70%

,

02/01/30

...................

435

437,347

4.95%

,

09/01/31

...................

255

259,155

1,598,599

Industrial

REITs

—

0.0%

Prologis

LP

4.75%

,

06/15/33

...................

27

26,484

5.13%

,

01/15/34

...................

56

56,145

5.00%

,

03/15/34

...................

73

72,586

155,215

Insurance

—

0.3%

AEGON

Funding

Co.

LLC,

5.50%,

04/16/27

(b)

..

586

594,013

Aon

Corp.

2.85%

,

05/28/27

...................

113

109,488

2.60%

,

12/02/31

...................

104

90,527

5.35%

,

02/28/33

...................

109

110,837

Arthur

J

Gallagher

&

Co.

4.85%

,

12/15/29

...................

50

50,346

5.15%

,

02/15/35

...................

250

247,739

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

Dai-ichi

Life

Insurance

Co.

Ltd.

(The),

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.52%),

6.20%

(a)

(b)

(i)

..........

USD

240

$

240,755

Marsh

&

McLennan

Cos.,

Inc.

5.88%

,

08/01/33

...................

21

22,215

5.40%

,

09/15/33

...................

26

26,765

5.15%

,

03/15/34

...................

47

47,429

Meiji

Yasuda

Life

Insurance

Co.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.91%),

6.10%,

06/11/55

(a)

(b)

....

263

262,075

Met

Tower

Global

Funding,

5.25%,

04/12/29

(b)

.

758

776,054

MetLife,

Inc.,

Series

G,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.08%),

6.35%,

03/15/55

(a)

............

110

110,215

2,688,458

IT

Services

—

0.1%

IBM

International

Capital

Pte.

Ltd.,

4.60%,

02/05/29

.......................

192

192,673

International

Business

Machines

Corp.,

5.00%,

02/10/32

.......................

310

312,396

505,069

Machinery

—

0.1%

Daimler

Truck

Finance

North

America

LLC,

5.00%,

01/15/27

(b)

.................

155

155,990

Ingersoll

Rand,

Inc.

5.18%

,

06/15/29

...................

180

183,052

5.45%

,

06/15/34

...................

233

236,445

Otis

Worldwide

Corp.,

2.57%,

02/15/30

.....

53

47,969

623,456

Media

—

0.7%

Charter

Communications

Operating

LLC

4.91%

,

07/23/25

...................

204

203,950

6.15%

,

11/10/26

...................

25

25,507

2.25%

,

01/15/29

...................

1,153

1,038,419

6.10%

,

06/01/29

...................

688

710,394

2.80%

,

04/01/31

...................

1,652

1,426,319

2.30%

,

02/01/32

...................

489

395,921

6.65%

,

02/01/34

...................

356

369,003

6.55%

,

06/01/34

...................

500

514,337

Comcast

Corp.

3.55%

,

05/01/28

(l)

..................

50

48,752

2.65%

,

02/01/30

...................

29

26,549

3.40%

,

04/01/30

...................

83

78,544

4.25%

,

10/15/30

...................

60

58,883

1.95%

,

01/15/31

...................

62

53,208

1.50%

,

02/15/31

...................

37

30,924

5.50%

,

11/15/32

...................

84

87,292

Grupo

Televisa

SAB,

8.50%,

03/11/32

......

8

8,807

Interpublic

Group

of

Cos.,

Inc.

(The)

4.65%

,

10/01/28

...................

303

302,440

4.75%

,

03/30/30

...................

26

25,927

Paramount

Global

3.70%

,

06/01/28

...................

31

29,867

4.20%

,

05/19/32

...................

125

112,097

Radiate

Holdco

LLC,

4.50%,

09/15/26

(b)

.....

47

40,214

5,587,354

Metals

&

Mining

—

0.6%

Anglo

American

Capital

plc,

4.50%,

03/15/28

(b)

.

264

261,706

Freeport-McMoRan,

Inc.

4.13%

,

03/01/28

...................

303

297,651

5.40%

,

11/14/34

...................

19

19,003

Glencore

Canada

Corp.,

6.20%,

06/15/35

....

73

75,054

Glencore

Funding

LLC

(b)

4.00%

,

03/27/27

...................

163

160,775

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Metals

&

Mining

(continued)

5.37%

,

04/04/29

...................

USD

323

$

328,274

5.63%

,

04/04/34

...................

440

441,844

Rio

Tinto

Finance

USA

plc

4.88%

,

03/14/30

...................

496

501,098

5.00%

,

03/14/32

...................

310

311,380

5.25%

,

03/14/35

...................

285

287,189

Steel

Dynamics,

Inc.

3.45%

,

04/15/30

...................

435

407,989

5.38%

,

08/15/34

...................

655

656,748

Vale

Overseas

Ltd.

3.75%

,

07/08/30

...................

390

361,592

6.13%

,

06/12/33

...................

203

207,974

4,318,277

Multi-Utilities

—

0.3%

Algonquin

Power

&

Utilities

Corp.,

5.37%,

06/15/26

(j)

......................

587

590,380

Berkshire

Hathaway

Energy

Co.

3.25%

,

04/15/28

...................

97

93,958

1.65%

,

05/15/31

...................

146

121,997

CenterPoint

Energy,

Inc.

(a)

Series

B

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.95%),

6.85%

,

02/15/55

.................

56

56,101

Series

A

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.25%),

7.00%

,

02/15/55

.................

56

56,857

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.59%),

6.70%

,

05/15/55

......................

230

226,780

Consumers

Energy

Co.

4.60%

,

05/30/29

(l)

..................

110

110,227

4.70%

,

01/15/30

...................

270

271,194

Dominion

Energy,

Inc.

(a)

Series

B

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.51%),

7.00%

,

06/01/54

.................

80

84,085

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.21%),

6.63%

,

05/15/55

......................

116

115,185

NiSource,

Inc.

5.25%

,

03/30/28

...................

270

274,710

5.40%

,

06/30/33

...................

45

45,200

5.35%

,

04/01/34

...................

106

106,344

WEC

Energy

Group,

Inc.,

4.75%,

01/15/28

...

9

9,053

2,162,071

Oil,

Gas

&

Consumable

Fuels

—

2.9%

Cheniere

Corpus

Christi

Holdings

LLC

5.13%

,

06/30/27

...................

455

458,740

3.70%

,

11/15/29

...................

82

78,302

Cheniere

Energy

Partners

LP

4.50%

,

10/01/29

...................

313

304,435

3.25%

,

01/31/32

...................

154

135,526

5.95%

,

06/30/33

...................

57

58,541

5.75%

,

08/15/34

...................

250

253,539

Cheniere

Energy,

Inc.,

5.65%,

04/15/34

.....

283

286,279

Chevron

USA,

Inc.,

4.48%,

02/26/28

.......

44

44,310

Coterra

Energy,

Inc.

4.38%

,

03/15/29

...................

478

471,064

5.40%

,

02/15/35

...................

707

695,797

DCP

Midstream

Operating

LP

5.63%

,

07/15/27

...................

615

625,285

8.13%

,

08/16/30

...................

32

36,685

3.25%

,

02/15/32

...................

783

684,400

Devon

Energy

Corp.,

5.20%,

09/15/34

......

68

65,590

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Diamondback

Energy,

Inc.

3.50%

,

12/01/29

...................

USD

552

$

522,096

5.15%

,

01/30/30

...................

70

71,062

3.13%

,

03/24/31

...................

346

313,166

5.40%

,

04/18/34

...................

602

600,999

5.55%

,

04/01/35

...................

320

321,256

Eastern

Energy

Gas

Holdings

LLC,

5.80%,

01/15/35

.......................

507

523,309

Enbridge,

Inc.

3.13%

,

11/15/29

...................

87

80,927

5.63%

,

04/05/34

...................

197

200,122

Energy

Transfer

LP

6.05%

,

12/01/26

...................

878

897,129

4.40%

,

03/15/27

...................

400

398,708

5.55%

,

02/15/28

...................

1,071

1,096,301

4.95%

,

05/15/28

...................

200

201,384

6.10%

,

12/01/28

...................

374

390,467

3.75%

,

05/15/30

...................

122

115,351

Series

G

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.31%),

7.13%

(a)

(i)

......................

96

97,140

6.40%

,

12/01/30

...................

148

157,724

6.55%

,

12/01/33

...................

470

502,529

5.60%

,

09/01/34

...................

337

337,583

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.02%),

8.00%

,

05/15/54

(a)

.....................

47

49,460

Enterprise

Products

Operating

LLC

(a)

Series

E

,

(3-mo.

CME

Term

SOFR

+

3.29%),

5.25%

,

08/16/77

.................

30

29,537

(3-mo.

CME

Term

SOFR

+

2.83%),

5.38%

,

02/15/78

......................

19

18,585

EOG

Resources,

Inc.,

4.38%,

04/15/30

.....

15

14,839

EQT

Corp.

3.13%

,

05/15/26

(b)

..................

242

237,714

3.90%

,

10/01/27

...................

119

116,871

5.00%

,

01/15/29

...................

462

465,029

7.00%

,

02/01/30

(j)

..................

374

403,289

3.63%

,

05/15/31

(b)

..................

250

228,356

5.75%

,

02/01/34

...................

601

612,723

Expand

Energy

Corp.

5.38%

,

02/01/29

...................

1,254

1,248,767

5.88%

,

02/01/29

(b)

..................

353

352,376

6.75%

,

04/15/29

(b)

..................

743

752,323

5.38%

,

03/15/30

...................

1,907

1,893,056

4.75%

,

02/01/32

...................

243

229,840

5.70%

,

01/15/35

...................

478

479,712

Hess

Corp.,

4.30%,

04/01/27

............

467

464,658

Kinder

Morgan,

Inc.

4.30%

,

03/01/28

...................

163

161,796

5.10%

,

08/01/29

...................

255

257,669

5.40%

,

02/01/34

...................

355

354,620

Matador

Resources

Co.,

6.50%,

04/15/32

(b)

...

76

75,318

Occidental

Petroleum

Corp.

8.50%

,

07/15/27

...................

47

49,843

5.20%

,

08/01/29

...................

130

129,913

ONEOK,

Inc.

4.40%

,

10/15/29

...................

249

244,550

5.05%

,

11/01/34

...................

340

328,226

Ovintiv,

Inc.,

5.65%,

05/15/28

...........

269

275,658

Pioneer

Natural

Resources

Co.,

2.15%,

01/15/31

42

36,592

Sabine

Pass

Liquefaction

LLC

5.00%

,

03/15/27

...................

100

100,454

4.50%

,

05/15/30

...................

96

94,234

Shell

Finance

US,

Inc.,

4.13%,

05/11/35

.....

166

155,402

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Targa

Resources

Corp.

6.15%

,

03/01/29

...................

USD

462

$

483,080

6.50%

,

03/30/34

...................

515

549,900

5.50%

,

02/15/35

...................

107

106,367

5.55%

,

08/15/35

...................

33

32,954

Viper

Energy,

Inc.,

7.38%,

11/01/31

(b)

.......

275

287,424

Williams

Cos.,

Inc.

(The)

3.75%

,

06/15/27

...................

100

98,301

5.30%

,

08/15/28

...................

59

60,271

22,505,453

Passenger

Airlines

—

0.1%

AS

Mileage

Plan

IP

Ltd.

(b)

5.02%

,

10/20/29

...................

193

189,002

5.31%

,

10/20/31

...................

142

138,826

United

Airlines

Pass-Through

Trust,

Series

2024-

1,

Class

A,

5.88%,

02/15/37

...........

377

378,992

706,820

Pharmaceuticals

—

0.7%

Bayer

US

Finance

II

LLC

(b)

4.25%

,

12/15/25

...................

424

422,104

4.38%

,

12/15/28

...................

360

350,684

Bayer

US

Finance

LLC

(b)

6.13%

,

11/21/26

...................

2,227

2,268,321

6.25%

,

01/21/29

...................

220

228,089

Bristol-Myers

Squibb

Co.,

4.13%,

06/15/39

...

95

83,976

Pfizer

Investment

Enterprises

Pte.

Ltd.

4.45%

,

05/19/28

...................

187

187,450

4.65%

,

05/19/30

...................

67

67,345

4.75%

,

05/19/33

...................

313

309,560

Pfizer,

Inc.,

3.90%,

03/15/39

............

96

82,843

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

8.13%,

09/15/31

..................

1,093

1,217,340

5,217,712

Professional

Services

—

0.1%

Equifax,

Inc.,

4.80%,

09/15/29

...........

825

825,982

Verisk

Analytics,

Inc.,

5.25%,

06/05/34

......

58

58,479

884,461

Residential

REITs

—

0.1%

American

Homes

4

Rent

LP

4.25%

,

02/15/28

...................

117

115,778

4.90%

,

02/15/29

...................

91

91,285

5.50%

,

07/15/34

...................

215

214,307

AvalonBay

Communities,

Inc.,

5.00%,

02/15/33

192

191,064

Camden

Property

Trust,

4.10%,

10/15/28

....

88

86,415

Invitation

Homes

Operating

Partnership

LP

2.30%

,

11/15/28

...................

191

175,079

2.70%

,

01/15/34

...................

44

35,819

4.88%

,

02/01/35

...................

177

169,336

1,079,083

Retail

REITs

—

0.1%

Realty

Income

Corp.

3.65%

,

01/15/28

...................

136

133,069

4.70%

,

12/15/28

...................

83

83,275

4.75%

,

02/15/29

...................

106

106,256

3.25%

,

01/15/31

...................

96

88,199

2.85%

,

12/15/32

...................

69

59,442

Regency

Centers

LP

4.13%

,

03/15/28

...................

238

235,313

5.25%

,

01/15/34

...................

36

36,040

5.10%

,

01/15/35

...................

155

153,294

894,888

Security

Par

(000)

Par

(000)

Value

Semiconductors

&

Semiconductor

Equipment

—

0.8%

AP

Grange

Holdings

LLC,

(Acquired

06/21/24,

cost

$209,084),

6.50%,

03/20/45

(d)

(f)

......

USD

209

$

209,607

Broadcom,

Inc.

4.00%

,

04/15/29

(b)

..................

570

556,341

5.05%

,

04/15/30

...................

521

527,921

2.45%

,

02/15/31

(b)

..................

686

603,561

4.15%

,

04/15/32

(b)

..................

380

360,438

3.42%

,

04/15/33

(b)

..................

757

674,002

Foundry

JV

Holdco

LLC

(b)

5.90%

,

01/25/30

...................

1,538

1,593,031

5.88%

,

01/25/34

...................

200

200,475

6.20%

,

01/25/37

...................

394

406,072

Micron

Technology,

Inc.

5.33%

,

02/06/29

...................

128

129,893

5.88%

,

02/09/33

...................

136

140,854

5.88%

,

09/15/33

...................

25

26,003

NXP

BV

3.15%

,

05/01/27

...................

58

56,334

4.30%

,

06/18/29

...................

122

119,633

3.40%

,

05/01/30

...................

118

109,975

2.50%

,

05/11/31

...................

183

159,411

2.65%

,

02/15/32

...................

84

71,571

5,945,122

Software

—

0.7%

AppLovin

Corp.

5.13%

,

12/01/29

...................

421

422,631

5.50%

,

12/01/34

...................

492

491,890

Cloud

Software

Group,

Inc.,

9.00%,

09/30/29

(b)

.

57

56,851

Oracle

Corp.

3.25%

,

11/15/27

...................

390

378,073

2.30%

,

03/25/28

...................

310

291,178

4.80%

,

08/03/28

...................

541

545,367

2.88%

,

03/25/31

...................

783

701,033

4.30%

,

07/08/34

...................

42

39,065

4.70%

,

09/27/34

...................

594

567,240

3.85%

,

07/15/36

...................

60

52,001

Synopsys,

Inc.

4.85%

,

04/01/30

...................

610

614,013

5.00%

,

04/01/32

...................

659

660,624

5.15%

,

04/01/35

...................

200

201,053

VMware

LLC

1.40%

,

08/15/26

...................

296

283,469

3.90%

,

08/21/27

...................

199

195,525

2.20%

,

08/15/31

...................

308

261,791

Workday,

Inc.,

3.50%,

04/01/27

..........

20

19,610

5,781,414

Specialized

REITs

—

0.5%

American

Tower

Corp.

1.45%

,

09/15/26

...................

12

11,475

3.65%

,

03/15/27

...................

147

144,514

5.50%

,

03/15/28

...................

400

409,456

5.20%

,

02/15/29

...................

596

605,519

5.00%

,

01/31/30

...................

70

70,572

2.30%

,

09/15/31

...................

132

112,872

5.40%

,

01/31/35

...................

476

480,290

Crown

Castle,

Inc.

2.90%

,

03/15/27

...................

35

33,805

4.80%

,

09/01/28

...................

6

5,988

5.60%

,

06/01/29

...................

