N-CSR 1 primary-document.htm
 
UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-CSR
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
 
Investment Company Act file number: 811-22061
 
Name of Fund:  BlackRock Funds II
BlackRock Managed Income Fund
 
Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809
 
Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Funds II, 50 Hudson Yards, New York, NY 10001
 
Registrant’s telephone number, including area code: (800) 441-7762
 
Date of fiscal year end: 12/31/2023
 
Date of reporting period: 12/31/2023
 
Item 1 – Report to Stockholders
(a)
   
The Report to Shareholders is attached herewith.
(b)
   
Not Applicable
DECEMBER
31,
2023
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2023
Annual
Report
BlackRock
Funds
II
BlackRock
Managed
Income
Fund
Dear
Shareholder,
The
combination
of
continued
economic
growth
and
cooling
inflation
provided
a
supportive
backdrop
for
investors
during
the
12-month
reporting
period
ended
December
31,
2023.
Significantly
tighter
monetary
policy
helped
to
rein
in
inflation,
and
the
Consumer
Price
Index
decelerated
substantially
in
the
first
half
of
the
year
before
stalling
between
3%
and
4%
in
the
second
half.
A
moderating
labor
market
helped
ease
inflationary
pressure,
although
wages
continued
to
grow.
Wage
and
job
growth
powered
robust
consumer
spending,
backstopping
the
economy.
On
October
7,
2023,
Hamas
launched
a
horrific
attack
on
Israel.
The
ensuing
war
will
have
a
significant
humanitarian
impact
and
could
lead
to
heightened
economic
and
market
volatility.
We
see
geopolitics
as
a
structural
market
risk
going
forward.
See
our
geopolitical
risk
dashboard
at
blackrock.com
for
more
details.
Equity
returns
were
robust
during
the
period,
as
interest
rates
stabilized
and
the
economy
proved
to
be
more
resilient
than
many
investors
expected.
The
U.S.
economy
continued
to
show
strength,
and
growth
further
accelerated
in
the
third
quarter
of
2023.
Large-capitalization
U.S.
stocks
posted
particularly
substantial
gains,
supported
by
the
performance
of
a
few
notable
technology
companies
and
small-capitalization
U.S.
stocks
also
advanced.
Meanwhile,
international
developed
market
equities
and
emerging
market
stocks
posted
solid
gains.
The
10-year
U.S.
Treasury
yield
ended
2023
where
it
began
despite
an
eventful
year
that
saw
significant
moves
in
bond
markets.
Overall,
U.S.
Treasuries
gained
as
investors
began
to
anticipate
looser
financial
conditions.
The
corporate
bond
market
benefited
from
improving
economic
sentiment,
although
high-yield
corporate
bond
prices
fared
significantly
better
than
investment-grade
bonds
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
attempting
to
manage
persistent
inflation,
raised
interest
rates
four
times
during
the
12-month
period,
but
paused
its
tightening
in
the
second
half
of
the
period.
The
Fed
also
wound
down
its
bond-buying
programs
and
incrementally
reduced
its
balance
sheet
by
not
replacing
securities
that
reach
maturity.
Supply
constraints
appear
to
have
become
an
embedded
feature
of
the
new
macroeconomic
environment,
making
it
difficult
for
developed
economies
to
increase
production
without
sparking
higher
inflation.
Geopolitical
fragmentation
and
an
aging
population
risk
further
exacerbating
these
constraints,
keeping
the
labor
market
tight
and
wage
growth
high.
Although
the
Fed
has
stopped
tightening
for
now,
we
believe
that
the
new
economic
regime
means
that
the
Fed
will
need
to
maintain
high
rates
for
an
extended
period
despite
the
market’s
hopes
for
interest
rate
cuts,
as
reflected
in
the
recent
rally.
In
this
new
regime,
we
anticipate
greater
volatility
and
dispersion
of
returns,
creating
more
opportunities
for
selective
portfolio
management.
We
believe
developed
market
equities
have
priced
in
an
optimistic
scenario
for
rate
cuts,
which
we
view
as
premature,
so
we
prefer
an
underweight
stance
in
the
near
term.
Nevertheless,
we
are
overweight
on
Japanese
stocks
as
shareholder-friendly
policies
generate
increased
investor
interest.
We
also
believe
that
stocks
with
an
AI
tilt
should
benefit
from
an
investment
cycle
that
is
set
to
support
revenues
and
margins.
In
credit,
there
are
selective
opportunities
in
the
near
term
despite
tighter
credit
and
financial
conditions.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
attractive
investments
in
short-term
U.S.
Treasuries,
U.S.
mortgage-backed
securities,
and
hard-currency
emerging
market
bonds.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
blackrock.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock
Advisors,
LLC
The
Markets
in
Review
Rob
Kapito
President,
BlackRock
Advisors,
LLC
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
December
31,
2023
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
8.04%
26.29%
U.S.
small
cap
equities
(Russell
2000
®
Index)
8.18
16.93
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
5.88
18.24
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
4.71
9.83
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.70
5.02
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
1.11
2.83
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
3.37
5.53
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
3.63
6.40
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
7.65
13.44
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
..................................................................................................
7
Disclosure
of
Expenses
...................................................................................................
7
Derivative
Financial
Instruments
.............................................................................................
8
Financial
Statements:
Schedule
of
Investments
................................................................................................
9
Statement
of
Assets
and
Liabilities
..........................................................................................
53
Statement
of
Operations
................................................................................................
55
Statements
of
Changes
in
Net
Assets
........................................................................................
56
Financial
Highlights
.....................................................................................................
57
Notes
to
Financial
Statements
...............................................................................................
61
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
74
Important
Tax
Information
.................................................................................................
75
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
76
Trustee
and
Officer
Information
..............................................................................................
77
Additional
Information
....................................................................................................
81
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
83
Fund
Summary
as
of
December
31,
2023
2023
BlackRock
Annual
Report
to
Shareholders
4
BlackRock
Managed
Income
Fund
Investment
Objective
BlackRock
Managed
Income
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
to
maximize
current
income
with
consideration
for
risk-managed
total
return.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
12-month
period
ended
December
31,
2023,
the
Fund
underperformed
its
Customized
Reference
Benchmark,
a
blend
of
30%
S&P
500
®
Index/70%
Bloomberg
U.S.
Aggregate
Bond
Index.
For
the
same
period,
the
Fund
outperformed
the
Bloomberg
U.S.
Aggregate
Bond
Index.
Performance
is
reviewed
on
an
absolute
basis
due
to
the
nature
of
the
Fund’s
strategy.
The
Fund
is
managed
within
a
risk-controlled
framework,
and
it
strives
to
maintain
a
consistent
yield
with
a
risk
profile
below
that
of
the
benchmark.
What
factors
influenced
performance?
Most
of
the
Fund’s
allocations
delivered
positive
absolute
returns
given
the
“risk-on”
environment
in
the
financial
markets
during
2023.
The
Fund’s
allocation
to
global
equities
was
the
largest
contributor
given
the
favorable
backdrop
for
stocks
during
much
of
the
period.
Positions
in
lower-quality
fixed-income
categories,
including
high
yield
bonds
and
floating
rate
bank
loans,
also
aided
returns
as
investors
sought
the
higher
yields
and
attractive
total
return
potential
in
below
investment-grade
bonds.
High-quality
collateralized
loan
obligations
(“CLOs”)
were
also
key
contributors
in
the
rising-rate
environment.
Holdings
in
areas
such
as
emerging
market
bonds,
infrastructure
stocks,
and
real
estate
investment
trusts
(“REITs”),
while
positive,
were
more
modest
contributors
to
the
Fund’s
absolute
return
given
their
smaller
weightings
in
the
portfolio.
The
Fund
held
derivatives
during
the
reporting
period.
It
used
U.S.
Treasury
futures
to
manage
the
Fund’s
interest-rate
positions.
This
aspect
of
its
strategy
initially
detracted
given
the
extent
to
which
interest
rates
rose
for
most
of
the
period
but
it
ultimately
proved
to
be
a
contributor
for
the
full
12-months
given
the
bond
market
rally
in
November
and
December
2023.
The
Fund
also
held
covered
calls,
which
aided
returns.
(Covered
calls
involve
the
use
of
derivatives
and
are
intended
as
an
alternative
source
of
income.)
Currency
management
strategies
also
added
value,
as
did
the
use
of
derivatives
to
manage
overall
risk
levels
in
the
portfolio.
The
Fund’s
cash
position
was
modestly
elevated
at
year
end,
as
the
investment
adviser
was
judicious
about
managing
risk
after
an
extended
period
of
strong
returns
across
the
financial
markets.
The
cash
position
did
not
have
a
meaningful
impact
on
performance.
Describe
recent
portfolio
activity.
The
investment
adviser
increased
the
Fund’s
allocation
to
stocks
over
the
period
in
response
to
the
favorable
market
backdrop.
However,
the
investment
adviser
balanced
some
of
the
risk
by
adding
to
high-quality
mortgage-backed
securities
that
offered
attractive
yields
and
favorable
total
return
potential
due
to
elevated
interest
rates.
The
investment
adviser
made
these
changes
by
reducing
the
Fund’s
allocations
to
areas
where
it
saw
less
favorable
risk/return
profiles,
including
preferred
stocks,
high
yield
bonds,
bank
loans,
and
investment-grade
corporate
bonds.
The
investment
adviser
adjusted
the
Fund’s
duration
throughout
the
period
in
an
effort
to
capitalize
on
bond
market
volatility.
(Duration
is
a
measure
of
interest-rate
sensitivity.)
The
Fund
ultimately
ended
the
period
with
modestly
higher
duration
than
the
fixed-income
benchmark,
as
yields
had
risen
to
a
level
where
duration
had
become
a
source
of
attractive
diversification
with
the
potential
to
mitigate
risk.
Describe
portfolio
positioning
at
period
end.
The
Fund
was
diversified
across
several
income-producing
asset
classes—including
investment-grade
debt,
bank
loans,
high
yield
bonds,
global
equities,
covered
calls,
preferred
stocks,
mortgage-backed
securities
and
cash—and
it
continued
to
use
risk-management
strategies.
At
the
close
of
the
period,
the
Fund’s
duration
stood
at
approximately
3.9
years.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
December
31,
2023
(continued)
5
Fund
Summary
BlackRock
Managed
Income
Fund
GROWTH
OF
$10,000
INVESTMENT
Performance
N/A
—
Not
applicable
as
share
class
and
Index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
(a)
Assuming
maximum
sales
charges,
if
any,
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees
and
administration
fees,
if
any.
Institutional
shares
do
not
have
a
sales
charge.
(b)
The
Fund
may
invest
up
to
100%
of
its
assets
in
fixed-income
securities
and
up
to
30%
of
its
assets
in
equity
securities.
The
Fund’s
returns
between
July
29,
2013
and
October
1,
2016
are
the
returns
of
the
Fund
when
it
followed
a
different
investment
objective
and
different
investment
strategies
under
the
name
“BlackRock
Investment
Grade
Bond
Portfolio”.
(c)
A
customized
performance
benchmark
comprised
of
the
returns
of
the
Bloomberg
U.S.
Aggregate
Bond
Index
(70%)
and
the
S&P
500
®
Index
(30%).
(d)
A
broad-based
flagship
benchmark
that
measures
the
investment
grade,
U.S.
dollar-denominated,
fixed-rate
taxable
bond
market.
Average
Annual
Total
Returns
(a)
1
Year
5
Years
10
Years
Standardized
30-Day
Yields
Unsubsidized
30-Day
Yields
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..........................
5.42‌%
5.16‌%
10.31‌%
N/A‌
4.18‌%
N/A‌
4.07‌%
N/A‌
Investor
A
...........................
4.96‌
4.76‌
10.03‌
5.63‌%
3.89‌
3.05‌%
3.78‌
3.35‌%
Investor
C
...........................
4.43‌
4.20‌
9.18‌
8.18‌
3.13‌
3.13‌
3.01‌
3.01‌
Class
K
............................
5.47‌
5.25‌
10.35‌
N/A‌
4.23‌
N/A‌
4.13‌
N/A‌
Bloomberg
U.S.
Aggregate
Bond
Index
.....
—‌
—‌
5.53‌
N/A‌
1.10‌
N/A‌
1.81‌
N/A‌
Customized
Reference
Benchmark
........
—‌
—‌
11.48‌
N/A‌
5.58‌
N/A‌
5.00‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees,
and
how
performance
was
calculated
for
certain
share
classes.
The
Fund’s
returns
between
July
29,
2013
and
October
1,
2016
are
the
returns
of
the
Fund
when
it
followed
a
different
investment
objective
and
different
investment
strategies
under
the
name
“BlackRock
Investment
Grade
Bond
Portfolio”.
Fund
Summary
as
of
December
31,
2023
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
6
BlackRock
Managed
Income
Fund
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(07/01/23)
Ending
Account
Value
(12/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(07/01/23)
Ending
Account
Value
(12/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,054.10‌
$
2.02‌
$
1,000.00‌
$
1,023.24‌
$
1.99‌
0.39‌%
Investor
A
................................
1,000.00‌
1,052.80‌
3.31‌
1,000.00‌
1,021.98‌
3.26‌
0.64‌
Investor
C
................................
1,000.00‌
1,048.70‌
7.18‌
1,000.00‌
1,018.20‌
7.07‌
1.39‌
Class
K
..................................
1,000.00‌
1,055.40‌
1.76‌
1,000.00‌
1,023.49‌
1.73‌
0.34‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
Corporate
Bonds
...................................
32.0‌
%
Investment
Companies
...............................
24.6‌
Asset-Backed
Securities
..............................
17.2‌
Common
Stocks
...................................
12.4‌
Floating
Rate
Loan
Interests
...........................
5.9‌
Equity-Linked
Notes
.................................
5.2‌
Non-Agency
Mortgage-Backed
Securities
..................
1.6‌
Preferred
Securities
.................................
0.9‌
Foreign
Agency
Obligations
............................
0.2‌
Warrants
........................................
0.0‌
(b)
Other
Interests
....................................
—‌
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(c)
Percent
of
Total
Investments
(a)
AAA/Aaa
(d)
......................................
17.1‌
%
AA/Aa
.........................................
7.2‌
A
.............................................
29.2‌
BBB/Baa
.......................................
20.2‌
BB/Ba
.........................................
4.9‌
B
............................................
6.2‌
CCC/Caa
.......................................
0.8‌
CC/Ca
.........................................
0.1‌
C
............................................
0.0‌
(b)
NR
...........................................
14.3‌
(a)
Excludes
short-term
securities.
(b)
Represents
less
than
0.1%
of
the
Fund's
total
investments.
(c)
For
financial
reporting
purposes,
credit
quality
ratings
shown
above
reflect
the
highest
rating
assigned
by
either
S&P
Global
Ratings
or
Moody’s
Investors
Service
if
ratings
differ.
These
rating
agencies
are
independent,
nationally
recognized
statistical
rating
organizations
and
are
widely
used.
Investment
grade
ratings
are
credit
ratings
of
BBB/Baa
or
higher.
Below
investment
grade
ratings
are
credit
ratings
of
BB/Ba
or
lower.
Investments
designated
NR
are
not
rated
by
either
rating
agency.
Unrated
investments
do
not
necessarily
indicate
low
credit
quality.
Credit
quality
ratings
are
subject
to
change.
(d)
The
investment
adviser
evaluates
the
credit
quality
of
unrated
investments
based
upon
certain
factors
including,
but
not
limited
to,
credit
ratings
for
similar
investments
and
financial
analysis
of
sectors,
individual
investments
and/or
issuers.
Using
this
approach,
the
investment
adviser
has
deemed
unrated
U.S.
Government
Sponsored
Agency
Securities
and
U.S.
Treasury
Obligations
to
be
of
similar
credit
quality
as
investments
rated
AAA/Aaa.
About
Fund
Performance
7
About
Fund
Performance
/
Disclosure
of
Expenses
Institutional and
Class
K
Shares
 are
not
subject
to
any
sales
charge.
These
shares
bear
no
ongoing
distribution
or
service
fees
and
are
available
only
to
certain
eligible
investors.
Investor
A
Shares
are
subject
to
a
maximum
initial
sales
charge
(front-end
load)
of 
4.00
%
and
a
service
fee
of
0.25%
per
year
(but
no
distribution
fee).
Certain
redemptions
of
these
shares
may
be
subject
to
a
contingent
deferred
sales
charge
(“CDSC”)
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
These
shares
are
generally
available
through
financial
intermediaries.
Investor
C
Shares
 are
subject
to
a 1.00%
CDSC
if
redeemed
within
one
year
of
purchase.
In
addition,
these
shares
are
subject
to
a
distribution
fee
of
0.75
%
per
year
and
a
service
fee
of 
0.25%
per
year.
These
shares
are
generally
available
through
financial
intermediaries.
Investor
C
Shares
performance
shown
prior
to
the
Investor
C
Shares
inception
date
of
October
3,
2016
is
that
of
Class
K
Shares
(which
have
no
distribution
or
service
fees)
and
was
restated
to
reflect
Investor
C
Shares
fees.
These
shares
automatically
convert
to
Investor
A
Shares
after
approximately
eight
years.
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of
the
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Refer
to
blackrock.com 
to
obtain
performance
data
current
to
the
most
recent
month-end.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Figures
shown
in
the
performance
table(s) assume
reinvestment
of
all
distributions,
if
any,
at
net
asset
value
(“NAV”)
on
the
ex-dividend
date
or
payable
date,
as
applicable.
Investment
return
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Distributions
paid
to
each
class
of
shares
will
vary
because
of
the
different
levels
of
service,
distribution
and
transfer
agency
fees
applicable
to
each
class,
which
are
deducted
from
the
income
available
to
be
paid
to
shareholders. 
BlackRock
Advisors,
LLC
(the
“Manager”),
the
Fund’s
investment
adviser,
has
contractually
and/or
voluntarily
agreed
to
waive
and/or
reimburse
a
portion
of
the
Fund’s
expenses.
Without
such
waiver(s)
and/or
reimbursement(s),
the
Fund’s
performance
would
have
been
lower.
With
respect
to
the
Fund’s
voluntary
waiver(s),
if
any,
the
Manager
is
under
no
obligation
to
waive
and/or
reimburse
or
to
continue
waiving
and/or
reimbursing
its
fees
and
such
voluntary
waiver(s)
may
be
reduced
or
discontinued
at
any
time.
With
respect
to
the
Fund’s
contractual
waiver(s),
if
any,
the
Manager
is
under
no
obligation
to
continue
waiving
and/or
reimbursing
its
fees
after
the
applicable
termination
date
of
such
agreement.
See
the
Notes
to
Financial
Statements
for
additional
information
on
waivers
and/or
reimbursements. 
The
standardized
30-day
yield
includes
the
effects
of
any
waivers
and/or
reimbursements.
The
unsubsidized
30-day
yield
excludes
the
effects
of
any
waivers
and/or
reimbursements. 
Disclosure
of
Expenses
Shareholders
of
the
Fund
may
incur
the
following
charges:
(a)
transactional
expenses,
such
as
sales
charges;
and
(b)
operating
expenses,
including
investment
advisory
fees, administration
fees,
service
and
distribution
fees,
including
12b-1
fees,
acquired
fund
fees
and
expenses, and
other
fund
expenses.
The
expense
example
shown
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
is
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
the
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
example
provides
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
example
also
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Fund
and
other
funds,
compare
the
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
example
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
example is
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Derivative
Financial
Instruments
2023
BlackRock
Annual
Report
to
Shareholders
8
The
Fund
may
invest
in
various
derivative
financial
instruments.
These
instruments
are
used
to
obtain
exposure
to
a
security,
commodity,
index,
market,
and/or
other
assets
without
owning
or
taking
physical
custody
of
securities,
commodities
and/or
other
referenced
assets
or
to
manage
market,
equity,
credit,
interest
rate,
foreign
currency
exchange
rate,
commodity
and/or
other
risks.
Derivative
financial
instruments
may
give
rise
to
a
form
of
economic
leverage
and
involve
risks,
including
the
imperfect
correlation
between
the
value
of
a
derivative
financial
instrument
and
the
underlying
asset,
possible
default
of
the
counterparty
to
the
transaction
or
illiquidity
of
the
instrument. Pursuant
to Rule
18f-4
under
the
1940
Act,
among
other
things,
the
Fund
must
either
use
derivative
financial
instruments
with
embedded
leverage
in
a
limited
manner
or
comply
with
an
outer
limit
on
fund
leverage
risk
based
on
value-at-risk.
The
Fund’s
successful
use
of
a
derivative
financial
instrument
depends
on
the
investment
adviser’s
ability
to
predict
pertinent
market
movements
accurately,
which
cannot
be
assured.
The
use
of
these
instruments
may
result
in
losses
greater
than
if
they
had
not
been
used,
may
limit
the
amount
of
appreciation the
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Fund’s
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Financial
Statements.
Schedule
of
Investments
December
31,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
AGL
CLO
17
Ltd.,
Series
2022-17A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.10%),
7.51%,
01/21/35
(a)(b)
.........
USD
750
$
741,222
AGL
CLO
5
Ltd.,
Series
2020-5A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.16%
Floor
+
1.42%),
6.84%,
07/20/34
(a)(b)
.........
2,400
2,394,044
AIMCO
CLO
(a)(b)
Series
2015-AA,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.66%,
10/17/34
...............
1,000
995,501
Series
2017-AA,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.05%
Floor
+
1.31%),
6.73%,
04/20/34
...............
500
498,027
AIMCO
CLO
15
Ltd.,
Series
2021-15A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
7.61%,
10/17/34
(a)(b)
........
1,000
993,885
AMSR
Trust
(b)
Series
2020-SFR1,
Class
E,
3.22%,
04/17/37
....................
1,000
952,195
Series
2020-SFR1,
Class
F,
3.57%,
04/17/37
....................
1,000
951,663
Anchorage
Capital
CLO
18
Ltd.,
Series
2021-
18A,
Class
A1,
(3-mo.
CME
Term
SOFR
+
1.41%),
6.81%,
04/15/34
(a)(b)
.........
750
748,130
Anchorage
Capital
CLO
20
Ltd.,
Series
2021-
20A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.46%),
6.88%,
01/20/35
(a)(b)
1,000
999,584
Anchorage
Capital
CLO
9
Ltd.,
Series
2016-9A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.41%,
07/15/32
(a)(b)
750
747,021
Anchorage
Capital
CLO
Ltd.,
Series
2018-10A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.46%),
6.86%,
10/15/31
(a)(b)
500
500,343
Apidos
CLO
XXXIV,
Series
2020-34A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.83%,
01/20/35
(a)(b)
....
1,000
1,000,873
Ares
LXI
CLO
Ltd.,
Series
2021-61A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.83%,
10/20/34
(a)(b)
.........
1,500
1,498,028
Ares
XXXIR
CLO
Ltd.,
Series
2014-31RA,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.56%),
6.94%,
05/24/30
(a)(b)
....
500
496,463
Ares
XXXVII
CLO
Ltd.,
Series
2015-4A,
Class
A1R,
(3-mo.
CME
Term
SOFR
+
1.43%),
6.83%,
10/15/30
(a)(b)
...............
222
222,340
Ares
XXXVR
CLO
Ltd.,
Series
2015-35RA,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.66%),
7.06%,
07/15/30
(a)(b)
....
1,000
985,823
Bain
Capital
Credit
CLO
Ltd.
(a)(b)
Series
2019-2A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.36%),
7.76%,
10/17/32
...............
1,000
990,019
Series
2021-3A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
6.82%,
07/24/34
....................
1,500
1,499,113
Bardot
CLO
Ltd.,
Series
2019-2A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.57%,
10/22/32
(a)(b)
.........
1,000
991,427
Battalion
CLO
XX
Ltd.,
Series
2021-20A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.84%,
07/15/34
(a)(b)
.........
500
497,307
Battalion
CLO
XXII
Ltd.,
Series
2021-22A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.86%,
01/20/35
(a)(b)
....
1,000
991,244
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Bayview
Financial
Revolving
Asset
Trust,
Series
2005-A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.11%),
6.47%,
02/28/40
(a)(b)
....................
USD
533
$
473,324
Benefit
Street
Partners
CLO
VIII
Ltd.,
Series
2015-8A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.78%,
01/20/31
(a)(b)
....................
422
422,155
Benefit
Street
Partners
CLO
XIX
Ltd.,
Series
2019-19A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.61%),
7.01%,
01/15/33
(a)
(b)
...........................
1,000
999,852
Benefit
Street
Partners
CLO
XXV
Ltd.,
Series
2021-25A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.36%,
01/15/35
(a)
(b)
...........................
1,000
997,419
Boyce
Park
CLO
Ltd.,
Series
2022-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.10%),
7.51%,
04/21/35
(a)(b)
.........
1,000
985,709
Buckhorn
Park
CLO
Ltd.
(a)(b)
Series
2019-1A,
Class
B1R,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.31%,
07/18/34
...............
1,000
994,524
Series
2019-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.66%,
07/18/34
...............
500
497,138
Canyon
CLO
Ltd.
(a)(b)
Series
2018-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.56%,
07/15/31
....................
1,000
989,344
Series
2020-2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.19%
Floor
+
1.45%),
6.85%,
10/15/34
...............
1,000
999,983
Series
2021-4A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.36%,
10/15/34
....................
450
446,638
Carlyle
US
CLO
Ltd.,
Series
2017-1A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.28%,
04/20/31
(a)(b)
....
675
673,663
CBAM
Ltd.,
Series
2020-13A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.43%
Floor
+
1.69%),
7.11%,
01/20/34
(a)(b)
...............
1,000
997,355
CIFC
Funding
2022-IV
Ltd.,
Series
2022-4A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.00%),
7.39%,
07/16/35
(a)(b)
....
1,000
1,000,414
CIFC
Funding
Ltd.
(a)(b)
Series
2013-4A,
Class
A2RR,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.56%),
6.95%,
04/27/31
...............
650
648,698
Series
2018-4A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.36%),
7.76%,
10/17/31
....................
500
501,702
Series
2019-4A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.91%
Floor
+
1.91%),
7.31%,
10/15/34
...............
1,000
996,719
Series
2019-5A,
Class
A2RS,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.41%,
01/15/35
...............
1,500
1,496,255
Series
2021-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.06%
Floor
+
2.06%),
7.44%,
04/25/33
....................
1,000
988,506
Clover
CLO
LLC
(a)(b)
Series
2021-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
6.77%,
04/22/34
....................
2,215
2,216,680
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2021-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.43%,
07/20/34
....................
USD
1,000
$
1,001,499
Series
2021-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.68%,
07/20/34
....................
1,000
995,955
Dryden
49
Senior
Loan
Fund,
Series
2017-49A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.71%,
07/18/30
(a)(b)
500
496,182
Dryden
83
CLO
Ltd.,
Series
2020-83A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.48%),
6.88%,
01/18/32
(a)(b)
.........
1,000
1,000,325
Dryden
Senior
Loan
Fund,
Series
2017-47A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.71%,
04/15/28
(a)(b)
500
499,760
Dryden
XXVI
Senior
Loan
Fund,
Series
2013-
26A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
2.11%),
7.51%,
04/15/29
(a)(b)
500
497,205
Eaton
Vance
CLO
Ltd.
(a)(b)
Series
2013-1A,
Class
B3R,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.81%,
01/15/34
...............
1,000
995,561
Series
2018-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.46%),
7.86%,
10/15/30
....................
500
498,737
Elmwood
CLO
II
Ltd.,
Series
2019-2A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.26%
Floor
+
2.26%),
7.68%,
04/20/34
(a)(b)
........
700
696,241
Elmwood
CLO
IV
Ltd.,
Series
2020-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.50%),
6.90%,
04/15/33
(a)(b)
.........
1,500
1,501,145
First
Franklin
Mortgage
Loan
Trust,
Series
2005-FF10,
Class
A6M,
(1-mo.
CME
Term
SOFR
at
0.70%
Floor
+
0.81%),
6.17%,
11/25/35
(a)
.....................
593
548,295
Flatiron
CLO
17
Ltd.,
Series
2017-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.54%,
05/15/30
(a)(b)
........
400
399,799
Galaxy
XXII
CLO
Ltd.
(a)(b)
Series
2016-22A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.46%),
6.86%,
04/16/34
...............
750
750,232
Series
2016-22A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.36%,
04/16/34
...............
500
496,266
Generate
CLO
9
Ltd.
(a)(b)
Series
9A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.46%),
6.88%,
10/20/34
....................
1,000
995,850
Series
9A,
Class
B,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
7.43%,
10/20/34
1,500
1,489,237
Series
9A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.51%),
7.93%,
10/20/34
....................
1,000
998,349
Gilbert
Park
CLO
Ltd.,
Series
2017-1A,
Class
A,
(3-mo.
CME
Term
SOFR
+
1.45%),
6.85%,
10/15/30
(a)(b)
...............
637
637,897
GoldenTree
Loan
Management
US
CLO
1
Ltd.,
Series
2017-1A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.48%,
04/20/34
(a)(b)
...............
2,500
2,464,898
GoldenTree
Loan
Management
US
CLO
10
Ltd.,
Series
2021-10A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.28%,
07/20/34
(a)(b)
...............
2,000
1,989,643
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Golub
Capital
Partners
CLO
37B
Ltd.,
Series
2018-37A,
Class
B1,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.48%,
07/20/30
(a)(b)
....................
USD
2,000
$
1,998,629
Golub
Capital
Partners
CLO
53B
Ltd.,
Series
2021-53A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.48%,
07/20/34
(a)
(b)
...........................
2,000
1,991,441
Golub
Capital
Partners
CLO
58B
Ltd.,
Series
2021-58A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.82%,
01/25/35
(a)(b)
....................
1,000
997,379
Greywolf
CLO
II
Ltd.,
Series
2013-1A,
Class
A2AR,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.25%,
04/15/34
(a)(b)
....
300
293,510
Greywolf
CLO
VII
Ltd.,
Series
2018-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
6.86%,
10/20/31
(a)(b)
........
500
499,976
HalseyPoint
CLO
3
Ltd.,
Series
2020-3A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.71%),
7.10%,
11/30/32
(a)(b)
....
1,500
1,500,001
HalseyPoint
CLO
4
Ltd.,
Series
2021-4A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.48%),
6.90%,
04/20/34
(a)(b)
.........
500
499,364
Highbridge
Loan
Management
Ltd.,
Series
12A-18,
Class
A2,
(3-mo.
CME
Term
SOFR
+
1.76%),
7.16%,
07/18/31
(a)(b)
........
500
499,707
Invesco
CLO
Ltd.,
Series
2021-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.38%),
6.78%,
07/15/34
(a)(b)
.........
1,000
993,812
Madison
Park
Funding
XX
Ltd.,
Series
2016-
20A,
Class
CR,
(3-mo.
CME
Term
SOFR
+
2.16%),
7.55%,
07/27/30
(a)(b)
.........
1,000
990,034
Madison
Park
Funding
XXXIII
Ltd.
(a)(b)
Series
2019-33A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
7.19%,
10/15/32
...............
1,000
991,341
Series
2019-33A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.20%),
7.59%,
10/15/32
...............
1,000
992,982
Milos
CLO
Ltd.,
Series
2017-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.81%),
7.23%,
10/20/30
(a)(b)
.........
1,000
997,821
Neuberger
Berman
CLO
XVII
Ltd.,
Series
2014-
17A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.03%
Floor
+
1.29%),
6.70%,
04/22/29
(a)(b)
1,302
1,301,354
Neuberger
Berman
Loan
Advisers
CLO
26
Ltd.,
Series
2017-26A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.41%,
10/18/30
(a)(b)
...............
1,000
988,840
OCP
CLO
Ltd.
(a)(b)
Series
2020-19A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.83%,
10/20/34
...............
2,500
2,495,610
Series
2021-22A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.73%,
12/02/34
...............
500
493,817
Octagon
Investment
Partners
26
Ltd.,
Series
2016-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
0.26%
Floor
+
1.86%),
7.26%,
07/15/30
(a)(b)
....................
500
498,015
Octagon
Investment
Partners
41
Ltd.
(a)(b)
Series
2019-2A,
Class
B1R,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.36%,
10/15/33
...............
1,500
1,490,067
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2019-2A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.81%,
10/15/33
...............
USD
1,000
$
999,368
OHA
Credit
Funding
6
Ltd.,
Series
2020-6A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.40%),
6.82%,
07/20/34
(a)(b)
....
1,500
1,500,595
OHA
Credit
Partners
XIII
Ltd.,
Series
2016-13A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.37%,
10/25/34
(a)(b)
1,500
1,502,261
OHA
Credit
Partners
XVI,
Series
2021-16A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.81%,
10/18/34
(a)(b)
....
1,500
1,499,580
OHA
Loan
Funding
Ltd.,
Series
2013-1A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.27%,
07/23/31
(a)(b)
....
1,000
1,001,404
Palmer
Square
CLO
Ltd.
(a)(b)
Series
2014-1A,
Class
A2R2,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.71%),
7.11%,
01/17/31
...............
1,500
1,491,968
Series
2019-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.41%
Floor
+
1.41%),
6.79%,
11/14/34
...............
1,000
998,169
Series
2019-1A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.96%
Floor
+
1.96%),
7.34%,
11/14/34
...............
1,000
995,904
Series
2021-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.06%
Floor
+
2.06%),
7.46%,
07/15/34
....................
1,000
986,990
Series
2021-4A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.43%
Floor
+
1.43%),
6.83%,
10/15/34
....................
2,000
1,998,626
Series
2022-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
7.22%,
04/20/35
....................
500
496,860
Series
2022-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.05%),
7.47%,
04/20/35
....................
500
489,531
Park
Avenue
Institutional
Advisers
CLO
Ltd.,
Series
2021-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.51%),
7.91%,
07/15/34
(a)(b)
....................
1,000
995,806
Pikes
Peak
CLO
6,
Series
2020-6A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.33%,
05/18/34
(a)(b)
.........
500
499,597
Pikes
Peak
CLO
8,
Series
2021-8A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.43%,
07/20/34
(a)(b)
.........
500
499,306
PPM
CLO
4
Ltd.,
Series
2020-4A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.36%),
7.76%,
10/18/34
(a)(b)
.........
750
735,040
PPM
CLO
5
Ltd.,
Series
2021-5A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.46%),
6.86%,
10/18/34
(a)(b)
.........
1,500
1,493,488
Progress
Residential
Trust
(b)
Series
2020-SFR1,
Class
F,
3.43%,
04/17/37
....................
1,000
952,393
Series
2020-SFR2,
Class
A,
2.08%,
06/17/37
....................
998
950,204
Series
2020-SFR2,
Class
B,
2.58%,
06/17/37
....................
1,000
952,896
Rad
CLO
3
Ltd.,
Series
2019-3A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.48%
Floor
+
1.74%),
7.14%,
04/15/32
(a)(b)
.........
1,000
1,003,000
Rad
CLO
12
Ltd.,
Series
2021-12A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.70%,
10/30/34
(a)(b)
.........
1,000
993,480
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Regatta
VIII
Funding
Ltd.,
Series
2017-1A,
Class
A,
(3-mo.
CME
Term
SOFR
+
1.51%),
6.91%,
10/17/30
(a)(b)
...............
USD
379
$
379,374
Regatta
XI
Funding
Ltd.,
Series
2018-1A,
Class
B,
(3-mo.
CME
Term
SOFR
+
1.91%),
7.31%,
07/17/31
(a)(b)
...............
650
650,138
Regatta
XIV
Funding
Ltd.,
Series
2018-3A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.19%
Floor
+
1.45%),
6.83%,
10/25/31
(a)(b)
....
1,000
1,001,238
Regatta
XV
Funding
Ltd.,
Series
2018-4A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
2.11%),
7.49%,
10/25/31
(a)(b)
....
1,500
1,497,623
Rockford
Tower
CLO
Ltd.
(a)(b)
Series
2019-2A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.63%,
08/20/32
...............
500
496,372
Series
2021-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.86%,
10/20/34
....................
1,250
1,242,176
Series
2021-3A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.83%,
10/20/34
....................
1,000
991,385
RR
17
Ltd.,
Series
2021-17A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.31%,
07/15/34
(a)(b)
...............
500
500,506
RRX
4
Ltd.,
Series
2021-4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.46%),
6.86%,
07/15/34
(a)(b)
...............
2,500
2,504,424
Signal
Peak
CLO
10
Ltd.,
Series
2021-9A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.37%,
07/21/34
(a)(b)
....
2,000
1,985,675
Sixth
Street
CLO
XIX
Ltd.,
Series
2021-19A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.38%,
07/20/34
(a)(b)
....
1,000
998,022
Sound
Point
CLO
XXIII,
Series
2019-2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
6.83%,
07/15/34
(a)(b)
........
1,000
994,821
Symphony
CLO
XXVIII
Ltd.,
Series
2021-28A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.40%),
6.81%,
10/23/34
(a)(b)
....
1,000
998,078
TCI-Flatiron
CLO
Ltd.
(a)(b)
Series
2018-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.40%,
01/29/32
...............
1,000
987,763
Series
2018-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.75%
Floor
+
3.01%),
8.40%,
01/29/32
...............
1,000
994,707
TCW
CLO
Ltd.,
Series
2021-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.58%,
03/18/34
(a)(b)
.........
500
486,457
TICP
CLO
VI
Ltd.,
Series
2016-6A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
7.16%,
01/15/34
(a)(b)
.........
1,000
991,435
TICP
CLO
VII
Ltd.,
Series
2017-7A,
Class
ASR,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.53%),
6.93%,
04/15/33
(a)(b)
.........
1,300
1,302,859
Webster
Park
CLO
Ltd.,
Series
2015-1A,
Class
A1BR,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.61%),
7.03%,
07/20/30
(a)(b)
....
1,000
995,031
Whitebox
CLO
III
Ltd.,
Series
2021-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.48%),
6.88%,
10/15/34
(a)(b)
........
2,000
1,996,050
Total
Asset-Backed
Securities
—
16.4%
(Cost:
$121,082,469)
.............................
121,517,706
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
0.2%
BAE
Systems
plc
...................
113,825
$
1,611,192
Air
Freight
&
Logistics
—
0.2%
United
Parcel
Service,
Inc.,
Class
B
......
10,493
1,649,814
Banks
—
0.6%
Bank
Rakyat
Indonesia
Persero
Tbk.
PT
...
2,139,900
795,332
Citizens
Financial
Group,
Inc.
..........
48,044
1,592,178
DBS
Group
Holdings
Ltd.
.............
40,600
1,026,727
M&T
Bank
Corp.
...................
8,575
1,175,461
4,589,698
Biotechnology
—
0.3%
AbbVie,
Inc.
......................
13,975
2,165,706
Building
Products
—
0.4%
Allegion
plc
.......................
13,554
1,717,156
Carrier
Global
Corp.
.................
25,927
1,489,506
3,206,662
Capital
Markets
—
0.3%
Intercontinental
Exchange,
Inc.
.........
16,279
2,090,712
Chemicals
—
0.2%
Air
Liquide
SA
.....................
9,205
1,792,171
Commercial
Services
&
Supplies
—
0.2%
Republic
Services,
Inc.
...............
9,565
1,577,364
Consumer
Finance
—
0.3%
American
Express
Co.
...............
6,508
1,219,209
Synchrony
Financial
.................
23,195
885,817
2,105,026
Consumer
Staples
Distribution
&
Retail
—
0.2%
Wal-Mart
de
Mexico
SAB
de
CV
.........
371,536
1,561,978
Diversified
REITs
—
0.0%
(c)
Cromwell
European
REIT
.............
61,800
96,829
LXI
REIT
plc
......................
116,646
155,820
252,649
Diversified
Telecommunication
Services
—
0.5%
Cellnex
Telecom
SA
(b)(c)
...............
5,409
212,968
Koninklijke
KPN
NV
.................
460,084
1,585,049
TELUS
Corp.
.....................
87,337
1,554,210
3,352,227
Electronic
Equipment,
Instruments
&
Components
—
0.2%
TE
Connectivity
Ltd.
.................
8,516
1,196,498
Energy
Equipment
&
Services
—
0.2%
Baker
Hughes
Co.,
Class
A
............
48,953
1,673,214
Financial
Services
—
0.0%
(a)
Travelport
Finance
..................
30
71,766
Food
Products
—
0.6%
Mondelez
International,
Inc.,
Class
A
......
31,284
2,265,900
Nestle
SA
(Registered)
...............
20,470
2,372,880
4,638,780
Ground
Transportation
—
0.3%
Union
Pacific
Corp.
.................
8,817
2,165,632
Health
Care
Equipment
&
Supplies
—
0.5%
EssilorLuxottica
SA
.................
10,168
2,041,722
Medtronic
plc
.....................
18,334
1,510,355
3,552,077
Security
Shares
Shares
Value
Health
Care
Providers
&
Services
—
0.3%
Envision
Healthcare
Corp.
(d)(e)
..........
2,678
$
20,085
UnitedHealth
Group,
Inc.
..............
3,800
2,000,586
2,020,671
Health
Care
REITs
—
0.2%
Assura
plc
.......................
533,202
327,046
CareTrust
REIT,
Inc.
.................
11,974
267,978
Community
Healthcare
Trust,
Inc.
........
1,215
32,368
Healthpeak
Properties,
Inc.
............
11,880
235,224
Physicians
Realty
Trust
...............
19,789
263,392
Target
Healthcare
REIT
plc
............
155,392
170,891
Ventas,
Inc.
......................
1,680
83,731
Welltower,
Inc.
.....................
1,189
107,212
1,487,842
Household
Durables
—
0.2%
Taylor
Wimpey
plc
..................
904,308
1,692,789
Industrial
REITs
—
0.2%
ESR
Kendall
Square
REIT
Co.
Ltd.
.......
52,189
147,770
Goodman
Group
...................
10,185
175,354
LondonMetric
Property
plc
.............
53,744
130,902
Prologis,
Inc.
......................
2,692
358,843
Rexford
Industrial
Realty,
Inc.
..........
5,728
321,341
Warehouses
De
Pauw
CVA
............
8,577
269,988
1,404,198
Insurance
—
0.6%
Assurant,
Inc.
.....................
6,997
1,178,925
Prudential
plc
.....................
114,000
1,286,227
Zurich
Insurance
Group
AG
............
3,071
1,605,602
4,070,754
IT
Services
—
0.3%
Accenture
plc,
Class
A
...............
6,052
2,123,707
NEXTDC
Ltd.
(d)
....................
21,871
204,250
SUNeVision
Holdings
Ltd.
.............
302,000
119,583
2,447,540
Machinery
—
0.3%
Otis
Worldwide
Corp.
................
23,898
2,138,154
Media
—
0.0%
Learfield
Communications
LLC,
(Acquired
09/06/23,
cost
$9,686)
(d)(e)(f)
..........
771
32,768
Office
REITs
—
0.1%
Alexandria
Real
Estate
Equities,
Inc.
......
1,308
165,815
Boston
Properties,
Inc.
...............
2,996
210,229
SL
Green
Realty
Corp.
...............
3,167
143,054
519,098
Oil,
Gas
&
Consumable
Fuels
—
0.4%
Shell
plc
.........................
50,080
1,647,797
Williams
Cos.,
Inc.
(The)
..............
31,623
1,101,429
2,749,226
Pharmaceuticals
—
0.8%
AstraZeneca
plc
...................
16,180
2,182,519
Novo
Nordisk
A/S,
Class
B
............
16,338
1,693,126
Sanofi
SA
........................
19,941
1,981,592
5,857,237
Professional
Services
—
0.5%
NMG,
Inc.
(d)
.......................
265
26,500
Paychex,
Inc.
.....................
15,866
1,889,799
RELX
plc
........................
48,861
1,935,943
3,852,242
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Real
Estate
Management
&
Development
—
0.1%
CK
Asset
Holdings
Ltd.
...............
71,000
$
356,356
Corp.
Inmobiliaria
Vesta
SAB
de
CV,
ADR
..
3,106
123,060
VGP
NV
.........................
723
83,775
Vonovia
SE
.......................
4,782
150,259
Wharf
Real
Estate
Investment
Co.
Ltd.
....
27,000
91,273
804,723
Residential
REITs
—
0.1%
Sun
Communities,
Inc.
...............
2,571
343,614
UDR,
Inc.
........................
10,593
405,606
749,220
Retail
REITs
—
0.0%
Link
REIT
........................
62,400
350,379
Semiconductors
&
Semiconductor
Equipment
—
0.5%
MediaTek,
Inc.
.....................
53,000
1,750,055
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
115,000
2,204,728
3,954,783
Software
—
0.8%
Microsoft
Corp.
....................
10,639
4,000,689
Oracle
Corp.
......................
16,240
1,712,183
5,712,872
Specialized
REITs
—
0.3%
American
Tower
Corp.
...............
1,213
261,862
Crown
Castle,
Inc.
..................
1,781
205,153
Digital
Realty
Trust,
Inc.
..............
1,124
151,268
EPR
Properties
....................
4,872
236,048
Equinix,
Inc.
......................
191
153,830
Extra
Space
Storage,
Inc.
.............
1,375
220,454
SBA
Communications
Corp.
...........
988
250,646
VICI
Properties,
Inc.
.................
11,677
372,263
1,851,524
Technology
Hardware,
Storage
&
Peripherals
—
0.4%
Apple,
Inc.
.......................
14,414
2,775,127
Textiles,
Apparel
&
Luxury
Goods
—
0.2%
LVMH
Moet
Hennessy
Louis
Vuitton
SE
....
1,999
1,624,262
Tobacco
—
0.3%
Philip
Morris
International,
Inc.
..........
21,472
2,020,086
Total
Common
Stocks
—
11.8%
(Cost:
$80,092,953)
..............................
87,368,661
Par
(000)
Par
(000)
Corporate
Bonds
Aerospace
&
Defense
—
1.1%
Boeing
Co.
(The)
2.85%,
10/30/24
.................
USD
375
366,655
2.20%,
02/04/26
.................
1,333
1,259,534
2.70%,
02/01/27
.................
450
424,299
5.15%,
05/01/30
.................
1,175
1,196,163
3.63%,
02/01/31
.................
151
140,247
Bombardier,
Inc.
(b)
7.13%,
06/15/26
.................
72
71,664
7.88%,
04/15/27
.................
16
16,003
6.00%,
02/15/28
.................
83
80,865
7.50%,
02/01/29
.................
37
37,613
8.75%,
11/15/30
.................
62
66,011
7.45%,
05/01/34
.................
100
114,000
BWX
Technologies,
Inc.,
4.13%,
06/30/28
(b)
.
82
76,038
Castlelake
Aviation
Finance
DAC,
5.00%,
04/15/27
(b)
....................
5
4,681
Security
Par
(000)
Par
(000)
Value
Aerospace
&
Defense
(continued)
General
Dynamics
Corp.
3.50%,
05/15/25
.................
USD
9
$
8,833
3.50%,
04/01/27
.................
39
37,994
3.75%,
05/15/28
.................
37
36,324
2.25%,
06/01/31
.................
45
39,121
L3Harris
Technologies,
Inc.
3.85%,
12/15/26
.................
100
98,013
4.40%,
06/15/28
.................
649
641,481
2.90%,
12/15/29
.................
12
10,844
5.40%,
07/31/33
.................
242
251,618
Lockheed
Martin
Corp.,
4.50%,
05/15/36
..
135
133,563
Northrop
Grumman
Corp.,
3.25%,
01/15/28
.
161
153,848
Rolls-Royce
plc,
5.75%,
10/15/27
(b)
......
200
200,344
RTX
Corp.
4.13%,
11/16/28
.................
332
324,356
5.75%,
01/15/29
.................
619
647,010
2.25%,
07/01/30
.................
8
6,911
5.15%,
02/27/33
.................
700
713,401
Spirit
AeroSystems,
Inc.
(b)
9.38%,
11/30/29
.................
78
85,354
9.75%,
11/15/30
.................
67
72,023
TransDigm,
Inc.
(b)
6.75%,
08/15/28
.................
452
462,433
7.13%,
12/01/31
.................
144
150,900
Triumph
Group,
Inc.,
9.00%,
03/15/28
(b)
...
139
147,805
Wesco
Aircraft
Holdings,
Inc.,
9.00%,
11/15/26
(b)(d)(g)
..................
92
8,763
8,084,712
Air
Freight
&
Logistics
—
0.0%
FedEx
Corp.,
2.40%,
05/15/31
.........
95
81,768
GN
Bondco
LLC,
9.50%,
10/15/31
(b)
.....
50
48,815
130,583
Automobile
Components
—
0.1%
Aptiv
plc,
3.25%,
03/01/32
...........
225
198,764
Clarios
Global
LP
(b)
6.75%,
05/15/25
.................
118
119,039
6.25%,
05/15/26
.................
23
23,030
8.50%,
05/15/27
.................
348
349,213
6.75%,
05/15/28
.................
118
120,385
Dealer
Tire
LLC,
8.00%,
02/01/28
(b)
......
16
15,840
Goodyear
Tire
&
Rubber
Co.
(The)
5.00%,
07/15/29
.................
5
4,724
5.63%,
04/30/33
.................
47
42,130
Icahn
Enterprises
LP
6.25%,
05/15/26
.................
54
51,522
5.25%,
05/15/27
.................
76
68,265
9.75%,
01/15/29
(b)
................
41
41,828
4.38%,
02/01/29
.................
34
28,392
Tenneco,
Inc.,
8.00%,
11/17/28
(b)
.......
25
21,344
1,084,476
Automobiles
—
0.6%
Daimler
Truck
Finance
North
America
LLC
(b)
5.15%,
01/16/26
.................
300
300,822
3.65%,
04/07/27
.................
150
144,560
Ford
Motor
Co.,
6.10%,
08/19/32
.......
481
484,863
General
Motors
Co.
6.13%,
10/01/25
.................
45
45,605
5.00%,
10/01/28
.................
16
16,124
6.60%,
04/01/36
.................
9
9,632
Hyundai
Capital
America
(b)
0.80%,
01/08/24
.................
315
314,785
1.00%,
09/17/24
.................
455
440,413
1.80%,
10/15/25
.................
221
207,659
6.25%,
11/03/25
.................
480
487,046
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Automobiles
(continued)
6.50%,
01/16/29
.................
USD
109
$
115,070
Nissan
Motor
Acceptance
Co.
LLC
(b)
2.00%,
03/09/26
.................
400
367,568
1.85%,
09/16/26
.................
161
144,757
2.75%,
03/09/28
.................
60
52,932
7.05%,
09/15/28
.................
334
352,380
Nissan
Motor
Co.
Ltd.,
4.35%,
09/17/27
(b)
..
435
416,113
Volkswagen
Group
of
America
Finance
LLC,
5.80%,
09/12/25
(b)
...............
344
346,758
4,247,087
Banks
—
5.7%
Banco
Bilbao
Vizcaya
Argentaria
SA,
(5-Year
USD
Swap
Semi
+
3.87%),
6.13%
(a)(h)
...
800
728,088
Bank
of
America
Corp.
(a)
(3-mo.
CME
Term
SOFR
+
1.07%),
3.37%,
01/23/26
....................
390
380,887
(1-day
SOFR
+
1.15%),
1.32%,
06/19/26
190
178,815
(1-day
SOFR
+
1.01%),
1.20%,
10/24/26
66
61,285
(1-day
SOFR
+
1.29%),
5.08%,
01/20/27
550
548,789
(3-mo.
CME
Term
SOFR
+
1.32%),
3.56%,
04/23/27
....................
1,003
965,335
(1-day
SOFR
+
0.96%),
1.73%,
07/22/27
116
106,273
(1-day
SOFR
+
1.05%),
2.55%,
02/04/28
618
572,475
(3-mo.
CME
Term
SOFR
+
1.77%),
3.71%,
04/24/28
....................
23
21,963
(3-mo.
CME
Term
SOFR
+
1.63%),
3.59%,
07/21/28
....................
1,216
1,153,373
(1-day
SOFR
+
2.04%),
4.95%,
07/22/28
605
604,918
(3-mo.
CME
Term
SOFR
+
1.30%),
3.42%,
12/20/28
....................
395
372,062
(1-day
SOFR
+
1.06%),
2.09%,
06/14/29
604
532,316
(3-mo.
CME
Term
SOFR
+
1.57%),
4.27%,
07/23/29
....................
326
314,749
(3-mo.
CME
Term
SOFR
+
1.47%),
3.97%,
02/07/30
....................
201
190,246
(3-mo.
CME
Term
SOFR
+
1.44%),
3.19%,
07/23/30
....................
300
272,012
(1-day
SOFR
+
2.15%),
2.59%,
04/29/31
86
74,114
(1-day
SOFR
+
1.21%),
2.57%,
10/20/32
125
103,634
(1-day
SOFR
+
1.33%),
2.97%,
02/04/33
107
91,038
Bank
of
Ireland
Group
plc,
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.65%),
6.25%,
09/16/26
(a)(b)
.........
330
333,482
Barclays
plc
3.65%,
03/16/25
.................
661
646,226
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.87%),
6.13%
(a)(h)
....................
775
741,256
4.38%,
01/12/26
.................
200
197,270
5.20%,
05/12/26
.................
209
207,645
(1-day
SOFR
+
2.21%),
5.83%,
05/09/27
(a)
200
201,789
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.05%),
2.28%,
11/24/27
(a)
...................
366
336,284
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.41%),
4.38%
(a)(h)
....................
200
155,481
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.30%),
7.39%,
11/02/28
(a)
...................
200
213,733
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.43%),
8.00%
(a)(h)
....................
730
716,431
(1-day
SOFR
+
2.22%),
6.49%,
09/13/29
(a)
960
999,523
(USISSO05
+
5.78%),
9.63%
(a)(h)
......
420
436,275
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(3-mo.
LIBOR
USD
+
3.05%),
5.09%,
06/20/30
(a)
...................
USD
400
$
387,269
BNP
Paribas
SA
(a)(b)
(1-day
SOFR
+
1.00%),
1.32%,
01/13/27
226
208,399
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.35%),
8.50%
(h)
.....................
235
246,098
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.34%),
4.63%
(h)
.....................
1,750
1,409,584
Citigroup,
Inc.
(a)
(1-day
SOFR
+
2.84%),
3.11%,
04/08/26
199
193,410
(1-day
SOFR
+
0.77%),
1.12%,
01/28/27
132
121,282
(3-mo.
CME
Term
SOFR
+
1.82%),
3.89%,
01/10/28
....................
1,275
1,232,909
(1-day
SOFR
+
1.28%),
3.07%,
02/24/28
51
48,056
(3-mo.
CME
Term
SOFR
+
1.65%),
3.67%,
07/24/28
....................
125
119,129
(3-mo.
CME
Term
SOFR
+
1.41%),
3.52%,
10/27/28
....................
335
316,831
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.21%),
7.63%
(h)
.....................
42
42,886
(1-day
SOFR
+
1.42%),
2.98%,
11/05/30
217
193,216
(1-day
SOFR
+
2.11%),
2.57%,
06/03/31
5
4,271
(1-day
SOFR
+
1.17%),
2.56%,
05/01/32
190
158,522
(1-day
SOFR
+
1.94%),
3.79%,
03/17/33
226
203,253
(1-day
SOFR
+
2.66%),
6.17%,
05/25/34
168
173,842
Danske
Bank
A/S,
(7-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.13%),
7.00%
(a)(c)(h)
..............
725
713,219
Fifth
Third
Bancorp
(a)
(SOFR
Index
+
2.19%),
6.36%,
10/27/28
170
176,390
(1-day
SOFR
+
2.34%),
6.34%,
07/27/29
704
732,990
HSBC
Holdings
plc
(a)
(1-day
SOFR
+
0.71%),
0.98%,
05/24/25
235
230,222
(1-day
SOFR
+
1.43%),
3.00%,
03/10/26
200
193,912
(1-day
SOFR
+
1.54%),
1.65%,
04/18/26
254
241,337
(1-day
SOFR
+
1.57%),
5.89%,
08/14/27
655
664,067
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.86%),
8.00%
(h)
.....................
200
205,858
(1-day
SOFR
+
1.97%),
6.16%,
03/09/29
935
965,469
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.65%),
4.60%
(h)
.....................
260
216,844
HSBC
USA,
Inc.,
5.63%,
03/17/25
......
200
200,946
JPMorgan
Chase
&
Co.
2.95%,
10/01/26
.................
130
123,834
(3-mo.
CME
Term
SOFR
+
0.70%),
1.04%,
02/04/27
(a)
...................
187
171,865
(1-day
SOFR
+
0.89%),
1.58%,
04/22/27
(a)
691
637,671
(1-day
SOFR
+
0.77%),
1.47%,
09/22/27
(a)
404
366,028
(3-mo.
CME
Term
SOFR
+
1.64%),
3.54%,
05/01/28
(a)
...................
195
186,099
(1-day
SOFR
+
1.99%),
4.85%,
07/25/28
(a)
71
71,020
(3-mo.
CME
Term
SOFR
+
1.38%),
4.01%,
04/23/29
(a)
...................
346
332,902
(1-day
SOFR
+
1.02%),
2.07%,
06/01/29
(a)
460
407,859
(1-day
SOFR
+
1.45%),
5.30%,
07/24/29
(a)
1,848
1,875,186
(1-day
SOFR
+
1.57%),
6.09%,
10/23/29
(a)
186
195,563
Lloyds
Banking
Group
plc
(a)
(3-mo.
LIBOR
USD
+
1.21%),
3.57%,
11/07/28
....................
204
191,669
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.91%),
8.00%
(h)
.....................
USD
200
$
200,399
Mitsubishi
UFJ
Financial
Group,
Inc.
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.55%),
0.95%,
07/19/25
(a)
...................
432
420,933
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.67%),
1.64%,
10/13/27
(a)
...................
200
182,089
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.83%),
2.34%,
01/19/28
(a)
...................
200
185,060
3.96%,
03/02/28
.................
6
5,843
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.29%),
8.20%
(a)(h)
....................
200
216,999
3.74%,
03/07/29
.................
71
67,926
2.05%,
07/17/30
.................
200
168,248
National
Australia
Bank
Ltd.,
3.91%,
06/09/27
250
244,991
NatWest
Group
plc
(3-mo.
LIBOR
USD
+
1.76%),
4.27%,
03/22/25
(a)
...................
440
438,439
4.80%,
04/05/26
.................
200
198,155
PNC
Financial
Services
Group,
Inc.
(The)
(a)
(SOFR
Index
+
1.73%),
6.62%,
10/20/27
103
106,844
(1-day
SOFR
+
1.84%),
5.58%,
06/12/29
670
684,293
(1-day
SOFR
+
2.28%),
6.88%,
10/20/34
264
293,076
Royal
Bank
of
Canada,
6.00%,
11/01/27
...
27
28,287
Santander
Holdings
USA,
Inc.,
(1-day
SOFR
+
2.36%),
6.50%,
03/09/29
(a)
..........
952
983,487
Societe
Generale
SA
(a)(b)(h)
(5-Year
USD
Swap
Rate
+
5.87%),
8.00%
400
399,703
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.51%),
5.38%
400
327,253
Sumitomo
Mitsui
Financial
Group,
Inc.
5.46%,
01/13/26
.................
865
873,477
5.72%,
09/14/28
.................
587
607,878
Toronto-Dominion
Bank
(The)
0.75%,
01/06/26
.................
309
285,423
5.10%,
01/09/26
.................
168
169,158
5.16%,
01/10/28
.................
171
173,579
5.52%,
07/17/28
.................
50
51,477
Truist
Financial
Corp.
(1-day
SOFR
+
2.05%),
6.05%,
06/08/27
(a)
467
475,225
1.13%,
08/03/27
.................
15
13,131
(1-day
SOFR
+
0.86%),
1.89%,
06/07/29
(a)
34
29,381
(1-day
SOFR
+
2.45%),
7.16%,
10/30/29
(a)
1,119
1,208,557
UniCredit
SpA,
(5-Year
USD
Swap
Semi
+
5.18%),
8.00%
(a)(c)(h)
..............
400
397,600
US
Bancorp
(a)
(1-day
SOFR
+
1.66%),
4.55%,
07/22/28
270
266,018
(1-day
SOFR
+
1.23%),
4.65%,
02/01/29
6
5,906
(1-day
SOFR
+
2.02%),
5.78%,
06/12/29
795
816,746
(1-day
SOFR
+
1.60%),
4.84%,
02/01/34
7
6,705
(1-day
SOFR
+
2.26%),
5.84%,
06/12/34
219
225,904
Wells
Fargo
&
Co.
(a)
(1-day
SOFR
+
1.32%),
3.91%,
04/25/26
1,100
1,078,172
(1-day
SOFR
+
2.00%),
2.19%,
04/30/26
275
263,551
(3-mo.
CME
Term
SOFR
+
1.57%),
3.58%,
05/22/28
....................
109
103,830
(1-day
SOFR
+
1.98%),
4.81%,
07/25/28
487
483,431
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.61%),
7.63%
(h)
.....................
61
64,008
(1-day
SOFR
+
1.74%),
5.57%,
07/25/29
741
756,612
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(1-day
SOFR
+
1.79%),
6.30%,
10/23/29
USD
160
$
168,627
(1-day
SOFR
+
2.06%),
6.49%,
10/23/34
1,248
1,357,684
Wells
Fargo
Bank
NA,
5.45%,
08/07/26
...
253
257,122
Westpac
Banking
Corp.
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.00%),
4.11%,
07/24/34
....................
14
12,799
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.75%),
2.67%,
11/15/35
....................
61
49,617
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.53%),
3.02%,
11/18/36
....................
23
18,697
41,990,014
Beverages
—
0.1%
Anheuser-Busch
Cos.
LLC,
4.70%,
02/01/36
22
21,928
Anheuser-Busch
InBev
Worldwide,
Inc.
4.00%,
04/13/28
(i)
................
285
281,497
4.75%,
01/23/29
.................
517
525,035
4.90%,
01/23/31
.................
137
142,521
970,981
Biotechnology
—
0.9%
AbbVie,
Inc.
2.95%,
11/21/26
.................
1,257
1,205,334
3.20%,
11/21/29
.................
461
430,938
Amgen,
Inc.
2.60%,
08/19/26
.................
175
166,293
5.15%,
03/02/28
.................
960
982,801
5.25%,
03/02/33
.................
357
366,008
Gilead
Sciences,
Inc.
3.65%,
03/01/26
.................
3,409
3,339,841
4.60%,
09/01/35
.................
238
235,411
6,726,626
Broadline
Retail
—
0.0%
(b)
ANGI
Group
LLC,
3.88%,
08/15/28
......
25
21,113
Go
Daddy
Operating
Co.
LLC,
5.25%,
12/01/27
42
41,156
LCM
Investments
Holdings
II
LLC
4.88%,
05/01/29
.................
61
56,664
8.25%,
08/01/31
.................
35
36,529
Match
Group
Holdings
II
LLC
4.63%,
06/01/28
.................
54
51,705
5.63%,
02/15/29
.................
27
26,224
NMG
Holding
Co.,
Inc.,
7.13%,
04/01/26
...
23
22,102
255,493
Building
Products
—
0.1%
(b)
Advanced
Drainage
Systems,
Inc.
5.00%,
09/30/27
.................
90
86,850
6.38%,
06/15/30
.................
11
11,082
Camelot
Return
Merger
Sub,
Inc.,
8.75%,
08/01/28
.....................
40
40,601
Carrier
Global
Corp.
5.80%,
11/30/25
.................
215
217,860
5.90%,
03/15/34
.................
63
68,141
Masonite
International
Corp.
5.38%,
02/01/28
.................
23
22,080
3.50%,
02/15/30
.................
29
25,138
New
Enterprise
Stone
&
Lime
Co.,
Inc.
5.25%,
07/15/28
.................
34
32,433
9.75%,
07/15/28
.................
15
15,000
Standard
Industries,
Inc.
5.00%,
02/15/27
.................
49
47,772
4.75%,
01/15/28
.................
4
3,851
4.38%,
07/15/30
.................
48
44,083
3.38%,
01/15/31
.................
34
29,249
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Building
Products
(continued)
Summit
Materials
LLC
5.25%,
01/15/29
.................
USD
16
$
15,480
7.25%,
01/15/31
.................
63
66,383
726,003
Capital
Markets
—
2.6%
AerCap
Ireland
Capital
DAC
3.50%,
01/15/25
.................
200
195,466
1.75%,
01/30/26
.................
150
139,294
2.45%,
10/29/26
.................
250
231,480
6.10%,
01/15/27
.................
216
220,609
6.45%,
04/15/27
(b)
................
205
212,260
5.75%,
06/06/28
.................
735
752,229
AG
TTMT
Escrow
Issuer
LLC,
8.63%,
09/30/27
(b)
....................
23
24,182
Ares
Capital
Corp.,
7.00%,
01/15/27
.....
20
20,572
Aretec
Group,
Inc.,
10.00%,
08/15/30
(b)
...
15
15,940
Blackstone
Private
Credit
Fund
7.05%,
09/29/25
.................
21
21,371
3.25%,
03/15/27
.................
67
61,462
Blue
Owl
Capital
Corp.
3.75%,
07/22/25
.................
59
56,512
3.40%,
07/15/26
.................
12
11,156
Blue
Owl
Capital
Corp.
II,
8.45%,
11/15/26
(b)
20
20,605
Blue
Owl
Credit
Income
Corp.
5.50%,
03/21/25
.................
25
24,646
7.75%,
09/16/27
.................
45
46,397
Charles
Schwab
Corp.
(The)
3.63%,
04/01/25
.................
200
196,332
5.88%,
08/24/26
.................
590
605,131
3.20%,
03/02/27
.................
155
147,497
3.30%,
04/01/27
.................
120
114,169
(1-day
SOFR
+
2.01%),
6.14%,
08/24/34
(a)
229
241,383
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
(b)
...............
53
50,065
Credit
Suisse
AG
4.75%,
08/09/24
.................
288
286,216
3.70%,
02/21/25
.................
500
489,714
2.95%,
04/09/25
.................
400
387,647
7.50%,
02/15/28
.................
515
564,031
Deutsche
Bank
AG
(a)
(1-day
SOFR
+
1.13%),
1.45%,
04/01/25
555
548,306
Series
2020,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.52%),
6.00%
(h)
...............
800
723,990
(1-day
SOFR
+
1.32%),
2.55%,
01/07/28
240
220,303
(1-day
SOFR
+
3.18%),
6.72%,
01/18/29
175
183,261
(1-day
SOFR
+
2.51%),
6.82%,
11/20/29
914
962,300
(1-day
SOFR
+
3.65%),
7.08%,
02/10/34
215
221,094
Goldman
Sachs
Group,
Inc.
(The)
(3-mo.
CME
Term
SOFR
+
1.46%),
3.27%,
09/29/25
(a)
...................
345
339,165
(1-day
SOFR
+
0.61%),
0.86%,
02/12/26
(a)
100
94,820
(1-day
SOFR
+
1.08%),
5.80%,
08/10/26
(a)
402
405,884
(1-day
SOFR
+
0.79%),
1.09%,
12/09/26
(a)
100
92,097
(1-day
SOFR
+
0.80%),
1.43%,
03/09/27
(a)
560
516,369
(1-day
SOFR
+
1.73%),
4.48%,
08/23/28
(a)
64
62,870
(3-mo.
CME
Term
SOFR
+
1.42%),
3.81%,
04/23/29
(a)
...................
75
71,203
(3-mo.
CME
Term
SOFR
+
1.56%),
4.22%,
05/01/29
(a)
...................
100
96,733
(1-day
SOFR
+
1.28%),
2.62%,
04/22/32
(a)
106
88,977
(1-day
SOFR
+
1.25%),
2.38%,
07/21/32
(a)
100
82,163
(1-day
SOFR
+
1.26%),
2.65%,
10/21/32
(a)
85
70,831
6.45%,
05/01/36
.................
8
8,635
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
Intercontinental
Exchange,
Inc.
3.10%,
09/15/27
.................
USD
80
$
76,056
4.00%,
09/15/27
.................
184
180,913
1.85%,
09/15/32
.................
216
172,745
Lehman
Brothers
Holdings,
Inc.,
6.88%,
07/17/37
(d)(e)(g)
..................
203
—
Morgan
Stanley
(a)
(1-day
SOFR
+
1.99%),
2.19%,
04/28/26
5
4,803
(1-day
SOFR
+
0.88%),
1.59%,
05/04/27
967
890,982
(1-day
SOFR
+
0.86%),
1.51%,
07/20/27
705
643,951
(1-day
SOFR
+
1.00%),
2.48%,
01/21/28
45
41,768
(3-mo.
CME
Term
SOFR
+
1.40%),
3.77%,
01/24/29
....................
904
862,129
(1-day
SOFR
+
1.59%),
5.16%,
04/20/29
651
654,721
(1-day
SOFR
+
1.63%),
5.45%,
07/20/29
375
382,107
(1-day
SOFR
+
1.83%),
6.41%,
11/01/29
543
575,463
(3-mo.
CME
Term
SOFR
+
1.89%),
4.43%,
01/23/30
....................
205
199,665
(1-day
SOFR
+
1.02%),
1.93%,
04/28/32
60
48,248
(1-day
SOFR
+
1.18%),
2.24%,
07/21/32
133
108,560
(1-day
SOFR
+
1.29%),
2.94%,
01/21/33
105
89,319
(1-day
SOFR
+
2.05%),
6.63%,
11/01/34
57
63,102
(1-day
SOFR
+
1.36%),
2.48%,
09/16/36
81
64,200
Nasdaq,
Inc.
5.35%,
06/28/28
.................
169
174,061
5.55%,
02/15/34
.................
36
37,399
Northern
Trust
Corp.,
6.13%,
11/02/32
....
22
23,624
Oaktree
Strategic
Credit
Fund,
8.40%,
11/14/28
(b)
....................
22
23,173
S&P
Global,
Inc.,
5.25%,
09/15/33
(b)
.....
128
133,916
State
Street
Corp.
(1-day
SOFR
+
0.41%),
1.75%,
02/06/26
(a)
13
12,492
(1-day
SOFR
+
2.60%),
2.90%,
03/30/26
(a)
7
6,801
(1-day
SOFR
+
1.48%),
5.68%,
11/21/29
(a)
16
16,544
2.40%,
01/24/30
.................
7
6,248
(1-day
SOFR
+
1.00%),
2.62%,
02/07/33
(a)
26
21,893
(3-mo.
CME
Term
SOFR
+
1.26%),
6.65%,
06/15/47
(a)
...................
1,788
1,466,227
UBS
AG,
1.38%,
01/13/25
(b)
..........
231
221,952
UBS
Group
AG
(a)(b)
(SOFR
Index
+
0.98%),
1.31%,
02/02/27
374
342,295
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.40%),
4.88%
(h)
.....................
200
180,144
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.05%),
4.70%,
08/05/27
....................
700
690,039
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.76%),
9.25%
(h)
.....................
200
221,653
(1-day
SOFR
+
5.02%),
9.02%,
11/15/33
400
491,694
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.00%),
6.30%,
09/22/34
....................
200
211,725
19,265,979
Chemicals
—
0.3%
Ashland,
Inc.,
3.38%,
09/01/31
(b)
........
20
17,238
Avient
Corp.,
7.13%,
08/01/30
(b)
........
36
37,449
Axalta
Coating
Systems
LLC,
3.38%,
02/15/29
(b)
....................
150
134,614
Celanese
US
Holdings
LLC,
6.70%,
11/15/33
12
13,015
Chemours
Co.
(The)
(b)
5.75%,
11/15/28
.................
40
38,100
4.63%,
11/15/29
.................
12
10,536
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
DuPont
de
Nemours,
Inc.
4.49%,
11/15/25
.................
USD
62
$
61,544
4.73%,
11/15/28
.................
64
64,942
Eastman
Chemical
Co.,
5.75%,
03/08/33
..
403
416,387
Element
Solutions,
Inc.,
3.88%,
09/01/28
(b)
.
200
184,127
Gates
Global
LLC,
6.25%,
01/15/26
(b)
.....
32
31,840
Herens
Holdco
SARL,
4.75%,
05/15/28
(b)
..
200
164,077
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(b)
...
75
71,715
Ingevity
Corp.,
3.88%,
11/01/28
(b)
.......
26
23,284
Kobe
U.S.
Midco
2,
Inc.,
9.25%,
11/01/26
(b)
.
74
53,517
LSF11
A5
HoldCo
LLC,
6.63%,
10/15/29
(b)
..
24
20,295
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(b)
25
24,042
Nutrien
Ltd.
5.95%,
11/07/25
.................
54
54,938
4.90%,
03/27/28
.................
62
62,558
PPG
Industries,
Inc.,
1.20%,
03/15/26
....
45
41,594
Scotts
Miracle-Gro
Co.
(The)
4.50%,
10/15/29
.................
3
2,666
4.00%,
04/01/31
.................
10
8,484
4.38%,
02/01/32
.................
26
21,970
Sherwin-Williams
Co.
(The)
4.25%,
08/08/25
.................
116
114,808
3.95%,
01/15/26
.................
29
28,433
3.45%,
06/01/27
.................
99
95,560
2.30%,
05/15/30
.................
22
19,079
SK
Invictus
Intermediate
II
SARL,
5.00%,
10/30/29
(b)
....................
73
63,328
WR
Grace
Holdings
LLC
(b)
4.88%,
06/15/27
.................
10
9,621
5.63%,
08/15/29
.................
210
184,791
7.38%,
03/01/31
.................
27
27,008
2,101,560
Commercial
Services
&
Supplies
—
0.3%
ADT
Security
Corp.
(The),
4.88%,
07/15/32
(b)
40
37,000
Allied
Universal
Holdco
LLC
(b)
9.75%,
07/15/27
.................
12
11,758
4.63%,
06/01/28
.................
407
370,955
6.00%,
06/01/29
.................
200
163,059
APi
Group
DE,
Inc.
(b)
4.13%,
07/15/29
.................
22
20,019
4.75%,
10/15/29
.................
17
15,968
APX
Group,
Inc.
(b)
6.75%,
02/15/27
.................
33
32,918
5.75%,
07/15/29
.................
53
49,409
Aramark
Services,
Inc.,
5.00%,
02/01/28
(b)
..
70
67,903
Clean
Harbors,
Inc.
(b)
4.88%,
07/15/27
.................
28
27,437
6.38%,
02/01/31
.................
20
20,321
Covanta
Holding
Corp.,
4.88%,
12/01/29
(b)
.
67
58,537
Garda
World
Security
Corp.
(b)
4.63%,
02/15/27
.................
65
62,672
9.50%,
11/01/27
.................
17
17,139
7.75%,
02/15/28
.................
72
74,492
6.00%,
06/01/29
.................
3
2,689
GFL
Environmental,
Inc.
(b)
4.25%,
06/01/25
.................
21
20,690
3.75%,
08/01/25
.................
26
25,392
5.13%,
12/15/26
.................