6

6,132

4.90%

,

09/01/29

...................

42

41,807

2.25%

,

01/15/31

...................

57

48,714

2.50%

,

07/15/31

...................

84

71,728

5.10%

,

05/01/33

...................

33

32,255

5.80%

,

03/01/34

...................

37

37,716

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Specialized

REITs

(continued)

Equinix,

Inc.

2.00%

,

05/15/28

...................

USD

148

$

136,996

2.50%

,

05/15/31

...................

132

115,219

Extra

Space

Storage

LP

5.70%

,

04/01/28

...................

429

440,659

5.50%

,

07/01/30

...................

205

210,194

5.40%

,

02/01/34

...................

410

410,512

5.35%

,

01/15/35

...................

104

103,157

5.40%

,

06/15/35

...................

302

300,253

Iron

Mountain,

Inc.,

6.25%,

01/15/33

(b)

......

50

49,518

3,879,351

Specialty

Retail

—

0.1%

Group

1

Automotive,

Inc.,

4.00%,

08/15/28

(b)

..

14

13,174

Lowe's

Cos.,

Inc.

3.10%

,

05/03/27

...................

101

98,226

3.65%

,

04/05/29

...................

309

297,938

409,338

Technology

Hardware,

Storage

&

Peripherals

—

0.2%

Dell

International

LLC

6.10%

,

07/15/27

...................

125

128,905

5.00%

,

04/01/30

...................

248

249,156

5.30%

,

04/01/32

...................

670

674,298

5.40%

,

04/15/34

...................

43

43,333

3.45%

,

12/15/51

...................

21

14,192

Hewlett

Packard

Enterprise

Co.

4.55%

,

10/15/29

...................

25

24,731

5.00%

,

10/15/34

...................

138

134,446

1,269,061

Tobacco

—

0.3%

BAT

Capital

Corp.

3.22%

,

09/06/26

...................

1,511

1,482,267

4.70%

,

04/02/27

...................

458

458,663

2.26%

,

03/25/28

...................

58

54,200

6.34%

,

08/02/30

...................

145

154,140

6.42%

,

08/02/33

...................

45

48,028

6.00%

,

02/20/34

...................

69

71,907

BAT

International

Finance

plc,

5.93%,

02/02/29

230

239,715

Reynolds

American,

Inc.,

5.70%,

08/15/35

....

115

115,837

2,624,757

Trading

Companies

&

Distributors

—

0.3%

Air

Lease

Corp.

1.88%

,

08/15/26

...................

664

639,383

5.85%

,

12/15/27

...................

46

47,367

3.00%

,

02/01/30

...................

33

30,259

Aviation

Capital

Group

LLC,

1.95%,

09/20/26

(b)

.

683

655,971

GATX

Corp.,

5.40%,

03/15/27

...........

257

260,265

Marubeni

Corp.,

5.38%,

04/01/35

(b)

........

200

200,617

United

Rentals

North

America,

Inc.,

6.00%,

12/15/29

(b)

......................

266

270,308

2,104,170

Transportation

Infrastructure

—

0.0%

Incora

Top

Holdco

LLC,

6.00%,

01/31/33

(d)

...

28

5,883

Wireless

Telecommunication

Services

—

0.4%

America

Movil

SAB

de

CV,

3.63%,

04/22/29

...

262

251,520

Millicom

International

Cellular

SA,

7.38%,

04/02/32

(b)

......................

225

227,531

Rogers

Communications,

Inc.

3.20%

,

03/15/27

...................

770

749,137

5.00%

,

02/15/29

...................

83

83,074

3.80%

,

03/15/32

...................

1,005

912,345

Series

NC5

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.65%),

7.00%

,

04/15/55

(a)

................

107

107,414

Security

Par

(000)

Par

(000)

Value

Wireless

Telecommunication

Services

(continued)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.62%),

7.13%

,

04/15/55

(a)

.....................

USD

78

$

77,736

T-Mobile

USA,

Inc.

4.75%

,

02/01/28

...................

238

237,710

2.05%

,

02/15/28

...................

186

173,721

3.88%

,

04/15/30

...................

390

373,870

2.55%

,

02/15/31

...................

13

11,460

2.25%

,

11/15/31

...................

246

208,988

2.70%

,

03/15/32

...................

24

20,760

3,435,266

Total

Corporate

Bonds

—

25

.9

%

(Cost:

$

201,718,364

)

..............................

202,326,452

Equity-Linked

Notes

Aerospace

&

Defense

—

0.1%

(b)(e)

Barclays

Bank

plc

(

GE

Aerospace

)

,

20.29

%

,

04/22/25

..................

2

424,942

Barclays

Bank

plc

(

HEICO

Corp.

)

,

13.47

%

,

04/14/25

..................

1

141,042

565,984

Banks

—

0.1%

(b)(e)

Barclays

Bank

plc

(

Bank

of

America

Corp.

)

,

19.26

%

,

04/16/25

..................

7

309,805

Barclays

Bank

plc

(

Citigroup,

Inc.

)

,

16.91

%

,

04/16/25

..................

2

146,906

Canadian

Imperial

Bank

of

Commerce

(

JPMorgan

Chase

&

Co.

)

,

15.65

%

,

04/11/25

2

511,540

Morgan

Stanley

&

Co.

LLC

(

M&T

Bank

Corp.

)

,

17.56

%

,

04/15/25

..................

—

(n)

77,370

1,045,621

Biotechnology

—

0.1%

(b)(e)

Barclays

Bank

plc

(

Amgen,

Inc.

)

,

12.91

%

,

05/01/25

..................

1

324,496

Mizuho

Markets

Cayman

LP

(

AbbVie,

Inc.

)

,

19.12

%

,

04/25/25

..................

2

431,932

Morgan

Stanley

&

Co.

LLC

(

Gilead

Sciences,

Inc.

)

,

17.31

%

,

04/28/25

...............

2

221,827

978,255

Broadline

Retail

—

0.3%

(b)(e)

Barclays

Bank

plc

(

MercadoLibre,

Inc.

)

,

17.61

%

,

05/07/25

..................

—

(n)

150,595

JPMorgan

Structured

Products

BV

(

Amazon.

com,

Inc.

)

,

20.35

%

,

05/01/25

...........

6

1,181,324

Morgan

Stanley

&

Co.

LLC

(

Coupang,

Inc.

)

,

17.33

%

,

04/14/25

..................

6

123,485

UBS

AG

(

Amazon.com,

Inc.

)

,

10.10

%

,

05/01/25

5

930,895

2,386,299

Building

Products

—

0.1%

(b)(e)

Barclays

Bank

plc

(

Johnson

Controls

International

plc

)

,

18.07

%

,

05/01/25

......

3

214,505

Morgan

Stanley

&

Co.

LLC

(

Trane

Technologies

plc

)

,

10.20

%

,

05/01/25

...............

1

401,705

616,210

Capital

Markets

—

0.4%

(b)(e)

Barclays

Bank

plc

(

Blackstone,

Inc.

)

,

17.86

%

,

04/22/25

..................

2

293,381

Barclays

Bank

plc

(

KKR

&

Co.,

Inc.

)

,

17.83

%

,

05/02/25

..................

2

242,878

Barclays

Bank

plc

(

Morgan

Stanley

)

,

21.46

%

,

04/11/25

..................

2

292,858

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

BNP

Paribas

SA

(

Nasdaq,

Inc.

)

,

19.49

%

,

04/25/25

..................

USD

3

$

196,742

Canadian

Imperial

Bank

of

Commerce

(

S&P

Global,

Inc.

)

,

12.45

%

,

04/28/25

.........

1

545,990

Citigroup,

Inc.

(

Charles

Schwab

Corp.

(The)

)

,

23.00

%

,

04/15/25

..................

3

225,116

Morgan

Stanley

&

Co.

LLC

(

Goldman

Sachs

Group,

Inc.

(The)

)

,

17.17

%

,

04/15/25

.....

1

369,789

Morgan

Stanley

&

Co.

LLC

(

Intercontinental

Exchange,

Inc.

)

,

8.95

%

,

05/02/25

........

1

215,984

Royal

Bank

of

Canada

(

Moody's

Corp.

)

,

11.35

%

,

05/05/25

..................

—

(n)

160,852

Societe

Generale

SA

(

LPL

Financial

Holdings,

Inc.

)

,

24.17

%

,

04/30/25

...............

1

277,198

2,820,788

Chemicals

—

0.1%

(b)(e)

Morgan

Stanley

&

Co.

LLC

(

Axalta

Coating

Systems

Ltd.

)

,

16.30

%

,

05/01/25

........

6

211,999

Royal

Bank

of

Canada

(

Ecolab,

Inc.

)

,

9.25

%

,

04/30/25

...................

1

274,876

Societe

Generale

SA

(

Linde

plc

)

,

9.66

%

,

05/05/25

...................

1

334,337

Toronto-Dominion

Bank

(The)

(

Sherwin-Williams

Co.

(The)

)

,

15.32

%

,

04/23/25

...........

—

(n)

164,707

985,919

Commercial

Services

&

Supplies

—

0.0%

Toronto-Dominion

Bank

(The)

(

Waste

Management,

Inc.

)

,

12.45

%

,

04/24/25

(b)

(e)

...

1

279,997

Communications

Equipment

—

0.1%

(b)(e)

BNP

Paribas

SA

(

Ciena

Corp.

)

,

32.93

%

,

04/25/25

..................

3

177,823

Morgan

Stanley

&

Co.

LLC

(

Arista

Networks,

Inc.

)

,

19.46

%

,

05/08/25

...............

4

338,061

515,884

Consumer

Finance

—

0.1%

(b)(e)

Barclays

Bank

plc

(

Ally

Financial,

Inc.

)

,

22.67

%

,

04/22/25

..................

6

201,724

Barclays

Bank

plc

(

Discover

Financial

Services

)

,

40.09

%

,

04/17/25

..................

1

192,339

Goldman

Sachs

International

(

American

Express

Co.

)

,

11.75

%

,

04/18/25

...............

1

355,570

749,633

Consumer

Staples

Distribution

&

Retail

—

0.3%

(b)(e)

Barclays

Bank

plc

(

BJ's

Wholesale

Club

Holdings,

Inc.

)

,

15.44

%

,

04/22/25

........

2

219,584

Barclays

Bank

plc

(

Target

Corp.

)

,

14.21

%

,

04/22/25

..................

2

202,361

Barclays

Bank

plc

(

Walmart,

Inc.

)

,

14.31

%

,

05/16/25

..................

8

753,500

BMO

Capital

Markets

Corp.

(

Costco

Wholesale

Corp.

)

,

12.33

%

,

05/07/25

.............

1

557,149

BNP

Paribas

SA

(

Dollar

General

Corp.

)

,

30.88

%

,

04/28/25

..................

4

360,042

Royal

Bank

of

Canada

(

Kroger

Co.

(The)

)

,

14.48

%

,

04/22/25

..................

3

221,864

2,314,500

Containers

&

Packaging

—

0.0%

Morgan

Stanley

&

Co.

LLC

(

Sealed

Air

Corp.

)

,

21.08

%

,

04/14/25

(b)

(e)

................

4

120,279

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

—

0.1%

(b)(e)

Barclays

Bank

plc

(

Verizon

Communications,

Inc.

)

,

22.95

%

,

04/22/25

...............

USD

7

$

324,979

Morgan

Stanley

&

Co.

LLC

(

TELUS

Corp.

)

,

24.25

%

,

04/24/25

..................

14

392,122

717,101

Electrical

Equipment

—

0.1%

(b)(e)

Morgan

Stanley

&

Co.

LLC

(

GE

Vernova,

Inc.

)

,

23.53

%

,

04/28/25

..................

1

364,045

Royal

Bank

of

Canada

(

Eaton

Corp.

plc

)

,

18.83

%

,

04/30/25

..................

1

205,235

569,280

Electronic

Equipment,

Instruments

&

Components

—

0.1%

(b)(e)

BMO

Capital

Markets

Corp.

(

CDW

Corp.

)

,

12.65

%

,

05/01/25

..................

1

179,413

Mizuho

Markets

Cayman

LP

(

Amphenol

Corp.

)

,

21.67

%

,

04/23/25

..................

3

200,312

Royal

Bank

of

Canada

(

Flex

Ltd.

)

,

25.59

%

,

05/01/25

..................

12

397,693

777,418

Energy

Equipment

&

Services

—

0.1%

(b)(e)

Barclays

Bank

plc

(

Halliburton

Co.

)

,

21.46

%

,

04/23/25

..................

5

138,314

Canadian

Imperial

Bank

of

Commerce

(

Schlumberger

NV

)

,

15.40

%

,

04/21/25

....

4

167,594

Royal

Bank

of

Canada

(

Baker

Hughes

Co.

)

,

19.30

%

,

04/23/25

..................

4

194,488

500,396

Entertainment

—

0.1%

(b)(e)

Barclays

Bank

plc

(

Netflix,

Inc.

)

,

21.24

%

,

04/22/25

..................

1

764,691

BMO

Capital

Markets

Corp.

(

Walt

Disney

Co.

(The)

)

,

11.99

%

,

05/07/25

.............

4

351,389

1,116,080

Financial

Services

—

0.2%

(b)(e)

BMO

Capital

Markets

Corp.

(

Fiserv,

Inc.

)

,

12.67

%

,

04/23/25

..................

2

493,761

JPMorgan

Structured

Products

BV

(

Visa,

Inc.

)

,

12.93

%

,

04/23/25

..................

2

675,694

Toronto-Dominion

Bank

(The)

(

Mastercard,

Inc.

)

,

16.04

%

,

05/01/25

..................

1

560,147

1,729,602

Food

Products

—

0.1%

(b)(e)

Barclays

Bank

plc

(

Archer-Daniels-Midland

Co.

)

,

19.29

%

,

04/30/25

..................

3

160,599

Barclays

Bank

plc

(

Mondelez

International,

Inc.

)

,

21.34

%

,

04/30/25

..................

5

339,735

BNP

Paribas

SA

(

Tyson

Foods,

Inc.

)

,

14.67

%

,

05/07/25

..................

4

224,398

724,732

Ground

Transportation

—

0.1%

(b)(e)

JPMorgan

Structured

Products

BV

(

Norfolk

Southern

Corp.

)

,

16.91

%

,

04/24/25

.......

1

168,660

Mizuho

Markets

Cayman

LP

(

Uber

Technologies,

Inc.

)

,

13.51

%

,

05/09/25

...............

9

645,818

Royal

Bank

of

Canada

(

Lyft,

Inc.

)

,

29.75

%

,

05/06/25

..................

9

108,220

Royal

Bank

of

Canada

(

Union

Pacific

Corp.

)

,

12.15

%

,

04/25/25

..................

1

209,783

1,132,481

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Health

Care

Equipment

&

Supplies

—

0.2%

(b)(e)

BMO

Capital

Markets

Corp.

(

Boston

Scientific

Corp.

)

,

13.89

%

,

04/24/25

.............

USD

3

$

301,817

Mizuho

Markets

Cayman

LP

(

Dexcom,

Inc.

)

,

16.05

%

,

04/01/25

..................

4

247,154

Morgan

Stanley

&

Co.

LLC

(

Dexcom,

Inc.

)

,

34.05

%

,

04/25/25

..................

4

274,840

Morgan

Stanley

&

Co.

LLC

(

IDEXX

Laboratories,

Inc.

)

,

20.80

%

,

05/01/25

...............

1

218,362

Morgan

Stanley

&

Co.

LLC

(

Intuitive

Surgical,

Inc.

)

,

20.86

%

,

04/23/25

...............

1

266,079

Royal

Bank

of

Canada

(

GE

HealthCare

Technologies,

Inc.

)

,

14.30

%

,

05/01/25

.....

1

105,967

1,414,219

Health

Care

Providers

&

Services

—

0.3%

(b)(e)

BMO

Capital

Markets

Corp.

(

Cardinal

Health,

Inc.

)

,

18.26

%

,

05/02/25

...............

3

341,017

BNP

Paribas

SA

(

Elevance

Health,

Inc.

)

,

22.94

%

,

04/22/25

..................

1

571,034

BNP

Paribas

SA

(

Quest

Diagnostics,

Inc.

)

,

20.69

%

,

04/22/25

..................

2

329,340

BNP

Paribas

SA

(

UnitedHealth

Group,

Inc.

)

,

22.73

%

,

04/16/25

..................

1

624,154

Societe

Generale

SA

(

McKesson

Corp.

)

,

11.71

%

,

05/08/25

..................

—

(n)

220,098

2,085,643

Health

Care

Technology

—

0.0%

Royal

Bank

of

Canada

(

Veeva

Systems,

Inc.

)

,

18.47

%

,

04/22/25

(b)

(e)

................

1

211,499

Hotels,

Restaurants

&

Leisure

—

0.4%

(b)(e)

BMO

Capital

Markets

Corp.