24
23,746
3.50%,
09/01/28
.................
37
34,190
4.75%,
06/15/29
.................
94
88,544
4.38%,
08/15/29
.................
65
59,987
6.75%,
01/15/31
.................
91
93,756
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(b)
....................
27
26,959
Neptune
Bidco
US,
Inc.,
9.29%,
04/15/29
(b)
.
56
52,220
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
Prime
Security
Services
Borrower
LLC
(b)
5.25%,
04/15/24
.................
USD
4
$
3,966
5.75%,
04/15/26
.................
22
22,119
6.25%,
01/15/28
.................
66
65,615
Republic
Services,
Inc.
4.88%,
04/01/29
.................
280
285,222
5.00%,
12/15/33
.................
285
290,991
Waste
Management,
Inc.,
2.00%,
06/01/29
.
191
169,993
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(b)
...
174
167,475
Williams
Scotsman,
Inc.
(b)
6.13%,
06/15/25
.................
26
26,051
7.38%,
10/01/31
.................
42
44,048
2,533,240
Communications
Equipment
—
0.0%
CommScope
Technologies
LLC,
6.00%,
06/15/25
(b)
....................
3
2,445
CommScope,
Inc.
(b)
6.00%,
03/01/26
.................
26
23,178
4.75%,
09/01/29
.................
34
22,828
Motorola
Solutions,
Inc.
4.60%,
05/23/29
.................
63
62,509
2.75%,
05/24/31
.................
39
33,333
Viasat,
Inc.
(b)
5.63%,
09/15/25
.................
77
75,078
5.63%,
04/15/27
.................
64
61,920
7.50%,
05/30/31
.................
8
6,280
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
(b)
...
32
28,014
315,585
Construction
&
Engineering
—
0.0%
(b)
Arcosa,
Inc.,
4.38%,
04/15/29
.........
67
62,403
Brand
Industrial
Services,
Inc.,
10.38%,
08/01/30
.....................
210
222,081
Dycom
Industries,
Inc.,
4.50%,
04/15/29
...
35
32,477
Pike
Corp.,
8.63%,
01/31/31
..........
12
12,610
329,571
Construction
Materials
—
0.0%
Smyrna
Ready
Mix
Concrete
LLC
(b)
6.00%,
11/01/28
.................
103
101,412
8.88%,
11/15/31
.................
94
98,810
200,222
Consumer
Finance
—
1.1%
Ally
Financial,
Inc.
5.80%,
05/01/25
.................
228
228,197
5.75%,
11/20/25
.................
343
340,863
(1-day
SOFR
+
2.82%),
6.85%,
01/03/30
(a)
255
261,986
American
Express
Co.,
2.55%,
03/04/27
...
193
180,806
Bread
Financial
Holdings,
Inc.,
9.75%,
03/15/29
(b)
....................
19
19,697
Capital
One
Financial
Corp.
3.75%,
04/24/24
.................
230
228,415
4.25%,
04/30/25
.................
185
182,195
(1-day
SOFR
+
1.37%),
4.17%,
05/09/25
(a)
215
213,377
(1-day
SOFR
+
1.29%),
2.64%,
03/03/26
(a)
62
59,408
(1-day
SOFR
+
0.86%),
1.88%,
11/02/27
(a)
35
31,481
3.80%,
01/31/28
.................
160
151,928
(1-day
SOFR
+
2.08%),
5.47%,
02/01/29
(a)
225
224,335
(1-day
SOFR
+
2.64%),
6.31%,
06/08/29
(a)
1,194
1,224,936
(1-day
SOFR
+
3.07%),
7.62%,
10/30/31
(a)
261
286,809
(1-day
SOFR
+
1.34%),
2.36%,
07/29/32
(a)
37
28,032
(1-day
SOFR
+
1.27%),
2.62%,
11/02/32
(a)
25
19,999
(1-day
SOFR
+
2.60%),
5.82%,
02/01/34
(a)
36
35,825
(1-day
SOFR
+
2.86%),
6.38%,
06/08/34
(a)
65
66,898
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
Ford
Motor
Credit
Co.
LLC
3.38%,
11/13/25
.................
USD
455
$
435,395
4.13%,
08/17/27
.................
200
189,337
7.35%,
11/04/27
.................
200
210,910
6.80%,
05/12/28
.................
551
575,492
5.11%,
05/03/29
.................
200
194,485
7.35%,
03/06/30
.................
200
214,860
7.12%,
11/07/33
.................
200
215,487
General
Motors
Financial
Co.,
Inc.
1.25%,
01/08/26
.................
40
37,009
5.40%,
04/06/26
.................
607
610,848
4.35%,
01/17/27
.................
196
192,073
Global
Aircraft
Leasing
Co.
Ltd.,
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
(b)(j)
......
38
35,524
Macquarie
Airfinance
Holdings
Ltd.
(b)
8.38%,
05/01/28
.................
14
14,663
8.13%,
03/30/29
.................
24
25,085
Navient
Corp.
5.50%,
03/15/29
.................
5
4,611
9.38%,
07/25/30
.................
35
36,668
OneMain
Finance
Corp.
6.88%,
03/15/25
.................
10
10,123
7.13%,
03/15/26
.................
38
38,714
6.63%,
01/15/28
.................
27
27,257
9.00%,
01/15/29
.................
62
65,548
5.38%,
11/15/29
.................
35
32,774
7.88%,
03/15/30
.................
52
53,527
4.00%,
09/15/30
.................
46
39,365
SLM
Corp.,
3.13%,
11/02/26
..........
44
41,027
Synchrony
Financial
4.25%,
08/15/24
.................
200
197,800
4.88%,
06/13/25
.................
3
2,949
4.50%,
07/23/25
.................
72
70,333
Toyota
Motor
Credit
Corp.
5.00%,
08/14/26
.................
279
282,339
5.40%,
11/20/26
.................
366
374,613
5.25%,
09/11/28
.................
146
151,177
1.65%,
01/10/31
.................
31
25,751
8,190,931
Consumer
Staples
Distribution
&
Retail
—
0.1%
7-Eleven,
Inc.,
0.95%,
02/10/26
(b)
.......
382
353,055
Albertsons
Cos.,
Inc.
(b)
3.25%,
03/15/26
.................
53
50,006
4.63%,
01/15/27
.................
4
3,889
5.88%,
02/15/28
.................
16
16,010
6.50%,
02/15/28
.................
20
20,239
3.50%,
03/15/29
.................
47
42,675
4.88%,
02/15/30
.................
36
34,464
Performance
Food
Group,
Inc.,
4.25%,
08/01/29
(b)
....................
53
48,611
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
(b)
28
22,667
US
Foods,
Inc.
(b)
4.75%,
02/15/29
.................
25
23,744
4.63%,
06/01/30
.................
37
34,482
7.25%,
01/15/32
.................
32
33,367
Walgreens
Boots
Alliance,
Inc.
3.20%,
04/15/30
.................
4
3,521
4.80%,
11/18/44
.................
12
9,998
4.10%,
04/15/50
.................
20
14,524
711,252
Containers
&
Packaging
—
0.3%
Ardagh
Metal
Packaging
Finance
USA
LLC
(b)
6.00%,
06/15/27
.................
200
199,284
4.00%,
09/01/29
.................
200
169,295
Security
Par
(000)
Par
(000)
Value
Containers
&
Packaging
(continued)
Ball
Corp.,
6.00%,
06/15/29
..........
USD
25
$
25,529
Berry
Global,
Inc.,
1.57%,
01/15/26
......
736
683,741
Clydesdale
Acquisition
Holdings,
Inc.
(b)
6.63%,
04/15/29
.................
45
44,260
8.75%,
04/15/30
.................
122
113,749
Graham
Packaging
Co.,
Inc.,
7.13%,
08/15/28
(b)
10
9,000
Graphic
Packaging
International
LLC
(b)
4.75%,
07/15/27
.................
15
14,550
3.50%,
03/15/28
.................
23
21,342
LABL,
Inc.
(b)
5.88%,
11/01/28
.................
40
36,241
9.50%,
11/01/28
.................
61
61,610
Mauser
Packaging
Solutions
Holding
Co.
(b)
7.88%,
08/15/26
.................
441
448,797
9.25%,
04/15/27
.................
8
7,853
Owens-Brockway
Glass
Container,
Inc.
(b)
6.63%,
05/13/27
.................
6
6,001
7.25%,
05/15/31
.................
21
21,291
Sealed
Air
Corp.
(b)
6.13%,
02/01/28
.................
30
30,259
5.00%,
04/15/29
.................
7
6,769
Sonoco
Products
Co.,
2.25%,
02/01/27
...
135
124,325
Trident
TPI
Holdings,
Inc.,
12.75%,
12/31/28
(b)
15
16,050
WRKCo,
Inc.
3.75%,
03/15/25
.................
54
52,977
4.65%,
03/15/26
.................
375
372,414
4.90%,
03/15/29
.................
96
96,525
2,561,862
Distributors
—
0.0%
(b)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
3.88%,
11/15/29
.............
24
21,395
BCPE
Empire
Holdings,
Inc.,
7.63%,
05/01/27
55
53,035
Resideo
Funding,
Inc.,
4.00%,
09/01/29
...
23
20,068
Ritchie
Bros
Holdings,
Inc.,
6.75%,
03/15/28
11
11,325
105,823
Diversified
Consumer
Services
—
0.1%
Johns
Hopkins
University,
Series
A,
4.71%,
07/01/32
.....................
9
9,192
Metis
Merger
Sub
LLC,
6.50%,
05/15/29
(b)
..
29
26,225
Service
Corp.
International,
4.00%,
05/15/31
122
109,251
Sotheby's,
7.38%,
10/15/27
(b)
..........
355
342,361
487,029
Diversified
REITs
—
0.5%
ERP
Operating
LP
4.15%,
12/01/28
.................
159
156,070
1.85%,
08/01/31
.................
162
132,865
Global
Net
Lease,
Inc.,
3.75%,
12/15/27
(b)
..
28
23,397
HAT
Holdings
I
LLC
(b)
3.38%,
06/15/26
.................
46
43,234
8.00%,
06/15/27
.................
15
15,620
Highwoods
Realty
LP,
7.65%,
02/01/34
...
115
124,062
Invitation
Homes
Operating
Partnership
LP
5.50%,
08/15/33
.................
21
21,026
2.70%,
01/15/34
.................
297
238,733
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%,
07/15/32
(b)
......
42
38,471
Mid-America
Apartments
LP,
3.60%,
06/01/27
89
86,017
MPT
Operating
Partnership
LP
4.63%,
08/01/29
.................
3
2,157
3.50%,
03/15/31
.................
172
107,539
Prologis
LP
4.88%,
06/15/28
.................
360
364,583
2.88%,
11/15/29
.................
45
40,850
5.13%,
01/15/34
.................
469
484,037
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Diversified
REITs
(continued)
Simon
Property
Group
LP
3.30%,
01/15/26
.................
USD
123
$
119,158
5.50%,
03/08/33
.................
128
132,259
VICI
Properties
LP
5.63%,
05/01/24
(b)
................
300
299,024
4.38%,
05/15/25
.................
30
29,482
4.63%,
06/15/25
(b)
................
12
11,787
4.75%,
02/15/28
.................
200
195,792
4.95%,
02/15/30
.................
78
75,685
4.13%,
08/15/30
(b)
................
210
191,294
5.13%,
05/15/32
.................
510
497,150
5.63%,
05/15/52
.................
42
40,270
3,470,562
Diversified
Telecommunication
Services
—
0.6%
Altice
France
SA,
5.13%,
07/15/29
(b)
.....
200
155,604
CCO
Holdings
LLC
(b)
5.00%,
02/01/28
.................
34
32,531
6.38%,
09/01/29
.................
113
111,436
4.75%,
03/01/30
.................
28
25,585
7.38%,
03/01/31
.................
299
306,883
4.75%,
02/01/32
.................
80
70,557
4.25%,
01/15/34
.................
88
71,511
Frontier
Communications
Holdings
LLC
(b)
5.88%,
10/15/27
.................
81
78,254
5.00%,
05/01/28
.................
86
79,479
8.75%,
05/15/30
.................
173
177,967
8.63%,
03/15/31
.................
15
15,294
Iliad
Holding
SASU,
7.00%,
10/15/28
(b)
....
200
199,018
Level
3
Financing,
Inc.
(b)
3.40%,
03/01/27
.................
113
108,480
4.63%,
09/15/27
.................
124
74,400
3.63%,
01/15/29
.................
10
5,100
11.00%,
11/15/29
(k)
...............
98
97,903
10.50%,
05/15/30
................
106
102,787
Lumen
Technologies,
Inc.,
4.00%,
02/15/27
(b)
49
31,623
Sprint
Capital
Corp.,
6.88%,
11/15/28
.....
562
608,944
Telecom
Italia
Capital
SA
6.38%,
11/15/33
.................
5
4,891
6.00%,
09/30/34
.................
41
38,937
7.20%,
07/18/36
.................
50
50,191
7.72%,
06/04/38
.................
18
18,330
Uniti
Group
LP,
10.50%,
02/15/28
(b)
......
119
120,643
Verizon
Communications,
Inc.
3.00%,
03/22/27
.................
15
14,261
2.10%,
03/22/28
.................
614
555,427
4.02%,
12/03/29
.................
512
495,047
1.75%,
01/20/31
.................
116
95,408
4.40%,
11/01/34
.................
14
13,469
Zayo
Group
Holdings,
Inc.
(b)
4.00%,
03/01/27
.................
319
255,766
6.13%,
03/01/28
.................
89
65,367
4,081,093
Electric
Utilities
—
1.8%
Alexander
Funding
Trust
II,
7.47%,
07/31/28
(b)
100
105,004
American
Electric
Power
Co.,
Inc.,
5.70%,
08/15/25
.....................
412
414,705
CenterPoint
Energy
Houston
Electric
LLC
Series
AG,
3.00%,
03/01/32
.........
100
88,502
4.95%,
04/01/33
.................
68
69,220
Duke
Energy
Carolinas
LLC
2.85%,
03/15/32
.................
115
100,241
4.95%,
01/15/33
.................
77
78,426
Duke
Energy
Corp.
2.65%,
09/01/26
.................
860
816,048
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
2.55%,
06/15/31
.................
USD
123
$
104,949
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.32%),
3.25%,
01/15/82
(a)
...................
335
259,037
Duke
Energy
Florida
LLC
3.20%,
01/15/27
.................
6
5,795
2.50%,
12/01/29
.................
88
78,459
1.75%,
06/15/30
.................
154
128,454
Duke
Energy
Ohio,
Inc.
2.13%,
06/01/30
.................
16
13,609
5.25%,
04/01/33
.................
13
13,393
Edison
International
4.70%,
08/15/25
.................
390
385,168
5.75%,
06/15/27
.................
100
102,110
5.25%,
11/15/28
.................
260
261,598
6.95%,
11/15/29
.................
68
73,795
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.86%),
8.13%,
06/15/53
(a)
...................
75
76,563
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.66%),
7.88%,
06/15/54
(a)
...................
139
140,042
Eversource
Energy
4.75%,
05/15/26
.................
9
8,952
5.45%,
03/01/28
.................
220
226,119
Exelon
Corp.
2.75%,
03/15/27
.................
40
37,671
5.15%,
03/15/28
.................
200
203,287
FirstEnergy
Corp.
Series
B,
4.15%,
07/15/27
(l)
.........
185
177,934
2.65%,
03/01/30
.................
217
187,473
Florida
Power
&
Light
Co.,
4.80%,
05/15/33
.
129
130,446
Georgia
Power
Co.,
4.70%,
05/15/32
.....
174
173,282
MidAmerican
Energy
Co.,
5.75%,
11/01/35
.
21
22,402
NextEra
Energy
Capital
Holdings,
Inc.
5.75%,
09/01/25
.................
280
282,649
1.88%,
01/15/27
.................
20
18,393
3.55%,
05/01/27
.................
300
288,904
4.63%,
07/15/27
.................
25
24,955
5.05%,
02/28/33
.................
110
110,205
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.55%),
3.80%,
03/15/82
(a)
...................
1,032
874,127
NextEra
Energy
Operating
Partners
LP
(b)
4.25%,
09/15/24
.................
4
3,870
3.88%,
10/15/26
.................
8
7,617
7.25%,
01/15/29
.................
23
24,079
Northern
States
Power
Co.,
2.25%,
04/01/31
10
8,577
NRG
Energy,
Inc.
(b)
2.45%,
12/02/27
.................
173
155,974
7.00%,
03/15/33
.................
30
31,709
Ohio
Power
Co.
5.00%,
06/01/33
.................
177
178,004
Series
F,
5.85%,
10/01/35
..........
9
9,349
Oncor
Electric
Delivery
Co.
LLC
4.30%,
05/15/28
(b)
................
109
107,649
3.70%,
11/15/28
.................
457
440,529
5.75%,
03/15/29
.................
6
6,333
2.75%,
05/15/30
.................
12
10,734
5.65%,
11/15/33
(b)
................
79
84,160
Pacific
Gas
&
Electric
Co.
3.40%,
08/15/24
.................
190
186,827
3.45%,
07/01/25
.................
14
13,549
3.15%,
01/01/26
.................
350
335,711
3.30%,
12/01/27
.................
140
130,665
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
20
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
3.30%,
12/01/27
.................
USD
10
$
9,333
3.00%,
06/15/28
.................
150
136,703
6.10%,
01/15/29
.................
512
529,816
4.55%,
07/01/30
.................
707
673,331
6.95%,
03/15/34
.................
65
71,396
PacifiCorp,
2.70%,
09/15/30
..........
31
26,862
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(b)
....................
71
67,156
PECO
Energy
Co.,
4.90%,
06/15/33
.....
99
100,646
PG&E
Corp.,
4.25%,
12/01/27
(b)(m)
.......
118
123,664
Public
Service
Electric
&
Gas
Co.
4.90%,
12/15/32
.................
395
400,726
4.65%,
03/15/33
.................
57
57,006
5.20%,
08/01/33
.................
56
58,118
Southern
California
Edison
Co.
Series
20C,
1.20%,
02/01/26
........
154
143,382
Series
G,
2.50%,
06/01/31
..........
337
288,551
6.00%,
01/15/34
.................
277
303,727
Southern
Co.
(The)
Series
21-B,
1.75%,
03/15/28
........
150
133,374
4.85%,
06/15/28
.................
114
114,839
5.20%,
06/15/33
.................
258
263,175
Tampa
Electric
Co.,
2.40%,
03/15/31
.....
9
7,590
Virginia
Electric
&
Power
Co.
Series
B,
3.75%,
05/15/27
..........
111
108,374
Series
A,
3.80%,
04/01/28
..........
90
87,279
2.30%,
11/15/31
.................
67
56,273
Vistra
Operations
Co.
LLC
(b)
3.55%,
07/15/24
.................
663
653,673
5.13%,
05/13/25
.................
723
715,969
5.50%,
09/01/26
.................
15
14,810
5.00%,
07/31/27
.................
7
6,815
7.75%,
10/15/31
.................
66
68,547
6.95%,
10/15/33
.................
35
36,835
13,075,223
Electrical
Equipment
—
0.0%
(b)
Regal
Rexnord
Corp.
6.05%,
04/15/28
.................
41
41,503
6.30%,
02/15/30
.................
45
46,166
6.40%,
04/15/33
.................
29
30,226
Vertiv
Group
Corp.,
4.13%,
11/15/28
.....
102
95,699
213,594
Electronic
Equipment,
Instruments
&
Components
—
0.0%
(b)
Coherent
Corp.,
5.00%,
12/15/29
.......
61
57,935
Sensata
Technologies,
Inc.
4.38%,
02/15/30
.................
102
94,601
3.75%,
02/15/31
.................
29
25,541
178,077
Energy
Equipment
&
Services
—
0.3%
Archrock
Partners
LP
(b)
6.88%,
04/01/27
.................
105
105,262
6.25%,
04/01/28
.................
64
63,040
Borr
IHC
Ltd.,
10.00%,
11/15/28
(b)
.......
200
209,006
Enerflex
Ltd.,
9.00%,
10/15/27
(b)
........
46
44,374
Halliburton
Co.,
2.92%,
03/01/30
.......
28
25,180
Nabors
Industries
Ltd.
(b)
7.25%,
01/15/26
.................
27
25,953
7.50%,
01/15/28
.................
55
47,561
Nabors
Industries,
Inc.
5.75%,
02/01/25
.................
127
126,958
9.13%,
01/31/30
(b)
................
37
37,150
Noble
Finance
II
LLC,
8.00%,
04/15/30
(b)
..
41
42,663
Oceaneering
International,
Inc.,
6.00%,
02/01/28
(b)
....................
10
9,693
Security
Par
(000)
Par
(000)
Value
Energy
Equipment
&
Services
(continued)
Patterson-UTI
Energy,
Inc.,
7.15%,
10/01/33
USD
15
$
15,891
Precision
Drilling
Corp.,
6.88%,
01/15/29
(b)
.
11
10,608
Tervita
Corp.,
11.00%,
12/01/25
(b)
.......
14
14,700
Transocean
Aquila
Ltd.,
8.00%,
09/30/28
(b)
.
18
18,269
Transocean
Titan
Financing
Ltd.,
8.38%,
02/01/28
(b)
....................
17
17,637
Transocean,
Inc.
(b)
7.50%,
01/15/26
.................
68
66,807
11.50%,
01/30/27
................
73
76,285
8.00%,
02/01/27
.................
44
42,900
8.75%,
02/15/30
.................
151
157,811
USA
Compression
Partners
LP
6.88%,
04/01/26
.................
63
62,734
6.88%,
09/01/27
.................
60
59,289
Valaris
Ltd.,
8.38%,
04/30/30
(b)
.........
104
106,552
Venture
Global
LNG,
Inc.
(b)
8.13%,
06/01/28
.................
109
110,079
9.50%,
02/01/29
.................
308
325,916
8.38%,
06/01/31
.................
195
194,899
9.88%,
02/01/32
.................
146
152,079
Weatherford
International
Ltd.
(b)
6.50%,
09/15/28
.................
24
24,835
8.63%,
04/30/30
.................
130
135,728
2,329,859
Entertainment
—
0.1%
(b)
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
.....................
39
29,176
Live
Nation
Entertainment,
Inc.
4.88%,
11/01/24
.................
9
8,919
5.63%,
03/15/26
.................
9
8,917
6.50%,
05/15/27
.................
159
161,786
4.75%,
10/15/27
.................
74
70,954
Netflix,
Inc.,
4.88%,
06/15/30
..........
118
119,481
Playtika
Holding
Corp.,
4.25%,
03/15/29
...
30
26,177
425,410
Financial
Services
—
0.5%
Block,
Inc.
2.75%,
06/01/26
.................
94
88,645
3.50%,
06/01/31
.................
197
174,926
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(b)
...
27
26,916
Fidelity
National
Information
Services,
Inc.
1.15%,
03/01/26
.................
286
264,252
4.70%,
07/15/27
.................
167
166,988
Fiserv,
Inc.
2.75%,
07/01/24
.................
523
515,174
3.85%,
06/01/25
.................
60
58,863
3.20%,
07/01/26
.................
40
38,504
2.25%,
06/01/27
.................
147
135,932
Freedom
Mortgage
Corp.
(b)
12.00%,
10/01/28
................
13
14,197
12.25%,
10/01/30
................
13
14,271
GGAM
Finance
Ltd.
(b)
7.75%,
05/15/26
.................
6
6,090
8.00%,
02/15/27
.................
60
61,503
8.00%,
06/15/28
.................
14
14,484
Global
Payments,
Inc.
1.20%,
03/01/26
.................
230
211,302
4.80%,
04/01/26
.................
67
66,416
2.15%,
01/15/27
.................
37
34,062
2.90%,
11/15/31
.................
65
55,600
JPMorgan
Chase
Bank
NA,
5.11%,
12/08/26
658
663,904
Mastercard,
Inc.,
2.00%,
11/18/31
.......
56
47,232
MGIC
Investment
Corp.,
5.25%,
08/15/28
..
31
30,176
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
Nationstar
Mortgage
Holdings,
Inc.
(b)
5.00%,
02/01/26
.................
USD
192
$
187,768
6.00%,
01/15/27
.................
18
17,865
5.13%,
12/15/30
.................
39
35,261
5.75%,
11/15/31
.................
26
24,243
NCR
Atleos
Escrow
Corp.,
9.50%,
04/01/29
(b)
34
36,125
PennyMac
Financial
Services,
Inc.,
7.88%,
12/15/29
(b)
....................
38
39,116
Permian
Resources
Operating
LLC
(b)
5.38%,
01/15/26
.................
10
9,867
7.75%,
02/15/26
.................
65
66,126
6.88%,
04/01/27
.................
17
16,988
8.00%,
04/15/27
.................
37
38,353
5.88%,
07/01/29
.................
111
108,221
9.88%,
07/15/31
.................
42
46,673
7.00%,
01/15/32
.................
45
46,425
Rocket
Mortgage
LLC
(b)
2.88%,
10/15/26
.................
140
129,150
3.88%,
03/01/31
.................
33
29,024
4.00%,
10/15/33
.................
8
6,796
Shift4
Payments
LLC,
4.63%,
11/01/26
(b)
...
93
90,434
Shift4
Payments,
Inc.,
0.00%,
12/15/25
(m)(n)
.
7
7,766
Verscend
Escrow
Corp.,
9.75%,
08/15/26
(b)
.
315
317,214
3,942,852
Food
Products
—
0.3%
B&G
Foods,
Inc.,
8.00%,
09/15/28
(b)
.....
15
15,751
Chobani
LLC
(b)
7.50%,
04/15/25
.................
169
168,155
4.63%,
11/15/28
.................
147
137,417
Darling
Ingredients,
Inc.,
6.00%,
06/15/30
(b)
.
84
84,062
J
M
Smucker
Co.
(The)
5.90%,
11/15/28
.................
393
413,204
6.20%,
11/15/33
.................
140
152,696
4.25%,
03/15/35
.................
15
13,941
Kraft
Heinz
Foods
Co.,
3.88%,
05/15/27
...
857
840,564
Lamb
Weston
Holdings,
Inc.
(b)
4.88%,
05/15/28
.................
88
86,064
4.13%,
01/31/30
.................
12
11,063
4.38%,
01/31/32
.................
46
41,964
Post
Holdings,
Inc.
(b)
5.50%,
12/15/29
.................
9
8,672
4.50%,
09/15/31
.................
9
8,065
Simmons
Foods,
Inc.,
4.63%,
03/01/29
(b)
..
32
27,686
2,009,304
Gas
Utilities
—
0.2%
AmeriGas
Partners
LP,
9.38%,
06/01/28
(b)
..
39
40,274
Atmos
Energy
Corp.
1.50%,
01/15/31
.................
35
28,458
5.90%,
11/15/33
.................
22
23,868
CenterPoint
Energy
Resources
Corp.,
5.25%,
03/01/28
.....................
18
18,458
DCP
Midstream
Operating
LP
5.63%,
07/15/27
.................
250
256,148
3.25%,
02/15/32
.................
641
555,819
Howard
Midstream
Energy
Partners
LLC,
8.88%,
07/15/28
(b)
...............
35
36,735
ONE
Gas,
Inc.
1.10%,
03/11/24
.................
129
127,856
2.00%,
05/15/30
.................
9
7,633
4.25%,
09/01/32
.................
9
8,631
Southern
California
Gas
Co.,
2.95%,
04/15/27
96
91,051
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
(b)
....................
6
5,440
1,200,371
Security
Par
(000)
Par
(000)
Value
Ground
Transportation
—
0.5%
Avis
Budget
Car
Rental
LLC,
8.00%,
02/15/31
(b)
USD
32
$
31,956
Burlington
Northern
Santa
Fe
LLC
7.00%,
12/15/25
.................
24
25,063
3.25%,
06/15/27
.................
15
14,457
Canadian
National
Railway
Co.,
3.85%,
08/05/32
.....................
137
130,342
CSX
Corp.
3.25%,
06/01/27
.................
133
128,157
4.25%,
03/15/29
.................
64
63,934
NESCO
Holdings
II,
Inc.,
5.50%,
04/15/29
(b)
.
38
35,134
Norfolk
Southern
Corp.
2.90%,
06/15/26
.................
240
230,345
3.15%,
06/01/27
.................
658
628,565
3.80%,
08/01/28
.................
83
80,811
2.30%,
05/15/31
.................
196
169,109
Penske
Truck
Leasing
Co.
LP
(b)
1.20%,
11/15/25
.................
853
790,850
4.45%,
01/29/26
.................
100
97,710
5.75%,
05/24/26
.................
275
277,178
5.88%,
11/15/27
.................
91
93,010
5.55%,
05/01/28
.................
21
21,322
RXO,
Inc.,
7.50%,
11/15/27
(b)
..........
31
31,988
Ryder
System,
Inc.
2.85%,
03/01/27
.................
135
126,908
6.60%,
12/01/33
.................
114
126,392
SMBC
Aviation
Capital
Finance
DAC,
1.90%,
10/15/26
(b)
....................
200
181,495
Uber
Technologies,
Inc.
0.00%,
12/15/25
(m)(n)
..............
48
48,809
8.00%,
11/01/26
(b)
................
85
86,577
7.50%,
09/15/27
(b)
................
101
104,599
6.25%,
01/15/28
(b)
................
54
54,135
4.50%,
08/15/29
(b)
................
126
120,200
Union
Pacific
Corp.,
2.89%,
04/06/36
.....
66
55,709
3,754,755
Health
Care
Equipment
&
Supplies
—
0.2%
Avantor
Funding,
Inc.
(b)
4.63%,
07/15/28
.................
127
122,743
3.88%,
11/01/29
.................
33
29,968
Bausch
&
Lomb
Escrow
Corp.,
8.38%,
10/01/28
(b)
....................
203
214,153
Baxter
International,
Inc.
1.92%,
02/01/27
.................
37
33,900
2.54%,
02/01/32
.................
132
110,670
Becton
Dickinson
&
Co.
3.73%,
12/15/24
.................
198
194,883
3.70%,
06/06/27
.................
164
158,924
Garden
Spinco
Corp.,
8.63%,
07/20/30
(b)
..
40
42,725
Medline
Borrower
LP
(b)
3.88%,
04/01/29
.................
81
73,236
5.25%,
10/01/29
.................
289
272,404
Medtronic
Global
Holdings
SCA
4.25%,
03/30/28
.................
31
30,865
4.50%,
03/30/33
.................
163
163,053
Teleflex,
Inc.,
4.63%,
11/15/27
.........
28
27,218
1,474,742
Health
Care
Providers
&
Services
—
0.6%
Acadia
Healthcare
Co.,
Inc.,
5.50%,
07/01/28
(b)
13
12,803
AHP
Health
Partners,
Inc.,
5.75%,
07/15/29
(b)
65
56,571
Ascension
Health,
Series
B,
2.53%,
11/15/29
16
14,282
Banner
Health,
1.90%,
01/01/31
........
128
106,107
Centene
Corp.
3.00%,
10/15/30
.................
252
218,243
2.63%,
08/01/31
.................
346
287,084
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
22
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
CommonSpirit
Health
6.07%,
11/01/27
.................
USD
137
$
141,002
3.35%,
10/01/29
.................
22
20,087
2.78%,
10/01/30
.................
161
139,598
Community
Health
Systems,
Inc.
(b)
5.63%,
03/15/27
.................
37
34,378
6.00%,
01/15/29
.................
138
124,218
5.25%,
05/15/30
.................
82
68,580
4.75%,
02/15/31
.................
65
51,099
Elevance
Health,
Inc.
5.35%,
10/15/25
.................
136
136,950
1.50%,
03/15/26
.................
29
27,048
4.10%,
03/01/28
.................
200
197,068
2.25%,
05/15/30
.................
15
12,987
5.50%,
10/15/32
.................
75
78,426
5.85%,
01/15/36
.................
45
48,062
Encompass
Health
Corp.
4.50%,
02/01/28
.................
7
6,697
4.75%,
02/01/30
.................
27
25,427
4.63%,
04/01/31
.................
48
44,169
HCA,
Inc.
5.38%,
02/01/25
.................
62
61,909
3.13%,
03/15/27
.................
465
440,789
3.50%,
09/01/30
.................
356
322,723
3.63%,
03/15/32
.................
175
156,481
5.50%,
06/01/33
.................
142
144,230
HealthEquity,
Inc.,
4.50%,
10/01/29
(b)
.....
124
115,135
Legacy
LifePoint
Health
LLC,
4.38%,
02/15/27
(b)
....................
16
14,772
LifePoint
Health,
Inc.
(b)
9.88%,
08/15/30
.................
46
46,487
11.00%,
10/15/30
................
70
73,721
ModivCare,
Inc.,
5.88%,
11/15/25
(b)
......
68
67,150
Molina
Healthcare,
Inc.
(b)
4.38%,
06/15/28
.................
21
19,861
3.88%,
11/15/30
.................
56
50,339
Option
Care
Health,
Inc.,
4.38%,
10/31/29
(b)
.
79
71,397
Prime
Healthcare
Services,
Inc.,
7.25%,
11/01/25
(b)
....................
6
5,850
RegionalCare
Hospital
Partners
Holdings,
Inc.,
9.75%,
12/01/26
(b)
...............
12
11,905
Surgery
Center
Holdings,
Inc.
(b)
6.75%,
07/01/25
.................
8
7,970
10.00%,
04/15/27
................
36
36,360
Sutter
Health
Series
2018,
3.70%,
08/15/28
........
30
28,739
Series
20A,
2.29%,
08/15/30
........
77
65,997
5.16%,
08/15/33
.................
40
40,529
Tenet
Healthcare
Corp.
4.88%,
01/01/26
.................
26
25,707
6.25%,
02/01/27
.................
13
13,064
5.13%,
11/01/27
.................
61
59,630
4.63%,
06/15/28
.................
12
11,452
6.13%,
10/01/28
.................
72
71,796
6.13%,
06/15/30
.................
20
20,222
6.75%,
05/15/31
(b)
................
155
158,418
UnitedHealth
Group,
Inc.
4.00%,
05/15/29
.................
89
87,691
2.30%,
05/15/31
.................
90
77,987
4.63%,
07/15/35
.................
129
129,637
5.80%,
03/15/36
.................
96
104,884
4,393,718
Health
Care
REITs
—
0.1%
Healthpeak
OP
LLC
1.35%,
02/01/27
.................
284
254,802
Security
Par
(000)
Par
(000)
Value
Health
Care
REITs
(continued)
2.88%,
01/15/31
.................
USD
14
$
12,151
5.25%,
12/15/32
.................
146
147,590
Ventas
Realty
LP
3.00%,
01/15/30
.................
55
48,551
4.75%,
11/15/30
.................
54
52,321
Welltower
OP
LLC
4.00%,
06/01/25
.................
112
109,980
3.85%,
06/15/32
.................
279
257,975
883,370
Health
Care
Technology
—
0.1%
(b)
AthenaHealth
Group,
Inc.,
6.50%,
02/15/30
.
337
305,719
IQVIA,
Inc.,
6.25%,
02/01/29
..........
63
65,769
371,488
Hotel
&
Resort
REITs
—
0.1%
RHP
Hotel
Properties
LP
4.75%,
10/15/27
.................
124
119,770
7.25%,
07/15/28
(b)
................
46
47,825
4.50%,
02/15/29
(b)
................
20
18,601
RLJ
Lodging
Trust
LP,
3.75%,
07/01/26
(b)
..
30
28,425
Service
Properties
Trust
7.50%,
09/15/25
.................
22
22,244
8.63%,
11/15/31
(b)
................
145
151,878
388,743
Hotels,
Restaurants
&
Leisure
—
0.5%
1011778
BC
ULC
(b)
3.88%,
01/15/28
.................
36
34,010
4.38%,
01/15/28
.................
21
20,057
4.00%,
10/15/30
.................
73
65,473
Booking
Holdings,
Inc.,
4.63%,
04/13/30
...
109
109,816
Boyd
Gaming
Corp.,
4.75%,
06/15/31
(b)
...
64
58,741
Boyne
USA,
Inc.,
4.75%,
05/15/29
(b)
.....
74
69,589
Caesars
Entertainment,
Inc.
(b)
6.25%,
07/01/25
.................
45
45,122
8.13%,
07/01/27
.................
76
77,908
4.63%,
10/15/29
.................
137
123,575
7.00%,
02/15/30
.................
202
207,138
Carnival
Corp.
(b)
7.63%,
03/01/26
.................
49
49,886
5.75%,
03/01/27
.................
114
111,199
4.00%,
08/01/28
.................
34
31,611
6.00%,
05/01/29
.................
108
103,918
7.00%,
08/15/29
.................
23
24,015
Carnival
Holdings
Bermuda
Ltd.,
10.38%,
05/01/28
(b)
....................
398
433,191
CCM
Merger,
Inc.,
6.38%,
05/01/26
(b)
.....
13
12,675
Cedar
Fair
LP
5.50%,
05/01/25
(b)
................
27
26,864
5.38%,
04/15/27
.................
6
5,870
6.50%,
10/01/28
.................
18
17,864
Churchill
Downs,
Inc.
(b)
5.50%,
04/01/27
.................
76
75,203
4.75%,
01/15/28
.................
82
78,588
5.75%,
04/01/30
.................
102
99,449
6.75%,
05/01/31
.................
52
52,777
Expedia
Group,
Inc.,
3.80%,
02/15/28
....
35
33,741
Fertitta
Entertainment
LLC
(b)
4.63%,
01/15/29
.................
64
58,072
6.75%,
01/15/30
.................
26
22,828
GLP
Capital
LP
5.30%,
01/15/29
.................
72
71,584
4.00%,
01/15/30
.................
49
44,711
3.25%,
01/15/32
.................
32
27,016
6.75%,
12/01/33
.................
25
26,971
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Hilton
Domestic
Operating
Co.,
Inc.
5.75%,
05/01/28
(b)
................
USD
41
$
41,016
3.75%,
05/01/29
(b)
................
14
12,980
4.88%,
01/15/30
.................
28
27,136
4.00%,
05/01/31
(b)
................
43
39,385
Hilton
Worldwide
Finance
LLC,
4.88%,
04/01/27
.....................
16
15,761
Life
Time,
Inc.,
8.00%,
04/15/26
(b)
.......
49
49,446
Light
&
Wonder
International,
Inc.
(b)
7.25%,
11/15/29
.................
6
6,144
7.50%,
09/01/31
.................
43
44,851
Lindblad
Expeditions
Holdings,
Inc.,
9.00%,
05/15/28
(b)
....................
33
34,121
Lindblad
Expeditions
LLC,
6.75%,
02/15/27
(b)
72
71,640
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(b)
49
42,195
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(b)
....................
22
20,460
NCL
Corp.
Ltd.
(b)
5.88%,
03/15/26
.................
25
24,429
8.38%,
02/01/28
.................
3
3,177
8.13%,
01/15/29
.................
17
17,758
7.75%,
02/15/29
.................
37
37,224
NCL
Finance
Ltd.,
6.13%,
03/15/28
(b)
.....
50
47,862
Ontario
Gaming
GTA
LP,
8.00%,
08/01/30
(b)
.
22
22,688
Premier
Entertainment
Sub
LLC
(b)
5.63%,
09/01/29
.................
23
18,400
5.88%,
09/01/31
.................
24
18,720
Raising
Cane's
Restaurants
LLC,
9.38%,
05/01/29
(b)
....................
19
20,277
Raptor
Acquisition
Corp.,
4.88%,
11/01/26
(b)
.
25
23,829
Royal
Caribbean
Cruises
Ltd.
(b)
4.25%,
07/01/26
.................
20
19,317
5.50%,
08/31/26
.................
39
38,616
5.38%,
07/15/27
.................
4
3,960
11.63%,
08/15/27
................
6
6,529
5.50%,
04/01/28
.................
7
6,911
8.25%,
01/15/29
.................
47
49,794
9.25%,
01/15/29
.................
21
22,588
7.25%,
01/15/30
.................
38
39,686
Scientific
Games
Holdings
LP,
6.63%,
03/01/30
(b)
....................
26
24,581
Six
Flags
Entertainment
Corp.,
7.25%,
05/15/31
(b)
....................
137
137,422
Station
Casinos
LLC
(b)
4.50%,
02/15/28
.................
5
4,714
4.63%,
12/01/31
.................
73
65,822
Vail
Resorts,
Inc.,
6.25%,
05/15/25
(b)
.....
10
9,950
Viking
Cruises
Ltd.
(b)
5.88%,
09/15/27
.................
29
27,985
7.00%,
02/15/29
.................
7
6,940
9.13%,
07/15/31
.................
113
120,412
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
02/15/29
(b)
....................
35
34,125
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%,
08/15/28
(b)
....................
28
26,184
Wynn
Las
Vegas
LLC,
5.25%,
05/15/27
(b)
..
56
54,494
Wynn
Macau
Ltd.,
5.63%,
08/26/28
(b)
.....
200
184,812
Wynn
Resorts
Finance
LLC
(b)
5.13%,
10/01/29
.................
98
92,491
7.13%,
02/15/31
.................
55
57,278
Yum!
Brands,
Inc.,
4.75%,
01/15/30
(b)
.....
22
21,325
3,914,897
Household
Durables
—
0.1%
Ashton
Woods
USA
LLC
(b)
6.63%,
01/15/28
.................
11
10,675
Security
Par
(000)
Par
(000)
Value
Household
Durables
(continued)
4.63%,
08/01/29
.................
USD
13
$
11,560
4.63%,
04/01/30
.................
35
31,353
Brookfield
Residential
Properties,
Inc.
(b)
5.00%,
06/15/29
.................
28
24,854
4.88%,
02/15/30
.................
26
22,865
CD&R
Smokey
Buyer,
Inc.,
6.75%,
07/15/25
(b)
35
34,627
Dream
Finders
Homes,
Inc.,
8.25%,
08/15/28
(b)
16
16,909
Installed
Building
Products,
Inc.,
5.75%,
02/01/28
(b)
....................
21
20,370
KB
Home,
7.25%,
07/15/30
...........
27
27,948
LGI
Homes,
Inc.,
8.75%,
12/15/28
(b)
......
17
18,084
Mattamy
Group
Corp.
(b)
5.25%,
12/15/27
.................
6
5,833
4.63%,
03/01/30
.................
20
18,535
SWF
Escrow
Issuer
Corp.,
6.50%,
10/01/29
(b)
23
16,531
Taylor
Morrison
Communities,
Inc.
(b)
5.88%,
06/15/27
.................
42
42,210
5.13%,
08/01/30
.................
11
10,641
Tempur
Sealy
International,
Inc.,
4.00%,
04/15/29
(b)
....................
44
39,741
TRI
Pointe
Homes,
Inc.
5.25%,
06/01/27
.................
19
18,668
5.70%,
06/15/28
.................
14
13,807
385,211
Household
Products
—
0.0%
Central
Garden
&
Pet
Co.
5.13%,
02/01/28
.................
2
1,943
4.13%,
10/15/30
.................
23
20,920
Spectrum
Brands,
Inc.
(b)
5.00%,
10/01/29
.................
22
20,990
5.50%,
07/15/30
.................
21
20,378
64,231
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
AES
Corp.
(The)
1.38%,
01/15/26
.................
385
356,232
2.45%,
01/15/31
.................
146
122,646
Calpine
Corp.
(b)
5.13%,
03/15/28
.................
71
68,073
5.00%,
02/01/31
.................
6
5,501
Clearway
Energy
Operating
LLC,
4.75%,
03/15/28
(b)
....................
67
64,549
NextEra
Energy
Partners
LP
(b)(m)
0.00%,
11/15/25
(n)
................
27
23,584
2.50%,
06/15/26
.................
27
24,192
Talen
Energy
Supply
LLC,
8.63%,
06/01/30
(b)
18
19,126
TransAlta
Corp.,
7.75%,
11/15/29
.......
29
30,800
714,703
Industrial
Conglomerates
—
0.1%
Emerald
Debt
Merger
Sub
LLC,
6.63%,
12/15/30
(b)
....................
417
425,911
Insurance
—
0.3%
Acrisure
LLC,
6.00%,
08/01/29
(b)
........
25
22,716
Alliant
Holdings
Intermediate
LLC
(b)
4.25%,
10/15/27
.................
181
173,950
6.75%,
10/15/27
.................
159
158,438
6.75%,
04/15/28
.................
83
84,911
5.88%,
11/01/29
.................
312
295,618
7.00%,
01/15/31
.................
68
71,731
Allstate
Corp.
(The),
3.28%,
12/15/26
....
148
142,719
AmWINS
Group,
Inc.,
4.88%,
06/30/29
(b)
...
74
67,579
Aon
Corp.
2.85%,
05/28/27
.................
251
237,109
2.60%,
12/02/31
.................
77
65,292
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
5.35%,
02/28/33
.................
USD
116
$
118,964
GTCR
AP
Finance,
Inc.,
8.00%,
05/15/27
(b)
.
24
24,241
HUB
International
Ltd.
(b)
7.00%,
05/01/26
.................
66
66,255
7.25%,
06/15/30
.................
240
253,495
Jones
Deslauriers
Insurance
Management,
Inc.
(b)
8.50%,
03/15/30
.................
73
76,660
10.50%,
12/15/30
................
41
43,210
Marsh
&
McLennan
Cos.,
Inc.
2.25%,
11/15/30
.................
101
86,937
2.38%,
12/15/31
.................
22
18,740
NFP
Corp.
(b)
4.88%,
08/15/28
.................
52
51,462
6.88%,
08/15/28
.................
252
256,183
7.50%,
10/01/30
.................
42
44,701
8.50%,
10/01/31
.................
26
28,181
Ryan
Specialty
LLC,
4.38%,
02/01/30
(b)
...
36
33,390
USI,
Inc.,
7.50%,
01/15/32
(b)
..........
63
64,499
2,486,981
Interactive
Media
&
Services
—
0.0%
Meta
Platforms,
Inc.
4.60%,
05/15/28
.................
172
174,509
4.95%,
05/15/33
.................
112
115,597
290,106
IT
Services
—
0.2%
Acuris
Finance
US,
Inc.,
5.00%,
05/01/28
(b)
.
200
163,000
Ahead
DB
Holdings
LLC,
6.63%,
05/01/28
(b)
36
31,365
Arches
Buyer,
Inc.,
4.25%,
06/01/28
(b)
....
14
12,679
Booz
Allen
Hamilton,
Inc.,
4.00%,
07/01/29
(b)
6
5,623
CA
Magnum
Holdings,
5.38%,
10/31/26
(b)
..
201
186,930
Cablevision
Lightpath
LLC,
5.63%,
09/15/28
(b)
200
157,622
Central
Parent
LLC,
8.00%,
06/15/29
(b)
....
61
63,669
Gartner,
Inc.
(b)
4.50%,
07/01/28
.................
32
30,347
3.75%,
10/01/30
.................
20
17,679
GTCR
W-2
Merger
Sub
LLC,
7.50%,
01/15/31
(b)
221
233,536
Newfold
Digital
Holdings
Group,
Inc.,
11.75%,
10/15/28
(b)
....................
16
17,212
Northwest
Fiber
LLC,
4.75%,
04/30/27
(b)
...
71
67,805
Presidio
Holdings,
Inc.,
4.88%,
02/01/27
(b)
..
8
7,842
Tempo
Acquisition
LLC,
5.75%,
06/01/25
(b)
.
7
7,013
Twilio,
Inc.
3.63%,
03/15/29
.................
23
20,983
3.88%,
03/15/31
.................
96
85,488
1,108,793
Leisure
Products
—
0.0%
Acushnet
Co.,
7.38%,
10/15/28
(b)
.......
12
12,519
Mattel,
Inc.
6.20%,
10/01/40
.................
61
59,004
5.45%,
11/01/41
.................
2
1,801
73,324
Life
Sciences
Tools
&
Services
—
0.0%
Fortrea
Holdings,
Inc.,
7.50%,
07/01/30
(b)
..
26
26,701
Star
Parent,
Inc.,
9.00%,
10/01/30
(b)
......
128
134,893
Thermo
Fisher
Scientific,
Inc.,
2.00%,
10/15/31
180
151,661
313,255
Machinery
—
0.2%
Amsted
Industries,
Inc.,
5.63%,
07/01/27
(b)
.
22
21,921
ATS
Corp.,
4.13%,
12/15/28
(b)
.........
34
31,271
Chart
Industries,
Inc.
(b)
7.50%,
01/01/30
.................
138
144,244
9.50%,
01/01/31
.................
22
23,896
Security
Par
(000)
Par
(000)
Value
Machinery
(continued)
Enpro,
Inc.,
5.75%,
10/15/26
..........
USD
57
$
56,420
GrafTech
Global
Enterprises,
Inc.,
9.88%,
12/15/28
(b)
....................
19
14,654
Husky
III
Holding
Ltd.,
13.00%,
(13.00%
Cash
or
13.75%
PIK),
02/15/25
(b)(j)
.........
157
156,312
Madison
IAQ
LLC,
5.88%,
06/30/29
(b)
.....
177
155,952
Mueller
Water
Products,
Inc.,
4.00%,
06/15/29
(b)
29
26,419
OT
Merger
Corp.,
7.88%,
10/15/29
(b)
.....
44
26,356
Otis
Worldwide
Corp.
2.29%,
04/05/27
.................
46
42,869
5.25%,
08/16/28
.................
55
56,528
2.57%,
02/15/30
.................
44
39,125
Terex
Corp.,
5.00%,
05/15/29
(b)
........
59
55,607
Titan
Acquisition
Ltd.,
7.75%,
04/15/26
(b)
...
9
9,057
Titan
International,
Inc.,
7.00%,
04/30/28
..
22
22,009
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
(b)
200
196,471
Wabash
National
Corp.,
4.50%,
10/15/28
(b)
.
39
35,190
1,114,301
Media
—
0.8%
AMC
Networks,
Inc.,
4.75%,
08/01/25
....
17
16,555
Cable
One,
Inc.
0.00%,
03/15/26
(m)(n)
..............
21
17,819
1.13%,
03/15/28
(m)
...............
55
41,662
4.00%,
11/15/30
(b)
................
43
34,814
Charter
Communications
Operating
LLC
4.91%,
07/23/25
.................
885
876,587
6.15%,
11/10/26
.................
1,080
1,104,115
4.20%,
03/15/28
.................
27
25,934
2.25%,
01/15/29
.................
231
200,431
5.05%,
03/30/29
.................
157
155,336
2.80%,
04/01/31
.................
318
268,221
Clear
Channel
Outdoor
Holdings,
Inc.
(b)
5.13%,
08/15/27
.................
99
94,504
7.75%,
04/15/28
.................
123
106,051
9.00%,
09/15/28
.................
268
279,649
CMG
Media
Corp.,
8.88%,
12/15/27
(b)
....
42
33,311
Comcast
Corp.
2.35%,
01/15/27
.................
28
26,285
3.55%,
05/01/28
.................
50
48,219
4.15%,
10/15/28
.................
197
194,256
2.65%,
02/01/30
.................
86
77,419
3.40%,
04/01/30
.................
12
11,232
1.50%,
02/15/31
.................
232
190,131
5.50%,
11/15/32
.................
17
18,106
CSC
Holdings
LLC
(b)
11.25%,
05/15/28
................
200
206,072
4.50%,
11/15/31
.................
246
185,995
DirecTV
Financing
LLC,
5.88%,
08/15/27
(b)
.
77
72,347
DISH
DBS
Corp.
5.25%,
12/01/26
(b)
................
127
108,807
5.75%,
12/01/28
(b)
................
37
29,511
5.13%,
06/01/29
.................
56
28,862
DISH
Network
Corp.,
11.75%,
11/15/27
(b)
..
134
139,877
GCI
LLC,
4.75%,
10/15/28
(b)
..........
30
27,525
Gray
Television,
Inc.
(b)
5.88%,
07/15/26
.................
22
21,400
7.00%,
05/15/27
.................
40
38,020
Hughes
Satellite
Systems
Corp.,
5.25%,
08/01/26
.....................
15
13,200
Interpublic
Group
of
Cos.,
Inc.
(The),
2.40%,
03/01/31
.....................
170
143,632
Lamar
Media
Corp.,
4.00%,
02/15/30
.....
8
7,332
Midcontinent
Communications,
5.38%,
08/15/27
(b)
....................
18
17,545
Nexstar
Media,
Inc.,
5.63%,
07/15/27
(b)
....
11
10,636
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Outfront
Media
Capital
LLC
(b)
5.00%,
08/15/27
.................
USD
75
$
72,495
4.25%,
01/15/29
.................
38
34,290
4.63%,
03/15/30
.................
7
6,240
7.38%,
02/15/31
.................
40
42,006
Paramount
Global,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.00%),
6.38%,
03/30/62
(a)
..........
208
187,200
Radiate
Holdco
LLC
(b)
4.50%,
09/15/26
.................
89
67,881
6.50%,
09/15/28
.................
159
77,907
Sinclair
Television
Group,
Inc.,
4.13%,
12/01/30
(b)
....................
9
6,345
Sirius
XM
Radio,
Inc.
(b)
3.13%,
09/01/26
.................
108
101,484
5.00%,
08/01/27
.................
22
21,252
4.00%,
07/15/28
.................
13
12,023
Stagwell
Global
LLC,
5.63%,
08/15/29
(b)
...
17
15,636
TEGNA,
Inc.,
4.75%,
03/15/26
(b)
........
5
4,863
Univision
Communications,
Inc.
(b)
8.00%,
08/15/28
.................
135
139,269
7.38%,
06/30/30
.................
8
7,977
Videotron
Ltd.,
3.63%,
06/15/29
(b)
.......
11
9,983
Warnermedia
Holdings,
Inc.
5.14%,
03/15/52
.................
56
48,068
5.39%,
03/15/62
.................
36
30,830
5,757,147
Metals
&
Mining
—
0.4%
Arsenal
AIC
Parent
LLC,
8.00%,
10/01/30
(b)
.
25
26,084
ATI,
Inc.
5.88%,
12/01/27
.................
21
20,695
4.88%,
10/01/29
.................
17
15,843
7.25%,
08/15/30
.................
71
73,868
5.13%,
10/01/31
.................
71
65,853
BHP
Billiton
Finance
USA
Ltd.
4.88%,
02/27/26
.................
19
19,094
5.25%,
09/08/30
.................
14
14,504
5.25%,
09/08/33
.................
19
19,703
Big
River
Steel
LLC,
6.63%,
01/31/29
(b)
...
236
240,621
Carpenter
Technology
Corp.
6.38%,
07/15/28
.................
6
5,977
7.63%,
03/15/30
.................
49
50,528
Constellium
SE,
3.75%,
04/15/29
(b)
......
250
226,840
ERO
Copper
Corp.,
6.50%,
02/15/30
(b)
....
30
26,468
Freeport-McMoRan,
Inc.,
5.40%,
11/14/34
..
26
26,171
Glencore
Canada
Corp.,
6.20%,
06/15/35
..
14
14,638
Glencore
Funding
LLC
(b)
4.00%,
03/27/27
.................
250
242,768
5.70%,
05/08/33
.................
30
31,126
6.50%,
10/06/33
.................
401
437,177
Kaiser
Aluminum
Corp.
(b)
4.63%,
03/01/28
.................
39
36,069
4.50%,
06/01/31
.................
82
70,686
Mineral
Resources
Ltd.,
9.25%,
10/01/28
(b)
.
5
5,319
New
Gold,
Inc.,
7.50%,
07/15/27
(b)
......
95
95,843
Newmont
Corp.,
2.25%,
10/01/30
.......
72
62,143
Novelis
Corp.
(b)
3.25%,
11/15/26
.................
49
46,129
4.75%,
01/30/30
.................
232
218,184
3.88%,
08/15/31
.................
132
116,323
Rio
Tinto
Finance
USA
plc,
5.00%,
03/09/33
122
126,696
Steel
Dynamics,
Inc.
1.65%,
10/15/27
.................
180
160,179
3.25%,
01/15/31
.................
42
37,842
Security
Par
(000)
Par
(000)
Value
Metals
&
Mining
(continued)
Teck
Resources
Ltd.,
3.90%,
07/15/30
....
USD
200
$
185,595
2,718,966
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
(b)
Ladder
Capital
Finance
Holdings
LLLP
5.25%,
10/01/25
.................
6
5,919
4.25%,
02/01/27
.................
15
14,133
4.75%,
06/15/29
.................
26
23,444
Starwood
Property
Trust,
Inc.,
4.38%,
01/15/27
3
2,827
46,323
Multi-Utilities
—
0.4%
Berkshire
Hathaway
Energy
Co.,
1.65%,
05/15/31
.....................
177
141,946
Consumers
Energy
Co.,
4.90%,
02/15/29
..
457
464,979
Dominion
Energy,
Inc.,
Series
C,
3.38%,
04/01/30
.....................
66
60,761
NiSource,
Inc.
5.25%,
03/30/28
.................
333
339,532
5.40%,
06/30/33
.................
142
146,413
San
Diego
Gas
&
Electric
Co.,
4.95%,
08/15/28
678
691,896
Sempra
3.30%,
04/01/25
.................
75
73,171
5.40%,
08/01/26
.................
102
103,336
3.25%,
06/15/27
.................
325
308,026
3.40%,
02/01/28
.................
207
197,273
3.70%,
04/01/29
.................
66
62,879
WEC
Energy
Group,
Inc.
4.75%,
01/09/26
.................
190
189,254
5.60%,
09/12/26
.................
135
137,395
4.75%,
01/15/28
.................
9
8,998
2,925,859
Office
REITs
—
0.2%
Alexandria
Real
Estate
Equities,
Inc.
3.95%,
01/15/27
.................
350
338,489
4.90%,
12/15/30
.................
260
260,311
2.00%,
05/18/32
.................
145
116,319
1.88%,
02/01/33
.................
160
124,555
Boston
Properties
LP
3.80%,
02/01/24
.................
213
212,598
6.75%,
12/01/27
.................
49
51,305
Kilroy
Realty
LP
4.25%,
08/15/29
.................
69
63,240
3.05%,
02/15/30
.................
76
64,604
1,231,421
Oil,
Gas
&
Consumable
Fuels
—
2.8%
Aethon
United
BR
LP,
8.25%,
02/15/26
(b)
...
61
61,305
Antero
Midstream
Partners
LP
(b)
5.75%,
03/01/27
.................
43
42,666
5.75%,
01/15/28
.................
19
18,811
Apache
Corp.,
5.35%,
07/01/49
........
19
15,798
Ascent
Resources
Utica
Holdings
LLC
(b)
9.00%,
11/01/27
.................
76
95,760
8.25%,
12/31/28
.................
116
116,674
5.88%,
06/30/29
.................
54
50,239
Baytex
Energy
Corp.,
8.50%,
04/30/30
(b)
...
35
36,222
BP
Capital
Markets
America,
Inc.
3.54%,
04/06/27
.................
264
256,677
3.59%,
04/14/27
.................
117
113,431
4.23%,
11/06/28
.................
386
383,639
1.75%,
08/10/30
.................
210
177,828
Buckeye
Partners
LP
5.85%,
11/15/43
.................
13
10,531
5.60%,
10/15/44
.................
18
13,850
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
26
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Callon
Petroleum
Co.
6.38%,
07/01/26
.................
USD
60
$
59,715
8.00%,
08/01/28
(b)
................
55
56,170
7.50%,
06/15/30
(b)
................
122
123,040
Cenovus
Energy,
Inc.,
2.65%,
01/15/32
...
27
22,374
Cheniere
Corpus
Christi
Holdings
LLC
5.88%,
03/31/25
.................
492
493,049
5.13%,
06/30/27
.................
394
395,913
3.70%,
11/15/29
.................
7
6,611
Cheniere
Energy
Partners
LP
3.25%,
01/31/32
.................
63
53,678
5.95%,
06/30/33
(b)
................
225
231,016
Chesapeake
Energy
Corp.,
6.75%,
04/15/29
(b)
19
19,177
CITGO
Petroleum
Corp.
(b)
7.00%,
06/15/25
.................
24
23,961
6.38%,
06/15/26
.................
86
85,716
8.38%,
01/15/29
.................
69
70,955
Civitas
Resources,
Inc.
(b)
8.38%,
07/01/28
.................
109
113,790
8.63%,
11/01/30
.................
56
59,400
8.75%,
07/01/31
.................
117
124,552
CNX
Midstream
Partners
LP,
4.75%,
04/15/30
(b)
22
19,756
CNX
Resources
Corp.,
7.38%,
01/15/31
(b)
..
14
14,097
Columbia
Pipelines
Holding
Co.
LLC,
6.06%,
08/15/26
(b)
....................
6
6,142
Comstock
Resources,
Inc.
(b)
6.75%,
03/01/29
.................
34
31,093
5.88%,
01/15/30
.................
135
117,086
ConocoPhillips
Co.
6.95%,
04/15/29
.................
188
209,430
4.15%,
11/15/34
.................
9
8,422
Coterra
Energy,
Inc.
3.90%,
05/15/27
.................
12
11,610
4.38%,
03/15/29
.................
8
7,763
CQP
Holdco
LP,
5.50%,
06/15/31
(b)
......
400
379,042
Crescent
Energy
Finance
LLC
(b)
7.25%,
05/01/26
.................
105
105,647
9.25%,
02/15/28
.................
89
92,344
CrownRock
LP,
5.00%,
05/01/29
(b)
......
19
18,525
Devon
Energy
Corp.
5.85%,
12/15/25
.................
31
31,334
4.50%,
01/15/30
.................
63
60,488
Diamond
Foreign
Asset
Co.,
8.50%,
10/01/30
(b)
30
30,678
Diamondback
Energy,
Inc.
3.13%,
03/24/31
.................
436
387,527
6.25%,
03/15/33
.................
216
230,801
DT
Midstream,
Inc.
(b)
4.13%,
06/15/29
.................
28
25,759
4.38%,
06/15/31
.................
26
23,453
Enbridge
Energy
Partners
LP
5.88%,
10/15/25
.................
94
94,980
Series
B,
7.50%,
04/15/38
..........
23
26,733
Enbridge,
Inc.
5.90%,
11/15/26
.................
327
335,734
5.70%,
03/08/33
.................
367
381,459
2.50%,
08/01/33
.................
40
32,756
Series
16-A,
(3-mo.
CME
Term
SOFR
+
4.15%),
6.00%,
01/15/77
(a)
........
775
735,696
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.43%),
8.50%,
01/15/84
(a)
...................
25
26,591
Energy
Transfer
LP
3.90%,
07/15/26
.................
245
238,105
4.40%,
03/15/27
.................
400
391,047
5.55%,
02/15/28
.................
100
102,010
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
4.95%,
05/15/28
.................
USD
200
$
198,993
6.10%,
12/01/28
.................
1,230
1,294,448
6.00%,
02/01/29
(b)
................
2
2,018
6.40%,
12/01/30
.................
405
433,026
7.38%,
02/01/31
(b)
................
16
16,815
EnLink
Midstream
LLC
(b)
5.63%,
01/15/28
.................
81
80,083
6.50%,
09/01/30
.................
10
10,210
EnLink
Midstream
Partners
LP
4.85%,
07/15/26
.................
3
2,939
5.60%,
04/01/44
.................
18
15,666
Enterprise
Products
Operating
LLC,
4.15%,
10/16/28
.....................
633
624,973
EOG
Resources,
Inc.,
4.38%,
04/15/30
...
15
14,939
EQM
Midstream
Partners
LP
4.13%,
12/01/26
.................
13
12,557
6.50%,
07/01/27
(b)
................
14
14,255
4.50%,
01/15/29
(b)
................
17
16,060
7.50%,
06/01/30
(b)
................
14
15,050
4.75%,
01/15/31
(b)
................
11
10,237
EQT
Corp.,
3.90%,
10/01/27
..........
330
315,693
FTAI
Infra
Escrow
Holdings
LLC,
10.50%,
06/01/27
(b)
....................
14
14,523
Genesis
Energy
LP
7.75%,
02/01/28
.................
9
9,031
8.25%,
01/15/29
.................
25
25,726
8.88%,
04/15/30
.................
17
17,578
Gulfport
Energy
Corp.,
8.00%,
05/17/26
(b)
..
17
16,679
Harvest
Midstream
I
LP,
7.50%,
09/01/28
(b)
.
9
8,947
Hess
Corp.,
4.30%,
04/01/27
..........
1,133
1,120,996
Hess
Midstream
Operations
LP,
4.25%,
02/15/30
(b)
....................
28
25,760
Hilcorp
Energy
I
LP
(b)
6.25%,
11/01/28
.................
33
32,873
5.75%,
02/01/29
.................
55
53,113
6.00%,
04/15/30
.................
1
970
8.38%,
11/01/33
.................
84
88,993
ITT
Holdings
LLC,
6.50%,
08/01/29
(b)
.....
66
58,386
Kinder
Morgan,
Inc.
4.30%,
06/01/25
.................
319
314,951
4.30%,
03/01/28
.................
707
697,087
Kinetik
Holdings
LP
(b)
6.63%,
12/15/28
.................
13
13,244
5.88%,
06/15/30
.................
30
29,432
Magnolia
Oil
&
Gas
Operating
LLC,
6.00%,
08/01/26
(b)
....................
13
12,675
Marathon
Oil
Corp.,
4.40%,
07/15/27
.....
41
39,987
Marathon
Petroleum
Corp.,
4.70%,
05/01/25
126
125,146
Matador
Resources
Co.
5.88%,
09/15/26
.................
17
16,859
6.88%,
04/15/28
(b)
................
55
55,787
MPLX
LP
4.88%,
06/01/25
.................
450
447,043
1.75%,
03/01/26
.................
389
363,884
4.25%,
12/01/27
.................
100
97,828
4.95%,
09/01/32
.................
66
64,580
5.00%,
03/01/33
.................
221
216,490
Murphy
Oil
Corp.,
5.88%,
12/01/42
(l)
.....
5
4,418
New
Fortress
Energy,
Inc.,
6.75%,
09/15/25
(b)
65
64,481
NGL
Energy
Operating
LLC,
7.50%,
02/01/26
(b)
71
71,711
Northern
Oil
&
Gas,
Inc.
(b)
8.13%,
03/01/28
.................
144
145,800
8.75%,
06/15/31
.................
42
43,747
NuStar
Logistics
LP
5.75%,
10/01/25
.................
13
12,918
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
6.38%,
10/01/30
.................
USD
6
$
6,010
Occidental
Petroleum
Corp.
8.50%,
07/15/27
.................
250
272,693
7.50%,
05/01/31
.................
323
362,195
7.88%,
09/15/31
.................
6
6,825
ONEOK,
Inc.,
6.05%,
09/01/33
.........
95
100,654
Ovintiv,
Inc.
5.38%,
01/01/26
.................
198
198,004
5.65%,
05/15/28
.................
447
456,092
PBF
Holding
Co.
LLC,
7.88%,
09/15/30
(b)
..
24
24,442
Pioneer
Natural
Resources
Co.
1.13%,
01/15/26
.................
325
301,674
5.10%,
03/29/26
.................
100
100,729
1.90%,
08/15/30
.................
34
28,866
2.15%,
01/15/31
.................
192
163,113
Rockcliff
Energy
II
LLC,
5.50%,
10/15/29
(b)
.
59
55,762
Rockies
Express
Pipeline
LLC,
4.95%,
07/15/29
(b)
....................
18
17,211
Sabine
Pass
Liquefaction
LLC
5.63%,
03/01/25
.................
360
360,689
5.88%,
06/30/26
.................
321
326,777
5.00%,
03/15/27
.................
100
100,431
4.50%,
05/15/30
.................
120
117,272
Sitio
Royalties
Operating
Partnership
LP,
7.88%,
11/01/28
(b)
...............
52
53,883
SM
Energy
Co.
6.75%,
09/15/26
.................
6
5,984
6.63%,
01/15/27
.................
6
5,966
6.50%,
07/15/28
.................
19
19,009
Southwestern
Energy
Co.
5.70%,
01/23/25
(l)
................
4
3,984
5.38%,
02/01/29
.................
34
33,180
Spectra
Energy
Partners
LP,
3.50%,
03/15/25
430
420,230
Sunoco
LP
5.88%,
03/15/28
.................
22
21,971
7.00%,
09/15/28
(b)
................
26
26,826
Tallgrass
Energy
Partners
LP
(b)
7.50%,
10/01/25
.................
2
2,010
6.00%,
03/01/27
.................
19
18,580
5.50%,
01/15/28
.................
13
12,285
6.00%,
12/31/30
.................
2
1,859
6.00%,
09/01/31
.................
11
10,174
Targa
Resources
Corp.
6.15%,
03/01/29
.................
25
26,142
6.50%,
03/30/34
.................
111
119,799
Venture
Global
Calcasieu
Pass
LLC
(b)
3.88%,
08/15/29
.................
132
119,764
3.88%,
11/01/33
.................
81
68,643
Vermilion
Energy,
Inc.,
6.88%,
05/01/30
(b)
..
15
14,401
Viper
Energy,
Inc.,
7.38%,
11/01/31
(b)
.....
275
284,625
Vital
Energy,
Inc.
10.13%,
01/15/28
................
36
36,992
9.75%,
10/15/30
.................
44
45,614
Western
Midstream
Operating
LP
3.95%,
06/01/25
.................
363
353,925
5.45%,
04/01/44
.................
82
74,235
5.30%,
03/01/48
.................
14
12,183
5.50%,
08/15/48
.................
13
11,594
Williams
Cos.,
Inc.
(The)
4.00%,
09/15/25
.................
280
274,811
5.40%,
03/02/26
.................
336
339,357
3.75%,
06/15/27
.................
100
96,384
5.30%,
08/15/28
.................
452
462,646
20,874,756
Security
Par
(000)
Par
(000)
Value
Paper
&
Forest
Products
—
0.0%
Suzano
Austria
GmbH,
2.50%,
09/15/28
...
USD
44
$
38,486
Passenger
Airlines
—
0.1%
Air
Canada,
3.88%,
08/15/26
(b)
.........
53
50,636
Air
Canada
Pass-Through
Trust,
Series
2017-1,
Class
AA,
3.30%,
01/15/30
(b)
........
13
12,018
American
Airlines
Pass-Through
Trust,
Series
2019-1,
Class
B,
3.85%,
02/15/28
.....
53
47,652
American
Airlines,
Inc.
(b)
5.75%,
04/20/29
.................
103
100,490
8.50%,
05/15/29
.................
65
68,640
British
Airways
Pass-Through
Trust,
Series
2019-1,
Class
A,
3.35%,
06/15/29
(b)
....
28
25,080
Spirit
Loyalty
Cayman
Ltd.
8.00%,
09/20/25
(b)
................
27
19,523
United
Airlines
Pass-Through
Trust
Series
2020-1,
Class
B,
4.88%,
01/15/26
12
11,778
Series
2019-2,
Class
AA,
2.70%,
05/01/32
38
31,715
United
Airlines,
Inc.,
4.63%,
04/15/29
(b)
....
113
105,682
VistaJet
Malta
Finance
plc
(b)
7.88%,
05/01/27
.................
18
15,481
6.38%,
02/01/30
.................
29
20,253
508,948
Personal
Care
Products
—
0.0%
Coty,
Inc.
(b)
4.75%,
01/15/29
.................
7
6,677
6.63%,
07/15/30
.................
35
35,956
Haleon
UK
Capital
plc,
3.13%,
03/24/25
...
250
244,106
286,739
Pharmaceuticals
—
0.8%
1375209
BC
Ltd.,
9.00%,
01/30/28
(b)
.....
31
30,228
Bayer
US
Finance
II
LLC
(b)
4.25%,
12/15/25
.................
200
194,893
4.38%,
12/15/28
.................
360
342,086
Bayer
US
Finance
LLC
(b)
6.13%,
11/21/26
.................
2,248
2,285,496
6.50%,
11/21/33
.................
510
527,042
Bristol-Myers
Squibb
Co.,
5.90%,
11/15/33
.
125
136,191
Catalent
Pharma
Solutions,
Inc.
(b)
5.00%,
07/15/27
.................
52
50,241
3.13%,
02/15/29
.................
50
43,756
3.50%,
04/01/30
.................
35
30,448
Merck
&
Co.,
Inc.,
2.15%,
12/10/31
......
367
313,326
Organon
&
Co.,
4.13%,
04/30/28
(b)
......
204
187,774
Pfizer
Investment
Enterprises
Pte.
Ltd.
4.45%,
05/19/28
.................
352
351,818
4.65%,
05/19/30
.................
403
405,837
4.75%,
05/19/33
.................
478
479,073
Takeda
Pharmaceutical
Co.
Ltd.,
5.00%,
11/26/28
.....................
200
202,972
Teva
Pharmaceutical
Finance
Netherlands
III
BV
6.00%,
04/15/24
.................
246
244,924
3.15%,
10/01/26
.................
140
129,412
5,955,517
Professional
Services
—
0.0%
(b)
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
...
29
26,156
CoreLogic,
Inc.,
4.50%,
05/01/28
.......
95
83,221
Dun
&
Bradstreet
Corp.
(The),
5.00%,
12/15/29
143
133,393
KBR,
Inc.,
4.75%,
09/30/28
...........
13
12,048
Science
Applications
International
Corp.,
4.88%,
04/01/28
................
28
26,670
281,488
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Real
Estate
Management
&
Development
—
0.0%
Anywhere
Real
Estate
Group
LLC
Series
AI,
7.00%,
04/15/30
..........
USD
31
$
28,772
7.00%,
04/15/30
(b)
................
36
32,786
Cushman
&
Wakefield
US
Borrower
LLC
(b)
6.75%,
05/15/28
.................
25
24,875
8.88%,
09/01/31
.................
20
21,195
Howard
Hughes
Corp.
(The),
4.13%,
02/01/29
(b)
34
30,318
Realogy
Group
LLC,
5.75%,
01/15/29
(b)
...
5
3,886
141,832
Residential
REITs
—
0.1%
AvalonBay
Communities,
Inc.,
5.00%,
02/15/33
247
251,187
Camden
Property
Trust,
2.80%,
05/15/30
..
169
151,124
UDR,
Inc.,
2.10%,
08/01/32
...........
75
58,774
461,085
Retail
REITs
—
0.3%
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(b)
....................
22
19,800
Kimco
Realty
OP
LLC
1.90%,
03/01/28
.................
165
145,468
4.60%,
02/01/33
.................
205
197,749
6.40%,
03/01/34
.................
182
199,553
Realty
Income
Corp.
3.95%,
08/15/27
.................
100
97,207
3.40%,
01/15/28
.................
86
81,719
3.65%,
01/15/28
.................
200
191,763
4.70%,
12/15/28
.................
83
83,612
4.85%,
03/15/30
.................
416
417,825
3.25%,
01/15/31
.................
96
87,222
2.85%,
12/15/32
.................
96
81,565
Regency
Centers
LP
4.13%,
03/15/28
.................