(

Chipotle

Mexican

Grill,

Inc.

)

,

20.53

%

,

04/23/25

...........

4

185,421

BMO

Capital

Markets

Corp.

(

Las

Vegas

Sands

Corp.

)

,

29.80

%

,

04/17/25

.............

4

175,570

BMO

Capital

Markets

Corp.

(

Wynn

Resorts

Ltd.

)

,

22.87

%

,

04/01/25

..................

4

305,654

BNP

Paribas

SA

(

Airbnb,

Inc.

)

,

23.23

%

,

05/08/25

1

162,550

BNP

Paribas

SA

(

Brinker

International,

Inc.

)

,

44.23

%

,

04/29/25

..................

1

169,278

Canadian

Imperial

Bank

of

Commerce

(

Hilton

Worldwide

Holdings,

Inc.

)

,

18.00

%

,

04/25/25

1

215,888

Citigroup,

Inc.

(

Royal

Caribbean

Cruises

Ltd.

)

,

36.40

%

,

04/25/25

..................

—

(n)

82,121

JPMorgan

Structured

Products

BV

(

Starbucks

Corp.

)

,

17.48

%

,

04/30/25

.............

3

328,413

Morgan

Stanley

&

Co.

LLC

(

Papa

John's

International,

Inc.

)

,

38.91

%

,

04/14/25

.....

3

120,695

Morgan

Stanley

&

Co.

LLC

(

Wynn

Resorts

Ltd.

)

,

31.32

%

,

05/07/25

..................

4

330,198

Royal

Bank

of

Canada

(

Airbnb,

Inc.

)

,

13.28

%

,

04/01/25

..................

1

162,791

Royal

Bank

of

Canada

(

MGM

Resorts

International

)

,

22.42

%

,

05/02/25

.........

3

102,243

Societe

Generale

SA

(

Booking

Holdings,

Inc.

)

,

12.90

%

,

05/01/25

..................

—

(n)

199,956

Societe

Generale

SA

(

Expedia

Group,

Inc.

)

,

19.30

%

,

05/05/25

..................

1

159,564

UBS

AG

(

McDonald's

Corp.

)

,

9.90

%

,

05/01/25

.

1

277,565

2,977,907

Household

Durables

—

0.0%

Toronto-Dominion

Bank

(The)

(

Mohawk

Industries,

Inc.

)

,

25.60

%

,

04/28/25

(b)

(e)

.....

1

110,430

Security

Par

(000)

Par

(000)

Value

Household

Products

—

0.1%

(b)(e)

Citigroup,

Inc.

(

Kimberly-Clark

Corp.

)

,

12.80

%

,

04/23/25

..................

USD

2

$

272,203

Royal

Bank

of

Canada

(

Procter

&

Gamble

Co.

(The)

)

,

13.76

%

,

04/24/25

.............

2

422,761

694,964

Industrial

REITs

—

0.0%

Morgan

Stanley

&

Co.

LLC

(

Prologis,

Inc.

)

,

21.77

%

,

04/17/25

(b)

(e)

................

2

253,099

Insurance

—

0.3%

(b)(e)

Barclays

Bank

plc

(

Travelers

Cos.,

Inc.

(The)

)

,

20.16

%

,

04/17/25

..................

1

277,515

JPMorgan

Structured

Products

BV

(

Progressive

Corp.

(The)

)

,

17.75

%

,

04/11/25

.........

1

336,532

Morgan

Stanley

&

Co.

LLC

(

Chubb

Ltd.

)

,

10.34

%

,

04/24/25

..................

1

221,641

Royal

Bank

of

Canada

(

Arthur

J

Gallagher

&

Co.

)

,

14.56

%

,

04/25/25

...............

1

254,387

Royal

Bank

of

Canada

(

W

R

Berkley

Corp.

)

,

13.32

%

,

04/23/25

..................

4

288,506

Societe

Generale

SA

(

Allstate

Corp.

(The)

)

,

14.83

%

,

05/02/25

..................

2

328,297

Societe

Generale

SA

(

Aon

plc

)

,

11.24

%

,

04/25/25

1

246,922

1,953,800

Interactive

Media

&

Services

—

0.4%

(b)(e)

BMO

Capital

Markets

Corp.

(

Alphabet,

Inc.

)

,

14.90

%

,

04/25/25

..................

1

207,306

Citigroup,

Inc.

(

Meta

Platforms,

Inc.

)

,

22.53

%

,

04/24/25

..................

3

1,867,966

Goldman

Sachs

International

(

Alphabet,

Inc.

)

,

10.21

%

,

04/28/25

..................

9

1,381,566

3,456,838

IT

Services

—

0.1%

(b)(e)

BNP

Paribas

SA

(

International

Business

Machines

Corp.

)

,

19.37

%

,

04/23/25

......

1

329,027

BNP

Paribas

SA

(

Snowflake,

Inc.

)

,

25.10

%

,

04/14/25

..................

1

156,803

UBS

AG

(

Gartner,

Inc.

)

,

15.50

%

,

04/30/25

....

—

(n)

207,422

693,252

Leisure

Products

—

0.0%

Barclays

Bank

plc

(

Hasbro,

Inc.

)

,

20.17

%

,

04/24/25

(b)

(e)

................

1

74,333

Life

Sciences

Tools

&

Services

—

0.1%

Citigroup,

Inc.

(

Thermo

Fisher

Scientific,

Inc.

)

,

15.86

%

,

04/24/25

(b)

(e)

................

1

479,996

Machinery

—

0.1%

(b)(e)

Barclays

Bank

plc

(

Caterpillar,

Inc.

)

,

14.53

%

,

04/28/25

..................

1

400,191

BMO

Capital

Markets

Corp.

(

Parker-Hannifin

Corp.

)

,

15.41

%

,

05/01/25

.............

—

(n)

108,626

508,817

Media

—

0.1%

(b)(e)

Societe

Generale

SA

(

Charter

Communications,

Inc.

)

,

18.61

%

,

04/25/25

...............

1

221,712

UBS

AG

(

Comcast

Corp.

)

,

14.80

%

,

04/28/25

..

9

325,905

547,617

Metals

&

Mining

—

0.0%

(b)(e)

Canadian

Imperial

Bank

of

Commerce

(

Nucor

Corp.

)

,

31.00

%

,

04/22/25

.............

2

257,623

Mizuho

Markets

Cayman

LP

(

Freeport-

McMoRan,

Inc.

)

,

28.02

%

,

04/23/25

.......

3

112,517

370,140

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

—

0.0%

(b)(e)

Mizuho

Markets

Cayman

LP

(

Exxon

Mobil

Corp.

)

,

14.00

%

,

04/25/25

..................

USD

2

$

227,525

Mizuho

Markets

Cayman

LP

(

Marathon

Petroleum

Corp.

)

,

17.72

%

,

05/07/25

......

1

109,872

337,397

Passenger

Airlines

—

0.0%

Barclays

Bank

plc

(

Alaska

Air

Group,

Inc.

)

,

35.98

%

,

04/22/25

(b)

(e)

................

2

115,730

Pharmaceuticals

—

0.3%

(b)(e)

Mizuho

Markets

Cayman

LP

(

Merck

&

Co.,

Inc.

)

,

19.22

%

,

04/25/25

..................

6

544,272

Royal

Bank

of

Canada

(

Johnson

&

Johnson

)

,

8.26

%

,

04/15/25

...................

2

326,350

Societe

Generale

SA

(

Bristol-Myers

Squibb

Co.

)

,

25.65

%

,

04/25/25

..................

5

274,771

Toronto-Dominion

Bank

(The)

(

Eli

Lilly

&

Co.

)

,

22.21

%

,

05/02/25

..................

1

805,563

1,950,956

Professional

Services

—

0.0%

Canadian

Imperial

Bank

of

Commerce

(

Automatic

Data

Processing,

Inc.

)

,

13.30

%

,

05/02/25

(b)

(e)

1

306,611

Real

Estate

Management

&

Development

—

0.0%

JPMorgan

Structured

Products

BV

(

CBRE

Group,

Inc.

)

,

17.85

%

,

04/25/25

(b)

(e)

.......

1

161,739

Semiconductors

&

Semiconductor

Equipment

—

0.4%

(b)(e)

Barclays

Bank

plc

(

Broadcom,

Inc.

)

,

30.94

%

,

04/22/25

..................

3

483,222

Goldman

Sachs

International

(

QUALCOMM,

Inc.

)

,

13.25

%

,

05/02/25

...............

3

411,370

Mizuho

Markets

Cayman

LP

(

Intel

Corp.

)

,

39.07

%

,

04/25/25

..................

17

393,469

Morgan

Stanley

&

Co.

LLC

(

NVIDIA

Corp.

)

,

23.31

%

,

04/14/25

..................

15

1,656,815

Societe

Generale

SA

(

KLA

Corp.

)

,

20.41

%

,

04/25/25

..................

—

(n)

236,794

Toronto-Dominion

Bank

(The)

(

Lam

Research

Corp.

)

,

33.86

%

,

04/24/25

.............

3

211,485

3,393,155

Software

—

0.8%

(b)(e)

BMO

Capital

Markets

Corp.

(

Adobe,

Inc.

)

,

13.37

%

,

05/07/25

..................

1

402,879

BMO

Capital

Markets

Corp.

(

Fair

Isaac

Corp.

)

,

22.78

%

,

04/25/25

..................

—

(n)

216,640

BNP

Paribas

SA

(

Microsoft

Corp.

)

,

9.94

%

,

04/25/25

...................

6

2,301,136

BNP

Paribas

SA

(

Roper

Technologies,

Inc.

)

,

11.88

%

,

04/25/25

..................

1

419,812

BNP

Paribas

SA

(

Salesforce,

Inc.

)

,

12.44

%

,

04/14/25

..................

—

(n)

97,423

Goldman

Sachs

International

(

ServiceNow,

Inc.

)

,

14.00

%

,

04/25/25

..................

1

713,002

JPMorgan

Structured

Products

BV

(

Docusign,

Inc.

)

,

25.55

%

,

04/28/25

...............

3

207,379

Mizuho

Markets

Cayman

LP

(

Zscaler,

Inc.

)

,

21.82

%

,

04/22/25

..................

1

215,798

Morgan

Stanley

&

Co.

LLC

(

Intuit,

Inc.

)

,

16.09

%

,

04/14/25

..................

—

(n)

274,099

Morgan

Stanley

&

Co.

LLC

(Palo

Alto

Networks,

Inc.)

15.94

%

,

04/01/25

..................

1

234,925

22.97

%

,

05/20/25

..................

2

272,169

Morgan

Stanley

&

Co.

LLC

(

Workday,

Inc.

)

,

16.65

%

,

04/14/25

..................

1

241,415

Security

Par

(000)

Par

(000)

Value

Software

(continued)

Royal

Bank

of

Canada

(

Oracle

Corp.

)

,

24.35

%

,

04/25/25

..................

USD

3

$

386,325

5,983,002

Specialized

REITs

—

0.0%

Royal

Bank

of

Canada

(

Crown

Castle,

Inc.

)

,

12.97

%

,

04/28/25

(b)

(e)

................

3

274,716

Specialty

Retail

—

0.1%

(b)(e)

Morgan

Stanley

&

Co.

LLC

(

Home

Depot,

Inc.

(The)

)

,

16.17

%

,

04/14/25

.............

1

255,885

Morgan

Stanley

&

Co.

LLC

(

Lowe's

Cos.,

Inc.

)

,

14.57

%

,

04/14/25

..................

—

(n)

103,620

Morgan

Stanley

&

Co.

LLC

(

TJX

Cos.,

Inc.

(The)

)

,

9.68

%

,

04/14/25

..............

2

269,587

Royal

Bank

of

Canada

(

Ross

Stores,

Inc.

)

,

15.75

%

,

04/22/25

..................

1

129,337

Societe

Generale

SA

(

Ulta

Beauty,

Inc.

)

,

21.03

%

,

04/28/25

..................

1

222,869

981,298

Technology

Hardware,

Storage

&

Peripherals

—

0.3%

(b)(e)

BMO

Capital

Markets

Corp.

(

Western

Digital

Corp.

)

,

31.42

%

,

04/25/25

.............

4

158,580

Royal

Bank

of

Canada

(

Apple,

Inc.

)

,

12.20

%

,

05/02/25

..................

11

2,395,297

2,553,877

Tobacco

—

0.1%

Societe

Generale

SA

(

Philip

Morris

International,

Inc.

)

,

9.68

%

,

04/24/25

(b)

(e)

.............

4

620,259

Trading

Companies

&

Distributors

—

0.0%

Toronto-Dominion

Bank

(The)

(

United

Rentals,

Inc.

)

,

27.57

%

,

04/24/25

(b)

(e)

............

—

(n)

84,355

Wireless

Telecommunication

Services

—

0.1%

JPMorgan

Structured

Products

BV

(

T-Mobile

US,

Inc.

)

,

17.63

%

,

04/25/25

(b)

(e)

............

2

395,540

Total

Equity-Linked

Notes

—

6

.8

%

(Cost:

$

55,662,442

)

...............................

53,637,648

Fixed

Rate

Loan

Interests

Health

Care

Technology

—

0.0%

Cotiviti,

Inc.,

1st

Lien

Term

Loan

,

7.63

%

,

05/01/31

...................

172

169,205

Media

—

0.0%

Getty

Images,

Inc.,

1st

Lien

Term

Loan

B1

,

11.25

%

,

02/21/30

(d)

.................

74

73,445

Software

—

0.1%

Clover

Holdings

2

LLC,

1st

Lien

Term

Loan

,

7.75

%

,

12/09/31

(d)

..................

313

311,044

Total

Fixed

Rate

Loan

Interests

—

0

.1

%

(Cost:

$

558,776

)

.................................

553,694

Floating

Rate

Loan

Interests

Aerospace

&

Defense

—

0.5%

(a)

Bleriot

US

Bidco,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.05

%

,

10/31/30

...................

194

192,558

Cobham

Ultra

SeniorCo

SARL,

Facility

1st

Lien

Term

Loan

B

,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.43

%

,

08/03/29

...

256

254,847

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Aerospace

&

Defense

(continued)

Cubic

Corp.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%),

8.82

%

,

05/25/28

...................

USD

420

$

249,935

Cubic

Corp.,

1st

Lien

Term

Loan

C

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%),

8.82

%

,

05/25/28

...................

81

48,027

Dynasty

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32

%

,

10/31/31

.............

429

427,667

Dynasty

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32

%

,

10/31/31

.............

164

163,626

GOAT

Holdco

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.32

%

,

01/27/32

...................

85

84,362

Kaman

Corp.,

1st

Lien

Term

Loan

,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

7.03

%

-

7.07

%

,

02/26/32

...................

114

112,712

Kaman

Corp.,

Delayed

Draw

1st

Lien

Term

Loan

,

0.00

%

,

02/26/32

...................

11

10,633

Peraton

Corp.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

8.17

%

,

02/01/28

...................

332

295,304

Peraton

Corp.,

2nd

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

7.75%),

12.18

%

,

02/01/29

..................

73

54,149

Propulsion

BC

Newco

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.55

%

,

09/14/29

.............

22

21,764

Setanta

Aircraft

Leasing

DAC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.05

%

,

11/06/28

........

72

72,193

Signia

Aerospace

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.32

%

,

12/11/31

..............

104

102,864

Signia

Aerospace

LLC,

Delayed

Draw

1st

Lien

Term

Loan

,

0.00

%

,

12/11/31

...........

10

9,603

TransDigm,

Inc.,

1st

Lien

Term

Loan

J

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.80

%

,

02/28/31

...................

962

955,945

TransDigm,

Inc.,

1st

Lien

Term

Loan

K

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.05

%

,

03/22/30

...................

625

623,990

TransDigm,

Inc.,

1st

Lien

Term

Loan

L

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.80

%

,

01/19/32

...................

150

149,357

3,829,536

Automobile

Components

—

0.3%

(a)

Champions

Financing,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

9.07

%

,

02/06/29

.............

246

220,815

Clarios

Global

LP,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.82

%

,

05/06/30

...........

656

646,095

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.07

%

,

01/28/32

...........

250

245,937

Garrett

Motion

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

6.54

%

,

01/30/32

............

112

111,020

Gates

Global

LLC,

1st

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

6.07

%

,

11/16/29

...................

84

83,481

Security

Par

(000)

Par

(000)

Value

Automobile

Components

(continued)

Gates

Global

LLC,

1st

Lien

Term

Loan

B5

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

6.07

%

,

06/04/31

...................

USD

417

$

412,626

RealTruck

Group,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

9.44

%

,

01/31/28

.............

76

74,314

Tenneco,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

9.40

%

-

9.42

%

,

11/17/28

...................

200

194,350

1,988,638

Automobiles

—

0.0%

Dealer

Tire

Financial

LLC,

1st

Lien

Term

Loan

B5

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.32

%

,

07/02/31

(a)

(d)

...........

197

195,926

Beverages

—

0.0%

(a)

Naked

Juice

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.43

%

,

01/24/29

...................

454

231,722

Naked

Juice

LLC,

2nd

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

10.40

%

,

01/24/30

..................

200

43,869

275,591

Biotechnology

—

0.1%

Phoenix

Newco,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.82

%

,

11/15/28

(a)

..................

411

409,899

Broadline

Retail

—

0.1%

(a)

Fanatics

Commerce

Intermediate

Holdco

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.69

%

,

11/23/28

(d)

.

75

74,836

StubHub

Holdco

Sub

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

9.07

%

,

03/15/30

.............

648

644,456

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

8.31

%

,

12/21/27

...................

31

15,764

735,056

Building

Products

—

0.2%

(a)

AZEK

Group

LLC

(The),

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

6.32

%

,

09/26/31

(d)

............

142

141,645

AZZ,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.82

%

,

05/14/29

...................

41

41,283

Chariot

Buyer

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.67

%

,

11/03/28

...................

492

487,161

CP

Iris

Holdco

I,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.82

%

,

10/02/28

...................

168

165,089

Wilsonart

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

8.55

%

,

08/05/31

...................

516

490,099

1,325,277

Capital

Markets

—

0.3%

(a)

Ardonagh

Group

Finco

Pty.

Ltd.,

Facility

1st

Lien

Term

Loan

B

,

02/18/31

(o)

..............

354

349,132

Aretec

Group,

Inc.,

1st

Lien

Term

Loan

B3

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.82

%

,

08/09/30

.............

75

74,446

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Ascensus

Group

Holdings,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.32

%

,

08/02/28

........

USD

333

$

330,620

Axalta

Coating

Systems

US

Holdings,

Inc.,

Facility

1st

Lien

Term

Loan

B7

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

6.05

%

,

12/20/29

...................

333

332,777

Azalea

Topco,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.57

%

,

04/30/31

...................

133

132,525

BCPE

Pequod

Buyer,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.79

%

,

11/25/31

..............

221

220,131

Edelman

Financial

Engines

Center

LLC

(The),

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.32

%

,

04/07/28

..

274

272,632

Focus

Financial

Partners

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.00%),

7.57

%

,

09/15/31

............

243

240,295

Jane

Street

Group

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.31

%

,

12/15/31

.............

322

317,686

Jefferies

Finance

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.32

%

,

10/21/31

.............

123

122,181

NGP

XI

Midstream

Holdings

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.80

%

,

07/25/31

(d)

...........

23

22,828

Osaic

Holdings,

Inc.,

1st

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.82

%

,

08/17/28

.............

168

166,684

OVG

Business

Services

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.32

%

,

06/25/31

(d)

...........

153

152,081

2,734,018

Chemicals

—

0.5%

(a)

Aruba

Investments

Holdings

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

8.42

%

,

11/24/27

............

255

247,267

Chemours

Co.

(The),

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.32

%

,

08/18/28

.............

252

251,388

Derby

Buyer

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.31

%

,

11/01/30

...................

318

315,565

Discovery

Purchaser

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.04

%

,

10/04/29

.............

53

52,289

Ecovyst

Catalyst

Technologies

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.29

%

,

06/12/31

........

311

305,534

Element

Solutions,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

12/18/30

.............

361

360,258

Fortis

333,

Inc.,

1st

Lien

Term

Loan

B

,

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.71

%

,

02/06/32

(d)

..................

109

108,046

HB

Fuller

Co.,

1st

Lien

Term

Loan

B

,

02/15/30

(o)

205

204,073

Ineos

US

Finance

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.57

%

,

02/18/30

.............

40

37,872

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

Ineos

US

Petrochem

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

8.57

%

,

10/07/31

(d)

............

USD

90

$

84,150

Lonza

Group

AG,

Facility

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.93%),

8.35

%

,

07/03/28

.............

281

257,922

Minerals

Technologies,

Inc.,

1st

Lien

Term

Loan

B

,

11/26/31

(d)

(o)

....................

190

189,051

Momentive

Performance

Materials,

Inc.,

1st

Lien

Term

Loan

,

03/29/28

(o)

...............

332

329,869

Nouryon

Finance

BV,

1st

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.55

%

,

04/03/28

.............

208

207,355

Olympus

Water

US

Holding

Corp.,

1st

Lien

Term

Loan

B6

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.34

%

,

06/23/31

........

347

340,706

OQ

Chemicals

International

Holding

GmbH,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

8.00%),

12.32

%

,

06/23/25

...

14

14,049

OQ

Chemicals

International

Holding

GmbH,

1st

Lien

Term

Loan

B2

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.90

%

,

12/31/26

..

121

105,237

Paint

Intermediate

III

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.30

%

,

10/09/31

.............

87

86,783

Potters

Borrower

LP,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

8.04

%

,

12/14/27

...................

48

47,604

Sparta

US

HoldCo

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.00%),

7.32

%

,

08/02/30

.............

251

248,837

WR

Grace

Holdings

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.55

%

,

09/22/28

.............

244

241,297

4,035,152

Commercial

Services

&

Supplies

—

0.7%

(a)

Action

Environmental

Group,

Inc.

(The),

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.08

%

,

10/24/30

(d)

.......

51

50,569

Allied

Universal

Holdco

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.17

%

,

05/12/28

.............

751

750,208

Aramark

Services,

Inc.,

1st

Lien

Term

Loan

B7

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32

%

,

04/06/28

.............

81

80,549

Aramark

Services,

Inc.,

1st

Lien

Term

Loan

B8

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32

%

,

06/24/30

.............

451

450,732

Asplundh

Tree

Expert

LLC,

1st

Lien

Term

Loan

,

09/06/27

(o)

.......................

241

240,417

Citrin

Cooperman

Advisors

LLC,

1st

Lien

Term

Loan

B

,

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.16

%

,

03/05/32

........

138

136,910

Citrin

Cooperman

Advisors

LLC,

Delayed

Draw

1st

Lien

Term

Loan

,

0.00

%

,

03/05/32

.....

9

8,833

Clean

Harbors,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

10/10/28

...................

132

132,810

Froneri

International

Ltd.,

Facility

1st

Lien

Term

Loan

B4

,

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.74

%

,

09/30/31

........

778

772,314

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

Garda

World

Security

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.32

%

,

02/01/29

.............

USD

175

$

174,474

Grant

Thornton

Advisors

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.06

%

,

06/02/31

............

109

108,011

Grant

Thornton

Advisors

LLC,

Delayed

Draw

1st

Lien

Term

Loan

,

0.00

%

,

06/02/31

........

3

2,999

JFL-Tiger

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

8.30

%

,

10/17/30

............

73

73,199

LABL,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

9.42

%

,

10/30/28

...................

262

216,602

Madison

Safety

&

Flow

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.57

%

,

09/26/31

.............

91

90,559

Novelis,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.29

%

,

02/25/32

...................

445

444,444

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32

%

,

10/15/30

...

60

59,253

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.06

%

,

03/08/32

...

275

271,414

Quartz

AcquireCo

LLC,

1st

Lien

Term

Loan

B2

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.55

%

,

06/28/30

(d)

............

391

388,357

Reworld

Holding

Corp.,

1st

Lien

Term

Loan

B

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

6.57

%

,

11/30/28

............

169

168,055

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.81

%

,

11/30/28

............

27

27,246

Reworld

Holding

Corp.,

1st

Lien

Term

Loan

C

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

6.57

%

,

11/30/28

............

13

13,135

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.81

%

,

11/30/28

............

2

1,496

Ryan

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.82

%

,

11/14/30

...................

9

8,877

Skopima

Consilio

Parent

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.07

%

,

05/12/28

............

111

109,806

Summer

BC

Bidco

B

LLC,

Facility

1st

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.00%),

9.56

%

,

02/15/29

........

47

46,780

Tempo

Acquisition

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

08/31/28

.............

338

334,699

TruGreen

LP,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

8.42

%

,

11/02/27

...................

102

95,767

Vestis

Corp.,

1st

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.58

%

,

02/24/31

...................

211

210,291

5,468,806

Security

Par

(000)

Par

(000)

Value

Communications

Equipment

—

0.0%

(a)

Ciena

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

10/24/30

...................

USD

162

$

161,707

Viasat,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

8.94

%

,

03/02/29

...........

72

67,000

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

8.94

%

,

05/30/30

...........

41

37,544

266,251

Construction

&

Engineering

—

0.2%

(a)

Arcosa,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.57

%

,

08/15/31

...................

254

253,727

Brand

Industrial

Services,

Inc.,

1st

Lien

Term

Loan

C

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

8.79

%

,

08/01/30

........

600

566,267

Construction

Partners,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.83

%

,

11/03/31

..............

66

65,533

Legence

Holdings

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

7.57

%

,

12/15/28

.............

120

118,580

Pike

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.44

%

,

01/21/28

...................

190

190,166

1,194,273

Construction

Materials

—

0.2%

(a)

American

Builders

&

Contractors

Supply

Co.,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

01/31/31

...................

302

300,923

NEW

AMI

I

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

10.32

%

,

03/08/29

..................

90

86,063

Oldcastle

BuildingEnvelope,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

8.55

%

,

04/30/29

........

169

157,236

Quikrete

Holdings,

Inc.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.57

%

,

04/14/31

.............

259

255,810

Quikrete

Holdings,

Inc.,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.57

%

,

03/19/29

.............

164

162,253

Quikrete

Holdings,

Inc.,

1st

Lien

Term

Loan

B3

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.57

%

,

02/10/32

.............

223

220,268

Smyrna

Ready

Mix

Concrete

LLC,

Facility

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.32

%

,

03/30/29

(d)

..

35

34,808

Standard

Building

Solutions,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

6.07

%

,

09/22/28

............

46

45,583

White

Cap

Supply

Holdings

LLC,

Facility

1st

Lien

Term

Loan

C

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.57

%

,

10/19/29

...

587

568,518

1,831,462

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Consumer

Staples

Distribution

&

Retail

—

0.0%

(a)

EG

Finco

Ltd.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

8.56

%

,

02/07/28

...................

USD

56

$

55,681

US

Foods,

Inc.,

1st

Lien

Term

Loan

B

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

11/22/28

............

41

41,296

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

10/03/31

...........

200

199,979

296,956

Containers

&

Packaging

—

0.2%

(a)

Charter

Next

Generation,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.00%),

7.31

%

,

11/29/30

............

669

668,197

Citadel

Securities

LP,

Facility

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32

%

,

10/31/31

.............

244

243,134

Clydesdale

Acquisition

Holdings,

Inc.,

1st

Lien

Term

Loan

B

,

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.56

%

,

03/26/32

...

246

244,415

Clydesdale

Acquisition

Holdings,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan

,

0.00

%

,

03/26/32

.

4

4,273

Mauser

Packaging

Solutions

Holding

Co.,

Facility

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.32

%

,

04/15/27

..

154

153,239

Pregis

TopCo

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.32

%

,

07/31/26

...................

29

28,597

Reynolds

Consumer

Products

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

03/04/32

............

55

55,217

Trident

TPI

Holdings,

Inc.,

1st

Lien

Term

Loan

B7

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.05

%

,

09/15/28

.............

108

104,480

1,501,552

Distributors

—

0.0%

Pai

HoldCo,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

8.30

%

,

10/28/27

(a)

..................

205

171,836

Diversified

Consumer

Services

—

0.2%

(a)

Bright

Horizons

Family

Solutions

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

11/24/28

....

282

280,992

Kuehg

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.55

%

,

06/12/30

...................

76

75,827

Learning

Care

Group

US

No.

2,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

8.30

%

-

8.32

%

,

08/11/28

...................

16

15,619

OMNIA

Partners

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.05

%

,

07/25/30

.............

155

153,388

PG

Polaris

BidCo

SARL,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.33

%

,

03/26/31

.............

117

116,611

Planet

US

Buyer

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.32

%

,

02/07/31

.............

145

144,754

Spring

Education

Group,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.30

%

,

09/30/30

............

159

158,198

Security

Par

(000)

Par

(000)

Value

Diversified

Consumer

Services

(continued)

Verde

Purchaser

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.30

%

,

11/30/30

..............

USD

91

$

90,166

Wand

NewCo

3,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.82

%

,

01/30/31

...................

344

338,028

1,373,583

Diversified

REITs

—

0.0%

RHP

Hotel

Properties

LP,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32

%

,

05/18/30

(a)

............

202

201,262

Diversified

Telecommunication

Services

—

0.3%

(a)

Altice

Financing

SA,

1st

Lien

Term

Loan

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.43

%

,

01/30/26

(d)

..................

81

74,138

Connect

Finco

SARL,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

8.82

%

,

09/13/29

...................

84

73,922

Iridium

Satellite

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.25%),

6.57

%

,

09/20/30

.............

68

67,081

Level

3

Financing,

Inc.,

1st

Lien

Term

Loan

B

,

(12-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

8.27

%

,

03/22/32

.............

529

521,890

Lumen

Technologies,

Inc.,

1st

Lien

Term

Loan

A

,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

6.00%),

10.32

%

,

06/01/28

.............

7

7,126

Lumen

Technologies,

Inc.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.35%),

6.79

%

,

04/16/29

.............

176

169,233

Lumen

Technologies,

Inc.,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.35%),

6.79

%

,

04/15/30

.............

178

170,764

Orbcomm,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%),

8.82

%

,

09/01/28

...................

86

74,497

Radiate

Holdco

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

7.69

%

,

09/25/26

...................

221

188,455

Virgin

Media

Bristol

LLC,

Facility

1st

Lien

Term

Loan

Q

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.68

%

,

01/31/29

........

44

43,085

Zayo

Group

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.44

%

,

03/09/27

.............

828

768,899

2,159,090

Electric

Utilities

—

0.1%

(a)

Hamilton

Projects

Acquiror

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.32

%

,

05/30/31

............

59

58,631

NRG

Energy,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.04

%

,

04/16/31

...................

219

218,910

Vistra

Operations

Co.

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

12/20/30

.............

221

219,721

497,262

Electrical

Equipment

—

0.1%

Arcline

FM

Holdings

LLC,

1st

Lien

Term

Loan

(a)

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.50%),

8.80

%

,

06/23/28

...........

297

295,278

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Electrical

Equipment

(continued)

(12-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

7.63

%

,

06/24/30

...........

USD

167

$

165,914

461,192

Electronic

Equipment,

Instruments

&

Components

—

0.1%

(a)

Celestica,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

06/20/31

...................

276

275,251

Coherent

Corp.,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

6.32

%

,

07/02/29

...................

320

319,234

594,485

Energy

Equipment

&

Services

—

0.0%

Covia

Holdings

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.57

%

,

02/13/32

(a)

..................

71

70,712

Entertainment

—

0.4%

(a)

City

Football

Group

Ltd.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.94

%

,

07/22/30

.............

185

182,554

Creative

Artists

Agency

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.07

%

,

10/01/31

.............

579

577,297

Delta

2

(Lux)

SARL,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

6.30

%

,

09/30/31

.............

370

368,877

Liberty

Media

Corp.,

1st

Lien

Term

Loan

,

(12-mo.

CME

Term

SOFR

at

0.50%

Floor

+

0.00%),

0.00

%

,

08/01/31

...................

187

186,926

Live

Nation

Entertainment,

Inc.,

1st

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.17

%

,

10/19/26

........

240

239,438

Motion

Finco

SARL,

Facility

1st

Lien

Term

Loan

B3

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.80

%

,

11/13/29

..............

304

291,689

NEP

Group,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.82

%

08/19/26

....................

145

134,315

Playtika

Holding

Corp.,

Facility

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.19

%

,

03/13/28

........

221

218,756

UFC

Holdings

LLC,

1st

Lien

Term

Loan

B4

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.58

%

,

11/21/31

..............

442

440,509

WMG

Acquisition

Corp.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.04

%

,

01/24/31

.............

577

574,627

3,214,988

Financial

Services

—

0.6%

(a)

ABG

Intermediate

Holdings

2

LLC,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.57

%

,

12/21/28

........

220

217,507

ABG

Intermediate

Holdings

2

LLC,

Delayed

Draw

1st

Lien

Term

Loan

,

02/13/32

(o)

.........

165

163,007

Apex

Group

Treasury

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.82

%

,

02/27/32

.............

136

135,406

APi

Group

DE,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

01/03/29

...................

429

427,827

Belron

Finance

2019

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

7.05

%

,

10/16/31

.............

594

592,113

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

Boost

Newco

Borrower

LLC,

1st

Lien

Term

Loan

B2

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.30

%

,

01/31/31

.............

USD

835

$

828,799

CPI

Holdco

B

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32

%

,

05/19/31

...........