200
191,788
3.70%,
06/15/30
.................
506
470,469
2,265,740
Semiconductors
&
Semiconductor
Equipment
—
0.6%
Analog
Devices,
Inc.,
1.70%,
10/01/28
....
95
84,249
Broadcom
Corp.,
3.88%,
01/15/27
......
375
365,965
Broadcom,
Inc.
3.15%,
11/15/25
.................
193
186,939
4.00%,
04/15/29
(b)
................
404
389,964
4.15%,
11/15/30
.................
93
88,832
2.45%,
02/15/31
(b)
................
282
241,128
Entegris
Escrow
Corp.,
4.75%,
04/15/29
(b)
..
275
264,939
Entegris,
Inc.,
4.38%,
04/15/28
(b)
.......
6
5,710
Intel
Corp.,
4.88%,
02/10/28
..........
247
251,120
KLA
Corp.,
4.10%,
03/15/29
..........
675
671,351
Lam
Research
Corp.,
4.00%,
03/15/29
....
55
54,267
NVIDIA
Corp.
1.55%,
06/15/28
.................
76
68,050
2.00%,
06/15/31
.................
51
43,713
NXP
BV
5.35%,
03/01/26
.................
340
341,605
3.88%,
06/18/26
.................
250
243,760
3.15%,
05/01/27
.................
150
142,027
2.50%,
05/11/31
.................
636
538,851
2.65%,
02/15/32
.................
9
7,595
QUALCOMM,
Inc.,
3.25%,
05/20/27
.....
198
191,667
Synaptics,
Inc.,
4.00%,
06/15/29
(b)
.......
44
39,467
TSMC
Global
Ltd.,
1.25%,
04/23/26
(b)
.....
309
285,470
4,506,669
Software
—
0.8%
Alteryx,
Inc.,
8.75%,
03/15/28
(b)
........
53
56,412
Autodesk,
Inc.
3.50%,
06/15/27
.................
279
270,811
Security
Par
(000)
Par
(000)
Value
Software
(continued)
2.40%,
12/15/31
.................
USD
292
$
249,830
Boxer
Parent
Co.,
Inc.,
9.13%,
03/01/26
(b)
..
209
208,541
Camelot
Finance
SA,
4.50%,
11/01/26
(b)
...
87
84,949
Capstone
Borrower,
Inc.,
8.00%,
06/15/30
(b)
.
44
45,776
Central
Parent,
Inc.,
7.25%,
06/15/29
(b)
....
94
95,867
Clarivate
Science
Holdings
Corp.
(b)
3.88%,
07/01/28
.................
177
166,892
4.88%,
07/01/29
.................
159
149,195
Cloud
Software
Group,
Inc.
(b)
6.50%,
03/31/29
.................
523
498,127
9.00%,
09/30/29
.................
276
262,325
Consensus
Cloud
Solutions,
Inc.
(b)
6.00%,
10/15/26
.................
6
5,705
6.50%,
10/15/28
.................
24
21,769
Crowdstrike
Holdings,
Inc.,
3.00%,
02/15/29
7
6,326
Elastic
NV,
4.13%,
07/15/29
(b)
.........
43
39,485
Fair
Isaac
Corp.,
4.00%,
06/15/28
(b)
......
52
49,211
McAfee
Corp.,
7.38%,
02/15/30
(b)
.......
146
133,335
MicroStrategy,
Inc.,
6.13%,
06/15/28
(b)
....
66
64,029
Open
Text
Corp.,
6.90%,
12/01/27
(b)
.....
110
114,362
Oracle
Corp.
5.80%,
11/10/25
.................
40
40,624
1.65%,
03/25/26
.................
770
718,315
2.65%,
07/15/26
.................
254
240,836
6.15%,
11/09/29
.................
873
939,132
2.88%,
03/25/31
.................
7
6,201
3.90%,
05/15/35
.................
234
208,650
Roper
Technologies,
Inc.
3.80%,
12/15/26
.................
112
109,529
4.20%,
09/15/28
.................
211
207,308
Sabre
GLBL,
Inc.,
8.63%,
06/01/27
(b)
.....
65
59,151
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(b)
137
135,045
Veritas
US,
Inc.,
7.50%,
09/01/25
(b)
......
60
49,534
VMware
LLC
1.40%,
08/15/26
.................
296
270,746
4.65%,
05/15/27
.................
271
268,681
3.90%,
08/21/27
.................
44
42,683
2.20%,
08/15/31
.................
228
188,924
Workday,
Inc.,
3.50%,
04/01/27
........
20
19,351
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
(b)
141
127,886
6,155,543
Specialized
REITs
—
0.3%
American
Tower
Corp.
1.30%,
09/15/25
.................
51
47,717
4.40%,
02/15/26
.................
588
580,479
1.45%,
09/15/26
.................
12
10,933
3.65%,
03/15/27
.................
13
12,504
5.80%,
11/15/28
.................
197
204,647
2.30%,
09/15/31
.................
18
14,883
Crown
Castle,
Inc.
4.45%,
02/15/26
.................
9
8,865
4.80%,
09/01/28
.................
6
5,920
2.50%,
07/15/31
.................
19
15,841
5.10%,
05/01/33
.................
6
5,939
Equinix,
Inc.
1.00%,
09/15/25
.................
254
236,946
2.90%,
11/18/26
.................
254
241,214
2.50%,
05/15/31
.................
305
258,891
Iron
Mountain,
Inc.
(b)
7.00%,
02/15/29
.................
101
103,816
5.63%,
07/15/32
.................
14
13,253
SBA
Communications
Corp.
3.88%,
02/15/27
.................
92
88,349
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
29
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Specialized
REITs
(continued)
3.13%,
02/01/29
.................
USD
76
$
68,286
1,918,483
Specialty
Retail
—
0.3%
Arko
Corp.,
5.13%,
11/15/29
(b)
.........
17
14,709
Asbury
Automotive
Group,
Inc.
4.50%,
03/01/28
.................
4
3,799
4.75%,
03/01/30
.................
10
9,335
5.00%,
02/15/32
(b)
................
23
20,902
Group
1
Automotive,
Inc.,
4.00%,
08/15/28
(b)
14
12,983
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(b)
..
65
59,339
Home
Depot,
Inc.
(The),
1.88%,
09/15/31
..
167
139,712
Ken
Garff
Automotive
LLC,
4.88%,
09/15/28
(b)
18
17,035
Lowe's
Cos.,
Inc.
3.35%,
04/01/27
.................
248
238,871
3.10%,
05/03/27
.................
240
229,766
3.65%,
04/05/29
.................
602
580,235
5.00%,
04/15/33
.................
343
350,298
5.15%,
07/01/33
.................
6
6,165
Murphy
Oil
USA,
Inc.,
4.75%,
09/15/29
....
34
32,215
Penske
Automotive
Group,
Inc.,
3.50%,
09/01/25
.....................
14
13,582
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(b)
...............
27
26,481
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(b)
..
197
190,698
White
Cap
Parent
LLC,
8.25%,
(8.25%
Cash
or
9.00%
PIK),
03/15/26
(b)(j)
...........
81
80,624
2,026,749
Technology
Hardware,
Storage
&
Peripherals
—
0.1%
Dell
International
LLC
6.02%,
06/15/26
.................
144
147,400
6.10%,
07/15/27
.................
239
248,413
3.45%,
12/15/51
.................
21
15,178
HP,
Inc.,
4.75%,
01/15/28
............
48
48,042
Seagate
HDD
Cayman
(b)
8.25%,
12/15/29
.................
65
70,104
8.50%,
07/15/31
.................
62
67,289
596,426
Textiles,
Apparel
&
Luxury
Goods
—
0.1%
Crocs,
Inc.,
4.13%,
08/15/31
(b)
.........
33
27,924
Hanesbrands,
Inc.,
4.88%,
05/15/26
(b)
....
17
16,399
Kontoor
Brands,
Inc.,
4.13%,
11/15/29
(b)
...
37
33,383
Levi
Strauss
&
Co.,
3.50%,
03/01/31
(b)
....
46
39,829
Tapestry,
Inc.
7.05%,
11/27/25
.................
325
332,151
7.00%,
11/27/26
.................
494
512,121
961,807
Tobacco
—
0.3%
Altria
Group,
Inc.
2.35%,
05/06/25
.................
101
97,405
4.40%,
02/14/26
.................
132
130,766
6.20%,
11/01/28
.................
150
157,312
5.80%,
02/14/39
.................
111
113,064
BAT
Capital
Corp.
2.79%,
09/06/24
.................
65
63,674
3.22%,
09/06/26
.................
525
502,108
4.70%,
04/02/27
.................
561
555,283
6.42%,
08/02/33
.................
71
74,287
BAT
International
Finance
plc,
5.93%,
02/02/29
329
341,836
Philip
Morris
International,
Inc.
5.13%,
02/15/30
.................
87
88,420
5.50%,
09/07/30
.................
281
291,224
Reynolds
American,
Inc.,
5.70%,
08/15/35
..
117
115,463
2,530,842
Security
Par
(000)
Par
(000)
Value
Trading
Companies
&
Distributors
—
0.5%
Air
Lease
Corp.
3.38%,
07/01/25
.................
USD
345
$
333,926
2.88%,
01/15/26
.................
356
339,148
1.88%,
08/15/26
.................
79
72,665
3.63%,
04/01/27
.................
84
79,434
Aircastle
Ltd.,
6.50%,
07/18/28
(b)
........
18
18,355
Aviation
Capital
Group
LLC
(b)
1.95%,
09/20/26
.................
683
619,728
3.50%,
11/01/27
.................
7
6,448
6.75%,
10/25/28
.................
632
659,764
Beacon
Roofing
Supply,
Inc.
(b)
4.13%,
05/15/29
.................
23
20,968
6.50%,
08/01/30
.................
42
42,944
Fortress
Transportation
&
Infrastructure
Investors
LLC
(b)
6.50%,
10/01/25
.................
92
91,705
9.75%,
08/01/27
.................
92
95,680
5.50%,
05/01/28
.................
56
53,852
7.88%,
12/01/30
.................
96
100,011
Foundation
Building
Materials,
Inc.,
6.00%,
03/01/29
(b)
....................
27
24,277
GATX
Corp.,
3.25%,
03/30/25
.........
454
441,898
H&E
Equipment
Services,
Inc.,
3.88%,
12/15/28
(b)
....................
16
14,549
Herc
Holdings,
Inc.,
5.50%,
07/15/27
(b)
....
92
90,833
Imola
Merger
Corp.,
4.75%,
05/15/29
(b)
....
51
48,455
SRS
Distribution,
Inc.
(b)
4.63%,
07/01/28
.................
88
83,485
6.13%,
07/01/29
.................
132
125,140
6.00%,
12/01/29
.................
84
78,322
United
Rentals
North
America,
Inc.,
6.00%,
12/15/29
(b)
....................
221
224,374
WESCO
Distribution,
Inc.
(b)
7.13%,
06/15/25
.................
40
40,292
7.25%,
06/15/28
.................
75
77,087
3,783,340
Wireless
Telecommunication
Services
—
0.8%
America
Movil
SAB
de
CV
3.63%,
04/22/29
.................
262
246,853
2.88%,
05/07/30
.................
200
177,700
Connect
Finco
SARL,
6.75%,
10/01/26
(b)
...
200
198,802
Rogers
Communications,
Inc.
3.20%,
03/15/27
.................
770
734,968
3.80%,
03/15/32
.................
1,140
1,049,055
Sprint
LLC,
7.13%,
06/15/24
..........
100
100,434
T-Mobile
USA,
Inc.
1.50%,
02/15/26
.................
341
317,516
2.25%,
02/15/26
.................
452
428,306
2.63%,
04/15/26
.................
48
45,655
4.75%,
02/01/28
.................
650
647,641
2.05%,
02/15/28
.................
186
167,825
4.80%,
07/15/28
.................
655
660,480
2.63%,
02/15/29
.................
228
205,262
2.40%,
03/15/29
.................
34
30,513
3.88%,
04/15/30
.................
46
43,622
2.55%,
02/15/31
.................
22
18,949
2.25%,
11/15/31
.................
221
184,005
2.70%,
03/15/32
.................
24
20,453
Vmed
O2
UK
Financing
I
plc,
4.75%,
07/15/31
(b)
200
178,521
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
30
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Wireless
Telecommunication
Services
(continued)
Vodafone
Group
plc,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.45%),
3.25%,
06/04/81
(a)
..........
USD
265
$
243,755
5,700,315
Total
Corporate
Bonds
—
30.5%
(Cost:
$226,304,115)
.............................
225,778,384
Equity-Linked
Notes
Automobiles
—
0.0%
BNP
Paribas
SA
(General
Motors
Co.),
17.24%, 01/31/24
(b)
...............
4
130,617
Banks
—
0.2%
BNP
Paribas
SA
(First
Horizon
Corp.),
28.42%, 01/18/24
(b)
...............
8
111,266
JPMorgan
Structured
Products
BV
(Citigroup,
Inc.),
12.78%, 01/12/24
.............
3
147,869
JPMorgan
Structured
Products
BV
(Wells
Fargo
&
Co.),
10.96%, 01/12/24
.......
6
259,209
Nomura
Holdings,
Inc.
(Bank
of
America
Corp.),
17.99%, 01/12/24
................
7
221,699
Royal
Bank
of
Canada
(Bawag
Group
AG),
13.36%, 01/08/24
(b)
...............
1
103,559
Royal
Bank
of
Canada
(Fifth
Third
Bancorp),
24.69%, 01/19/24
(b)
...............
4
133,743
UBS
AG
(JPMorgan
Chase
&
Co.),
9.35%, 01/12/24
.................
3
552,700
1,530,045
Beverages
—
0.2%
Barclays
Bank
plc
(Molson
Coors
Beverage
Co.),
11.56%, 02/21/24
.............
4
216,943
BNP
Paribas
SA
(Monster
Beverage
Corp.),
10.11%, 02/28/24
(b)
...............
2
141,625
Royal
Bank
of
Canada
(Anheuser-Busch
InBev
SA),
9.14%, 01/10/24
..............
EUR
6
371,646
Royal
Bank
of
Canada
(PepsiCo,
Inc.),
5.31%, 02/09/24
(b)
................
USD
1
237,190
SGA
Societe
Generale
Acceptance
NV
(Coca-
Cola
Co.
(The)),
5.54%, 02/14/24
......
8
467,720
1,435,124
Broadline
Retail
—
0.2%
BNP
Paribas
SA
(Etsy,
Inc.),
23.16%, 02/22/24
(b)
...............
1
94,793
BNP
Paribas
SA
(MercadoLibre,
Inc.),
22.13%, 02/22/24
(b)
...............
—
(o)
142,908
Citigroup,
Inc.
(Amazon.com,
Inc.),
18.18%, 02/02/24
................
7
924,959
Mizuho
Markets
Cayman
LP
(Macy's,
Inc.),
32.37%, 01/11/24
................
7
96,682
1,259,342
Building
Products
—
0.0%
Royal
Bank
of
Canada
(Cie
de
Saint-Gobain
SA),
14.10%, 01/10/24
(b)
............
EUR
2
114,757
Capital
Markets
—
0.2%
Barclays
Bank
plc
(Intercontinental
Exchange,
Inc.),
9.54%, 02/02/24
.............
USD
1
146,132
Barclays
Bank
plc
(LPL
Financial
Holdings,
Inc.),
18.38%, 02/02/24
.............
—
(o)
70,698
Barclays
Bank
plc
(Morgan
Stanley),
12.93%, 01/17/24
................
2
184,038
Mizuho
Markets
Cayman
LP
(Charles
Schwab
Corp.
(The)),
22.75%, 02/08/24
.......
3
188,161
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
Nomura
Holdings,
Inc.
(Cboe
Global
Markets,
Inc.),
7.19%, 01/08/24
.............
USD
1
$
179,385
Nomura
Holdings,
Inc.
(Goldman
Sachs
Group,
Inc.
(The)),
8.43%, 01/17/24
.........
—
(o)
147,960
UBS
AG
(CME
Group,
Inc.),
19.90%, 02/08/24
1
108,658
UBS
AG
(Moody's
Corp.),
8.20%, 01/31/24
.
—
(o)
129,535
1,154,567
Chemicals
—
0.1%
Citigroup,
Inc.
(LyondellBasell
Industries
NV),
17.16%, 02/02/24
................
1
71,659
JPMorgan
Structured
Products
BV
(Axalta
Coating
Systems
Ltd.),
10.46%, 01/25/24
3
109,992
JPMorgan
Structured
Products
BV
(Dow,
Inc.),
9.45%, 01/25/24
.................
2
112,051
JPMorgan
Structured
Products
BV
(PPG
Industries,
Inc.),
9.60%, 01/19/24
......
1
72,838
Royal
Bank
of
Canada
(Ecolab,
Inc.),
12.38%, 02/14/24
(b)
...............
1
147,973
Royal
Bank
of
Canada
(PPG
Industries,
Inc.),
7.90%, 01/19/24
(b)
................
2
258,258
772,771
Commercial
Services
&
Supplies
—
0.0%
Barclays
Bank
plc
(Republic
Services,
Inc.),
9.61%, 02/15/24
.................
1
126,333
Communications
Equipment
—
0.1%
Citigroup,
Inc.
(Arista
Networks,
Inc.),
19.45%, 02/13/24
................
1
185,848
Royal
Bank
of
Canada
(Ciena
Corp.),
16.50%, 02/09/24
(b)
...............
3
141,670
UBS
AG
(Juniper
Networks,
Inc.),
13.90%, 01/31/24
................
3
91,539
419,057
Construction
&
Engineering
—
0.0%
Citigroup,
Inc.
(Vinci
SA),
19.25%, 02/09/24
.
1
145,884
Construction
Materials
—
0.0%
JPMorgan
Structured
Products
BV
(Martin
Marietta
Materials,
Inc.),
14.12%, 02/15/24
—
(o)
164,323
Nomura
Holdings,
Inc.
(Vulcan
Materials
Co.),
9.92%, 02/16/24
.................
1
147,450
311,773
Consumer
Finance
—
0.1%
Citigroup,
Inc.
(Capital
One
Financial
Corp.),
20.08%, 01/24/24
................
1
74,601
Nomura
Holdings,
Inc.
(Ally
Financial,
Inc.),
21.85%, 01/19/24
................
8
224,718
Royal
Bank
of
Canada
(American
Express
Co.),
11.75%, 01/26/24
(b)
...............
1
221,967
521,286
Consumer
Staples
Distribution
&
Retail
—
0.1%
Citigroup,
Inc.
(Performance
Food
Group
Co.),
15.28%, 01/09/24
................
1
91,705
Citigroup,
Inc.
(Target
Corp.),
14.25%, 01/11/24
3
368,065
Citigroup,
Inc.
(US
Foods
Holding
Corp.),
12.50%, 01/09/24
................
2
91,642
JPMorgan
Structured
Products
BV
(Tesco
plc),
7.84%, 01/10/24
.................
GBP
30
111,569
Royal
Bank
of
Canada
(Kroger
Co.
(The)),
10.23%, 02/29/24
(b)
...............
USD
2
109,626
Royal
Bank
of
Canada
(Sysco
Corp.),
12.79%, 01/31/24
(b)
...............
2
145,844
918,451
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Containers
&
Packaging
—
0.0%
UBS
AG
(International
Paper
Co.),
16.80%, 01/31/24
................
USD
3
$
90,216
Distributors
—
0.0%
Nomura
Holdings,
Inc.
(Genuine
Parts
Co.),
12.92%, 01/05/24
................
1
126,209
Diversified
Telecommunication
Services
—
0.1%
Royal
Bank
of
Canada
(AT&T,
Inc.),
19.05%, 01/25/24
(b)
...............
22
360,336
Electric
Utilities
—
0.1%
JPMorgan
Structured
Products
BV
(NextEra
Energy,
Inc.),
18.25%, 01/25/24
.......
6
330,800
Mizuho
Markets
Cayman
LP
(American
Electric
Power
Co.,
Inc.),
15.12%, 02/23/24
.....
2
141,164
471,964
Electrical
Equipment
—
0.0%
Barclays
Bank
plc
(Eaton
Corp.
plc),
13.16%, 02/08/24
................
1
183,532
Electronic
Equipment,
Instruments
&
Components
—
0.1%
Citigroup,
Inc.
(Flex
Ltd.),
12.16%, 01/25/24
.
15
412,131
Royal
Bank
of
Canada
(Flex
Ltd.),
11.28%, 01/08/24
(b)
...............
3
92,505
504,636
Energy
Equipment
&
Services
—
0.0%
Citigroup,
Inc.
(Baker
Hughes
Co.),
18.01%, 01/23/24
................
3
118,926
Royal
Bank
of
Canada
(Schlumberger
NV),
19.88%, 01/19/24
(b)
...............
1
71,210
190,136
Entertainment
—
0.1%
Barclays
Bank
plc
(Walt
Disney
Co.
(The)),
9.70%, 01/08/24
.................
2
175,709
JPMorgan
Structured
Products
BV
(Netflix,
Inc.),
13.21%, 01/19/24
.............
1
448,362
Mizuho
Markets
Cayman
LP
(Live
Nation
Entertainment,
Inc.),
16.53%, 02/23/24
..
1
108,982
733,053
Financial
Services
—
0.1%
BNP
Paribas
SA
(Block,
Inc.),
22.98%, 02/23/24
(b)
...............
2
117,631
BNP
Paribas
SA
(Fidelity
National
Information
Services,
Inc.),
19.53%, 01/09/24
......
2
111,923
BNP
Paribas
SA
(Fiserv,
Inc.),
5.67%, 02/07/24
(b)
................
4
511,030
740,584
Food
Products
—
0.1%
BNP
Paribas
SA
(Conagra
Brands,
Inc.),
10.27%, 01/05/24
(b)
...............
4
126,593
BNP
Paribas
SA
(Mondelez
International,
Inc.),
9.03%, 01/31/24
.................
3
180,176
JPMorgan
Structured
Products
BV
(Kraft
Heinz
Co.
(The)),
12.17%, 02/15/24
.........
5
164,920
471,689
Ground
Transportation
—
0.1%
Mizuho
Markets
Cayman
LP
(Ryder
System,
Inc.),
13.13%, 02/14/24
.............
1
109,103
Royal
Bank
of
Canada
(CSX
Corp.),
8.39%, 01/25/24
(b)
................
4
147,713
Royal
Bank
of
Canada
(Uber
Technologies,
Inc.),
16.01%, 01/08/24
(b)
...........
2
95,768
352,584
Security
Par
(000)
Par
(000)
Value
Health
Care
Equipment
&
Supplies
—
0.1%
Barclays
Bank
plc
(Stryker
Corp.),
11.85%, 01/31/24
................
USD
1
$
146,388
Citigroup,
Inc.
(Boston
Scientific
Corp.),
12.41%, 02/01/24
................
4
235,387
Citigroup,
Inc.
(Dexcom,
Inc.),
25.45%, 02/09/24
................
2
151,222
Nomura
Holdings,
Inc.
(Boston
Scientific
Corp.),
8.30%, 02/02/24
............
6
339,874
872,871
Health
Care
Providers
&
Services
—
0.4%
Barclays
Bank
plc
(Cigna
Group
(The)),
11.38%, 02/02/24
................
1
199,583
Barclays
Bank
plc
(CVS
Health
Corp.),
16.33%, 02/08/24
................
3
239,295
BMO
Capital
Markets
Corp.
(Amplifon
SpA),
8.92%, 01/25/24
.................
—
(o)
73,326
BNP
Paribas
SA
(Elevance
Health,
Inc.),
11.80%, 01/25/24
(b)
...............
2
714,539
Citigroup,
Inc.
(Laboratory
Corp.
of
America
Holdings),
11.64%, 02/16/24
.........
1
126,465
JPMorgan
Structured
Products
BV
(UnitedHealth
Group,
Inc.),
7.41%, 01/12/24
2
1,204,431
Mizuho
Markets
Cayman
LP
(McKesson
Corp.),
10.00%, 02/01/24
................
—
(o)
176,641
Royal
Bank
of
Canada
(Humana,
Inc.),
12.49%, 02/02/24
(b)
...............
—
(o)
144,321
2,878,601
Hotels,
Restaurants
&
Leisure
—
0.3%
BNP
Paribas
SA
(Booking
Holdings,
Inc.),
13.22%, 02/22/24
(b)
...............
—
(o)
111,862
BNP
Paribas
SA
(Darden
Restaurants,
Inc.),
10.82%, 01/09/24
................
1
92,322
BNP
Paribas
SA
(Expedia
Group,
Inc.),
13.49%, 02/09/24
(b)
...............
1
151,864
Citigroup,
Inc.
(Chipotle
Mexican
Grill,
Inc.),
11.88%, 02/07/24
................
—
(o)
124,581
Citigroup,
Inc.
(McDonald's
Corp.),
5.84%, 01/31/24
.................
2
496,667
JPMorgan
Structured
Products
BV
(Flight
Centre
Travel
Group
Ltd.),
11.08%, 02/08/24
—
(o)
73,487
Mizuho
Markets
Cayman
LP
(Airbnb,
Inc.),
18.72%, 02/14/24
................
1
129,824
Mizuho
Markets
Cayman
LP
(Hilton
Worldwide
Holdings,
Inc.),
10.82%, 02/09/24
......
1
223,496
Mizuho
Markets
Cayman
LP
(Las
Vegas
Sands
Corp.),
19.17%, 01/25/24
...........
3
149,229
Mizuho
Markets
Cayman
LP
(Starbucks
Corp.),
9.57%, 02/02/24
.................
3
248,685
Royal
Bank
of
Canada
(MGM
Resorts
International),
17.61%, 01/08/24
(b)
.....
5
187,043
UBS
AG
(Wyndham
Hotels
&
Resorts,
Inc.),
11.60%, 02/15/24
................
1
89,871
UBS
AG
(Yum!
Brands,
Inc.),
9.30%, 02/08/24
1
162,628
2,241,559
Household
Durables
—
0.0%
BNP
Paribas
SA
(DR
Horton,
Inc.),
16.66%, 01/24/24
(b)
...............
1
92,653
Citigroup,
Inc.
(Mohawk
Industries,
Inc.),
20.51%, 02/09/24
................
1
56,121
JPMorgan
Structured
Products
BV
(PulteGroup,
Inc.),
18.39%, 01/31/24
.............
1
113,370
262,144
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
32
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Household
Products
—
0.1%
Nomura
Holdings,
Inc.
(Procter
&
Gamble
Co.
(The)),
8.42%, 01/24/24
............
USD
3
$
431,754
Royal
Bank
of
Canada
(Church
&
Dwight
Co.,
Inc.),
8.59%, 01/08/24
(b)
............
1
110,052
Royal
Bank
of
Canada
(Henkel
AG
&
Co.
KGaA),
6.17%, 01/10/24
(b)
...........
EUR
1
109,487
651,293
Industrial
Conglomerates
—
0.1%
JPMorgan
Structured
Products
BV
(General
Electric
Co.),
12.20%, 01/24/24
.......
USD
1
129,178
Royal
Bank
of
Canada
(Siemens
AG),
13.26%, 01/10/24
(b)
...............
EUR
1
228,781
UBS
AG
(Honeywell
International,
Inc.),
11.69%, 02/02/24
................
USD
1
256,107
614,066
Insurance
—
0.1%
BNP
Paribas
SA
(Admiral
Group
plc),
12.88%, 01/05/24
(b)
...............
2
141,536
BNP
Paribas
SA
(MetLife,
Inc.),
15.30%, 02/01/24
(b)
...............
2
146,577
BNP
Paribas
SA
(W
R
Berkley
Corp.),
7.45%, 01/05/24
(b)
................
2
126,732
Goldman
Sachs
International
(Marsh
&
McLennan
Cos.,
Inc.),
4.91%, 01/26/24
..
1
117,470
JPMorgan
Structured
Products
BV
(Chubb
Ltd.),
7.64%, 01/31/24
.............
1
177,594
Mizuho
Markets
Cayman
LP
(Progressive
Corp.
(The)),
11.91%, 01/25/24
...........
1
138,696
Nomura
Holdings,
Inc.
(Everest
Group
Ltd.),
16.15%, 02/08/24
................
—
(o)
107,779
956,384
Interactive
Media
&
Services
—
0.2%
Barclays
Bank
plc
(CAR
Group
Ltd.),
19.60%, 01/08/24
................
—
(o)
49,682
BMO
Capital
Markets
Corp.
(Meta
Platforms,
Inc.),
15.57%, 02/01/24
.............
1
270,187
Citigroup,
Inc.
(Meta
Platforms,
Inc.),
18.76%, 02/02/24
................
1
282,590
Mizuho
Markets
Cayman
LP
(Alphabet,
Inc.),
13.71%, 02/01/24
................
5
720,634
Mizuho
Markets
Cayman
LP
(CAR
Group
Ltd.),
20.20%, 02/14/24
................
—
(o)
81,576
1,404,669
IT
Services
—
0.1%
Citigroup,
Inc.
(Gartner,
Inc.),
10.00%, 02/07/24
—
(o)
146,527
Mizuho
Markets
Cayman
LP
(Akamai
Technologies,
Inc.),
8.47%, 02/15/24
....
1
71,612
Mizuho
Markets
Cayman
LP
(VeriSign,
Inc.),
7.37%, 02/09/24
.................
1
138,847
Nomura
Holdings,
Inc.
(Akamai
Technologies,
Inc.),
8.44%, 01/05/24
.............
1
147,156
Nomura
Holdings,
Inc.
(Snowflake,
Inc.),
19.25%, 03/01/24
................
1
149,785
653,927
Life
Sciences
Tools
&
Services
—
0.0%
JPMorgan
Structured
Products
BV
(Danaher
Corp.),
13.69%, 01/24/24
...........
1
186,624
Nomura
Holdings,
Inc.
(Bruker
Corp.),
18.91%, 02/09/24
................
2
127,789
314,413
Security
Par
(000)
Par
(000)
Value
Machinery
—
0.2%
Barclays
Bank
plc
(Stanley
Black
&
Decker,
Inc.),
20.26%, 02/02/24
.............
USD
1
$
92,968
BNP
Paribas
SA
(Ingersoll
Rand,
Inc.),
13.09%, 01/23/24
................
2
128,178
BNP
Paribas
SA
(Oshkosh
Corp.),
15.96%, 01/31/24
(b)
...............
1
147,383
Citigroup,
Inc.
(Pentair
plc),
12.66%, 01/08/24
2
129,170
JPMorgan
Structured
Products
BV
(PACCAR,
Inc.),
9.07%, 01/24/24
(b)(c)
...........
2
224,212
Mizuho
Markets
Cayman
LP
(Parker-Hannifin
Corp.),
14.12%, 02/01/24
...........
—
(o)
148,554
Nomura
Holdings,
Inc.
(Flowserve
Corp.),
17.96%, 02/22/24
................
4
149,649
Nomura
Holdings,
Inc.
(Otis
Worldwide
Corp.),
6.83%, 02/02/24
.................
2
166,526
1,186,640
Metals
&
Mining
—
0.0%
Barclays
Bank
plc
(Freeport-McMoRan,
Inc.),
24.07%, 01/25/24
................
4
151,199
Barclays
Bank
plc
(Nucor
Corp.),
15.77%, 01/26/24
................
1
111,357
262,556
Oil,
Gas
&
Consumable
Fuels
—
0.1%
BNP
Paribas
SA
(APA
Corp.),
20.15%, 02/22/24
(b)
...............
2
80,430
BNP
Paribas
SA
(Marathon
Oil
Corp.),
19.19%, 02/15/24
(b)
...............
4
107,724
Nomura
Holdings,
Inc.
(Devon
Energy
Corp.),
27.22%, 01/05/24
................
2
108,645
Nomura
Holdings,
Inc.
(Occidental
Petroleum
Corp.),
15.44%, 01/05/24
...........
2
119,672
Royal
Bank
of
Canada
(BP
plc),
13.27%, 01/10/24
(b)
...............
10
347,545
Royal
Bank
of
Canada
(Crescent
Point
Energy
Corp.),
8.00%, 01/10/24
............
GBP
4
111,145
875,161
Passenger
Airlines
—
0.0%
Royal
Bank
of
Canada
(Delta
Air
Lines,
Inc.),
15.35%, 01/12/24
(b)
...............
USD
2
94,616
Personal
Care
Products
—
0.1%
(b)
Royal
Bank
of
Canada
(Beiersdorf
AG),
6.82%, 01/10/24
.................
EUR
1
112,156
Royal
Bank
of
Canada
(Estee
Lauder
Cos.,
Inc.
(The)),
8.08%, 01/10/24
............
1
146,869
Royal
Bank
of
Canada
(L'Oreal
SA),
10.12%, 01/10/24
................
1
374,076
633,101
Pharmaceuticals
—
0.0%
Barclays
Bank
plc
(Elanco
Animal
Health,
Inc.),
28.10%, 01/09/24
................
USD
8
94,916
Citigroup,
Inc.
(Pfizer,
Inc.),
21.59%, 01/31/24
3
82,795
177,711
Professional
Services
—
0.0%
BNP
Paribas
SA
(Verisk
Analytics,
Inc.),
9.34%, 01/05/24
(b)
................
1
124,667
Mizuho
Markets
Cayman
LP
(Automatic
Data
Processing,
Inc.),
10.17%, 01/25/24
....
1
142,713
267,380
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Semiconductors
&
Semiconductor
Equipment
—
0.0%
Citigroup,
Inc.
(Intel
Corp.),
19.24%, 01/26/24
USD
4
$
150,243
Goldman
Sachs
International
(NXP
Semiconductors
NV),
15.30%, 01/31/24
.
1
130,248
280,491
Software
—
0.6%
BNP
Paribas
SA
(Crowdstrike
Holdings,
Inc.),
18.39%, 03/07/24
(b)
...............
1
147,965
BNP
Paribas
SA
(Intuit,
Inc.),
13.25%, 02/23/24
—
(o)
181,975
BNP
Paribas
SA
(Palo
Alto
Networks,
Inc.),
18.67%, 01/11/24
(b)
...............
—
(o)
73,566
Citigroup,
Inc.
(Fair
Isaac
Corp.),
12.76%, 01/08/24
................
—
(o)
93,105
Mizuho
Markets
Cayman
LP
(BILL
Holdings,
Inc.),
30.52%, 02/01/24
.............
2
135,075
Mizuho
Markets
Cayman
LP
(Microsoft
Corp.),
9.36%, 01/25/24
.................
2
707,954
Nomura
Holdings,
Inc.
(Salesforce,
Inc.),
9.97%, 03/01/24
.................
1
282,436
Nomura
Holdings,
Inc.
(Workday,
Inc.),
11.44%, 02/27/24
................
1
144,369
Royal
Bank
of
Canada
(C3.ai,
Inc.),
6.46%, 01/10/24
(b)
................
EUR
1
186,127
Royal
Bank
of
Canada
(SAP
SE),
9.28%, 01/10/24
(b)
................
2
367,595
Royal
Bank
of
Canada
(Synopsys,
Inc.),
9.97%, 02/15/24
(b)
................
USD
1
259,581
UBS
AG
(Microsoft
Corp.),
11.50%, 01/24/24
3
1,282,262
UBS
AG
(Roper
Technologies,
Inc.),
5.70%, 01/26/24
.................
—
(o)
183,651
UBS
AG
(ServiceNow,
Inc.),
16.90%, 01/25/24
1
590,632
4,636,293
Specialty
Retail
—
0.2%
Citigroup,
Inc.
(AutoNation,
Inc.),
20.32%, 02/16/24
................
1
146,467
JPMorgan
Structured
Products
BV
(O'Reilly
Automotive,
Inc.),
10.67%, 02/08/24
....
—
(o)
244,875
JPMorgan
Structured
Products
BV
(Ross
Stores,
Inc.),
9.33%, 02/28/24
........
1
144,847
JPMorgan
Structured
Products
BV
(TJX
Cos.,
Inc.
(The)),
7.82%, 01/11/24
.........
2
182,136
Mizuho
Markets
Cayman
LP
(Williams-Sonoma,
Inc.),
15.72%, 01/11/24
.............
1
130,504
Royal
Bank
of
Canada
(O'Reilly
Automotive,
Inc.),
8.32%, 01/08/24
(b)
............
—
(o)
84,686
Royal
Bank
of
Canada
(Ulta
Beauty,
Inc.),
8.01%, 01/18/24
(b)
................
—
(o)
148,750
1,082,265
Technology
Hardware,
Storage
&
Peripherals
—
0.2%
BNP
Paribas
SA
(Apple,
Inc.),
9.51%, 02/02/24
(b)
................
6
1,102,596
BNP
Paribas
SA
(Hewlett
Packard
Enterprise
Co.),
13.45%, 02/29/24
(b)
............
6
108,011
Mizuho
Markets
Cayman
LP
(Apple,
Inc.),
8.56%, 02/01/24
.................
2
356,182
1,566,789
Textiles,
Apparel
&
Luxury
Goods
—
0.1%
Goldman
Sachs
International
(Skechers
USA,
Inc.),
16.91%, 02/02/24
.............
1
73,050
JPMorgan
Structured
Products
BV
(Skechers
USA,
Inc.),
14.33%, 02/01/24
.........
1
73,933
Royal
Bank
of
Canada
(adidas
AG),
19.36%, 01/10/24
(b)
...............
EUR
1
112,656
Security
Par
(000)
Par
(000)
Value
Textiles,
Apparel
&
Luxury
Goods
(continued)
Royal
Bank
of
Canada
(Tapestry,
Inc.),
20.51%, 01/08/24
(b)
...............