305

301,207

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.57

%

,

05/19/31

...........

167

165,644

Deerfield

Dakota

Holding

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

3.75%),

8.08

%

,

04/09/27

............

468

443,252

Deerfield

Holdings

Corp.,

2nd

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

6.75%),

11.31

%

,

04/07/28

.............

129

123,203

FinCo

I

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.57

%

,

06/27/29

...................

24

23,943

Guardian

US

Holdco

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.80

%

,

01/31/30

.............

60

58,715

Hyperion

Refinance

SARL,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.32

%

,

02/18/31

.............

402

398,735

Sotera

Health

Holdings

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.55

%

,

05/30/31

.............

443

441,338

WEX,

Inc.,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

04/03/28

...................

55

54,519

WEX,

Inc.,

1st

Lien

Term

Loan

B3

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

03/05/32

...................

100

99,000

4,474,215

Food

Products

—

0.2%

(a)

Chobani

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.82

%

,

10/25/27

...................

552

551,998

Hearthside

Food

Holding

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

+

6.50%),

10.80

%

,

03/31/32

..................

13

12,548

Nomad

Foods

US

LLC,

Facility

1st

Lien

Term

Loan

B4

,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.97

%

,

11/13/29

........

104

103,730

Primo

Brands

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

6.56

%

,

03/31/28

...................

178

177,052

Utz

Quality

Foods

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.82

%

,

01/29/32

.............

391

389,883

1,235,211

Gas

Utilities

—

0.0%

(a)

M6

ETX

Holdings

II

Midco

LLC,

1st

Lien

Term

Loan

,

(US

Prime

Rate

at

0.50%

Floor

+

3.50%),

11.00

%

,

09/19/29

.............

43

42,831

M6

ETX

Holdings

II

Midco

LLC,

1st

Lien

Term

Loan

B

,

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.13

%

,

03/25/32

........

107

106,666

NGL

Energy

Operating

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

8.07

%

,

02/03/31

.............

85

84,820

234,317

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Ground

Transportation

—

0.1%

Avis

Budget

Car

Rental

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.19

%

,

08/06/27

(a)

............

USD

125

$

121,589

Genesee

&

Wyoming,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.05

%

,

04/10/31

(a)

............

798

790,289

Hertz

Corp.

(The),

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.94

%

,

06/30/28

(a)

..................

195

149,772

Hertz

Corp.

(The),

1st

Lien

Term

Loan

C

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.94

%

,

06/30/28

(a)

..................

38

29,308

SIRVA

Worldwide,

Inc.,

1st

Lien

Term

Loan

,

12.32

%

08/20/29

...................

30

12,047

1,103,005

Health

Care

Equipment

&

Supplies

—

0.1%

Bausch

+

Lomb

Corp.,

1st

Lien

Term

Loan

(a)

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.67

%

,

05/10/27

...........

454

452,133

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.32

%

,

09/29/28

...........

126

125,030

577,163

Health

Care

Providers

&

Services

—

0.5%

(a)

CHG

Healthcare

Services,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.30

%

-

7.31

%

,

09/29/28

......

134

134,178

CNT

Holdings

I

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.50%),

6.80

%

,

11/08/32

...................

253

251,046

Concentra

Health

Services,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.00%),

6.57

%

,

07/26/31

(d)

...........

61

60,695

Ensemble

RCM

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.29

%

,

08/01/29

.............

248

247,617

Examworks

Bidco,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.07

%

,

11/01/28

..............

364

362,643

EyeCare

Partners

LLC,

1st

Lien

Term

Loan

A

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.75%),

10.04

%

,

08/31/28

.............

23

23,041

EyeCare

Partners

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.00%),

9.00

%

,

11/30/28

..............

115

88,586

EyeCare

Partners

LLC,

1st

Lien

Term

Loan

C

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

6.75%),

11.14

%

,

11/30/28

(c)

(d)

(h)

..........

6

1,481

Ingenovis

Health,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%),

8.82

%

,

03/06/28

.............

65

26,835

Medical

Solutions

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.89

%

,

11/01/28

............

39

25,197

Medical

Solutions

Holdings,

Inc.,

2nd

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

7.00%),

11.39

%

,

11/01/29

(d)

..........

110

55,000

Medline

Borrower

LP,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

6.57

%

,

10/23/28

...................

1,504

1,500,061

Option

Care

Health,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

6.69

%

,

10/27/28

.............

413

414,111

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

Raven

Acquisition

Holdings

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.57

%

,

11/19/31

............

USD

93

$

91,758

Raven

Acquisition

Holdings

LLC,

Delayed

Draw

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.00%),

0.00

%

,

11/19/31

..

7

6,824

Surgery

Center

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.07

%

,

12/19/30

............

302

301,663

Vizient,

Inc.,

1st

Lien

Term

Loan

B8

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

6.07

%

,

08/01/31

...................

86

86,282

3,677,018

Health

Care

Technology

—

0.3%

(a)

AthenaHealth

Group,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.32

%

,

02/15/29

.............

733

722,842

Cotiviti,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.07

%

,

05/01/31

(d)

..................

500

489,065

Gainwell

Acquisition

Corp.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

8.40

%

,

10/01/27

.............

325

304,264

PointClickCare

Technologies,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.55

%

,

11/03/31

............

153

152,582

Polaris

Newco

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.30

%

,

06/02/28

...................

444

424,388

Waystar

Technologies,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.57

%

,

10/22/29

.............

86

85,952

2,179,093

Hotels,

Restaurants

&

Leisure

—

0.9%

(a)

1011778

BC

ULC,

1st

Lien

Term

Loan

B5

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

09/20/30

...................

379

375,270

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.50%),

9.94

%

,

03/11/30

............

36

35,729

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.61%),

11.94

%

,

03/11/30

...........

32

31,218

Alterra

Mountain

Co.,

1st

Lien

Term

Loan

B7

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.32

%

,

05/31/30

.............

167

167,007

Bally's

Corp.,

Facility

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.80

%

,

10/02/28

.............

236

209,693

Caesars

Entertainment,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

6.56

%

,

02/06/30

.............

82

81,385

Caesars

Entertainment,

Inc.,

1st

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

6.56

%

,

02/06/31

.............

732

726,431

Carnival

Corp.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.00%),

6.32

%

,

08/09/27

...........

64

63,546

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.00%),

6.32

%

,

10/18/28

...........

110

109,759

Crown

Finance

US,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

9.57

%

,

12/02/31

.............

110

109,019

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

DK

Crown

Holdings,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

03/04/32

.............

USD

167

$

165,853

Fertitta

Entertainment

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.82

%

,

01/29/29

.............

712

700,243

Flutter

Financing

BV,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

6.05

%

,

12/02/30

.............

576

572,314

Four

Seasons

Hotels

Ltd.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

6.07

%

,

11/30/29

..............

496

495,619

Great

Canadian

Gaming

Corp.,

1st

Lien

Term

Loan

B

,

11/01/29

(o)

..................

144

141,410

Herschend

Entertainment

Co.

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.32

%

,

08/28/28

............

29

28,607

Hilton

Domestic

Operating

Co.,

Inc.,

1st

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

11/08/30

....

364

363,149

IRB

Holding

Corp.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.50%),

6.82

%

,

12/15/27

...................

281

279,439

Light

&

Wonder

International,

Inc.,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

6.57

%

,

04/16/29

........

303

301,539

Packers

Holdings

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

7.67

%

,

03/02/28

.............

69

39,555

Penn

Entertainment,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.82

%

,

05/03/29

.............

218

217,297

Playa

Resorts

Holding

BV,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

7.07

%

,

01/05/29

.............

37

37,065

Scientific

Games

Holdings

LP,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.30

%

,

04/04/29

............

152

150,630

SeaWorld

Parks

&

Entertainment,

Inc.,

1st

Lien

Term

Loan

B3

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

6.32

%

,

12/04/31

...

128

127,362

Six

Flags

Entertainment

Corp.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32

%

,

05/01/31

........

125

124,555

Station

Casinos

LLC,

Facility

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32

%

,

03/14/31

.............

443

440,237

Whatabrands

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.82

%

,

08/03/28

...................

455

452,539

Wyndham

Hotels

&

Resorts,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

05/24/30

............

350

349,384

6,895,854

Household

Durables

—

0.1%

(a)

ACProducts

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

8.81

%

,

05/17/28

.............

63

40,931

Hunter

Douglas,

Inc.,

1st

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.55

%

,

01/16/32

.............

436

415,101

Security

Par

(000)

Par

(000)

Value

Household

Durables

(continued)

SWF

Holdings

I

Corp.,

1st

Lien

Term

Loan

A1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

8.82

%

,

12/19/29

.............

USD

30

$

29,705

SWF

Holdings

I

Corp.,

1st

Lien

Term

Loan

A2

,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

4.00%),

8.44

%

,

10/06/28

.............

276

225,978

SWF

Holdings

I

Corp.,

Delayed

Draw

1st

Lien

Term

Loan

,

0.00

%

,

12/19/29

...........

39

39,607

Tempur

Sealy

International,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.82

%

-

6.84

%

,

10/24/31

..

95

94,624

Weber-Stephen

Products

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

7.69

%

,

10/29/27

........

280

270,541

1,116,487

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

(a)

Calpine

Construction

Finance

Co.

LP,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32

%

,

07/19/30

........

286

284,613

Calpine

Corp.,

Facility

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

01/31/31

.............

128

127,273

Constellation

Renewables

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

2.25%),

6.56

%

,

12/15/27

............

143

143,127

Talen

Energy

Supply

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.82

%

,

12/11/31

..............

106

105,414

660,427

Industrial

Conglomerates

—

0.1%

(a)

Cube

Industrial

Buyer,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.79

%

,

10/18/31

.............

60

59,500

EMRLD

Borrower

LP,

1st

Lien

Term

Loan

,

08/04/31

(o)

.......................

353

349,629

EMRLD

Borrower

LP,

1st

Lien

Term

Loan

B

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.93

%

,

05/31/30

.............

520

514,827

923,956

Insurance

—

0.8%

(a)

Alliant

Holdings

Intermediate

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.07

%

,

09/19/31

............

1,270

1,261,496

AmWINS

Group,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.25%),

6.57

%

,

01/30/32

...................

582

576,431

Amynta

Agency

Borrower,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.29

%

,

12/29/31

............

388

383,621

AssuredPartners,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.82

%

,

02/14/31

.............

781

781,525

Baldwin

Insurance

Group

Holdings

LLC

(The),

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.32

%

,

05/27/31

...................

389

387,354

HUB

International

Ltd.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.50%),

6.79

%

,

06/20/30

.............

904

899,343

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

Jones

DesLauriers

Insurance

Management,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.07

%

,

03/15/30

...................

USD

166

$

163,910

Ryan

Specialty

Group

LLC,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.57

%

,

09/15/31

.............

386

383,933

Truist

Insurance

Holdings

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.05

%

,

05/06/31

........

499

495,281

USI,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.55

%

,

09/27/30

...................

335

331,661

USI,

Inc.,

1st

Lien

Term

Loan

D

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.55

%

,

11/21/29

...................

502

496,513

6,161,068

Interactive

Media

&

Services

—

0.0%

Camelot

US

Acquisition

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.07

%

,

01/31/31

(a)

............

339

333,764

IT

Services

—

0.6%

(a)

Asurion

LLC,

1st

Lien

Term

Loan

B11

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

8.67

%

,

08/21/28

...................

221

218,497

Asurion

LLC,

1st

Lien

Term

Loan

B8

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.69

%

,

12/23/26

...................

55

55,284

Asurion

LLC,

1st

Lien

Term

Loan

B9

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.69

%

,

07/30/27

...................

302

299,544

Asurion

LLC,

2nd

Lien

Term

Loan

B3

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

9.69

%

,

01/31/28

...................

69

65,156

Asurion

LLC,

2nd

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

9.69

%

,

01/19/29

...................

129

119,185

Central

Parent

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.55

%

,

07/06/29

...................

574

491,352

Clearwater

Analytics

LLC,

1st

Lien

Term

Loan

B

,

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.46

%

,

02/09/32

(d)

............

111

110,445

Epicor

Software

Corp.,

1st

Lien

Term

Loan

E

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.75%),

7.07

%

,

05/30/31

.............

571

569,183

Fortress

Intermediate

3,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

8.07

%

,

06/27/31

.............

101

101,165

Go

Daddy

Operating

Co.

LLC,

1st

Lien

Term

Loan

B7

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

05/30/31

........

401

398,487

Go

Daddy

Operating

Co.

LLC,

1st

Lien

Term

Loan

B8

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

11/09/29

........

141

139,767

Magenta

Security

Holdings

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

1.50%),

6.05

%

,

07/27/28

(c)

(h)

.........

67

17,626

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.25%),

10.54

%

,

07/27/28

...........

1

1,019

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

7.00%),

11.55

%

,

07/27/28

...........

17

8,496

Security

Par

(000)

Par

(000)

Value

IT

Services

(continued)

Mitchell

International,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.57

%

,

06/17/31

.............

USD

419

$

413,529

Mitchell

International,

Inc.,

2nd

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.25%),

9.57

%

,

06/07/32

.............

64

62,176

Modena

Buyer

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

8.79

%

,

07/01/31

...................

94

91,377

Neon

Maple

US

Debt

Mergersub,

Inc.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.32

%

,

11/17/31

....

309

306,596

Project

Alpha

Intermediate

Holding,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

0.00

%

,

10/28/30

........

55

54,702

Project

Alpha

Intermediate

Holding,

Inc.,

1st

Lien

Term

Loan

B

,

(12-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.42

%

,

10/28/30

...

42

41,877

Project

Boost

Purchaser

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.31

%

,

07/16/31

............

276

274,149

Sedgwick

Claims

Management

Services,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.31

%

,

07/31/31

...

757

754,016

4,593,628

Leisure

Products

—

0.0%

(a)

Fender

Musical

Instruments

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

8.42

%

,

12/01/28

(d)

...........

30

25,484

Hayward

Industries,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.94

%

,

05/30/28

.............

49

49,130

74,614

Life

Sciences

Tools

&

Services

—

0.0%

(a)

Avantor

Funding,

Inc.,

1st

Lien

Term

Loan

B6

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

6.42

%

,

11/08/27

..............

8

7,872

Fortrea

Holdings,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.07

%

,

07/01/30

.............

19

17,406

ICON

Luxembourg

SARL,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

6.30

%

,

07/03/28

.............

45

45,400

Pra

Health

Sciences,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

6.30

%

,

07/03/28

.............

11

11,312

Star

Parent,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.30

%

,

09/27/30

...................

198

188,799

270,789

Machinery

—

0.7%

(a)

AI

Aqua

Merger

Sub,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.31

%

,

07/31/28

.............

504

498,891

Albion

Financing

3

SARL,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.29

%

,

08/16/29

.............

258

258,098

Chart

Industries,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.81

%

,

03/15/30

...................

82

81,784

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Machinery

(continued)

Columbus

McKinnon

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.90

%

,

05/15/28

(d)

............

USD

56

$

56,099

Filtration

Group

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.32

%

,

10/23/28

.............

554

552,672

Generac

Power

Systems,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.06

%

,

06/12/31

............

100

99,500

Husky

Injection

Molding

Systems

Ltd.,

1st

Lien

Term

Loan

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

8.78

%

,

02/15/29

........

648

644,701

Innio

North

America

Holding,

Inc.,

Facility

1st

Lien

Term

Loan

B

,

11/02/28

(o)

...........

149

148,686

Madison

IAQ

LLC,

1st

Lien

Term

Loan

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.76

%

,

06/21/28

...........

553

545,857

03/29/32

(d)

(o)

......................

276

273,240

Rexnord

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

6.44

%

,

10/04/28

...................

75

75,385

Roper

Industrial

Products

Investment

Co.

LLC,

1st

Lien

Term

Loan

D

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

7.05

%

,

11/22/29

...................

187

185,539

SPX

FLOW,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.32

%

,

04/05/29

...................

300

299,045

TK

Elevator

Midco

GmbH,

1st

Lien

Term

Loan

B

,

(12-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.16

%

,

04/30/30

.............

445

443,492

TK

Elevator

Midco

GmbH,

1st

Lien

Term

Loan

C

,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.74

%

,

04/30/30

.............

801

798,431

Vertiv

Group

Corp.,

1st

Lien

Term

Loan

B3

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

1.75%),

6.07

%

,

03/02/27

.............

443

441,534

Vortex

Opco

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

8.66

%

,

12/18/28

...................

98

46,391

WEC

US

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.57

%

,

01/27/31

.............

269

266,199

5,715,544

Media

—

0.3%

(a)

Altice

France

SA,

1st

Lien

Term

Loan

B14

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.50%),

9.80

%

,

08/15/28

.............

261

233,848

Charter

Communications

Operating

LLC,

1st

Lien

Term

Loan

B4

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.31

%

,

12/09/30

...

85

84,791

Charter

Communications

Operating

LLC,

1st

Lien

Term

Loan

B5

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.56

%

,

12/15/31

...

148

147,327

Clear

Channel

Outdoor

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.44

%

,

08/23/28

........

48

47,499

CSC

Holdings

LLC,

1st

Lien

Term

Loan

B5

,

(US

Prime

Rate

at

0.00%

Floor

+

1.50%),

9.00

%

,

04/15/27

...................

371

348,467

DirecTV

Financing

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

9.55

%

,

08/02/27

.............

19

18,758

Security

Par

(000)

Par

(000)

Value

Media

(continued)

ECL

Entertainment

LLC,

Facility

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.82

%

,

08/30/30

........

USD

58

$

58,220

Endeavor

Operating

Co.

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.32

%

,

01/27/32

.............

651

649,783

Fleet

Midco

I

Ltd.,

1st

Lien

Term

Loan

B2

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.06

%

,

02/21/31

(d)

..................

62

61,459

Gray

Television,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

9.57

%

,

05/23/29

.............

35

33,543

Learfield

Communications

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

4.50%),

8.82

%

,

06/30/28

............

122

121,917

Speedster

Bidco

GmbH,

Facility

1st

Lien

Term

Loan

B

,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.90

%

,

11/13/31

........

416

414,960

Ziggo

Financing

Partnership,

1st

Lien

Term

Loan

I

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.93

%

,

04/28/28

.............

78

75,934

2,296,506

Multi-Utilities

—

0.1%

GFL

Environmental

Services,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.82

%

,

03/03/32

(a)

...........

513

507,357

Oil,

Gas

&

Consumable

Fuels

—

0.1%

(a)

Buckeye

Partners

LP,

1st

Lien

Term

Loan

B6

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

11/22/30

..............

70

69,541

Freeport

LNG

Investments

LLLP,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.54

%

,

12/21/28

........

423

417,300

GIP

Pilot

Acquisition

Partners

LP,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.30

%

,

10/04/30

............

18

18,196

Hilcorp

Energy

I

LP,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32

%

,

02/06/30

...................

144

143,640

New

Fortress

Energy,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

9.29

%

,

10/30/28

.............

48

41,331

Oryx

Midstream

Services

Permian

Basin

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

6.57

%

,

10/05/28

...

267

266,080

956,088

Passenger

Airlines

—

0.2%

(a)

AAdvantage

Loyalty

IP

Ltd.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.00%),

9.30

%

,

04/20/28

.............

136

138,809

Air

Canada,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32

%

,

03/21/31

...................

361

355,775

American

Airlines,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.17

%

,

01/29/27

...........

128

126,310

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.57

%

,

02/15/28

...........

358

351,478

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.51

%

,

06/04/29

...........

202

198,779

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Passenger

Airlines

(continued)

JetBlue

Airways

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.75%),

9.05

%

,

08/13/29

.............

USD

125

$

121,184

United

Airlines,

Inc.,

Facility

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.30

%

,

02/24/31

.............

214

213,010

1,505,345

Personal

Care

Products

—

0.0%

Opal

US

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

+

3.25%),

0.00

%

,

03/31/32

(a)

...

320

318,400

Pharmaceuticals

—

0.2%

(a)

1261229

BC

Ltd.,

1st

Lien

Term

Loan

,

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

6.25%),

10.38

%

,

09/25/30

..................

335

321,600

Amneal

Pharmaceuticals

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.50%),

9.82

%

,

05/04/28

............

197

199,721

Bausch

Health

Cos.,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.25%),

9.67

%

,

02/01/27

.............

190

189,603

Elanco

Animal

Health,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.17

%

,

08/02/27

.............

199

198,622

Jazz

Financing

Lux

SARL,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

6.57

%

,

05/05/28

.............

355

354,743

Organon

&

Co.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

6.57

%

,

05/19/31

(d)

..................

201

197,551

Perrigo

Investments

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32

%

,

04/20/29

.............

152

151,451

Precision

Medicine

Group

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.00%),

7.43

%

,

11/18/27

............

48

47,750

1,661,041

Professional

Services

—

0.5%

(a)

AlixPartners

LLP,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.94

%

,

02/04/28

...................

277

276,870

Amentum

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.57

%

,

09/29/31

.............

283

273,375

Celestial-

Saturn

Parent,

Inc.,

2nd

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.50%),

10.94

%

,

06/04/29

...........

115

110,807

CoreLogic,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.94

%

,

06/02/28

...................

334

327,326

Corpay

Technologies

Operating

Co.

LLC,

1st

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

04/28/28

..

553

551,044

Dayforce,

Inc.,

1st

Lien

Term

Loan

B

,

03/01/31

(d)

(o)

......................

432

429,659

Dun

&

Bradstreet

Corp.

(The),

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.57

%

,

01/18/29

........

833

830,358

Element

Materials

Technology

Group

US

Holdings,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.05

%

,

06/22/29

...................

104

103,832

Security

Par

(000)

Par

(000)

Value

Professional

Services

(continued)

Galaxy

US

Opco,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

9.29

%

,

07/31/30

.............

USD

99

$

82,449

Trans

Union

LLC,

1st

Lien

Term

Loan

B9

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

6.07

%

,

06/24/31

...................

501

498,849

TransUnion

LLC,

1st

Lien

Term

Loan

B8

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

06/24/31

...................

219

218,194

Zelis

Cost

Management

Buyer,

Inc.,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.07

%

,

09/28/29

...

198

196,743

Zelis

Payments

Buyer,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.57

%

,

11/26/31

..............

361

359,853

4,259,359

Real

Estate

Management

&

Development

—

0.0%

Cushman

&

Wakefield

US

Borrower

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.57

%

,

01/31/30

(a)

..

41

40,743

Semiconductors

&

Semiconductor

Equipment

—

0.1%

(a)

Entegris,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

07/06/29

...................

179

178,973

MKS

Instruments,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

6.32

%

,

08/17/29

.............

387

386,187

565,160

Software

—

1.4%

(a)

Applied

Systems,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.05

%

,

02/24/31

.............

590

589,963

Barracuda

Networks,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

8.79

%

,

08/15/29

.............

188

162,154

Boxer

Parent

Co.,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.29

%

,

07/30/31

.............

471

462,249

Capstone

Borrower,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.07

%

,

06/17/30

.............

173

171,812

CCC

Intelligent

Solutions,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

6.32

%

,

01/23/32

............

532

530,806

Cloud

Software

Group,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.08

%

,

03/21/31

.............

497

491,612

Cloud

Software

Group,

Inc.,

Facility

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.83

%

,

03/30/29

...

759

751,220

Cloudera,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.17

%

,

10/09/28

...................

318

312,924

Cloudera,

Inc.,

2nd

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

10.42

%

,

10/10/29

..................

83

78,885

Clover

Holdings

2

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.29

%

,

12/09/31

(d)

............

719

710,012

DS

Admiral

Bidco

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

8.57

%

,

06/26/31

.............

106

101,807

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Software

(continued)

Ellucian

Holdings,

Inc.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.32

%

,

10/09/29

.............

USD

497

$

495,496

Ellucian

Holdings,

Inc.,

2nd

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.75%),

9.07

%

,

11/15/32

..............

87

88,160

Flexera

Software

LLC,

1st

Lien

Term

Loan

B3

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.00%),

7.30

%

,

03/03/28

.............

110

109,057

Gen

Digital,

Inc.,

1st

Lien

Term

Loan

B

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

6.07

%

,

09/12/29

...........

574

570,753

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.91

%

,

02/13/32

...........

87

86,065

Genesys

Cloud

Services,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.82

%

,

01/30/32

............

792

782,411

Informatica

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.57

%

,

10/27/28

...................

384

383,441

Kaseya,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.57

%

,

03/05/32

(d)

..................

467

464,959

McAfee

Corp.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.32

%

,

03/01/29

...................

428

407,367

MH

Sub

I

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

8.57

%

,

05/03/28

...........

153

144,812

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

8.57

%

,

12/31/31

...........

104

94,804

Planview

Parent,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.80

%

,

12/17/27

.............

28

27,456

Proofpoint,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.32

%

,

08/31/28

...................

553

550,983

RealPage,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.59

%

,

04/24/28

...................

335

330,212

Sabre

GLBL,

Inc.,

1st

Lien

Term

Loan

B1

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.94

%

,

12/17/27

...........

33

31,621

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

10.42

%

,

11/15/29

...........

152

148,136

Sabre

GLBL,

Inc.,

1st

Lien

Term

Loan

B2

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.94

%

,

12/17/27

...........

19

18,041

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

9.42

%

,

06/30/28

...........

8

7,987

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

6.00%),

10.42

%

,

11/15/29

...........

46

44,513

SS&C

Technologies,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.00%),

6.31

%

,

05/09/31

.............

612

611,008

Thunder

Generation

Funding

LLC,

1st

Lien

Term

Loan

,

09/26/31

(o)

...................

154

154,157

UKG,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.30

%

,

02/10/31

...................

796

794,061

Voyage

Australia

Pty.

Ltd.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.05

%

,

07/20/28

.............

21

20,960

Security

Par

(000)

Par

(000)

Value

Software

(continued)

VS

Buyer

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.07

%

,

04/14/31

...................

USD

533

$

532,373

11,262,277

Specialty

Retail

—

0.1%

(a)

LS

Group

OpCo

Acquistion

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.81

%

-

6.82

%

,

04/23/31

..

168

166,962

Mavis

Tire

Express

Services

Topco

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.00%),

7.31

%

,

05/04/28

...

344

341,287

PetSmart

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

8.17

%

,

02/11/28

...................

136

133,526

Restoration

Hardware,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.94

%

,

10/20/28

...........

71

67,700

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.67

%

,

10/20/28

...........

50

48,014

757,489

Trading

Companies

&

Distributors

—

0.2%

(a)

Beacon

Roofing

Supply,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32

%

,

05/19/28

.............

135

134,717

Core

&

Main

LP,

1st

Lien

Term

Loan

D

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.27

%

,

07/27/28

...................

263

262,817

Core

&

Main

LP,

1st

Lien

Term

Loan

E

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.27

%

,

02/10/31

...................

418

415,438

Foundation

Building

Materials,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.32

%

,

01/29/31

............

424

384,837

Gulfside

Supply,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.30

%

,

06/17/31

...................

50

49,817

GYP

Holdings

III

Corp.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.57

%

,

05/13/30

.............

75

75,123

TMK

Hawk

Parent

Corp.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

6.32

%

,

06/29/29

(d)

............

84

50,256

1,373,005

Transportation

Infrastructure

—

0.2%

(a)

Apple

Bidco

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.82

%

,

09/23/31

...................

648

642,552

Brown

Group

Holding

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.82

%

,

07/01/31

.............

322

319,605

Brown

Group

Holding

LLC,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%;

3-mo.

CME

Term

SOFR

at

0.50%

Floor

+2.50%

at

0.50%

Floor

+

2.50%),

6.79

%

-

6.82

%

,

07/01/31

..................

407

404,394

OLA

Netherlands

BV,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

6.25%),

10.67

%

,

12/15/26

(d)

.................

121

120,606

Rand

Parent

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.30

%

,

03/18/30

...................

31

30,824

1,517,981

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

29

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Wireless

Telecommunication

Services

—

0.1%

(a)

Gogo

Intermediate

Holdings

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

8.19

%

,

05/01/28

............

USD

82

$

76,754

SBA

Senior

Finance

II

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

01/27/31

.............

372

371,290

448,044

Total

Floating

Rate

Loan

Interests

—

13

.1

%

(Cost:

$

104,402,238

)

..............................

102,527,751

Foreign

Agency

Obligations

Mexico

—

0.7%

Petroleos

Mexicanos

6.88%

,

08/04/26

...................

2,221

2,209,007

6.50%

,

01/23/29

...................

1,534

1,441,423

5.95%

,

01/28/31

...................

131

110,950

6.70%

,

02/16/32

...................

1,500

1,316,100

5,077,480

Saudi

Arabia

—

0.0%

Saudi

Arabian

Oil

Co.

,

5.25%

,

07/17/34

(b)

.....

375

376,688

Total

Foreign

Agency

Obligations

—

0

.7

%

(Cost:

$

5,342,560

)

...............................

5,454,168

Foreign

Government

Obligations

Mexico

—

0.1%

United

Mexican

States

5.00%

,

05/07/29

...................

200

198,400

3.50%

,

02/12/34

...................

517

424,199

622,599

Peru

—

0.0%

Republic

of

Peru

,

5.38%

,

02/08/35

.........

415

406,285

Total

Foreign

Government

Obligations

—

0

.1

%

(Cost:

$

1,048,544

)

...............................

1,028,884

Shares

Shares

Investment

Companies

(p)

BlackRock

Allocation

Target

Shares

-

BATS

Series

A

.........................

4,748,824

45,208,802

BlackRock

Floating

Rate

Income

Portfolio,

Class

K

Shares

........................

886,893

8,452,088

BlackRock

High

Equity

Income

Fund,

Class

K

Shares

..........................

1,318,568

36,999,015

BlackRock

Mortgage-Backed

Securities

Fund,

Class

K

Shares

....................

7,690,320

60,907,334

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

(q)

......................

284,261

14,886,748

iShares

Core

Dividend

Growth

ETF

........

239,517

14,797,360

Total

Investment

Companies

—

23

.2

%

(Cost:

$

187,717,030

)

..............................

181,251,347

Par

(000)

Par

(000)

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

1.2%

(b)

CHNGE

Mortgage

Trust,

Series

2022-2,

Class

A1,

3.76%,

03/25/67

(a)

...............

668

641,005

CIM

Trust,

Series

2023-I2,

Class

A1,

6.64%,

12/25/67

(j)

........................

281

283,548

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

COLT

Mortgage

Loan

Trust

Series

2022-5,

Class

A1,

4.55%,

04/25/67

(a)

.

USD

209

$

207,862

Series

2022-9,

Class

A1,

6.79%,

12/25/67

(j)

.

547

549,917

Ellington

Financial

Mortgage

Trust,

Series

2021-

2,

Class

A1,

0.93%,

06/25/66

(a)

..........

106

86,889

GCAT

Trust,

Series

2022-NQM3,

Class

A1,

4.35%,

04/25/67

(a)

..................

739

727,464

J.P.

Morgan

Mortgage

Trust,

Series

2022-DSC1,

Class

A1,

4.75%,

01/25/63

(a)

...........

699

681,651

MFA

Trust

(j)

Series

2022-CHM1,

Class

A1,

4.88%,

09/25/56

......................

590

573,008

Series

2023-NQM2,

Class

A1,

4.40%,

03/25/68

......................

304

299,589

Mill

City

Mortgage

Loan

Trust

(j)

Series

2023-NQM1,

Class

A1,

6.05%,

10/25/67

......................

117

117,157

Series

2023-NQM2,

Class

A1,

6.24%,

12/25/67

......................

178

178,237

OBX

Trust

(j)

Series

2022-NQM7,

Class

A1,

5.11%,

08/25/62

......................

292

290,173

Series

2022-NQM8,

Class

A1,

6.10%,

09/25/62

......................

148

148,476

Series

2022-NQM9,

Class

A1A,

6.45%,

09/25/62

......................

965

967,468

PRKCM

Trust,

Series

2022-AFC2,

Class

A1,

5.33%,

08/25/57

(a)

..................

745

742,136

SG

Residential

Mortgage

Trust,

Series

2022-2,

Class

A1,

5.35%,

08/25/62

(j)

............

874

871,022

Spruce

Hill

Mortgage

Loan

Trust,

Series

2022-

SH1,

Class

A1A,

4.10%,

07/25/57

(j)

.......

892

852,421

Verus

Securitization

Trust

(j)

Series

2022-3,

Class

A1,

4.13%,

02/25/67

..

534

504,647

Series

2022-INV2,

Class

A1,

6.79%,

10/25/67

731

733,138

9,455,808

Commercial

Mortgage-Backed

Securities

—

3.0%

BAHA

Trust

(a)(b)

Series

2024-MAR,

Class

A,

5.57%,

12/10/41

1,080

1,095,266

Series

2024-MAR,

Class

C,

7.01%,

12/10/41

770

795,559

BHMS,

Series

2018-ATLS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.55%),

5.87%,

07/15/35

(a)

(b)

......................

1,160

1,159,058

BOCA

Commercial

Mortgage

Trust,

Series

2024-

BOCA,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.92%

Floor

+

1.92%),

6.24%,

08/15/41

(a)

(b)

.

520

522,261

BPR

Trust,

Series

2021-TY,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.05%

Floor

+

1.16%),

5.48%,

09/15/38

(a)

(b)

......................