USD
5
$
151,263
410,902
Tobacco
—
0.1%
Royal
Bank
of
Canada
(Philip
Morris
International,
Inc.),
12.35%, 02/09/24
(b)
..
4
365,510
Trading
Companies
&
Distributors
—
0.0%
Barclays
Bank
plc
(Ferguson
plc),
15.38%, 01/05/24
................
1
129,761
JPMorgan
Structured
Products
BV
(United
Rentals,
Inc.),
20.65%, 01/25/24
......
—
(o)
151,641
281,402
Wireless
Telecommunication
Services
—
0.0%
UBS
AG
(T-Mobile
US,
Inc.),
8.40%, 02/02/24
2
240,160
Total
Equity-Linked
Notes
—
4.9%
(Cost:
$35,297,805)
..............................
36,275,850
Floating
Rate
Loan
Interests
Aerospace
&
Defense
—
0.2%
(a)
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Cap
+
4.25%),
9.90%
,
 05/25/28
...........
230
213,128
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
C,
(3-mo.
CME
Term
SOFR
at
0.75%
Cap
+
4.25%),
9.90%
,
 05/25/28
...........
42
38,933
Bleriot
U.S.
Bidco,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.61%
,
 10/30/28
..
36
35,934
Cobham
Ultra
SeniorCo
SARL,
Facility
Term
Loan
B,
(6-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.50%),
9.36%
,
 08/03/29
.......
48
47,604
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.36%
,
 08/24/28
.................
261
261,054
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.36%
,
 08/24/28
.................
112
111,880
Peraton
Corp.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Cap
+
3.75%),
9.21%
,
 02/01/28
.................
162
162,022
Peraton
Corp.,
2nd
Lien
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.75%
Cap
+
7.75%),
13.22%
,
 02/01/29
................
73
72,199
Setanta
Aircraft
Leasing
DAC,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.00%),
7.61%
,
 11/05/28
.................
144
144,360
TransDigm
Inc.,
Term
Loan
J,
(1-mo.
LIBOR
USD
+
3.25%),
8.60%
,
 02/14/31
......
38
38,142
TransDigm,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.60%
,
 08/24/28
.....
51
50,807
TransDigm,
Inc.,
Term
Loan
H,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.60%
,
 02/22/27
..
247
247,949
1,424,012
Automobile
Components
—
0.0%
(a)
Adient
US
LLC,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.72%
,
 04/10/28
..
40
39,952
Clarios
Global
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.11%
,
 05/06/30
.................
169
168,788
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Automobile
Components
(continued)
Tenneco,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
10.45%
-
10.47%
,
 11/17/28
..........
USD
93
$
81,788
290,528
Automobiles
—
0.0%
Dealer
Tire
Financial
LLC,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
4.50%),
9.86%
,
 12/14/27
(a)
..........
118
117,980
Beverages
—
0.1%
(a)
Naked
Juice
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.25%),
8.70%
,
 01/24/29
.................
307
295,757
Naked
Juice
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.01%
Cap
+
6.00%),
11.45%
,
 01/24/30
................
200
159,826
455,583
Broadline
Retail
—
0.1%
(a)
Fanatics
Commerce
Intermediate
Holdco
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.25%),
8.72%
,
 11/24/28
(e)
.
65
64,632
New
SK
Holdco
Sub
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Cap
+
6.75%),
12.21%
,
 06/30/27
................
161
159,257
Pug
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.97%
,
 02/12/27
.....
236
231,618
Pug
LLC,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
4.25%),
9.72%
,
 02/12/27
(e)
................
49
48,386
Sally
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.61%
,
 02/28/30
..
39
38,816
Woof
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Cap
+
3.75%),
9.36%
,
 12/21/27
.................
31
25,044
567,753
Building
Products
—
0.1%
(a)
AZZ,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.75%),
9.11%
,
 05/13/29
47
46,918
Cornerstone
Building
Brands,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.25%),
8.71%
,
 04/12/28
...........
48
48,251
CP
Atlas
Buyer,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
3.75%),
4.25%
-
9.21%
,
 11/23/27
.................
95
93,542
CP
Iris
Holdco
I,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.75%),
9.21%
,
 10/02/28
...........
22
21,693
CPG
International
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.50%),
7.96%
,
 04/28/29
.................
73
73,112
Jeld-Wen,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.72%
,
 07/28/28
.....
69
68,807
Wilsonart
LLC,
Term
Loan
E,
(3-mo.
CME
Term
SOFR
at
1.00%
Cap
+
3.25%),
8.70%
,
 12/31/26
.................
196
196,703
549,026
Security
Par
(000)
Par
(000)
Value
Capital
Markets
—
0.1%
(a)
Aretec
Group,
Inc.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
4.50%),
9.96%
,
 08/09/30
..
USD
42
$
41,804
Ascensus
Group
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.50%),
8.97%
,
 08/02/28
.......
121
120,097
Ascensus
Group
Holdings,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.50%),
7.00%
,
 08/02/29
......
46
44,093
Axalta
Coating
Systems
Dutch
Holding
B
BV,
Facility
Term
Loan
B5,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.50%),
7.85%
,
 12/20/29
.................
106
106,368
Azalea
TopCo,
Inc.,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
+
3.50%),
8.97%, 07/24/26
...............
85
84,069
(1-mo.
CME
Term
SOFR
at
0.75%
Cap
+
3.75%),
9.22%, 07/24/26
.........
87
86,144
Castlelake
Aviation
One
DAC,
Term
Loan
 10/22/26
(p)
.....................
137
137,400
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.50%),
8.13%, 10/22/27
.........
45
44,578
Focus
Financial
Partners
LLC,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.50%),
7.86%
,
 06/30/28
...........
99
99,274
Focus
Financial
Partners
LLC,
Term
Loan
B6,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.50%),
8.86%
,
 06/30/28
...........
55
54,931
Learning
Care
Group
US
No.
2,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
4.75%),
10.10%
-
10.14%
,
 08/11/28
16
16,032
Osaic
Holdings,
Inc.,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
4.50%),
9.86%
,
 08/17/28
.................
102
102,428
937,218
Chemicals
—
0.2%
(a)
ARC
Falcon
I,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.50%),
8.96%
,
 09/30/28
.................
91
90,174
Aruba
Investments
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Cap
+
4.00%),
9.46%
,
 11/24/27
.......
32
31,304
Ascend
Performance
Materials
Operations
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Cap
+
4.75%),
10.32%
,
 08/27/26
.
63
60,225
Chemours
Co.
(The),
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.50%),
8.86%
,
 08/18/28
.................
85
84,533
CPC
Acquisition
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Cap
+
3.75%),
9.36%
,
 12/29/27
...........
49
39,020
Derby
Buyer
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.60%
,
 11/01/30
(e)
................
141
141,000
Discovery
Purchaser
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
4.38%),
9.77%
,
 10/04/29
.......
67
66,332
Ecovyst
Catalyst
Technologies
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.50%),
7.98%
,
 06/09/28
...........
98
98,048
Element
Solutions,
Inc.,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.36%
,
 12/18/30
(e)
................
135
135,311
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
H.B.
Fuller
Co.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.25%),
7.61%
,
 02/15/30
.................
USD
21
$
20,874
Herens
Holdco
SARL,
Facility
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Cap
+
3.93%),
9.37%
,
 07/03/28
...........
73
66,131
Ineos
US
Finance
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.96%
,
 02/18/30
.................
40
39,800
LSF11
A5
Holdco
LLC,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.50%),
8.97%, 10/15/28
.........
134
133,724
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
4.25%),
9.71%, 10/15/28
.........
19
18,937
Lummus
Technology
Holdings
V
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.97%
,
 06/30/27
.................
22
21,829
Momentive
Performance
Materials,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.50%),
9.86%
,
 03/29/28
.................
156
150,378
Nouryon
Finance
B.V.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.47%
,
 04/03/28
..
65
65,020
Olympus
Water
US
Holding
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
10.35%
,
 11/09/28
...........
63
63,078
Oxea
Holding
Vier
GmbH,
Term
Loan
B2,
(3-mo.
CME
Term
SOFR
+
3.50%),
8.93%
,
 10/14/24
.................
110
105,912
SCIH
Salt
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.46%
-
9.47%
,
 03/16/27
....
29
29,019
Sparta
US
HoldCo
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.72%
,
 08/02/28
...........
123
122,288
WR
Grace
Holdings
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.75%),
9.36%
,
 09/22/28
.................
107
107,368
1,690,305
Commercial
Services
&
Supplies
—
0.2%
(a)
Action
Environmental
Group,
Inc.,
(The),
Delayed
Draw
Term
Loan,
10/24/30
(e)(p)
..
7
7,017
Action
Environmental
Group,
Inc.,
(The),
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
4.50%),
9.88%
,
 10/24/30
(e)
......
44
44,108
Allied
Universal
Holdco
LLC,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.75%),
9.21%, 05/12/28
.........
218
217,240
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
4.75%),
10.11%, 05/12/28
.........
23
22,910
Aramark
Intermediate
HoldCo
Corp.,
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.97%
,
 04/06/28
.................
81
80,620
Aramark
Intermediate
HoldCo
Corp.,
Term
Loan
B6,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.97%
,
 06/22/30
.................
50
49,803
Asplundh
Tree
Expert
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.21%
,
 09/07/27
.................
142
142,110
Clean
Harbors,
Inc.,
Term
Loan,
0.00%
,
 10/08/28
.................
63
62,899
Covanta
Holding
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.50%),
7.86%
,
 11/30/28
.................
105
104,721
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
Covanta
Holding
Corp.,
Term
Loan
C,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.86%
,
 11/30/28
.................
USD
8
$
8,208
GFL
Environmental,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.50%),
7.91%
,
 05/31/27
.................
59
59,480
LABL,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
5.00%),
10.46%
,
 10/29/28
................
65
61,885
Minimax
Viking
GmbH,
Facility
Term
Loan
B1,
07/31/28
(p)
.....................
14
13,956
NEP
Group,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.71%
,
 10/20/25
.................
104
97,855
PECF
USS
Intermediate
Holding
III
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
4.25%),
9.89%
,
 12/15/28
.......
87
67,400
Prime
Security
Services
Borrower
LLC,
1st
Lien
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
+
2.50%),
7.83%
,
 10/13/30
...........
60
60,140
Tempo
Acquisition
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.75%),
8.11%
,
 08/31/28
.................
318
319,388
TruGreen
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Cap
+
4.00%),
9.46%
,
 11/02/27
.................
134
129,266
Viad
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
5.00%),
10.47%
,
 07/30/28
................
94
93,873
1,642,879
Communications
Equipment
—
0.0%
(a)
Ciena
Corp.
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.36%
,
 10/24/30
.....
114
114,089
ViaSat,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
4.50%),
9.86%, 03/02/29
.........
83
81,319
9.96%, 05/30/30
.................
52
50,768
246,176
Construction
&
Engineering
—
0.1%
(a)
Brand
Industrial
Services,
Inc.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
5.50%),
10.88%
,
 08/01/30
...........
256
254,527
Legence
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Cap
+
3.50%),
8.96%
,
 12/16/27
.................
16
15,915
Pike
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.47%
,
 01/21/28
.....
80
80,143
USIC
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Cap
+
3.50%),
9.11%
,
 05/12/28
............
116
114,650
465,235
Construction
Materials
—
0.1%
(a)
New
AMI
I
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
6.00%),
11.36%
,
 03/08/29
................
91
78,211
Oscar
AcquisitionCo
LLC,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
4.50%),
9.95%
,
 04/29/29
.................
97
95,552
Quikrete
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.22%
,
 03/19/29
.................
40
39,897
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
36
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Construction
Materials
(continued)
Smyrna
Ready
Mix
Concrete
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.86%
,
 04/02/29
.................
USD
35
$
35,530
Standard
Building
Solutions,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.25%),
7.72%
,
 09/22/28
...........
108
108,303
Summit
Materials
LLC,
Term
Loan
B,
11/30/28
(p)
51
51,160
408,653
Consumer
Staples
Distribution
&
Retail
—
0.0%
US
Foods,
Inc.,
Term
Loan
B
(a)
(1-mo.
CME
Term
SOFR
+
2.00%),
7.47%, 09/13/26
...............
150
149,900
(1-mo.
CME
Term
SOFR
+
2.50%),
7.97%, 11/22/28
...............
45
45,319
195,219
Containers
&
Packaging
—
0.1%
(a)
Charter
Next
Generation,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Cap
+
3.75%),
9.22%
,
 12/01/27
.......
263
263,640
Mauser
Packaging
Solutions
Holding
Co.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.35%
,
 08/14/26
.................
88
87,804
Pactiv
Evergreen,
Inc.,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.72%
,
 02/05/26
.................
28
28,145
Reynolds
Consumer
Products
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.21%
,
 02/04/27
.................
14
13,679
Trident
TPI
Holdings,
Inc.,
Term
Loan
B3,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
4.00%),
9.61%
,
 09/15/28
...........
109
108,604
501,872
Distributors
—
0.0%
(a)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.46%
,
 01/15/27
...........
139
139,681
PAI
Holdco,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Cap
+
3.75%),
9.39%
,
 10/28/27
.................
133
123,597
263,278
Diversified
Consumer
Services
—
0.1%
(a)
Ascend
Learning
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.50%),
8.96%
,
 12/11/28
............
42
41,185
Ascend
Learning
LLC,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
5.75%),
11.21%
,
 12/10/29
...........
104
88,638
Bright
Horizons
Family
Solutions
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.25%),
7.72%
,
 11/24/28
.......
101
101,169
Kuehg
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
5.00%),
10.35%
,
 06/12/30
................
94
94,063
Sotheby's,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
4.50%),
10.16%
,
 01/15/27
194
191,240
Spring
Education
Group,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Cap
+
4.50%),
9.85%
,
 09/29/30
...........
111
110,880
Veritas
US,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
1.00%
Cap
+
5.00%),
10.47%
,
 09/01/25
................
156
129,346
Security
Par
(000)
Par
(000)
Value
Diversified
Consumer
Services
(continued)
Wand
Newco
3,
Inc.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.22%
,
 02/05/26
.................
USD
125
$
124,990
WCG
Purchaser
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Cap
+
4.00%),
9.47%
,
 01/08/27
...........
85
85,345
966,856
Diversified
REITs
—
0.0%
RHP
Hotel
Properties,
LP,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.11%
,
 05/18/30
(a)
................
60
59,567
Diversified
Telecommunication
Services
—
0.2%
(a)
Altice
Financing
SA,
Term
Loan
(3-mo.
LIBOR
USD
+
2.75%),
8.41%, 07/15/25
...............
5
4,774
(3-mo.
LIBOR
USD
+
2.75%),
8.41%, 01/31/26
(e)
..............
83
81,433
Altice
France
SA,
Term
Loan
B14,
(3-mo.
CME
Term
SOFR
+
5.50%),
10.89%
,
 08/15/28
.
144
129,267
Connect
Finco
SARL,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Cap
+
3.50%),
8.86%
,
 12/11/26
.................
434
433,991
Consolidated
Communications,
Inc.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.75%
Cap
+
3.50%),
8.97%
,
 10/02/27
..........
34
31,764
Iridium
Satellite
LLC,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.75%
Cap
+
2.50%),
7.86%
,
 09/20/30
.................
192
192,591
Level
3
Financing,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.22%
,
 03/01/27
.................
96
91,169
Lumen
Technologies,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.72%
,
 03/15/27
.................
138
94,046
Orbcomm,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
9.72%
-
9.90%
,
 09/01/28
...........
87
82,533
Radiate
Holdco
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Cap
+
3.25%),
8.72%
,
 09/25/26
.................
224
178,196
Virgin
Media
Bristol
LLC,
Facility
Term
Loan
Q,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.73%
,
 01/31/29
.................
44
43,855
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.47%
,
 03/09/27
.................
328
280,677
1,644,296
Electrical
Equipment
—
0.0%
Arcline
FM
Holdings
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Cap
+
4.75%),
10.36%
,
 06/23/28
(a)
..........
135
134,717
Electronic
Equipment,
Instruments
&
Components
—
0.0%
Coherent
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.75%),
8.22%
,
 07/02/29
(a)
................
97
97,049
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Entertainment
—
0.2%
(a)
AMC
Entertainment
Holdings,
Inc.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.47%
,
 04/22/26
.................
USD
136
$
113,312
Aristocrat
Technologies,
Inc.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.25%),
7.70%
,
 05/24/29
...........
24
23,505
Cirque
du
Soleil
Canada,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
4.25%),
9.60%
,
 03/08/30
...........
66
66,165
City
Football
Group
Ltd.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.00%),
8.47%
,
 07/21/28
.................
132
130,754
Creative
Artists
Agency
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.86%
,
 11/27/28
.................
143
143,511
Formula
One
Management
Ltd.,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.25%),
7.60%
,
 01/15/30
136
136,256
Live
Nation
Entertainment,
Inc.,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.21%
,
 10/19/26
.................
243
242,807
Playtika
Holding
Corp.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.22%
,
 03/13/28
.................
121
121,089
Renaissance
Holding
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.75%),
10.11%
,
 04/05/30
.....
5
4,523
SMG
US
Midco
2,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.50%),
8.14%
,
 01/23/25
.................
116
115,588
UFC
Holdings
LLC,
1st
Lien
Term
Loan
B3,
(3-mo.
CME
Term
SOFR
at
0.75%
Cap
+
2.75%),
8.40%
,
 04/29/26
...........
92
92,250
William
Morris
Endeavor
Entertainment
LLC,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.22%
,
 05/18/25
.....
197
197,367
WMG
Acquisition
Corp.,
Term
Loan
G,
(1-mo.
CME
Term
SOFR
+
2.13%),
7.60%
,
 01/20/28
.................
216
215,924
1,603,051
Financial
Services
—
0.2%
(a)
ABG
Intermediate
Holdings
2
LLC,
1st
Lien
Term
Loan
B1,
8.96%
,
 12/21/28
.......
82
82,734
Belron
Finance
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.25%),
7.90%
,
 10/30/26
..
57
57,128
Belron
Finance
US
LLC,
Term
Loan
 04/13/28
(e)(p)
....................
98
98,241
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.50%),
8.00%, 04/18/29
.........
31
30,884
Belron
Group
SA,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.43%),
8.07%
,
 04/13/28
.................
59
59,141
Cogeco
Communications
Finance
LP,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.97%
,
 09/01/28
.................
137
134,988
Deerfield
Dakota
Holding
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Cap
+
3.75%),
9.10%
,
 04/09/27
.......
384
380,048
Deerfield
Dakota
Holding
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Cap
+
6.75%),
12.36%
,
 04/07/28
......
133
126,516
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
GIP
Pilot
Acquisition
Partners
LP,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.00%),
8.33%
,
 10/04/30
.................
USD
20
$
19,983
GTCR
W
Merger
Sub
LLC,
Term
Loan
B,
09/20/30
(p)
.....................
111
111,416
LBM
Acquisition
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.01%
Cap
+
3.75%),
9.21%
,
 12/17/27
...........
79
78,236
Lions
Gate
Capital
Holdings
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.71%
,
 03/24/25
.................
130
129,840
Sotera
Health
Holdings
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.75%),
8.39%
,
 12/11/26
.................
166
165,723
UPC
Financing
Partnership,
Facility
Term
Loan
AX,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.48%
,
 01/31/29
.................
74
73,253
WEX,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.72%
,
 03/31/28
.....
73
73,629
White
Cap
Supply
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.75%),
9.11%
,
 10/19/27
............
80
79,751
1,701,511
Food
Products
—
0.2%
(a)
8th
Avenue
Food
&
Provisions,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.22%
,
 10/01/25
...........
141
134,961
B&G
Foods,
Inc.,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.86%
,
 10/10/26
..
19
18,970
Chobani
LLC,
Term
Loan
(1-mo.
CME
Term
SOFR
at
1.00%
Cap
+
3.50%),
8.97%, 10/25/27
.........
306
305,891
(1-mo.
CME
Term
SOFR
+
3.75%),
9.11%, 10/25/27
...............
51
51,042
Froneri
International
Ltd.,
Facility
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.71%
,
 01/29/27
.................
242
241,925
H-Food
Holdings
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.69%),
9.34%
,
 05/23/25
..
40
31,516
Nomad
Foods
Ltd.,
Term
Loan
B4,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.47%
,
 11/13/29
.................
105
105,364
Sovos
Brands
Intermediate,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Cap
+
3.50%),
9.14%
,
 06/08/28
.......
173
173,317
Triton
Water
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.25%),
8.86%
,
 03/31/28
...........
87
85,964
Utz
Quality
Foods
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.00%),
8.64%
,
 01/20/28
.................
214
214,486
1,363,436
Ground
Transportation
—
0.1%
(a)
AIT
Worldwide
Logistics
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Cap
+
4.75%),
10.21%
,
 04/06/28
.
44
43,794
Avis
Budget
Car
Rental
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.22%
,
 08/06/27
.................
96
96,039
Genesee
&
Wyoming,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.00%),
7.45%
,
 12/30/26
.................
105
105,227
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
38
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ground
Transportation
(continued)
SIRVA
Worldwide,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
5.50%),
11.14%
-
11.15%
,
 08/04/25
................
USD
46
$
40,236
Uber
Technologies,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.75%),
8.13%
,
 03/03/30
.................
137
137,823
423,119
Health
Care
Equipment
&
Supplies
—
0.1%
(a)
Bausch
+
Lomb
Corp.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.25%),
8.71%, 05/10/27
.........
175
172,380
(1-mo.
CME
Term
SOFR
+
4.00%),
9.36%, 09/29/28
...............
62
61,613
Chariot
Buyer
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.25%),
8.71%
,
 11/03/28
.................
164
163,560
Femur
Buyer,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.50%),
10.11%
,
 03/05/26
................
77
69,234
Insulet
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.25%),
8.72%
,
 05/04/28
.................
58
58,362
Medline
Borrower
LP,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.00%),
8.47%
,
 10/23/28
.................
330
331,170
856,319
Health
Care
Providers
&
Services
—
0.1%
(a)
CHG
Healthcare
Services,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.25%),
8.72%
,
 09/29/28
.......
136
136,174
CNT
Holding
I
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Cap
+
3.50%),
8.93%
,
 11/08/27
............
131
131,389
Electron
Bidco,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.00%),
8.47%
,
 11/01/28
.................
145
144,824
EyeCare
Partners
LLC,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
+
3.75%),
9.39%, 02/18/27
...............
33
15,756
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.75%),
9.39%, 11/15/28
..........
46
22,206
EyeCare
Partners
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
6.75%),
12.39%
,
 11/15/29
...........
78
20,976
MED
ParentCo.
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.72%
,
 08/31/26
.................
22
22,118
Medical
Solutions
Holdings,
Inc.,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
7.00%),
12.46%
,
 11/01/29
......
110
92,263
Option
Care
Health,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.75%),
8.22%
,
 10/27/28
...........
81
81,616
Surgery
Center
Holdings,
Inc.,
Term
Loan,
8.86%
,
 12/19/30
.................
83
83,329
Vizient,
Inc.,
Term
Loan
B7,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.25%),
7.71%
,
 05/16/29
.................
45
45,325
795,976
Security
Par
(000)
Par
(000)
Value
Health
Care
Technology
—
0.1%
(a)
Athenahealth
Group,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.25%),
8.61%
,
 02/15/29
.................
USD
215
$
213,341
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.45%
,
 10/01/27
...........
199
193,090
Polaris
Newco
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
4.00%),
9.47%
,
 06/02/28
.................
347
341,459
Verscend
Holding
Corp.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.47%
,
 08/27/25
.................
161
161,236
909,126
Hotels,
Restaurants
&
Leisure
—
0.4%
(a)
1011778
BC
Unlimited
Liability
Co.,
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.61%
,
 09/23/30
.................
121
121,449
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.22%
,
 02/02/26
.................
139
129,450
Alterra
Mountain
Co.,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.21%
,
 05/31/30
(e)
................
11
11,000
Bally's
Corp.,
Facility
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.25%),
8.93%
,
 10/02/28
.................
73
68,555
Caesars
Entertainment,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.25%),
8.71%
,
 02/06/30
...........
99
99,390
Carnival
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Cap
+
3.00%),
8.36%
,
 08/09/27
.................
69
68,712
Churchill
Downs,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.46%
,
 03/17/28
.................
106
105,691
Equinox
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(3-mo.
LIBOR
USD
at
1.00%
Floor
+
3.00%),
8.61%
,
 03/08/24
...........
244
237,816
Fertitta
Entertainment
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
4.00%),
9.36%
,
 01/27/29
...........
322
321,892
Flutter
Entertainment
plc,
Term
Loan
B
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.25%),
8.90%, 07/22/28
.........
47
46,642
(3-mo.
CME
Term
SOFR
+
2.25%),
7.70%, 11/10/30
...............
199
199,165
Four
Seasons
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.50%),
7.96%
,
 11/30/29
.......
159
159,567
Hilton
Domestic
Operating
Co.,
Inc.,
Term
Loan
B4,
7.46%
,
 11/08/30
...............
174
174,193
IRB
Holding
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Cap
+
3.00%),
8.46%
,
 12/15/27
.................
153
153,592
Light
&
Wonder
International,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.00%),
8.46%
,
 04/14/29
...........
84
83,733
Packers
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.71%
,
 03/09/28
..
70
43,675
Penn
Entertainment,
Inc.,
Facility
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.75%),
8.20%
,
 05/03/29
...........
170
170,642
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
39
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Playa
Resorts
Holding
BV,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.25%),
8.61%
,
 01/05/29
.................
USD
38
$
37,620
Seaworld
Parks
&
Entertainment,
Inc.,
Term
Loan,
(1-mo.
LIBOR
USD
at
0.50%
Cap
+
3.00%),
8.47%
,
 08/25/28
...........
49
49,531
Station
Casinos
LLC,
Facility
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.25%
Cap
+
2.25%),
7.71%
,
 02/08/27
...........
139
139,048
Whatabrands
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.00%),
8.47%
,
 08/03/28
.................
161
160,727
Wyndham
Hotels
&
Resorts,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.71%
,
 05/24/30
.................
36
36,443
2,618,533
Household
Durables
—
0.1%
(a)
ACProducts
Holdings,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
4.25%),
9.86%
,
 05/17/28
.................
129
113,068
Hunter
Douglas
Holding
BV,
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.50%),
8.88%
,
 02/26/29
...........
186
184,624
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Cap
+
4.00%),
9.47%
,
 10/06/28
...........
182
162,798
Weber-Stephen
Products
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Cap
+
3.25%),
8.72%
,
 10/30/27
...........
236
205,572
666,062
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
(a)
Calpine
Construction
Finance
Co.
LP,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.61%
,
 07/31/30
.................
83
82,730
Calpine
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.47%
,
 08/12/26
.....
34
33,592
Constellation
Renewables
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Cap
+
2.50%),
8.15%
,
 12/15/27
...........
139
138,326
254,648
Industrial
Conglomerates
—
0.0%
(a)
EMRLD
Borrower
LP,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.36%
,
 05/31/30
.................
65
65,024
JFL-Tiger
Acquisition
Co.,
Inc.
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
5.00%),
10.40%
,
 10/17/30
...........
39
39,000
104,024
Insurance
—
0.2%
(a)
Alliant
Holdings
Intermediate
LLC,
Term
Loan
B6,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.50%),
8.87%
,
 11/06/30
..........
398
399,732
AmWINS
Group,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.75%
Cap
+
2.75%),
8.22%, 02/19/28
.........
32
31,734
(1-mo.
CME
Term
SOFR
at
0.75%
Cap
+
2.25%),
7.72%, 02/19/28
.........
147
147,351
AssuredPartners,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
+
3.50%),
8.97%, 02/12/27
...............
211
210,954
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
Baldwin
Risk
Partners
LLC,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.50%),
8.97%
,
 10/14/27
...........
USD
31
$
30,803
Hub
International
Ltd.,
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.75%
Cap
+
4.00%),
9.37%, 11/10/29
..........
62
62,568
(3-mo.
CME
Term
SOFR
at
0.75%
Cap
+
4.25%),
9.66%, 06/20/30
.........
261
261,574
Jones
DesLauriers
Insurance
Management,
Inc.,
1st
Lien
Term
Loan,
(6-mo.
CME
Term
SOFR
+
4.25%),
9.62%
,
 03/15/30
.....
81
81,237
Ryan
Specialty
Group
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.46%
,
 09/01/27
.................
128
127,463
USI,
Inc.,
Term
Loan
(3-mo.
CME
Term
SOFR
+
3.00%),
8.35%, 11/22/29
...............
223
222,821
(3-mo.
CME
Term
SOFR
+
3.25%),
8.60%, 09/27/30
...............
73
72,835
1,649,072
Interactive
Media
&
Services
—
0.1%
(a)
Adevinta
ASA,
Facility
Term
Loan
B2,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
8.46%
,
 06/26/28
.................
37
37,476
Camelot
US
Acquisition
LLC,
Term
Loan
(1-mo.
CME
Term
SOFR
at
1.00%
Cap
+
3.00%),
8.47%, 10/30/26
.........
265
264,698
Grab
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Cap
+
4.50%),
9.97%
,
 01/29/26
.................
62
62,003
364,177
IT
Services
—
0.2%
(a)
Asurion
LLC,
2nd
Lien
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
+
5.25%),
10.72%
,
 01/31/28
................
69
65,607
Asurion
LLC,
2nd
Lien
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
5.25%),
10.72%
,
 01/20/29
................
49
46,075
Asurion
LLC,
Term
Loan
B11,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.71%
,
 08/19/28
.....
128
127,462
Asurion
LLC,
Term
Loan
B8,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.72%
,
 12/23/26
.....
74
73,586
Central
Parent
LLC.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.35%
,
 07/06/29
.................
212
212,869
Go
Daddy
Operating
Co.
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.86%
,
 11/09/29
.................
126
126,095
Go
Daddy
Operating
Co.
LLC,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.47%
,
 08/10/27
.................
85
84,637
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.11%
,
 02/24/28
............
291
291,306
Venga
Finance
SARL,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Cap
+
4.75%),
10.40%
,
 06/28/29
................
86
84,960
1,112,597
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
40
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Leisure
Products
—
0.0%
(a)
Fender
Musical
Instruments
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
4.00%),
9.46%
,
 12/01/28
(e)
..........
USD
42
$
40,951
Peloton
Interactive,
Inc.,
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.50%
Cap
+
7.00%),
12.48%
,
 05/25/27
................
84
83,955
Topgolf
Callaway
Brands
Corp.,
Term
Loan,
8.96%
,
 03/15/30
.................
73
73,369
198,275
Life
Sciences
Tools
&
Services
—
0.1%
(a)
Avantor
Funding,
Inc.,
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.25%),
7.71%
,
 11/08/27
.................
73
73,336
Curia
Global,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.75%),
9.23%
,
 08/30/26
.................
15
13,242
eResearchTechnology,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Cap
+
4.50%),
9.96%
,
 02/04/27
.......
68
67,420
Fortrea
Holdings,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.75%),
9.11%
,
 07/01/30
.................
30
29,800
ICON
plc,
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.25%),
7.86%, 07/03/28
.........
140
140,476
IQVIA,
Inc.,
Term
Loan
B4,
(3-mo.
CME
Term
SOFR
+
2.00%),
7.35%
,
 01/02/31
.....
88
88,252
Maravai
Intermediate
Holdings
LLC,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.00%),
8.40%
,
 10/19/27
...........
147
142,973
Parexel
International,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.25%),
8.72%
,
 11/15/28
............
202
202,844
Star
Parent,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.35%
,
 09/27/30
.....
60
59,225
817,568
Machinery
—
0.3%
(a)
AI
Aqua
Merger
Sub,
Inc.,
Term
Loan,
07/31/28
(p)
.....................
101
101,348
Albion
Financing
3
SARL,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
5.25%),
10.92%
,
 08/17/26
................
127
127,526
Barnes
Group,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.46%
,
 09/03/30
..
51
50,974
Clark
Equipment
Co.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.50%),
7.95%
,
 04/20/29
.................
56
56,159
Columbus
McKinnon
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.75%),
8.39%
,
 05/14/28
.................
44
44,086
Filtration
Group
Corp.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.50%),
8.97%, 10/21/28
.........
109
109,334
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
4.25%),
9.72%, 10/21/28
.........
61
61,344
Gardner
Denver,
Inc.,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.21%
,
 03/01/27
.................
159
159,012
Gates
Global
LLC,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.75%
Cap
+
2.50%),
7.96%
,
 03/31/27
.................
145
145,316
Security
Par
(000)
Par
(000)
Value
Machinery
(continued)
Generac
Power
Systems,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.20%
,
 12/13/26
.................
USD
20
$
19,975
Husky
Injection
Molding
Systems
Ltd.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.47%
,
 03/28/25
.................
203
202,304
Ingersoll-Rand
Services
Co.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.00%
Cap
+
1.75%),
7.21%
,
 03/01/27
...........
37
36,802
Madison
IAQ
LLC,
Term
Loan,
(1-mo.
LIBOR
USD
at
0.50%
Cap
+
3.25%),
8.72%
,
 06/21/28
.................
157
156,651
Roper
Industrial
Products
Investment
Co.
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
4.00%),
9.35%
,
 11/22/29
.................
183
183,076
SPX
Flow,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
4.50%),
9.96%
,
 04/05/29
.................
140
140,096
TK
Elevator
Midco
GmbH,
Facility
Term
Loan
B1,
(6-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.50%),
9.38%
,
 07/30/27
..........
239
238,956
Vertiv
Group
Corp.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.97%
,
 03/02/27
..
193
193,444
Zurn
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.00%),
7.47%
,
 10/04/28
.................
25
25,426
2,051,829
Media
—
0.1%
(a)
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.71%
,
 03/03/25
.................
100
97,340
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B3,
(3-mo.
LIBOR
USD
+
15.00%),
15.00%
,
 10/15/26
................
50
50,986
Charter
Communications
Operating
LLC,
Term
Loan
B4,
(3-mo.
CME
Term
SOFR
+
2.00%),
7.33%
,
 12/07/30
.................
86
85,999
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
+
3.50%),
9.14%
,
 08/21/26
.................
83
82,152
CSC
Holdings
LLC,
Term
Loan,
(1-mo.
LIBOR
USD
+
2.50%),
7.98%
,
 04/15/27
......
129
122,352
DirecTV
Financing
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Cap
+
5.00%),
10.65%
,
 08/02/27
................
134
133,470
ECL
Entertainment
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.11%
,
 09/03/30
................
35
34,939
Learfield
Communications
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
2.00%
Cap
+
5.50%),
10.86% 06/30/28
.......
54
52,423
Sinclair
Television
Group,
Inc.,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.21%
,
 04/21/29
.................
41
33,371
Voyage
Digital
Ltd.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
4.00%),
9.37%
,
 05/11/29
(e)
................
75
75,101
Ziggo
Financing
Partnership,
Facility
Term
Loan
I,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.98%
,
 04/30/28
.................
78
77,694
845,827
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
41
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
—
0.1%
(a)
Freeport
LNG
investments
LLLP,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.50%),
9.18%
,
 12/21/28
...........
USD
249
$
248,062
M6
ETX
Holdings
II
Midco
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
4.50%),
9.96%
,
 09/19/29
...........
43
43,491
Medallion
Midland
Acquisition,
LP,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.50%),
8.86%
,
 10/18/28
.................
183
183,509
New
Fortress
Energy
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Cap
+
5.00%),
10.39%
,
 10/30/28
................
130
127,725
Oryx
Midstream
Services
Permian
Basin
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.25%),
8.71%
,
 10/05/28
..
228
228,126
830,913
Passenger
Airlines
—
0.2%
(a)
AAdvantage
Loyalty
IP
Ltd.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Cap
+
4.75%),
10.43%
,
 04/20/28
................
122
124,939
Air
Canada,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Cap
+
3.50%),
9.14%
,
 08/11/28
.................
137
137,397
American
Airlines,
Inc.,
Term
Loan
(6-mo.
CME
Term
SOFR
+
1.75%),
7.32%, 01/29/27
...............
130
129,010
(6-mo.
CME
Term
SOFR
+
2.75%),
8.60%, 02/15/28
...............
153
153,143
(3-mo.
CME
Term
SOFR
+
3.50%),
8.87%, 06/04/29
...............
126
126,157
Mileage
Plus
Holdings
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Cap
+
5.25%),
10.77%
,
 06/21/27
................
139
143,934
United
AirLines,
Inc.,
Term
Loan
B,
9.22%
,
 04/21/28
.................
157
157,347
WestJet
Airlines
Ltd.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Cap
+
3.00%),
8.46%
,
 12/11/26
.................
65
65,155
1,037,082
Personal
Care
Products
—
0.1%
Sunshine
Luxembourg
VII
SARL,
Facility
Term
Loan
B3,
(3-mo.
CME
Term
SOFR
+
3.50%),
8.95%
,
 10/01/26
(a)
................
476
478,267
Pharmaceuticals
—
0.1%
(a)
Amneal
Pharmaceuticals
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
5.50%),
10.86%
,
 05/04/28
................
107
104,974
Amynta
Agency
Borrower,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.61%
,
 02/28/28
.................
99
98,851
Bausch
Health
Cos.,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
5.25%),
10.71%
,
 02/01/27
................
105
85,228
Catalent
Pharma
Solutions,
Inc.,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
7.47%
,
 02/22/28
...........
166
162,806
Elanco
Animal
Health,
Inc.,
Term
Loan,
7.20%
,
 08/01/27
.................