400

398,510

BX

Commercial

Mortgage

Trust

(b)

Series

2020-VIV4,

Class

A,

2.84%,

03/09/44

790

714,315

Series

2024-AIRC,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.69%

Floor

+

1.69%),

6.01%,

08/15/39

(a)

.....................

1,155

1,155,000

Series

2024-GPA3,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.29%

Floor

+

1.29%),

5.61%,

12/15/39

(a)

................

319

318,026

Series

2024-PALM,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.86%,

06/15/37

(a)

................

1,038

1,034,567

CFSP

Mortgage

Trust,

Series

2024-AHP1,

Class

A,

6.50%,

04/15/37

.................

301

290,020

COAST

Commercial

Mortgage

Trust,

Series

2023-2HTL,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.59%

Floor

+

2.59%),

6.91%,

08/15/36

(a)

(b)

370

369,205

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

30

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

CONE

Trust,

Series

2024-DFW1,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.64%

Floor

+

1.64%),

5.96%,

08/15/41

(a)

(b)

.................

USD

200

$

198,500

DBGS,

Series

2024-SBL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.88%

Floor

+

1.88%),

6.20%,

08/15/34

(a)

(b)

......................

1,400

1,400,875

DBWF

Mortgage

Trust,

Series

2024-LCRS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.74%

Floor

+

1.74%),

6.06%,

04/15/37

(a)

(b)

...........

640

638,600

Fontainebleau

Miami

Beach

Mortgage

Trust,

Series

2024-FBLU,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.77%,

12/15/39

(a)

(b)

......................

770

769,519

FS

Trust,

Series

2024-HULA,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.81%

Floor

+

1.81%),

6.13%,

08/15/39

(a)

(b)

.................

370

370,686

GS

Mortgage

Securities

Corp.

Trust,

Series

2021-DM,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.89%

Floor

+

1.00%),

5.32%,

11/15/36

(a)

(b)

400

396,117

HIH

Trust,

Series

2024-61P,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.84%

Floor

+

1.84%),

6.16%,

10/15/41

(a)

(b)

.................

770

773,371

HILT

Commercial

Mortgage

Trust,

Series

2024-

ORL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.86%,

05/15/37

(a)

(b)

.

770

769,519

Houston

Galleria

Mall

Trust,

Series

2025-HGLR,

Class

A,

5.46%,

02/05/45

(a)

(b)

...........

770

779,944

JW

Commercial

Mortgage

Trust,

Series

2024-

MRCO,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.62%

Floor

+

1.62%),

5.94%,

06/15/39

(a)

(b)

.

770

769,519

KSL

Commercial

Mortgage

Trust,

Series

2024-

HT2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.86%,

12/15/39

(a)

(b)

.

930

928,836

LBA

Trust,

Series

2024-BOLT,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.59%

Floor

+

1.59%),

5.91%,

06/15/39

(a)

(b)

.................

1,220

1,216,950

LoanCore

LLC,

Series

2025-CRE8,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.70%,

08/17/42

(a)

(b)

...........

630

628,354

Morgan

Stanley

Capital

I,

Series

2017-HR2,

Class

B,

4.06%,

12/15/50

(a)

............

990

953,253

NJ

Trust,

Series

2023-GSP,

Class

A,

6.48%,

01/06/29

(a)

(b)

......................

833

873,077

NYC

Trust,

Series

2024-3ELV,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.99%

Floor

+

1.99%),

6.31%,

08/15/29

(a)

(b)

.................

442

443,232

ORL

Trust,

Series

2024-GLKS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

5.81%,

12/15/39

(a)

(b)

.................

790

789,506

PGA

Trust,

Series

2024-RSR2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.89%

Floor

+

1.89%),

6.21%,

06/15/39

(a)

(b)

.................

600

598,499

SCG

Mortgage

Trust,

Series

2024-MSP,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.74%

Floor

+

1.74%),

6.06%,

04/15/41

(a)

(b)

...........

380

380,237

SHR

Trust,

Series

2024-LXRY,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

6.27%,

10/15/41

(a)

(b)

.................

770

770,000

TCO

Commercial

Mortgage

Trust,

Series

2024-

DPM,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.24%

Floor

+

1.24%),

5.56%,

12/15/39

(a)

(b)

.

770

768,075

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

VEGAS

Trust,

Series

2024-TI,

Class

A,

5.52%,

11/10/39

(b)

.......................

USD

510

$

513,434

23,581,890

Total

Non-Agency

Mortgage-Backed

Securities

—

4

.2

%

(Cost:

$

32,808,425

)

...............................

33,037,698

Beneficial

Interest

(000)

Other

Interests

(r)

Capital

Markets

—

0.0%

Lehman

Brothers

Holdings,

Inc.,

Capital

Trust

VII

(c)

(d)

(h)

.........................

15

—

Total

Other

Interests

—

0.0

%

(Cost:

$

—

)

.....................................

—

Par

(000)

Pa

r

(

000)

Preferred

Securities

Capital

Trusts

—

0.1%

Electric

Utilities

—

0.1%

Edison

International

,

Series

A

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.70%),

5.38

%

(a)

(i)

...........

663

634,528

Total

Capital

Trusts

—

0

.1

%

(Cost:

$

624,305

)

.................................

634,528

Shares

Shares

Preferred

Stocks

—

0.0%

Chemicals

—

0.0%

FUCHS

SE

(Preference)

................

290

13,973

Commercial

Services

&

Supplies

—

0.0%

(c)

Veritas

Newco

.......................

171

3,934

Veritas

Newco,

Series

G-1

...............

118

2,718

6,652

Machinery

—

0.0%

Sirva-Bgrs

Holdings,

Inc.

,

15.25

%

..........

13

2,995

Total

Preferred

Stocks

—

0.0

%

(Cost:

$

29,997

)

.................................

23,620

Total

Preferred

Securities

—

0

.1

%

(Cost:

$

654,302

)

.................................

658,148

Rights

Electric

Utilities

—

0.0%

Elia

Group

SA

(

Expires

04/03/25

,

Strike

Price

EUR

61.88

)

(c)

.....................

171

834

Total

Rights

—

0.0

%

(Cost:

$

—

)

.....................................

834

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Warrants

Diversified

Consumer

Services

—

0.0

%

Service

King

Midas

International

(

Issued/

Exercisable

07/14/22

,

1

Share

for

1

Warrant,

Expires

04/26/27

,

Strike

Price

USD

10.00

)

(c)

(d)

394

$

—

Total

Warrants

—

0.0

%

(Cost:

$

—

)

.....................................

—

Total

Long-Term

Investments

—

92.3%

(Cost:

$

727,210,667

)

..............................

722,151,959

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

10.2%

(p)(s)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.50

%

(t)

...................

2,551,244

$

2,552,520

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

4.22

%

.....................

77,147,980

77,147,980

Total

Short-Term

Securities

—

10

.2

%

(Cost:

$

79,700,500

)

...............................

79,700,500

Total

Investments

—

102

.5

%

(Cost:

$

806,911,167

)

..............................

801,852,459

Liabilities

in

Excess

of

Other

Assets

—

(

2.5

)

%

.............

(

19,818,395

)

Net

Assets

—

100.0%

...............................

$

782,034,064

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

Non-income

producing

security.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(f)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$296,544,

representing

less

than

0.05%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$240,427.

(g)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(h)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(i)

Perpetual

security

with

no

stated

maturity

date.

(j)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(k)

Convertible

security.

(l)

All

or

a

portion

of

the

security

has

been

pledged

in

connection

with

outstanding

centrally

cleared

swaps.

(m)

Zero-coupon

bond.

(n)

Rounds

to

less

than

1,000.

(o)

Represents

an

unsettled

loan

commitment

at

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date,

including

coupon

rate.

(p)

Affiliate

of

the

Fund.

(q)

All

or

a

portion

of

this

security

is

on

loan.

(r)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(s)

Annualized

7-day

yield

as

of

period

end.

(t)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

32

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the period

ended

March

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/25

Shares

Held

at

03/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

—

$

2,552,520

(a)

$

—

$

—

$

—

$

2,552,520

2,551,244

$

15

(b)

$

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

57,838,901

19,309,079

(a)

—

—

—

77,147,980

77,147,980

644,030

—

BlackRock

Allocation

Target

Shares

-

BATS

Series

A

..

44,971,360

—

—

—

237,442

45,208,802

4,748,824

660,893

—

BlackRock

Floating

Rate

Income

Portfolio,

Class

K

Shares

..............

24,027,867

355,565

(

15,636,965

)

(

163,899

)

(

130,480

)

8,452,088

886,893

355,602

—

BlackRock

High

Equity

Income

Fund,

Class

K

Shares

...

36,051,261

752,170

—

—

195,584

36,999,015

1,318,568

752,232

—

BlackRock

Mortgage-Backed

Securities

Fund,

Class

K

Shares

..............

59,136,243

626,555

—

(

3

)

1,144,539

60,907,334

7,690,320

626,586

—

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

—

14,855,224

—

—

31,524

14,886,748

284,261

—

—

iShares

Core

Dividend

Growth

ETF

................

13,525,777

11,995,061

(

10,960,166

)

245,733

(

9,045

)

14,797,360

239,517

74,473

—

$

81,831

$

1,469,564

$

260,951,847

$

3,113,831

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

For

purposes

of

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

by

the

Fund

for

compliance

purposes.

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

33

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

JPY

Currency

............................................................

176

06/16/25

$

14,782

$

(

299,926

)

U.S.

Treasury

10-Year

Note

...................................................

2,887

06/18/25

321,675

5,000,133

4,700,207

Short

Contracts

GBP

Currency

............................................................

127

06/16/25

10,248

3,348

Russell

2000

E-Mini

Index

....................................................

182

06/20/25

18,447

(

131,035

)

S&P

500

E-Mini

Index

.......................................................

11

06/20/25

3,109

58,766

(

68,921

)

$

4,631,286

Centrally

Cleared

Credit

Default

Swaps

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Markit

CDX

North

American

High

Yield

Index

Series

43.V1

.....................

5

.00

%

Quarterly

12/20/29

USD

1,460

$

(

80,368

)

$

(

113,890

)

$

33,522

Markit

CDX

North

American

Emerging

Markets

Investment

Grade

Index

Series

43.V1

....

1

.00

Quarterly

06/20/30

USD

3,000

(

18,410

)

(

18,900

)

490

Markit

CDX

North

American

Emerging

Markets

Investment

Grade

Index

Series

43.V1

....

1

.00

Quarterly

06/20/30

USD

1,937

(

11,667

)

(

11,349

)

(

318

)

Markit

CDX

North

American

Investment

Grade

Index

Series

44.V1

................

1

.00

Quarterly

06/20/30

USD

12,454

(

229,036

)

(

245,353

)

16,317

Markit

CDX

North

American

Investment

Grade

Index

Series

44.V1

................

1

.00

Quarterly

06/20/30

USD

5,532

(

101,200

)

(

105,149

)

3,949

$

(

440,681

)

$

(

494,641

)

$

53,960

Centrally

Cleared

Credit

Defa

ul

t

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Energy

Transfer

LP

....

1

.00

%

Quarterly

06/20/29

BBB

USD

170

$

3,007

$

2,468

$

539

Verizon

Communications,

Inc.

.............

1

.00

Quarterly

06/20/29

BBB+

USD

380

6,206

6,409

(

203

)

Markit

CDX

North

American

High

Yield

Index

Series

44.V1

...........

5

.00

Quarterly

06/20/30

B+

USD

730

38,856

37,849

1,007

$

48,069

$

46,726

$

1,343

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

34

OTC

Credit

Default

Swap

s

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

AT&T,

Inc.

...........

1

.00

%

Quarterly

Bank

of

America

NA

06/20/29

BBB

USD

39

$

637

$

529

$

108

AT&T,

Inc.

...........

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB

USD

182

2,972

2,237

735

AT&T,

Inc.

...........

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB

USD

39

637

531

106

AT&T,

Inc.

...........

1

.00

Quarterly

Deutsche

Bank

AG

06/20/29

BBB

USD

49

801

603

198

Energy

Transfer

LP

....

1

.00

Quarterly

Barclays

Bank

plc

06/20/29

BBB

USD

390

6,898

5,676

1,222

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

58

7,313

7,444

(

131

)

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

38

4,789

4,957

(

168

)

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

35

4,411

4,467

(

56

)

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

81

10,208

10,572

(

364

)

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

35

4,411

4,438

(

27

)

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

92

11,595

11,937

(

342

)

Ford

Motor

Co.

.......

5

.00

Quarterly

Deutsche

Bank

AG

06/20/29

BBB-

USD

33

4,133

4,242

(

109

)

Freeport-McMoRan,

Inc.

.

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

183

2,379

1,493

886

Freeport-McMoRan,

Inc.

.

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

58

754

386

368

Freeport-McMoRan,

Inc.

.

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

38

494

296

198

Freeport-McMoRan,

Inc.

.

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

58

754

545

209

Freeport-McMoRan,

Inc.

.

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

38

494

328

166

Freeport-McMoRan,

Inc.

.

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB-

USD

61

793

526

267

Freeport-McMoRan,

Inc.

.

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB-

USD

41

533

246

287

Kinder

Morgan,

Inc.

....

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB

USD

110

1,817

1,811

6

Kinder

Morgan,

Inc.

....

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB

USD

79

1,305

1,248

57

Teck

Resources

Ltd.

....

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

269

45,793

38,414

7,379

Verizon

Communications,

Inc.

.............

1

.00

Quarterly

Barclays

Bank

plc

06/20/29

BBB+

USD

90

1,470

1,414

56

Verizon

Communications,

Inc.

.............

1

.00

Quarterly

Barclays

Bank

plc

06/20/29

BBB+

USD

149

2,434

2,544

(

110

)

Verizon

Communications,

Inc.

.............

1

.00

Quarterly

Barclays

Bank

plc

06/20/29

BBB+

USD

436

7,121

7,424

(

303

)

Verizon

Communications,

Inc.

.............

1

.00

Quarterly

Barclays

Bank

plc

06/20/29

BBB+

USD

112

1,829

1,913

(

84

)

Verizon

Communications,

Inc.

.............

1

.00

Quarterly

Barclays

Bank

plc

06/20/29

BBB+

USD

123

2,009

2,143

(

134

)

Verizon

Communications,

Inc.

.............

1

.00

Quarterly

Barclays

Bank

plc

06/20/29

BBB+

USD

769

12,560

12,338

222

Williams

Cos.,

Inc.

(The)

.

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB+

USD

78

1,579

1,083

496

Williams

Cos.,

Inc.

(The)

.

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB+

USD

110

2,227

1,728

499

Williams

Cos.,

Inc.

(The)

.

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB+

USD

201

4,070

3,080

990

Markit

CDX

North

American

Investment

Grade

Index

Series

43.V1

0-3%

...

1

.00

Quarterly

Goldman

Sachs

International

12/20/29

BBB+

USD

10

(

2,957

)

(

2,594

)

(

363

)

Markit

CDX

North

American

Investment

Grade

Index

Series

43.V1

0-3%

...

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/29

BBB+

USD

31

(

9,165

)

(

8,043

)

(

1,122

)

Markit

CDX

North

American

Investment

Grade

Index

Series

43.V1

3-7%

...

1

.00

Quarterly

Goldman

Sachs

International

12/20/29

BBB+

USD

20

(

1,076

)

(

761

)

(

315

)

Markit

CDX

North

American

Investment

Grade

Index

Series

43.V1

3-7%

...

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/29

BBB+

USD

62

(

3,336

)

(

2,358

)

(

978

)

Ally

Financial,

Inc.

.....

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/30

BBB-

USD

451

67,393

67,393

—

Boeing

Co.

(The)

......

1

.00

Quarterly

Bank

of

America

NA

06/20/30

BBB-

USD

138

562

—

562

Boeing

Co.

(The)

......

1

.00

Quarterly

Bank

of

America

NA

06/20/30

BBB-

USD

336

1,368

—

1,368

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

06/20/30

BB-

USD

260

34,521

33,354

1,167

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

06/20/30

BB-

USD

30

3,983

3,849

134

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

35

OTC

Credit

Default

Swaps

—

Sell

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

CCO

Holdings

LLC

....

5

.00

%

Quarterly

Bank

of

America

NA

06/20/30

BB-

USD

20

$

2,655

$

2,519

$

136

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

06/20/30

BB-

USD

20

2,655

2,539

116

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

06/20/30

BB-

USD

20

2,655

2,504

151

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

06/20/30

BB-

USD

30

3,983

3,888

95

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

06/20/30

BB-

USD

30

3,983

4,124

(

141

)

Teva

Pharmaceutical

Finance

Netherlands

III

BV

.............

1

.00

Quarterly

Bank

of

America

NA

06/20/30

BB

USD

20

(

191

)

(

191

)

—

Teva

Pharmaceutical

Finance

Netherlands

III

BV

.............

1

.00

Quarterly

Bank

of

America

NA

06/20/30

BB

USD

110

(

1,010

)

(

1,000

)

(

10

)

Teva

Pharmaceutical

Finance

Netherlands

III

BV

.............

1

.00

Quarterly

Bank

of

America

NA

06/20/30

BB

USD

90

(

977

)

(

453

)

(

524

)

Teva

Pharmaceutical

Finance

Netherlands

III

BV

.............

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/30

BB

USD

20

(

184

)

(

128

)

(

56

)

Teva

Pharmaceutical

Finance

Netherlands

III

BV

.............

1

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/30

BB

USD

20

(

183

)

90

(

273

)

$

253,899

$

241,325

$

12,574

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Total

Return

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

Barclays

Bank

plc

06/20/25

USD

300

$

(

1,547

)

$

(

1,445

)

$

(

102

)

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

BNP

Paribas

SA

06/20/25

USD

1,625

39,475

(

6,063

)

45,538

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

Morgan

Stanley

&

Co.

International

plc

06/20/25

USD

1,500

(

5,343

)

(

7,103

)

1,760

iBoxx

USD

Liquid

Investment

Grade

Total

Return

Index

.

At

Termination

1-day

SOFR

Quarterly

Bank

of

America

NA

06/20/25

USD

42

40

413

(

373

)

iBoxx

USD

Liquid

Investment

Grade

Total

Return

Index

.

At

Termination

1-day

SOFR

Quarterly

Goldman

Sachs

International

06/20/25

USD

303

125

3,005

(

2,880

)

iBoxx

USD

Liquid

Investment

Grade

Total

Return

Index

.

At

Termination

1-day

SOFR

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

USD

813

460

8,066

(

7,606

)

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

Morgan

Stanley

&

Co.

International

plc

09/20/25

USD

1,500

(

5,927

)

(

10,218

)

4,291

$

27,283

$

(

13,345

)

$

40,628

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

36

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

that

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

—

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3

—

Inputs

that

are

unobservable

and

significant

to the

entire

fair

value

measurement

for

the asset

or

liability (including

the

Valuation

Committee's

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds,

that

may

not

have

a

secondary

market,

and/

or may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

For

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

its

most

recent

financial

statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

SOFR

.........................................

Secured

Overnight

Financing

Rate

4

.33

%

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

...................................

$

—

$

69,180,579

$

—

$

69,180,579

Common

Stocks

Aerospace

&

Defense

....................................

1,304,377

834,322

—

2,138,699

Banks

...............................................

1,992,390

1,869,171

—

3,861,561

Beverages

...........................................

1,462,552

—

—

1,462,552

Biotechnology

.........................................

1,357,899

—

—

1,357,899

Broadline

Retail

........................................

—

—

—

—

Building

Products

.......................................

1,053,683

175,490

—

1,229,173

Capital

Markets

........................................

3,225,330

64,003

—

3,289,333

Chemicals

............................................

184,851

1,262,246

—

1,447,097

Commercial

Services

&

Supplies

.............................

693,507

36,152

—

729,659

Communications

Equipment

................................

88,430

—

—

88,430

Construction

&

Engineering

................................

29,015

344,111

—

373,126

Construction

Materials

....................................

—

141,084

—

141,084

Consumer

Finance

......................................

156,350

—

—

156,350

Consumer

Staples

Distribution

&

Retail

........................

1,768,479

—

—

1,768,479

Containers

&

Packaging

..................................

307,521

—

—

307,521

Distributors

...........................................

139,442

—

—

139,442

Diversified

REITs

.......................................

197,570

437,834

—

635,404

Diversified

Telecommunication

Services

........................

751,362

1,004,413

—

1,755,775

Electric

Utilities

........................................

236,557

50,301

—

286,858

Electrical

Equipment

.....................................

1,057,829

48,622

—

1,106,451

Electronic

Equipment,

Instruments

&

Components

.................

326,649

—

—

326,649

Energy

Equipment

&

Services

..............................

1,102,099

—

—

1,102,099

Financial

Services

......................................

727,806

—

270,344

998,150

Ground

Transportation

...................................

824,950

116

—

825,066

Health

Care

Equipment

&

Supplies

...........................

99,613

—

—

99,613

Health

Care

Providers

&

Services

............................

2,365,404

28,341

—

2,393,745

Health

Care

REITs

......................................

915,396

299,092

—

1,214,488

Hotel

&

Resort

REITs

....................................

—

91,500

—

91,500

Hotels,

Restaurants

&

Leisure

..............................

166,045

—

—

166,045

Household

Durables

.....................................

—

719,876

—

719,876

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

37

Level

1

Level

2

Level

3

Total

Household

Products

.....................................

$

565,011

$

—

$

—

$

565,011

Independent

Power

and

Renewable

Electricity

Producers

............

8,048

—

—

8,048

Industrial

Conglomerates

..................................

—

90,300

—

90,300

Industrial

REITs

........................................

851,489

505,663

—

1,357,152

Insurance

............................................

1,214,922

1,099,363

—

2,314,285

Interactive

Media

&

Services

...............................

3,221,726

—

—

3,221,726

IT

Services

...........................................

1,583,766

104,164

—

1,687,930

Machinery

............................................

2,410,411

1,112,586

—

3,522,997

Media

...............................................

141,030

58,596

—

199,626

Metals

&

Mining

........................................

23,796

51,411

—

75,207

Multi-Utilities

..........................................

1,448,404

45,133

—

1,493,537

Office

REITs

..........................................

305,043

—

—

305,043

Oil,

Gas

&

Consumable

Fuels

...............................

1,341,261

1,181,969

—

2,523,230

Pharmaceuticals

.......................................

—

3,906,330

—

3,906,330

Professional

Services

....................................

306,517

1,408,322

—

1,714,839

Real

Estate

Management

&

Development

.......................

—

518,670

—

518,670

Residential

REITs

.......................................

468,460

167,093

—

635,553

Retail

REITs

..........................................

776,244

291,987

—

1,068,231

Semiconductors

&

Semiconductor

Equipment

....................

4,066,471

1,830,594

—

5,897,065

Software

.............................................

5,230,129

—

—

5,230,129

Specialized

REITs

......................................

2,137,410

190,417

—

2,327,827

Specialty

Retail

........................................

1,253,684

—

—

1,253,684

Technology

Hardware,

Storage

&

Peripherals

....................

1,220,132

—

—

1,220,132

Textiles,

Apparel

&

Luxury

Goods

............................

—

1,026,764

—

1,026,764

Trading

Companies

&

Distributors

............................

—

86,541

—

86,541

Transportation

Infrastructure

...............................

—

—

32,775

32,775

Corporate

Bonds

Aerospace

&

Defense

....................................

—

6,358,774

—

6,358,774

Air

Freight

&

Logistics

....................................

—

90,842

—

90,842

Automobile

Components

..................................

—

938,684

—

938,684

Automobiles

..........................................

—

404,827

—

404,827

Banks

...............................................

—

40,975,013

—

40,975,013

Beverages

...........................................

—

255,259

—

255,259

Biotechnology

.........................................

—

744,495

—

744,495

Building

Products

.......................................

—

68,370

—

68,370

Capital

Markets

........................................

—

21,658,536

—

21,658,536

Chemicals

............................................

—

1,257,334

—

1,257,334

Commercial

Services

&

Supplies

.............................

—

137,245

—

137,245

Communications

Equipment

................................

—

780,032

—

780,032

Consumer

Finance

......................................

—

12,473,796

—

12,473,796

Containers

&

Packaging

..................................

—

1,857,003

—

1,857,003

Diversified

REITs

.......................................

—

3,393,021

—

3,393,021

Diversified

Telecommunication

Services

........................

—

1,087,818

—

1,087,818

Electric

Utilities

........................................

—

15,017,433

—

15,017,433

Entertainment

.........................................

—

44,971

—

44,971

Financial

Services

......................................

—

2,630,991

—

2,630,991

Food

Products

.........................................

—

2,169,257

—

2,169,257

Gas

Utilities

...........................................

—

68,088

—

68,088

Ground

Transportation

...................................

—

2,148,401

—

2,148,401

Health

Care

Equipment

&

Supplies

...........................

—

3,481,261

—

3,481,261

Health

Care

Providers

&

Services

............................

—

7,543,696

—

7,543,696

Health

Care

REITs

......................................

—

1,373,481

—

1,373,481

Hotels,

Restaurants

&

Leisure

..............................

—

417,338

—

417,338

Household

Durables

.....................................

—

186,999

—

186,999

Independent

Power

and

Renewable

Electricity

Producers

............

—

382,209

—

382,209

Industrial

Conglomerates

..................................

—

1,598,599

—

1,598,599

Industrial

REITs

........................................

—

155,215

—

155,215

Insurance

............................................

—

2,688,458

—

2,688,458

IT

Services

...........................................

—

505,069

—

505,069

Machinery

............................................

—

623,456

—

623,456

Media

...............................................

—

5,587,354

—

5,587,354

Metals

&

Mining

........................................

—

4,318,277

—

4,318,277

Multi-Utilities

..........................................

—

2,162,071

—

2,162,071

Oil,

Gas

&

Consumable

Fuels

...............................

—

22,505,453

—

22,505,453

Fair

Value

Hierarchy

as

of

Period

End

(continued)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

38

Level

1

Level

2

Level

3

Total

Passenger

Airlines

......................................

$

—

$

706,820

$

—

$

706,820

Pharmaceuticals

.......................................

—

5,217,712

—

5,217,712

Professional

Services

....................................

—

884,461

—

884,461

Residential

REITs

.......................................

—

1,079,083

—

1,079,083

Retail

REITs

..........................................

—

894,888

—

894,888

Semiconductors

&

Semiconductor

Equipment

....................

—

5,735,515

209,607

5,945,122

Software

.............................................

—

5,781,414

—

5,781,414

Specialized

REITs

......................................

—

3,879,351

—

3,879,351

Specialty

Retail

........................................

—

409,338

—

409,338

Technology

Hardware,

Storage

&

Peripherals

....................

—

1,269,061

—

1,269,061

Tobacco

.............................................

—

2,624,757

—

2,624,757

Trading

Companies

&

Distributors

............................

—

2,104,170

—

2,104,170

Transportation

Infrastructure

...............................

—

—

5,883

5,883

Wireless

Telecommunication

Services

.........................

—

3,435,266

—

3,435,266

Equity-Linked

Notes

......................................

—

53,637,648

—

53,637,648

Fixed

Rate

Loan

Interests

Health

Care

Technology

..................................

—

169,205

—

169,205

Media

...............................................

—

—

73,445

73,445

Software

.............................................

—

—

311,044

311,044

Floating

Rate

Loan

Interests

Aerospace

&

Defense

....................................

—

3,829,536

—

3,829,536

Automobile

Components

..................................

—

1,988,638

—

1,988,638

Automobiles

..........................................

—

—

195,926

195,926

Beverages

...........................................

—

275,591

—

275,591

Biotechnology

.........................................

—

409,899

—

409,899

Broadline

Retail

........................................

—

660,220

74,836

735,056

Building

Products

.......................................

—

1,183,632

141,645

1,325,277

Capital

Markets

........................................

—

2,559,109

174,909

2,734,018

Chemicals

............................................

—

3,653,905

381,247

4,035,152

Commercial

Services

&

Supplies

.............................

—

5,029,880

438,926

5,468,806

Communications

Equipment

................................

—

266,251

—

266,251

Construction

&

Engineering

................................

—

1,194,273

—

1,194,273

Construction

Materials

....................................

—

1,796,654

34,808

1,831,462

Consumer

Staples

Distribution

&

Retail

........................

—

296,956

—

296,956

Containers

&

Packaging

..................................

—

1,501,552

—

1,501,552

Distributors

...........................................

—

171,836

—

171,836

Diversified

Consumer

Services

..............................

—

1,373,583

—

1,373,583

Diversified

REITs

.......................................

—

201,262

—

201,262

Diversified

Telecommunication

Services

........................

—

2,084,952

74,138

2,159,090

Electric

Utilities

........................................

—

497,262

—

497,262

Electrical

Equipment

.....................................

—

461,192

—

461,192

Electronic

Equipment,

Instruments

&

Components

.................

—

594,485

—

594,485

Energy

Equipment

&

Services

..............................

—

70,712

—

70,712

Entertainment

.........................................

—

3,214,988

—

3,214,988

Financial

Services

......................................

—

4,474,215

—

4,474,215

Food

Products

.........................................

—

1,235,211

—

1,235,211

Gas

Utilities

...........................................

—

234,317

—

234,317

Ground

Transportation

...................................

—

1,103,005

—

1,103,005

Health

Care

Equipment

&

Supplies

...........................

—

577,163

—

577,163

Health

Care

Providers

&

Services

............................

—

3,559,842

117,176

3,677,018

Health

Care

Technology

..................................

—

1,690,028

489,065

2,179,093

Hotels,

Restaurants

&

Leisure

..............................

—

6,895,854

—

6,895,854

Household

Durables

.....................................

—

1,116,487

—

1,116,487

Independent

Power

and

Renewable

Electricity

Producers

............

—

660,427

—

660,427

Industrial

Conglomerates

..................................

—

923,956

—

923,956

Insurance

............................................

—

6,161,068

—

6,161,068

Interactive

Media

&

Services

...............................

—

333,764

—

333,764

IT

Services

...........................................

—

4,483,183

110,445

4,593,628

Leisure

Products

.......................................

—

49,130

25,484

74,614

Life

Sciences

Tools

&

Services

..............................

—

270,789

—

270,789

Machinery

............................................

—

5,386,205

329,339

5,715,544

Media

...............................................

—

2,235,047

61,459

2,296,506

Multi-Utilities

..........................................

—

507,357

—

507,357

Oil,

Gas

&

Consumable

Fuels

...............................

—

956,088

—

956,088

Fair

Value

Hierarchy

as

of

Period

End

(continued)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Managed

Income

Fund

39

Level

1

Level

2

Level

3

Total

Passenger

Airlines

......................................

$

—

$

1,505,345

$

—

$

1,505,345

Personal

Care

Products

..................................

—

318,400

—

318,400

Pharmaceuticals

.......................................

—

1,463,490

197,551

1,661,041

Professional

Services

....................................

—

3,829,700

429,659

4,259,359

Real

Estate

Management

&

Development

.......................

—

40,743

—

40,743

Semiconductors

&

Semiconductor

Equipment

....................

—

565,160

—

565,160

Software

.............................................

—

10,087,306

1,174,971

11,262,277

Specialty

Retail

........................................

—

757,489

—

757,489

Trading

Companies

&

Distributors

............................

—

1,322,749

50,256

1,373,005

Transportation

Infrastructure

...............................

—

1,397,375

120,606

1,517,981

Wireless

Telecommunication

Services

.........................

—

448,044

—

448,044

Foreign

Agency

Obligations

.................................

—

5,454,168

—

5,454,168

Foreign

Government

Obligations

..............................

—

1,028,884

—

1,028,884

Investment

Companies

....................................

181,251,347

—

—

181,251,347

Non-Agency

Mortgage-Backed

Securities

........................

—

33,037,698

—

33,037,698

Other

Interests

..........................................

—

—

—

—

Preferred

Securities

.......................................

—

658,148

—

658,148

Rights

................................................

834

—

—

834

Warrants

..............................................

—

—

—

—

Short-Term

Securities

Money

Market

Funds

......................................

79,700,500

—

—

79,700,500

$

312,061,741

$

484,265,174

$

5,525,544

$

801,852,459

Derivative

Financial

Instruments

(a)

Assets

Credit

contracts

...........................................

$

—

$

74,008

$

—

$

74,008

Equity

contracts

...........................................

58,766

—

—

58,766

Foreign

currency

exchange

contracts

............................

3,348

—

—

3,348

Interest

rate

contracts

.......................................

5,000,133

51,589

—

5,051,722

Liabilities

Credit

contracts

...........................................

—

(

6,131

)

—

(

6,131

)

Equity

contracts

...........................................

(

131,035

)

—

—

(

131,035

)

Foreign

currency

exchange

contracts

............................

(

299,926

)

—

—

(

299,926

)

Interest

rate

contracts

.......................................

—

(

10,961

)

—

(

10,961

)

$

4,631,286

$

108,505

$

—

$

4,739,791

(a)

Derivative

financial

instruments

are

swaps

and

futures

contracts.

Swaps

and

futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Currency

Abbreviation

GBP

British

Pound

JPY

Japanese

Yen

USD

United

States

Dollar

Portfolio

Abbreviation

CLO

Collateralized

Loan

Obligation

DAC

Designated

Activity

Company

ETF

Exchange-Traded

Fund

MSCI

Morgan

Stanley

Capital

International

Nasdaq

National

Association

of

Securities

Dealers

Automated

Quotations

OTC

Over-the-counter

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

Fair

Value

Hierarchy

as

of

Period

End

(continued)