141
140,286
Jazz
Pharmaceuticals
plc,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.50%),
8.97%
,
 05/05/28
.................
139
139,216
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
(continued)
Organon
&
Co.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.00%),
8.47%
,
 06/02/28
.................
USD
130
$
130,014
Perrigo
Co.
plc,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.71%
,
 04/20/29
.................
79
79,099
Precision
Medicine
Group
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Cap
+
3.00%),
8.45%
,
 11/18/27
............
88
86,476
1,026,950
Professional
Services
—
0.2%
(a)
AlixPartners
LLP,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.75%),
8.22%
,
 02/04/28
.................
122
122,340
ASGN,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.61%
,
 08/30/30
.....
28
28,028
CoreLogic,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.50%),
8.97%
,
 06/02/28
.................
302
293,551
Dun
&
Bradstreet
Corp.
(The),
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.21%
,
 02/06/26
.................
360
360,920
Dun
&
Bradstreet
Corp.
(The),
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.36%
,
 01/18/29
.................
130
130,169
Element
Materials
Technology
Group
US
Holdings,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan
B,
9.70%
,
 07/06/29
...........
43
43,002
Element
Materials
Technology
Group
US
Holdings,
Inc.,
Term
Loan
B,
9.70%
,
 07/06/29
.................
98
96,434
FleetCor
Technologies
Operating
Co.
LLC,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.21%
,
 04/28/28
...........
98
98,147
Galaxy
US
Opco,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
4.75%),
10.13%
,
 04/29/29
(e)
..........
120
98,336
Trans
Union
LLC,
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.21%
,
 11/16/26
..
79
79,551
Trans
Union
LLC,
Term
Loan
B6,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.25%),
7.72%
,
 12/01/28
.................
109
109,358
VS
Buyer
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.71%
,
 02/28/27
.....
146
146,333
1,606,169
Real
Estate
Management
&
Development
—
0.0%
Cushman
&
Wakefield
U.S.
Borrower
LLC,
Term
Loan
(a)
(1-mo.
CME
Term
SOFR
+
2.75%),
8.22%, 08/21/25
(e)
..............
8
8,160
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.25%),
8.71%, 01/31/30
.........
80
79,327
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
4.00%),
9.36%, 01/31/30
(e)
........
62
61,845
149,332
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
42
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Semiconductors
&
Semiconductor
Equipment
—
0.0%
(a)
MKS
Instruments,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.85%
,
 08/17/29
.................
USD
128
$
128,635
Synaptics,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.25%),
7.87%
,
 12/02/28
.................
42
41,942
170,577
Software
—
0.5%
(a)
Applied
Systems,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
4.50%),
9.85%
,
 09/18/26
...........
74
74,117
Applied
Systems,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Cap
+
6.75%),
12.10%
,
 09/17/27
...........
48
48,206
Barracuda
Parent
LLC,
1st
Lien
Term
Loan,
9.88%
,
 08/15/29
.................
65
62,976
CCC
Intelligent
Solutions,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.25%),
7.72%
,
 09/21/28
...........
182
182,110
Cloud
Software
Group,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.95%
-
9.99%
,
 03/30/29
......
478
465,784
Cloudera,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.21%
,
 10/08/28
.................
50
49,886
Cloudera,
Inc.,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
6.00%),
11.46%
,
 10/08/29
................
83
79,126
Delta
Topco,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Cap
+
7.25%),
12.62%
,
 12/01/28
................
30
29,992
Epicor
Software
Corp.,
Term
Loan
C,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.72%
,
 07/30/27
.................
39
38,743
Gen
Digital,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.00%),
7.46%
,
 09/12/29
.................
113
112,582
Genesys
Cloud
Services
Holdings
I
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Cap
+
4.00%),
9.47%
,
 12/01/27
.......
181
181,923
Helios
Software
Holdings,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.25%),
9.70%
,
 07/18/30
.................
75
74,812
Informatica
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.22%
,
 10/27/28
.....
190
190,193
Magenta
Buyer
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
8.25%),
13.89%
,
 07/27/29
...........
441
167,501
McAfee
Corp.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.20%
,
 03/01/29
.................
167
166,320
MH
Sub
I
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.61%
,
 05/03/28
.................
354
347,219
MH
Sub
I
LLC,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
6.25%),
11.61%
,
 02/23/29
................
152
141,544
Proofpoint,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.25%),
8.72%
,
 08/31/28
.................
282
281,921
RealPage,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.00%),
8.47%
,
 04/24/28
.................
325
322,482
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Severin
Acquisition
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.63%
,
 08/01/27
.................
USD
87
$
87,499
Sophia
LP,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.50%),
8.96%
,
 10/07/27
.................
165
165,548
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.22%
,
 04/16/25
.................
13
13,092
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.22%
,
 04/16/25
.................
12
12,362
UKG,
Inc.,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68%, 05/04/26
.........
59
58,682
(3-mo.
CME
Term
SOFR
+
3.75%),
9.23%, 05/04/26
...............
80
80,254
UKG,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
10.68%
,
 05/03/27
................
104
104,109
Voyage
Australia
Pty
Ltd.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.50%),
9.18%
,
 07/20/28
...........
21
21,152
3,560,135
Specialty
Retail
—
0.1%
(a)
EG
Group
Ltd.,
Facility
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
4.25%),
9.83%
,
 03/31/26
(e)
................
48
48,279
Mavis
Tire
Express
Services
Topco
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Cap
+
4.00%),
9.47%
,
 05/04/28
..
144
144,199
PetSmart
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Cap
+
3.75%),
9.21%
,
 02/11/28
.................
163
160,926
Pilot
Travel
Centers
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.46%
,
 08/04/28
.................
99
99,545
Restoration
Hardware,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.50%),
7.97%, 10/20/28
.........
72
69,983
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.25%),
8.71%, 10/20/28
.........
21
19,964
542,896
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
(a)
Crocs,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.00%),
8.50%
,
 02/20/29
.................
43
43,259
Hanesbrands,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.75%),
9.11%
,
 03/08/30
(e)
................
33
32,671
75,930
Trading
Companies
&
Distributors
—
0.1%
(a)
Beacon
Roofing
Supply,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.97%
,
 05/19/28
.................
53
52,815
Core
&
Main
LP,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.96%
-
8.06%
,
 07/27/28
.................
219
219,095
SRS
Distribution,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.96%, 06/02/28
.........
103
102,449
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Trading
Companies
&
Distributors
(continued)
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.50%),
8.97%, 06/02/28
.........
USD
176
$
176,241
TMK
Hawk
Parent
Corp.,
Term
Loan
A,
(3-mo.
CME
Term
SOFR
at
1.00%
Cap
+
7.50%),
13.14%
,
 05/30/24
(e)
...............
38
37,427
TMK
Hawk
Parent
Corp.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
1.00%
Cap
+
3.50%),
9.14%
-
9.17%
,
 08/28/24
(e)
..........
118
72,994
661,021
Transportation
Infrastructure
—
0.1%
(a)
Apple
Bidco
LLC,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
2.75%),
8.22%, 09/22/28
.........
84
83,390
(1-mo.
CME
Term
SOFR
at
0.50%
Cap
+
3.50%),
8.86%, 09/22/28
.........
51
50,765
OLA
Netherlands
BV,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Cap
+
6.25%),
11.71%
,
 12/15/26
(e)
...............
123
122,004
Rand
Parent
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
+
4.25%),
9.60%
,
 03/17/30
.................
47
46,465
302,624
Wireless
Telecommunication
Services
—
0.0%
(a)
Digicel
International
Finance
Ltd.,
1st
Lien
Term
Loan
B,
(3-mo.
LIBOR
USD
+
2.25%),
10.75%
,
 05/28/24
................
75
69,234
Digicel
International
Work
Fee,
Term
Loan,
01/01/38
(p)
.....................
3
3,001
Gogo
Intermediate
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Cap
+
3.75%),
9.22%
,
 04/30/28
...........
53
52,961
SBA
Senior
Finance
II
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.21%
,
 04/11/25
.................
101
100,953
226,149
Total
Floating
Rate
Loan
Interests
—
5.6%
(Cost:
$42,305,943)
..............................
41,661,397
Foreign
Agency
Obligations
Mexico
—
0.2%
Petroleos
Mexicanos
6.88%,
08/04/26
.................
820
792,448
5.95%,
01/28/31
.................
121
96,014
6.70%,
02/16/32
.................
448
370,720
1,259,182
Total
Foreign
Agency
Obligations
—
0.2%
(Cost:
$1,214,156)
..............................
1,259,182
Shares
Shares
Investment
Companies
(q)
BlackRock
Allocation
Target
Shares
-
BATS
Series
A
.......................
5,547,546
51,703,127
BlackRock
GNMA
Portfolio,
Class
K
Shares
.
7,321,351
58,424,382
BlackRock
High
Equity
Income
Fund,
Class
K
Shares
........................
894,107
24,918,753
BlackRock
High
Yield
Bond
Portfolio,
Class
K
Shares
........................
212
1,492
iShares
Core
Dividend
Growth
ETF
......
440,132
23,687,904
Security
Shares
Shares
Value
Investment
Companies
(q)
(continued)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
..........................
191,756
$
14,839,997
Total
Investment
Companies
—
23.4%
(Cost:
$179,096,062)
.............................
173,575,655
Par
(000)
Par
(000)
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
1.5%
(b)
CHNGE
Mortgage
Trust,
Series
2022-2,
Class
A1,
3.76%,
03/25/67
(a)
.............
USD
802
754,144
CIM
Trust,
Series
2023-I2,
Class
A1,
6.64%,
12/25/67
(l)
......................
351
354,273
COLT
Mortgage
Loan
Trust
Series
2022-5,
Class
A1,
4.55%,
04/25/67
(a)
237
232,126
Series
2022-9,
Class
A1,
6.79%,
12/25/67
(l)
695
703,685
Ellington
Financial
Mortgage
Trust,
Series
2021-2,
Class
A1,
0.93%,
06/25/66
(a)
....
120
95,908
GCAT
Trust,
Series
2022-NQM3,
Class
A1,
4.35%,
04/25/67
(a)
................
808
779,503
JP
Morgan
Mortgage
Trust,
Series
2022-DSC1,
Class
A1,
4.75%,
01/25/63
(a)
.........
813
774,436
MFA
Trust,
Series
2023-NQM2,
Class
A1,
4.40%,
03/25/68
(l)
................
366
353,895
MFRA
Trust,
Series
2022-CHM1,
Class
A1,
3.88%,
09/25/56
(l)
................
693
656,717
Mill
City
Mortgage
Loan
Trust
(l)
Series
2023-NQM1,
Class
A1,
6.05%,
10/25/67
....................
138
138,617
Series
2023-NQM2,
Class
A1,
6.24%,
12/25/67
....................
209
209,074
OBX
Trust
(l)
Series
2022-NQM7,
Class
A1,
5.11%,
08/25/62
....................
326
320,556
Series
2022-NQM8,
Class
A1,
6.10%,
09/25/62
....................
173
173,895
Series
2022-NQM9,
Class
A1A,
6.45%,
09/25/62
....................
1,134
1,145,453
PRKCM
Trust,
Series
2022-AFC2,
Class
A1,
5.33%,
08/25/57
(a)
................
896
882,339
SG
Residential
Mortgage
Trust,
Series
2022-2,
Class
A1,
5.35%,
08/25/62
(l)
..........
971
970,965
Spruce
Hill
Mortgage
Loan
Trust,
Series
2022-
SH1,
Class
A1A,
4.10%,
07/25/57
(l)
.....
994
954,156
Verus
Securitization
Trust
(l)
Series
2022-3,
Class
A1,
4.13%,
02/25/67
609
566,809
Series
2022-INV2,
Class
A1,
6.79%,
10/25/67
....................
885
897,715
10,964,266
Total
Non-Agency
Mortgage-Backed
Securities
—
1.5%
(Cost:
$10,756,824)
..............................
10,964,266
Beneficial
Interest
(000)
Other
Interests
(r)
Capital
Markets
—
0.0%
Lehman
Brothers
Holdings,
Capital
Trust
VII
(d)(e)
(g)
...........................
15
—
Total
Other
Interests
—
0.0%
(Cost:
$—)
....................................
—
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
44
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Preferred
Securities
Capital
Trusts
—
0.9%
Banks
—
0.0%
(a)(h)
Citigroup,
Inc.,
Series
Y,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.00%),
4.15%
..................
USD
10
$
8,582
PNC
Financial
Services
Group,
Inc.
(The)
Series
V,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.24%),
6.20%
......................
88
85,557
Series
W,
(7-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.81%),
6.25%
......................
38
35,422
129,561
Capital
Markets
—
0.1%
(a)(h)
Charles
Schwab
Corp.
(The)
Series
I,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.17%),
4.00%
......................
417
367,577
Series
H,
(10-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.08%),
4.00%
......................
441
348,306
Goldman
Sachs
Group,
Inc.
(The),
Series
R,
(5-
Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.22%),
4.95%
.....
70
66,842
782,725
Consumer
Finance
—
0.3%
(a)(h)
Ally
Financial,
Inc.,
Series
B,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.87%),
4.70%
...........
1,325
993,832
Capital
One
Financial
Corp.,
Series
M,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.16%),
3.95%
.....
1,000
801,439
Discover
Financial
Services,
Series
C,
(3-mo.
CME
Term
SOFR
+
3.34%),
5.50%
.....
725
582,538
General
Motors
Financial
Co.,
Inc.,
Series
C,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.00%),
5.70%
.
29
26,781
2,404,590
Electric
Utilities
—
0.2%
(a)(h)
Edison
International
Series
A,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.70%),
5.38%
......................
1,201
1,135,904
Series
B,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.90%),
5.00%
......................
56
52,142
NRG
Energy,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.92%),
10.25%
(b)
................
63
65,588
1,253,634
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Vistra
Corp.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.74%),
7.00%
(a)(b)(h)
.....................
47
46,295
Multi-Utilities
—
0.1%
(a)(h)
Dominion
Energy,
Inc.,
Series
C,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.20%),
4.35%
...........
365
323,651
Sempra,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.55%),
4.88%
450
440,218
763,869
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
—
0.2%
Energy
Transfer
LP
(a)(h)
Series
H,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.69%),
6.50%
......................
USD
90
$
85,525
Series
G,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.31%),
7.13%
......................
1,125
1,036,664
1,122,189
Total
Capital
Trusts
—
0.9%
(Cost:
$7,392,886)
..............................
6,502,863
Shares
Shares
Trust
Preferreds
—
0.0%
Commercial
Services
&
Supplies
—
0.0%
ILFC
E-Capital
Trust
I
,
(3-mo.
CME
Term
SOFR
at
14.50%
Cap
+
1.81%),
7.19%, 12/21/65
(a)
(b)
...........................
100,000
74,188
Total
Trust
Preferreds
—
0.0%
(Cost:
$95,250)
................................
74,188
Total
Preferred
Securities
—
0.9%
(Cost:
$7,488,136)
..............................
6,577,051
Warrants
Diversified
Consumer
Services
—
0.0%
Service
King
Midas
International
(Issued/
Exercisable
07/14/22,
1
Share
for
1
Warrant,
Expires
06/30/27,
Strike
Price
USD
10.00)
(d)
(e)
...........................
394
—
Oil,
Gas
&
Consumable
Fuels
—
0.0%
California
Resources
Corp.
(Issued/Exercisable
10/23/20,
1
Share
for
1
Warrant,
Expires
10/27/24,
Strike
Price
USD
36.00)
(d)
....
52
1,008
Total
Warrants
—
0.0%
(Cost:
$—)
....................................
1,008
Total
Long-Term
Investments
—
95.2%
(Cost:
$703,638,463)
.............................
704,979,160
Short-Term
Securities
Money
Market
Funds
—
3.6%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
5.26%
(q)(s)
.................
26,641,869
26,641,869
Total
Short-Term
Securities
—
3.6%
(Cost:
$26,641,869)
..............................
26,641,869
Total
Investments
—
98.8%
(Cost:
$730,280,332
)
.............................
731,621,029
Other
Assets
Less
Liabilities
—
1.2%
...................
9,134,869
Net
Assets
—
100.0%
..............................
$
740,755,898
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
45
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
December
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
(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)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
Non-income
producing
security.
(e)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(f)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$32,768,
representing
less
than
0.05%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$9,686.
(g)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(h)
Perpetual
security
with
no
stated
maturity
date.
(i)
All
or
a
portion
of
the
security
has
been
pledged
in
connection
with
outstanding
centrally
cleared
swaps.
(j)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(k)
When-issued
security.
(l)
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.
(m)
Convertible
security.
(n)
Zero-coupon
bond.
(o)
Rounds
to
less
than
1,000.
(p)
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.
(q)
Affiliate
of
the
Fund.
(r)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(s)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
12/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
12/31/23
Shares
Held
at
12/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
$
23,716,077
$
2,925,792
(a)
$
—
$
—
$
—
$
26,641,869
26,641,869
$
1,115,106
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(b)
........
3,710,763
—
(3,708,061)
(a)
(2,702)
—
—
—
45,141
(c)
—
BlackRock
Allocation
Target
Shares
-
BATS
Series
A
..
62,729,250
—
(12,300,002)
(1,098,926)
2,372,805
51,703,127
5,547,546
3,655,787
—
BlackRock
Floating
Rate
Income
Portfolio,
Class
K
Shares
(b)
............
4,029,841
—
(4,102,724)
(125,513)
198,396
—
—
26,123
—
BlackRock
GNMA
Portfolio,
Class
K
Shares
........
24,802,800
33,558,111
—
—
63,471
58,424,382
7,321,351
1,858,136
—
BlackRock
High
Equity
Income
Fund,
Class
K
Shares
...
—
24,590,376
—
—
328,377
24,918,753
894,107
1,510,422
—
BlackRock
High
Yield
Bond
Portfolio,
Class
K
Shares
.
419,542
18,767
(445,627)
5,009
3,801
1,492
212
18,768
—
iShares
Core
Dividend
Growth
ETF
................
24,188,800
49,546,068
(51,694,435)
(1,069,383)
2,716,854
23,687,904
440,132
323,943
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
....
7,764,431
14,776,641
(7,865,022)
(166,319)
330,266
14,839,997
191,756
274,105
—
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
(b)
..............
7,715,684
—
(7,513,737)
(523,125)
321,178
—
—
262,322
—
iShares
MBS
ETF
(b)
.......
7,825,132
14,375,113
(22,411,255)
(10,422)
221,432
—
—
279,828
—
$
(2,991,381)
$
6,556,580
$
200,217,524
$
9,369,681
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
As
of
period
end,
the
entity
is
no
longer
held.
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
46
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
S&P
500
E-Mini
Index
.......................................................
28
03/15/24
$
6,748
$
106,882
U.S.
Treasury
10-Year
Note
...................................................
1,990
03/19/24
224,652
5,477,803
U.S.
Treasury
5-Year
Note
....................................................
362
03/28/24
39,376
845,307
6,429,992
Short
Contracts
EUR
Currency
............................................................
48
03/18/24
6,645
(127,314)
GBP
Currency
............................................................
188
03/18/24
14,982
(205,318)
JPY
Currency
............................................................
9
03/18/24
807
(20,220)
U.S.
Treasury
Long
Bond
.....................................................
1
03/19/24
125
(9,072)
(361,924)
$
6,068,068
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
41.V2
.....................
5.00
%
Quarterly
12/20/28
USD
832
$
(49,665)
$
(30,983)
$
(18,682)
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)
Markit
CDX
North
American
Investment
Grade
Index
Series
41.V1
.......
1.00
%
Quarterly
12/20/28
BBB+
USD
391
$
(7,701)
$
(6,606)
$
(1,095)
Markit
CDX
North
American
Investment
Grade
Index
Series
41.V1
.......
1.00
Quarterly
12/20/28
BBB+
USD
2,531
49,794
47,315
2,479
$
42,093
$
40,709
$
1,384
(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
Credit
Default
Swap
s
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
AutoZone,
Inc.
............
1.00
%
Quarterly
Deutsche
Bank
AG
12/20/28
USD
400
$
(11,452)
$
(11,335)
$
(117)
Conagra
Brands,
Inc.
.......
1.00
Quarterly
Bank
of
America
NA
12/20/28
USD
95
(1,579)
(1,480)
(99)
Conagra
Brands,
Inc.
.......
1.00
Quarterly
Bank
of
America
NA
12/20/28
USD
224
(3,715)
(3,479)
(236)
CVS
Health
Corp.
.........
1.00
Quarterly
Bank
of
America
NA
12/20/28
USD
400
(9,101)
(8,975)
(126)
CVS
Health
Corp.
.........
1.00
Quarterly
Goldman
Sachs
International
12/20/28
USD
170
(3,868)
(3,491)
(377)
Dow
Chemical
Co.
(The)
.....
1.00
Quarterly
Bank
of
America
NA
12/20/28
USD
170
(2,784)
(2,646)
(138)
Dow
Chemical
Co.
(The)
.....
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/28
USD
188
(3,072)
(2,666)
(406)
Dow
Chemical
Co.
(The)
.....
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/28
USD
212
(3,479)
(3,171)
(308)
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
47
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
OTC
Credit
Default
Swaps
—
Buy
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
DR
Horton,
Inc.
...........
1.00
%
Quarterly
Bank
of
America
NA
12/20/28
USD
170
$
(3,744)
$
(3,803)
$
59
DR
Horton,
Inc.
...........
1.00
Quarterly
Barclays
Bank
plc
12/20/28
USD
400
(8,810)
(7,856)
(954)
Lowe's
Cos.,
Inc.
..........
1.00
Quarterly
Deutsche
Bank
AG
12/20/28
USD
400
(10,836)
(10,066)
(770)
Tyson
Foods,
Inc.
.........
1.00
Quarterly
Bank
of
America
NA
12/20/28
USD
37
(505)
(449)
(56)
Tyson
Foods,
Inc.
.........
1.00
Quarterly
Bank
of
America
NA
12/20/28
USD
88
(1,189)
(1,056)
(133)
Tyson
Foods,
Inc.
.........
1.00
Quarterly
Bank
of
America
NA
12/20/28
USD
93
(1,263)
(1,200)
(63)
Tyson
Foods,
Inc.
.........
1.00
Quarterly
Bank
of
America
NA
12/20/28
USD
219
(2,972)
(2,823)
(149)
$
–
$
–
$
–
$
(68,369)
$
(64,496)
$
(3,873)
$
–
$
–
$
–
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)
Verizon
Communications,
Inc.
.............
1.00
%
Quarterly
Deutsche
Bank
AG
12/20/24
BBB+
USD
796
$
4,412
$
2,125
$
2,287
Bank
of
America
Corp.
..
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/28
A-
USD
840
11,869
4,759
7,110
Teck
Resources
Ltd.
....
5.00
Quarterly
Citibank
NA
12/20/28
BBB-
USD
269
45,901
40,629
5,272
$
62,182
$
47,513
$
14,669
(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.
Balances
Reported
in
the
Statement
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps
and
OTC
Swaps
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Centrally
Cleared
Swaps
(a)
..........................................................
$
47,315
$
(37,589)
$
2,479
$
(19,777)
OTC
Swaps
...................................................................
47,513
(64,496)
14,728
(3,932)
(a)
Includes
cumulative
appreciation
(depreciation)
on
centrally
cleared
swaps,
as
reported
in
the
Schedule
of
Investments.
Only
current
day’s
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities
and
is
net
of
any
previously
paid
(received)
swap
premium
amounts.
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statement
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
106,882
$
—
$
6,323,110
$
—
$
6,429,992
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
2,479
—
—
—
—
2,479
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
62,241
—
—
—
—
62,241
$
—
$
64,720
$
106,882
$
—
$
6,323,110
$
—
$
6,494,712
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
48
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
—
$
352,852
$
9,072
$
—
$
361,924
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
19,777
—
—
—
—
19,777
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
68,428
—
—
—
—
68,428
$
—
$
88,205
$
—
$
352,852
$
9,072
$
—
$
450,129
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
and
centrally
cleared
swaps,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statement
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
December
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statement
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(22,971)
$
(158,353)
$
(7,380,642)
$
—
$
(7,561,966)
Options
purchased
(a)
.....................
—
—
1,123,550
—
—
—
1,123,550
Options
written
........................
—
—
(34,778)
—
—
—
(34,778)
Swaps
..............................
—
(226,385)
—
—
—
—
(226,385)
$
—
$
(226,385)
$
1,065,801
$
(158,353)
$
(7,380,642)
$
—
$
(6,699,579)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
412,220
$
(634,618)
$
7,812,444
$
—
$
7,590,046
Swaps
..............................
—
9,942
—
—
—
—
9,942
$
—
$
9,942
$
412,220
$
(634,618)
$
7,812,444
$
—
$
7,599,988
(a)
Options
purchased
are
included
in
net
realized
gain
(loss)
from
investments
—
unaffiliated.
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
227,577,951
Average
notional
value
of
contracts
—
short
.................................................................................
$
28,106,284
Options
Average
value
of
option
contracts
purchased
................................................................................
$
252,455
Average
value
of
option
contracts
written
...................................................................................
$
32,838
Credit
default
swaps
Average
notional
value
—
buy
protection
...................................................................................
$
13,625,194
Average
notional
value
—
sell
protection
...................................................................................
$
2,254,289
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
46,298
$
41,935
Swaps
—
centrally
cleared
..............................................................................
277
—
Swaps
—
OTC
(a)
.....................................................................................
62,241
68,428
Total
derivative
assets
and
liabilities
in
the
Statement
of
Assets
and
Liabilities
.............................................
$
108,816
$
110,363
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(46,575)
(41,935)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
62,241
$
68,428
(a)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statement
of
Assets
and
Liabilities.
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
49
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(b)
Bank
of
America
NA
..............................
$
59
$
(59)
$
—
$
—
$
—
Citibank
NA
....................................
45,901
—
—
—
45,901
Deutsche
Bank
AG
...............................
4,412
(4,412)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
11,869
—
—
—
11,869
$
62,241
$
(4,471)
$
—
$
—
$
57,770
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
(c)
Bank
of
America
NA
..............................
$
26,911
$
(59)
$
—
$
—
$
26,852
Barclays
Bank
plc
................................
8,810
—
—
—
8,810
Deutsche
Bank
AG
...............................
22,288
(4,412)
—
—
17,876
Goldman
Sachs
International
........................
3,868
—
—
—
3,868
Morgan
Stanley
&
Co.
International
plc
..................
6,551
—
—
—
6,551
$
68,428
$
(4,471)
$
—
$
—
$
63,957
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(c)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
121,517,706
$
—
$
121,517,706
Common
Stocks
Aerospace
&
Defense
....................................
1,611,192
—
—
1,611,192
Air
Freight
&
Logistics
....................................
1,649,814
—
—
1,649,814
Banks
...............................................
2,767,639
1,822,059
—
4,589,698
Biotechnology
.........................................
2,165,706
—
—
2,165,706
Building
Products
.......................................
3,206,662
—
—
3,206,662
Capital
Markets
........................................
2,090,712
—
—
2,090,712
Chemicals
............................................
—
1,792,171
—
1,792,171
Commercial
Services
&
Supplies
.............................
1,577,364
—
—
1,577,364
Consumer
Finance
......................................
2,105,026
—
—
2,105,026
Consumer
Staples
Distribution
&
Retail
........................
1,561,978
—
—
1,561,978
Diversified
REITs
.......................................
155,820
96,829
—
252,649
Diversified
Telecommunication
Services
........................
1,554,210
1,798,017
—
3,352,227
Electronic
Equipment,
Instruments
&
Components
.................
1,196,498
—
—
1,196,498
Energy
Equipment
&
Services
..............................
1,673,214
—
—
1,673,214
Financial
Services
......................................
—
71,766
—
71,766
Food
Products
.........................................
2,265,900
2,372,880
—
4,638,780
Ground
Transportation
...................................
2,165,632
—
—
2,165,632
Health
Care
Equipment
&
Supplies
...........................
1,510,355
2,041,722
—
3,552,077
Health
Care
Providers
&
Services
............................
2,000,586
—
20,085
2,020,671
Health
Care
REITs
......................................
1,316,951
170,891
—
1,487,842
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
50
Level
1
Level
2
Level
3
Total
Household
Durables
.....................................
$
—
$
1,692,789
$
—
$
1,692,789
Industrial
REITs
........................................
680,184
724,014
—
1,404,198
Insurance
............................................
1,178,925
2,891,829
—
4,070,754
IT
Services
...........................................
2,123,707
323,833
—
2,447,540
Machinery
............................................
2,138,154
—
—
2,138,154
Media
...............................................
—
—
32,768
32,768
Office
REITs
..........................................
519,098
—
—
519,098
Oil,
Gas
&
Consumable
Fuels
...............................
1,101,429
1,647,797
—
2,749,226
Pharmaceuticals
.......................................
—
5,857,237
—
5,857,237
Professional
Services
....................................
1,889,799
1,962,443
—
3,852,242
Real
Estate
Management
&
Development
.......................
123,060
681,663
—
804,723
Residential
REITs
.......................................
749,220
—
—
749,220
Retail
REITs
..........................................
—
350,379
—
350,379
Semiconductors
&
Semiconductor
Equipment
....................
—
3,954,783
—
3,954,783
Software
.............................................
5,712,872
—
—
5,712,872
Specialized
REITs
......................................
1,851,524
—
—
1,851,524
Technology
Hardware,
Storage
&
Peripherals
....................
2,775,127
—
—
2,775,127
Textiles,
Apparel
&
Luxury
Goods
............................
—
1,624,262
—
1,624,262
Tobacco
.............................................
2,020,086
—
—
2,020,086
Corporate
Bonds
Aerospace
&
Defense
....................................
—
8,084,712
—
8,084,712
Air
Freight
&
Logistics
....................................
—
130,583
—
130,583
Automobile
Components
..................................
—
1,084,476
—
1,084,476
Automobiles
..........................................
—
4,247,087
—
4,247,087
Banks
...............................................
—
41,990,014
—
41,990,014
Beverages
...........................................
—
970,981
—
970,981
Biotechnology
.........................................
—
6,726,626
—
6,726,626
Broadline
Retail
........................................
—
255,493
—
255,493
Building
Products
.......................................
—
726,003
—
726,003
Capital
Markets
........................................
—
19,265,979
—
19,265,979
Chemicals
............................................
—
2,101,560
—
2,101,560
Commercial
Services
&
Supplies
.............................
—
2,533,240
—
2,533,240
Communications
Equipment
................................
—
315,585
—
315,585
Construction
&
Engineering
................................
—
329,571
—
329,571
Construction
Materials
....................................
—
200,222
—
200,222
Consumer
Finance
......................................
—
8,190,931
—
8,190,931
Consumer
Staples
Distribution
&
Retail
........................
—
711,252
—
711,252
Containers
&
Packaging
..................................
—
2,561,862
—
2,561,862
Distributors
...........................................
—
105,823
—
105,823
Diversified
Consumer
Services
..............................
—
487,029
—
487,029
Diversified
REITs
.......................................
—
3,470,562
—
3,470,562
Diversified
Telecommunication
Services
........................
—
4,081,093
—
4,081,093
Electric
Utilities
........................................
—
13,075,223
—
13,075,223
Electrical
Equipment
.....................................
—
213,594
—
213,594
Electronic
Equipment,
Instruments
&
Components
.................
—
178,077
—
178,077
Energy
Equipment
&
Services
..............................
—
2,329,859
—
2,329,859
Entertainment
.........................................
—
425,410
—
425,410
Financial
Services
......................................
—
3,942,852
—
3,942,852
Food
Products
.........................................
—
2,009,304
—
2,009,304
Gas
Utilities
...........................................
—
1,200,371
—
1,200,371
Ground
Transportation
...................................
—
3,754,755
—
3,754,755
Health
Care
Equipment
&
Supplies
...........................
—
1,474,742
—
1,474,742
Health
Care
Providers
&
Services
............................
—
4,393,718
—
4,393,718
Health
Care
REITs
......................................
—
883,370
—
883,370
Health
Care
Technology
..................................
—
371,488
—
371,488
Hotel
&
Resort
REITs
....................................
—
388,743
—
388,743
Hotels,
Restaurants
&
Leisure
..............................
—
3,914,897
—
3,914,897
Household
Durables
.....................................
—
385,211
—
385,211
Household
Products
.....................................
—
64,231
—
64,231
Independent
Power
and
Renewable
Electricity
Producers
............
—
714,703
—
714,703
Industrial
Conglomerates
..................................
—
425,911
—
425,911
Insurance
............................................
—
2,486,981
—
2,486,981
Interactive
Media
&
Services
...............................
—
290,106
—
290,106
IT
Services
...........................................
—
1,108,793
—
1,108,793
Fair
Value
Hierarchy
as
of Period
End
(continued)
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
51
Level
1
Level
2
Level
3
Total
Leisure
Products
.......................................
$
—
$
73,324
$
—
$
73,324
Life
Sciences
Tools
&
Services
..............................
—
313,255
—
313,255
Machinery
............................................
—
1,114,301
—
1,114,301
Media
...............................................
—
5,757,147
—
5,757,147
Metals
&
Mining
........................................
—
2,718,966
—
2,718,966
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
—
46,323
—
46,323
Multi-Utilities
..........................................
—
2,925,859
—
2,925,859
Office
REITs
..........................................
—
1,231,421
—
1,231,421
Oil,
Gas
&
Consumable
Fuels
...............................
—
20,874,756
—
20,874,756
Paper
&
Forest
Products
..................................
—
38,486
—
38,486
Passenger
Airlines
......................................
—
508,948
—
508,948
Personal
Care
Products
..................................
—
286,739
—
286,739
Pharmaceuticals
.......................................
—
5,955,517
—
5,955,517
Professional
Services
....................................
—
281,488
—
281,488
Real
Estate
Management
&
Development
.......................
—
141,832
—
141,832
Residential
REITs
.......................................
—
461,085
—
461,085
Retail
REITs
..........................................
—
2,265,740
—
2,265,740
Semiconductors
&
Semiconductor
Equipment
....................
—
4,506,669
—
4,506,669
Software
.............................................
—
6,155,543
—
6,155,543
Specialized
REITs
......................................
—
1,918,483
—
1,918,483
Specialty
Retail
........................................
—
2,026,749
—
2,026,749
Technology
Hardware,
Storage
&
Peripherals
....................
—
596,426
—
596,426
Textiles,
Apparel
&
Luxury
Goods
............................
—
961,807
—
961,807
Tobacco
.............................................
—
2,530,842
—
2,530,842
Trading
Companies
&
Distributors
............................
—
3,783,340
—
3,783,340
Wireless
Telecommunication
Services
.........................
—
5,700,315
—
5,700,315
Equity-Linked
Notes
......................................
—
36,275,850
—
36,275,850
Floating
Rate
Loan
Interests
Aerospace
&
Defense
....................................
—
1,424,012
—
1,424,012
Automobile
Components
..................................
—
290,528
—
290,528
Automobiles
..........................................
—
117,980
—
117,980
Beverages
...........................................
—
455,583
—
455,583
Broadline
Retail
........................................
—
454,735
113,018
567,753
Building
Products
.......................................
—
549,026
—
549,026
Capital
Markets
........................................
—
937,218
—
937,218
Chemicals
............................................
—
1,413,994
276,311
1,690,305
Commercial
Services
&
Supplies
.............................
—
1,591,754
51,125
1,642,879
Communications
Equipment
................................
—
246,176
—
246,176
Construction
&
Engineering
................................
—
465,235
—
465,235
Construction
Materials
....................................
—
408,653
—
408,653
Consumer
Staples
Distribution
&
Retail
........................
—
195,219
—
195,219
Containers
&
Packaging
..................................
—
501,872
—
501,872
Distributors
...........................................
—
263,278
—
263,278
Diversified
Consumer
Services
..............................
—
966,856
—
966,856
Diversified
REITs
.......................................
—
59,567
—
59,567
Diversified
Telecommunication
Services
........................
—
1,562,863
81,433
1,644,296
Electrical
Equipment
.....................................
—
134,717
—
134,717
Electronic
Equipment,
Instruments
&
Components
.................
—
97,049
—
97,049
Entertainment
.........................................
—
1,603,051
—
1,603,051
Financial
Services
......................................
—
1,603,270
98,241
1,701,511
Food
Products
.........................................
—
1,363,436
—
1,363,436
Ground
Transportation
...................................
—
423,119
—
423,119
Health
Care
Equipment
&
Supplies
...........................
—
856,319
—
856,319
Health
Care
Providers
&
Services
............................
—
795,976
—
795,976
Health
Care
Technology
..................................
—
909,126
—
909,126
Hotels,
Restaurants
&
Leisure
..............................
—
2,607,533
11,000
2,618,533
Household
Durables
.....................................
—
666,062
—
666,062
Independent
Power
and
Renewable
Electricity
Producers
............
—
254,648
—
254,648
Industrial
Conglomerates
..................................
—
104,024
—
104,024
Insurance
............................................
—
1,649,072
—
1,649,072
Interactive
Media
&
Services
...............................
—
364,177
—
364,177
IT
Services
...........................................
—
1,112,597
—
1,112,597
Leisure
Products
.......................................
—
157,324
40,951
198,275
Life
Sciences
Tools
&
Services
..............................
—
817,568
—
817,568
Fair
Value
Hierarchy
as
of Period
End
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
December
31,
2023
BlackRock
Managed
Income
Fund
52
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Machinery
............................................
$
—
$
2,051,829
$
—
$
2,051,829
Media
...............................................
—
770,726
75,101
845,827
Oil,
Gas
&
Consumable
Fuels
...............................
—
830,913
—
830,913
Passenger
Airlines
......................................
—
1,037,082
—
1,037,082
Personal
Care
Products
..................................
—
478,267
—
478,267
Pharmaceuticals
.......................................
—
1,026,950
—
1,026,950
Professional
Services
....................................
—
1,507,833
98,336
1,606,169
Real
Estate
Management
&
Development
.......................
—
79,327
70,005
149,332
Semiconductors
&
Semiconductor
Equipment
....................
—
170,577
—
170,577
Software
.............................................
—
3,560,135
—
3,560,135
Specialty
Retail
........................................
—
494,617
48,279
542,896
Textiles,
Apparel
&
Luxury
Goods
............................
—
43,259
32,671
75,930
Trading
Companies
&
Distributors
............................
—
550,600
110,421
661,021
Transportation
Infrastructure
...............................
—
180,620
122,004
302,624
Wireless
Telecommunication
Services
.........................
—
226,149
—
226,149
Foreign
Agency
Obligations
.................................
—
1,259,182
—
1,259,182
Investment
Companies
....................................
173,575,655
—
—
173,575,655
Non-Agency
Mortgage-Backed
Securities
........................
—
10,964,266
—
10,964,266
Other
Interests
..........................................
—
—
—
—
Preferred
Securities
.......................................
—
6,577,051
—
6,577,051
Warrants
..............................................
1,008
—
—
1,008
Short-Term
Securities
Money
Market
Funds
......................................
26,641,869
—
—
26,641,869
$
255,656,976
$
474,682,304
$
1,281,749
$
731,621,029
Derivative
Financial
Instruments
(a)
Assets
Credit
contracts
...........................................
$
—
$
17,207
$
—
$
17,207
Equity
contracts
...........................................
106,882
—
—
106,882
Interest
rate
contracts
.......................................
6,323,110
—
—
6,323,110
Liabilities
Credit
contracts
...........................................
—
(23,709)
—
(23,709)
Foreign
currency
exchange
contracts
............................
(352,852)
—
—
(352,852)
Interest
rate
contracts
.......................................
(9,072)
—
—
(9,072)
$
6,068,068
$
(6,502)
$
—
$
6,061,566
(a)
Derivative
financial
instruments
are
swaps
and
futures
contracts.
Swaps
and
futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Fair
Value
Hierarchy
as
of Period
End
(continued)
Statement
of
Assets
and
Liabilities

December
31,
2023
53
Financial
Statements
BlackRock
Managed
Income
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
........................................................................................
$
531,403,505‌
Investments,
at
value
—
affiliated
(b)
..........................................................................................
200,217,524‌
Cash
.............................................................................................................
586,782‌
Cash
pledged:
–‌
Futures
contracts
....................................................................................................
5,588,000‌
Centrally
cleared
swaps
................................................................................................
43,000‌
Foreign
currency,
at
value
(c)
...............................................................................................
48,681‌
Receivables:
–‌
Investments
sold
....................................................................................................
295,464‌
Securities
lending
income
—
affiliated
......................................................................................
723‌
Swaps  
..........................................................................................................
1,509‌
Capital
shares
sold
...................................................................................................
964,588‌
Dividends
—
unaffiliated
...............................................................................................
115,205‌
Dividends
—
affiliated
.................................................................................................
683,689‌
Interest
—
unaffiliated
.................................................................................................
5,068,738‌
From
the
Manager
...................................................................................................
64,623‌
Variation
margin
on
futures
contracts
.......................................................................................
46,298‌
Variation
margin
on
centrally
cleared
swaps
..................................................................................
277‌
Swap
premiums
paid
...................................................................................................
47,513‌
Unrealized
appreciation
on:
–‌
OTC
swaps
........................................................................................................
14,728‌
Prepaid
expenses
.....................................................................................................
71,955‌
Total
assets
.........................................................................................................
745,262,802‌
LIABILITIES
Payables:
–‌
Investments
purchased
................................................................................................
924,504‌
Administration
fees
...................................................................................................
86‌
Capital
shares
redeemed
...............................................................................................
2,720,174‌
Income
dividend
distributions
............................................................................................
59,879‌
Interest
expense
....................................................................................................
3,654‌
Investment
advisory
fees
..............................................................................................
180,954‌
Trustees'
and
Officer's
fees
.............................................................................................
2,901‌
Other
affiliate
fees
...................................................................................................
1,880‌
Professional
fees
....................................................................................................
111,632‌
Service
and
distribution
fees
.............................................................................................
84,620‌
Variation
margin
on
futures
contracts
.......................................................................................
41,935‌
Other
accrued
expenses
...............................................................................................
306,257‌
Swap
premiums
received
................................................................................................
64,496‌
Unrealized
depreciation
on:
–‌
OTC
swaps
........................................................................................................
3,932‌
Total
liabilities
........................................................................................................
4,506,904‌
Commitments
and
contingent
liabilities
$
–‌
NET
ASSETS
........................................................................................................
$
740,755,898‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
821,952,265‌
Accumulated
loss
.....................................................................................................
(
81,196,367‌)
NET
ASSETS
........................................................................................................
$
740,755,898‌
(a)
  Investments,
at
cost
—
unaffiliated
.......................................................................................
$
524,542,401
(b)
  Investments,
at
cost
—
affiliated
.........................................................................................
$
205,737,931
(c)
  Foreign
currency,
at
cost
..............................................................................................
$
47,969
See
notes
to
financial
statements.
Statement
of
Assets
and
Liabilities
(continued)
December
31,
2023
2023
BlackRock
Annual
Report
to
Shareholders
54
BlackRock
Managed
Income
Fund
NET
ASSET
VALUE
Institutional
Net
assets
.........................................................................................................
$
342,753,550‌
Shares
outstanding
..................................................................................................
36,533,496‌
Net
asset
value
.....................................................................................................
$
9.38‌
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001‌
Investor
A
Net
assets
.........................................................................................................
$
303,048,143‌
Shares
outstanding
..................................................................................................
32,291,157‌
Net
asset
value
.....................................................................................................
$
9.38‌
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001‌
Investor
C
Net
assets
.........................................................................................................
$
21,541,181‌
Shares
outstanding
..................................................................................................
2,293,040‌
Net
asset
value
.....................................................................................................
$
9.39‌
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001‌
Class
K
Net
assets
.........................................................................................................
$
73,413,024‌
Shares
outstanding
..................................................................................................
7,803,649‌
Net
asset
value
.....................................................................................................
$
9.41‌
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001‌
See
notes
to
financial
statements.
Statement
of
Operations

Year
Ended
December
31,
2023
55
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Managed
Income
Fund
INVESTMENT
INCOME
Dividends
—
unaffiliated
...............................................................................................
$
2,477,984‌
Dividends
—
affiliated
.................................................................................................
9,324,540‌
Interest
—
unaffiliated
.................................................................................................
29,541,160‌
Securities
lending
income
—
affiliated
—
net
.................................................................................
45,141‌
Foreign
taxes
withheld
................................................................................................
(131,985‌)
Foreign
withholding
tax
claims
...........................................................................................
22,136‌
Total
investment
income
.................................................................................................
41,278,976‌
EXPENSES
Investment
advisory
..................................................................................................
2,622,174‌
Service
and
distribution
—
class
specific
....................................................................................
1,003,484‌
Transfer
agent
—
class
specific
..........................................................................................
453,643‌
Accounting
services
..................................................................................................
375,377‌
Administration
.....................................................................................................
312,177‌
Professional
.......................................................................................................
212,664‌
Administration
—
class
specific
..........................................................................................
149,839‌
Registration
.......................................................................................................
128,566‌
Custodian
.........................................................................................................
91,566‌
Printing
and
postage
.................................................................................................
48,036‌
Trustees
and
Officer
..................................................................................................
12,196‌
Miscellaneous
......................................................................................................
76,644‌
Total
expenses
excluding
interest
expense
.....................................................................................
5,486,366‌
Interest
expense
....................................................................................................
2,327‌
Total
expenses
.......................................................................................................
5,488,693‌
Less:
–‌
Administration
fees
waived
.............................................................................................
(312,177‌)
Administration
fees
waived
by
the
Manager
—
class
specific
.......................................................................
(127,086‌)
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(1,042,476‌)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific
..........................................................
(139,539‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
3,867,415‌
Net
investment
income
..................................................................................................
37,411,561‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
34,148,873‌
Net
realized
gain
(loss)
from:
$
–‌
Investments
—
unaffiliated
...........................................................................................
(25,683,634‌)
Investments
—
affiliated
.............................................................................................
(2,991,381‌)
Foreign
currency
transactions
.........................................................................................
6,768‌
Futures
contracts
..................................................................................................
(7,561,966‌)
Options
written
...................................................................................................
(34,778‌)
Swaps
.........................................................................................................
(226,385‌)
A
(36,491,376‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
56,474,442‌
Investments
—
affiliated
.............................................................................................
6,556,580‌
Foreign
currency
translations
..........................................................................................
6,151‌
Futures
contracts
..................................................................................................
7,590,046‌
Swaps
.........................................................................................................
9,942‌
Unfunded
floating
rate
loan
interests
.....................................................................................
3,088‌
A
70,640,249‌
Net
realized
and
unrealized
gain
...........................................................................................
34,148,873‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
71,560,434‌
Statements
of
Changes
in
Net
Assets

2023
BlackRock
Annual
Report
to
Shareholders
56
BlackRock
Managed
Income
Fund
Year
Ended
12/31/23
Year
Ended
12/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
37,411,561
‌
$
36,253,780
‌
Net
realized
loss
..................................................................................
(
36,491,376
)
(
51,470,868
)
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
70,640,249
‌
(
85,200,198
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.....................................................
71,560,434
‌
(100,417,286
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
.....................................................................................
(
17,308,536
)
(
18,874,692
)
Investor
A
......................................................................................
(
15,115,111
)
(
14,291,989
)
Investor
C
......................................................................................
(
901,543
)
(
837,475
)
Class
K
.......................................................................................
(
3,877,758
)
(
4,048,256
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(37,202,948
)
(38,052,412
)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
...................................................
(60,513,230
)
(75,228,634
)
NET
ASSETS
Total
decrease
in
net
assets
............................................................................
(
26,155,744
)
(
213,698,332
)
Beginning
of
year
....................................................................................
766,911,642
‌
980,609,974
‌
End
of
year
........................................................................................
$
740,755,898
‌
$
766,911,642
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
57
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(e)
Excludes
equity-linked
notes.
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Managed
Income
Fund
Institutional
Year
Ended
12/31/23
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Net
asset
value,
beginning
of
year
..............................
$
8.95
‌
$
10.31
‌
$
10.28
‌
$
10.08
‌
$
9.56
‌
Net
investment
income
(a)
....................................
0
.47
‌
0
.38
‌
0
.33
‌
0
.35
‌
0
.39
‌
Net
realized
and
unrealized
gain
(loss)
...........................
0
.43
‌
(
1
.34
)
0
.24
‌
0
.21
‌
0
.52
‌
Net
increase
(decrease)
from
investment
operations
...................
0.90
‌
(0.96
)
0.57
‌
0.56
‌
0.91
‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
.................................
(
0
.47
)
(
0
.39
)
(
0
.34
)
(
0
.34
)
(
0
.39
)
From
net
realized
gain
......................................
—
‌
(
0
.01
)
(
0
.20
)
(
0
.02
)
—
‌
Total
distributions
..........................................
(0.47
)
(0.40
)
(0.54
)
(0.36
)
(0.39
)
Net
asset
value,
end
of
year
..................................
$
9.38
‌
$
8.95
‌
$
10.31
‌
$
10.28
‌
$
10.08
‌
Total
Return
(c)
—
—
—
—
—
Based
on
net
asset
value
.....................................
10.31
%
(9.27
)%
5.61
%
5.78
%
9.63
%
Ratios
to
Average
Net
Assets
(d)
Total
expen
ses
............................................
0.63
%
0.60
%
0.61
%
0.62
%
0.59
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.39
%
0.41
%
0.40
%
0.38
%
0.34
%
Net
investment
income
......................................
5.12
%
4.06
%
3.17
%
3.51
%
3.90
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
342,754
‌
$
340,824
‌
$
447,218
‌
$
317,679
‌
$
199,220
‌
Portfolio
turnover
rate
(e)
.......................................
65
%
60
%
45
%
76
%
71
%
Year
Ended
12/31/23
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Portfolio
turnover
rate
(including
equity-linked
notes)
...................................
95%
103%
88%
94%
91%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
58
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(e)
Excludes
equity-linked
notes.
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Managed
Income
Fund
Investor
A
Year
Ended
12/31/23
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Net
asset
value,
beginning
of
year
..............................
$
8.95
‌
$
10.31
‌
$
10.28
‌
$
10.08
‌
$
9.56
‌
Net
investment
income
(a)
....................................
0
.44
‌
0
.36
‌
0
.30
‌
0
.32
‌
0
.36
‌
Net
realized
and
unrealized
gain
(loss)
...........................
0
.43
‌
(
1
.34
)
0
.24
‌
0
.22
‌
0
.52
‌
Net
increase
(decrease)
from
investment
operations
...................
0.87
‌
(0.98
)
0.54
‌
0.54
‌
0.88
‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
.................................
(
0
.44
)
(
0
.37
)
(
0
.31
)
(
0
.32
)
(
0
.36
)
From
net
realized
gain
......................................
—
‌
(
0
.01
)
(
0
.20
)
(
0
.02
)
—
‌
Total
distributions
..........................................
(0.44
)
(0.38
)
(0.51
)
(0.34
)
(0.36
)
Net
asset
value,
end
of
year
..................................
$
9.38
‌
$
8.95
‌
$
10.31
‌
$
10.28
‌
$
10.08
‌
Total
Return
(c)
—
—
—
—
—
Based
on
net
asset
value
.....................................
10.03
%
(9.51
)%
5.36
%
5.51
%
9.36
%
Ratios
to
Average
Net
Assets
(d)
Total
expen
ses
............................................
0.83
%
0.81
%
0.82
%
0.83
%
0.80
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.64
%
0.66
%
0.65
%
0.62
%
0.59
%
Net
investment
income
......................................
4.87
%
3.83
%
2.91
%
3.27
%
3.65
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
303,048
‌
$
322,849
‌
$
401,138
‌
$
261,322
‌
$
190,848
‌
Portfolio
turnover
rate
(e)
.......................................
65
%
60
%
45
%
76
%
71
%
Year
Ended
12/31/23
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Portfolio
turnover
rate
(including
equity-linked
notes)
...................................
95%
103%
88%
94%
91%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
59
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(e)
Excludes
equity-linked
notes.
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Managed
Income
Fund
Investor
C
Year
Ended
12/31/23
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Net
asset
value,
beginning
of
year
..............................
$
8.96
‌
$
10.31
‌
$
10.29
‌
$
10.09
‌
$
9.56
‌
Net
investment
income
(a)
....................................
0
.38
‌
0
.29
‌
0
.23
‌
0
.25
‌
0
.29
‌
Net
realized
and
unrealized
gain
(loss)
...........................
0
.42
‌
(
1
.33
)
0
.23
‌
0
.21
‌
0
.53
‌
Net
increase
(decrease)
from
investment
operations
...................
0.80
‌
(1.04
)
0.46
‌
0.46
‌
0.82
‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
.................................
(
0
.37
)
(
0
.30
)
(
0
.24
)
(
0
.24
)
(
0
.29
)
From
net
realized
gain
......................................
—
‌
(
0
.01
)
(
0
.20
)
(
0
.02
)
—
‌
Total
distributions
..........................................
(0.37
)
(0.31
)
(0.44
)
(0.26
)
(0.29
)
Net
asset
value,
end
of
year
..................................
$
9.39
‌
$
8.96
‌
$
10.31
‌
$
10.29
‌
$
10.09
‌
Total
Return
(c)
—
—
—
—
—
Based
on
net
asset
value
.....................................
9.18
%
(10.12
)%
4.50
%
4.72
%
8.65
%
Ratios
to
Average
Net
Assets
(d)
Total
expen
ses
............................................
1.60
%
1.59
%
1.59
%
1.60
%
1.58
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
1.39
%
1.41
%
1.40
%
1.37
%
1.34
%
Net
investment
income
......................................
4.12
%
3.08
%
2.18
%
2.54
%
2.89
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
21,541
‌
$
23,296
‌
$
29,565
‌
$
26,419
‌
$
23,347
‌
Portfolio
turnover
rate
(e)
.......................................
65
%
60
%
45
%
76
%
71
%
Year
Ended
12/31/23
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Portfolio
turnover
rate
(including
equity-linked
notes)
...................................
95%
103%
88%
94%
91%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
60
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(e)
Excludes
equity-linked
notes.
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Managed
Income
Fund
Class
K
Year
Ended
12/31/23
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Net
asset
value,
beginning
of
year
..............................
$
8.98
‌
$
10.33
‌
$
10.30
‌
$
10.11
‌
$
9.58
‌
Net
investment
income
(a)
....................................
0
.47
‌
0
.39
‌
0
.34
‌
0
.36
‌
0
.39
‌
Net
realized
and
unrealized
gain
(loss)
...........................
0
.43
‌
(
1
.33
)
0
.23
‌
0
.20
‌
0
.53
‌
Net
increase
(decrease)
from
investment
operations
...................
0.90
‌
(0.94
)
0.57
‌
0.56
‌
0.92
‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
.................................
(
0
.47
)
(
0
.40
)
(
0
.34
)
(
0
.35
)
(
0
.39
)
From
net
realized
gain
......................................
—
‌
(
0
.01
)
(
0
.20
)
(
0
.02
)
—
‌
Total
distributions
..........................................
(0.47
)
(0.41
)
(0.54
)
(0.37
)
(0.39
)
Net
asset
value,
end
of
year
..................................
$
9.41
‌
$
8.98
‌
$
10.33
‌
$
10.30
‌
$
10.11
‌
Total
Return
(c)
—
—
—
—
—
Based
on
net
asset
value
.....................................
10.35
%
(9.10
)%
5.66
%
5.72
%
9.78
%
Ratios
to
Average
Net
Assets
(d)
Total
expen
ses
............................................
0.54
%
0.52
%
0.52
%
0.52
%
0.50
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.34
%
0.36
%
0.35
%
0.33
%
0.29
%
Net
investment
income
......................................
5.17
%
4.13
%
3.22
%
3.58
%
3.97
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
73,413
‌
$
79,942
‌
$
102,690
‌
$
83,808
‌
$
59,493
‌
Portfolio
turnover
rate
(e)
.......................................
65
%
60
%
45
%
76
%
71
%
Year
Ended
12/31/23
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Portfolio
turnover
rate
(including
equity-linked
notes)
...................................
95%
103%
88%
94%
91%
See
notes
to
financial
statements.
Notes
to
Financial
Statements
61
Notes
to
Financial
Statements
1.
ORGANIZATION 
BlackRock
Funds
II (the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The Trust
is
organized
as
a Massachusetts
business
trust.
BlackRock
Managed
Income
Fund
(the
“Fund”)
is
a
series
of
the
Trust.
The
Fund
is
classified
as
diversified.
The
Fund
offers
multiple
classes
of
shares.
All
classes
of
shares
have
identical
voting,
dividend,
liquidation
and
other
rights
and
are
subject
to
the
same
terms
and
conditions,
except
that
certain
classes
bear
expenses
related
to
the
shareholder
servicing
and
distribution
of
such
shares.
Institutional
and
Class K
Shares
are
sold
only
to
certain
eligible
investors.
Investor
A
and
Investor
C
Shares
bear
certain
expenses
related
to
shareholder
servicing
of
such
shares,
and
Investor
C
Shares
also
bear
certain
expenses
related
to
the
distribution
of
such
shares.
Investor
A
and
Investor
C
Shares
are
generally
available
through
financial
intermediaries.
Each
class
has
exclusive
voting
rights
with
respect
to
matters
relating
to
its
shareholder
servicing
and
distribution
expenditures
(except
that
Investor
C
shareholders
may
vote
on
material
changes
to
the
Investor
A
Shares
distribution
and
service
plan).
(a)
Investor
A
Shares
may
be
subject
to
a
CDSC
for
certain
redemptions
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
(b)
A
CDSC
of
1.00%
is
assessed
on
certain
redemptions
of
Investor
C
Shares
made
within
one
year
after
purchase.
The
Fund,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”) or
its
affiliates,
is
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
dates
may
have
passed
are
subsequently
recorded
when
the
Fund
is
informed
of
the
ex-dividend
dates.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets. For
convertible
securities,
premiums
attributable
to
the
debt
instrument
are
amortized,
but
premiums
attributable
to
the
conversion
feature
are
not
amortized.
Foreign
Currency
Translation:
The
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value. 
The
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statement
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
The
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
The
Fund
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
the
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
the
Fund
and
are
reflected
in
its
Statement
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Foreign
taxes
withheld”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
December
31,
2023
,
if
any,
are
disclosed
in
the  Statement
of
Assets
and
Liabilities.
The
Fund
files
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Fund
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The Statement
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.  
Share
Class
Initial
Sales
Charge
Contingent
Deferred
Sales
Charge
(“CDSC”)
Conversion
Privilege
Institutional
and
Class
K
Shares
...................................
No
No
None
Investor
A
Shares
............................................
Yes
No
(a)
None
Investor
C
Shares
...........................................
No
Yes
(b)
To
Investor
A
Shares
after
approximately
8
years
Notes
to
Financial
Statements
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
62
Bank
Overdraft:
The
Fund
had
outstanding
cash
disbursements
exceeding
deposited
cash
amounts
at
the
custodian
during
the
reporting
period.
The
Fund
is
obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statement
of
Operations.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Fund
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.  
Distributions:
Distributions
from
net
investment
income
are
declared
daily
and
paid
monthly.
Distributions
of
capital
gains
are
distributed
at
least
annually
and
are
recorded
on
the
ex-dividend
dates.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP
. 
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to the
Fund
or
its
classes
are
charged
to
the
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Fund
and
other
shared
expenses
prorated
to
the
Fund
are
allocated
daily
to
each
class
based
on
its
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.  
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees
of
the
Trust
(the
“Board”)
has
approved
the
designation
of
the
Fund’s
Manager
as
the
valuation
designee
for
the
Fund.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities: 
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Fixed-income investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third-party
pricing
services. Floating
rate
loan
interests
are
valued
at
the
mean
of
the
bid
prices
from
one
or
more
independent
brokers
or
dealers
as
obtained
from
a
third-party
pricing
service. Pricing
services
generally
value
fixed-income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
may
trade
at
lower
prices
than
institutional
round
lots.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data, credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-
backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless
the
Manager
determines
such
method
does
not
represent
fair
value.
Exchange-traded
funds
(“ETFs”)
and
closed-end
funds traded
on
a
recognized
securities
exchange
are
valued at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
ETFs
and
closed-end
funds
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price. 
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day’s
published net
asset
value
(“NAV”).
The
Fund
values
its
investment
in
SL
Liquidity
Series,
LLC,
Money
Market
Series
(the
“Money
Market
Series”)
at
fair
value,
which
is
ordinarily
based
upon
its
pro
rata
ownership
in
the
underlying
fund’s
net
assets.
Futures
contracts
are valued
based
on
that
day’s
last
reported
settlement
or
trade price
on
the
exchange
where
the
contract
is
traded.
Exchange-traded
options
are
valued
at
the
mean
between
the
last bid
and
ask
prices
at
the
close
of
the
options
market in
which
the
options
trade.
An
exchange-
traded
option
for
which there
is
no
mean
price
is
valued
at
the
last
bid
(long
positions)
or
ask
(short
positions)
price.
If
no
bid
or
ask
price
is
available,
the
prior
day’s
price will
be
used,
unless
it
is
determined
that
the
prior
day’s
price
no
longer
reflects
the
fair
value
of
the
option.
Over-the-counter
(“OTC”)
options
and
options
on
swaps
(“swaptions”)
are
valued
by
an
independent
pricing
service
using
a
mathematical
model,
which
incorporates
a
number
of
market
data
factors,
such
as
the
trades
and
prices
of
the
underlying
instruments.
Swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent pricing
services
or
through
brokers,
which
are
derived
using
daily
swap
curves
and
models
that
incorporate
a
number
of
market
data
factors,
such
as
discounted
cash
flows,
trades
and
values
of
the
underlying
reference
instruments. 
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the NYSE.
Each
business
day,
the
Fund
uses
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
Notes
to
Financial
Statements
(continued)
63
Notes
to
Financial
Statements
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee
in
accordance
with the
Manager's policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that
the
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
For
investments
in
equity
or
debt
issued
by
privately
held
companies
or
funds
(“Private
Company”
or
collectively,
the
“Private
Companies”)
and
other
Fair
Valued
Investments,
the
fair
valuation
approaches
that
are
used
by
the
Valuation
Committee
and
third-party
pricing
services
utilized
by
the
Valuation
Committee
include one
or
a
combination
of,
but
not
limited
to,
the
following
inputs.  
Investments
in
series
of
preferred
stock
issued
by
Private
Companies
are
typically
valued
utilizing
market
approach
in
determining
the
enterprise
value
of
the
company.
Such
investments
often
contain
rights
and
preferences
that
differ
from
other
series
of
preferred
and
common
stock
of
the
same
issuer.
Enterprise
valuation
techniques
such
as
an
option
pricing
model
(“OPM”),
a
probability
weighted
expected
return
model
(“PWERM”),
current
value
method or
a
hybrid
of
those
techniques
are
used
as
deemed
appropriate
under
the
circumstances.
The
use
of these
valuation techniques
involves
a
determination
of
the
exit
scenarios
of
the
investment
in
order
to
appropriately
allocate
the
enterprise
value
of
the
company
among
the
various
parts
of
its
capital
structure. 
The
Private
Companies
are
not
subject
to
the
public
company
disclosure,
timing,
and
reporting
standards
applicable
to other
investments
held
by the
Fund.
Typically,
the
most
recently
available
information
by
a
Private
Company
is
as
of
a
date
that
is
earlier
than
the
date the
Fund
is
calculating
its
NAV.
This
factor
may
result
in
a
difference
between
the
value
of
the
investment
and
the
price the
Fund
could
receive
upon
the
sale
of
the
investment.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
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
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(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
Private
Companies
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.
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Asset-Backed
and
Mortgage-Backed
Securities:
Asset-backed
securities
are
generally
issued
as
pass-through
certificates
or
as
debt
instruments.
Asset-backed
securities
issued
as
pass-through
certificates
represent
undivided
fractional
ownership
interests
in
an
underlying
pool
of
assets.
Asset-backed
securities
issued
as
debt
instruments,
which
are
also
known
as
collateralized
obligations,
are
typically
issued
as
the
debt
of
a
special
purpose
entity
organized
solely
for
the
purpose
of
owning
such
assets
and
issuing
such
debt.
Asset-backed
securities
are
often
backed
by
a
pool
of
assets
representing
the
obligations
of
a
number
of
different
parties.
The
yield
characteristics
of
certain
asset-backed
securities
may
differ
from
traditional
debt
securities.
One
such
major
difference
is
that
all
or
a
principal
part
of
the
obligations
may
be
prepaid
at
any
time
because
the
underlying
assets
(i.e.,
loans)
may
be
prepaid
at
any
time.
As
a
result,
a
decrease
in
interest
rates
in
the
market
may
result
in
increases
in
the
level
of
prepayments
as
borrowers,
particularly
mortgagors,
refinance
and
repay
their
loans.
An
increased
prepayment
rate
with
respect
to
an
asset-backed
security
will
have
the
Standard
Inputs
Generally
Considered
By
The
Valuation
Committee
And
Third-Party
Pricing
Services
Market
approach
........................
(i)        
recent
market
transactions,
including
subsequent
rounds
of
financing,
in
the
underlying
investment
or
comparable  
            issuers;
(ii)        recapitalizations
and
other
transactions
across
the
capital
structure;
and
(iii)      
market
multiples
of
comparable
issuers.
Income
approach
..........................
(i)        
future
cash
flows
discounted
to
present
and
adjusted
as
appropriate
for
liquidity,
credit,
and/or
market
risks;
(ii)        quoted
prices
for
similar
investments
or
assets
in
active
markets;
and
(iii)      
other
risk
factors,
such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks,
            recovery
rates,
liquidation
amounts
and/or
default
rates.
Cost
approach
............................
(i)        
audited
or
unaudited
financial
statements,
investor
communications
and
financial
or
operational
metrics
            issued
by
the
Private
Company;
(ii)        changes
in
the
valuation
of
relevant
indices
or
publicly
traded
companies
comparable
to
the
Private
Company;
(iii)      
relevant
news
and
other
public
sources;
and
(iv)      
known
secondary
market
transactions
in
the
Private
Company’s
interests
and
merger
or
acquisition
activity
            in
companies
comparable
to
the
Private
Company.
Notes
to
Financial
Statements
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
64
effect
of
shortening
the
maturity
of
the
security.
In
addition,
a
fund
may
subsequently
have
to
reinvest
the
proceeds
at
lower
interest
rates.
If
a
fund
has
purchased
such
an
asset-backed
security
at
a
premium,
a
faster
than
anticipated
prepayment
rate
could
result
in
a
loss
of
principal
to
the
extent
of
the
premium
paid. 
For
mortgage
pass-through
securities
(the
“Mortgage
Assets”)
there
are
a
number
of
important
differences
among
the
agencies
and
instrumentalities
of
the
U.S.
Government
that
issue
mortgage-related
securities
and
among
the
securities
that
they
issue.
For
example,
mortgage-related
securities
guaranteed
by
Ginnie
Mae
are
guaranteed
as
to
the
timely
payment
of
principal
and
interest
by
Ginnie
Mae
and
such
guarantee
is
backed
by
the
full
faith
and
credit
of
the
United
States.
However,
mortgage-related
securities
issued
by
Freddie
Mac
and
Fannie
Mae,
including
Freddie
Mac
and
Fannie
Mae
guaranteed
mortgage
pass-through
certificates,
which
are
solely
the
obligations
of
Freddie
Mac
and
Fannie
Mae,
are
not
backed
by
or
entitled
to
the
full
faith
and
credit
of
the
United
States,
but
are
supported
by
the
right
of
the
issuer
to
borrow
from
the
U.S.
Treasury. 
Non-agency
mortgage-backed
securities
are
securities
issued
by
non-governmental
issuers
and
have
no
direct
or
indirect
government
guarantees
of
payment
and
are
subject
to
various
risks.
Non-agency
mortgage
loans
are
obligations
of
the
borrowers
thereunder
only
and
are
not
typically
insured
or
guaranteed
by
any
other
person
or
entity.
The
ability
of
a
borrower
to
repay
a
loan
is
dependent
upon
the
income
or
assets
of
the
borrower.
A
number
of
factors,
including
a
general
economic
downturn,
acts
of
God,
terrorism,
social
unrest
and
civil
disturbances,
may
impair
a
borrower’s
ability
to
repay
its
loans.
Collateralized
Debt
Obligations:
Collateralized
debt
obligations
(“CDOs”),
including
collateralized
bond
obligations
(“CBOs”)
and
collateralized
loan
obligations
(“CLOs”),
are
types
of
asset-backed
securities.
A
CDO
is
an
entity
that
is
backed
by
a
diversified
pool
of
debt
securities
(CBOs)
or
syndicated
bank
loans
(CLOs).
The
cash
flows
of
the
CDO
can
be
split
into
multiple
segments,
called
“tranches,”
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segment
is
the
subordinated
or
“equity”
tranche.
This
tranche
bears
the
greatest
risk
of
defaults
from
the
underlying
assets
in
the
CDO
and
serves
to
protect
the
other,
more
senior,
tranches
from
default
in
all
but
the
most
severe
circumstances.
Since
it
is
shielded
from
defaults
by
the
more
junior
tranches,
a
“senior”
tranche
will
typically
have
higher
credit
ratings
and
lower
yields
than
their
underlying
securities,
and
often
receive
investment
grade
ratings
from
one
or
more
of
the
nationally
recognized
rating
agencies.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses
due
to
actual
defaults,
increased
sensitivity
to
future
defaults
and
the
disappearance
of
one
or
more
protecting
tranches
as
a
result
of
changes
in
the
credit
profile
of
the
underlying
pool
of
assets. 
Multiple
Class
Pass-Through
Securities:
Multiple
class
pass-through
securities,
including
collateralized
mortgage
obligations
(“CMOs”)
and
commercial
mortgage-backed
securities,
may
be
issued
by
Ginnie
Mae,
U.S.
Government
agencies
or
instrumentalities
or
by
trusts
formed
by
private
originators
of,
or
investors
in,
mortgage
loans.
In
general,
CMOs
are
debt
obligations
of
a
legal
entity
that
are
collateralized
by
a
pool
of
residential
or
commercial
mortgage
loans
or
Mortgage
Assets.
The
payments
on
these
are
used
to
make
payments
on
the
CMOs
or
multiple
pass-through
securities.
Multiple
class
pass-through
securities
represent
direct
ownership
interests
in
the
Mortgage
Assets.
Classes
of
CMOs
include
interest
only
(“IOs”),
principal
only
(“POs”),
planned
amortization
classes
and
targeted
amortization
classes.
IOs
and
POs
are
stripped
mortgage-backed
securities
representing
interests
in
a
pool
of
mortgages,
the
cash
flow
from
which
has
been
separated
into
interest
and
principal
components.
IOs
receive
the
interest
portion
of
the
cash
flow
while
POs
receive
the
principal
portion.
IOs
and
POs
can
be
extremely
volatile
in
response
to
changes
in
interest
rates.
As
interest
rates
rise
and
fall,
the
value
of
IOs
tends
to
move
in
the
same
direction
as
interest
rates.
POs
perform
best
when
prepayments
on
the
underlying
mortgages
rise
since
this
increases
the
rate
at
which
the
principal
is
returned
and
the
yield
to
maturity
on
the
PO.
When
payments
on
mortgages
underlying
a
PO
are
slower
than
anticipated,
the
life
of
the
PO
is
lengthened
and
the
yield
to
maturity
is
reduced.
If
the
underlying
Mortgage
Assets
experience
greater
than
anticipated
prepayments
of
principal,
a
fund’s
initial
investment
in
the
IOs
may
not
fully
recoup. 
Zero-Coupon
Bonds:
Zero-coupon
bonds
are
normally
issued
at
a
significant
discount
from
face
value
and
do
not
provide
for
periodic
interest
payments.
These
bonds
may
experience
greater
volatility
in
market
value
than
other
debt
obligations
of
similar
maturity
which
provide
for
regular
interest
payments. 
Equity-Linked
Notes:
Equity-linked
notes
seek
to
generate
income
and
provide
exposure
to
the
performance
of
an
underlying
security,
group
of
securities
or
exchange-
traded
funds
(the
“underlying
reference
instrument”).
In
an
equity-linked
note,
a
fund
purchases
a
note
from
a
bank
or
broker-dealer
and
in
return,
the
issuer
provides
for
interest
payments
during
the
term
of
the
note.
At
maturity
or
when
the
security
is
sold,
a
fund
will
either
settle
by
taking
physical
delivery
of
the
underlying
reference
instrument
or
by
receipt
of
a
cash
settlement
amount
equal
to
the
value
of
the
note
at
termination
or
maturity.
The
use
of
equity-linked
notes
involves
the
risk
that
the
value
of
the
note
changes
unfavorably
due
to
movements
in
the
value
of
the
underlying
reference
instrument.
Equity-linked
notes
are
considered
general
unsecured
contractual
obligations
of
the
bank
or
broker-dealer.
A
fund
must
rely
on
the
creditworthiness
of
the
issuer
for
its
investment
returns.
Capital
Securities
and
Trust
Preferred
Securities:
Capital
securities,
including
trust
preferred
securities,
are
typically
issued
by
corporations,
generally
in
the
form
of
interest-bearing
notes
with
preferred
securities
characteristics.
In
the
case
of
trust
preferred
securities,
an
affiliated
business
trust
of
a
corporation
issues
these
securities,
generally
in
the
form
of
beneficial
interests
in
subordinated
debentures
or
similarly
structured
securities.
The
securities
can
be
structured
with
either
a
fixed
or
adjustable
coupon
that
can
have
either
a
perpetual
or
stated
maturity
date.
For
trust
preferred
securities,
the
issuing
bank
or
corporation
pays
interest
to
the
trust,
which
is
then
distributed
to
holders
of
these
securities
as
a
dividend.
Dividends
can
be
deferred
without
creating
an
event
of
default
or
acceleration,
although
maturity
cannot
take
place
unless
all
cumulative
payment
obligations
have
been
met.
The
deferral
of
payments
does
not
affect
the
purchase
or
sale
of
these
securities
in
the
open
market.
These
securities
generally
are
rated
below
that
of
the
issuing
company’s
senior
debt
securities
and
are
freely
callable
at
the
issuer’s
option. 
Preferred
Stocks:
Preferred
stock
has
a
preference
over
common
stock
in
liquidation
(and
generally
in
receiving
dividends
as
well),
but
is
subordinated
to
the
liabilities
of
the
issuer
in
all
respects.
As
a
general
rule,
the
market
value
of
preferred
stock
with
a
fixed
dividend
rate
and
no
conversion
element
varies
inversely
with
interest
rates
and
perceived
credit
risk,
while
the
market
price
of
convertible
preferred
stock
generally
also
reflects
some
element
of
conversion
value.
Because
preferred
stock
is
junior
to
debt
securities
and
other
obligations
of
the
issuer,
deterioration
in
the
credit
quality
of
the
issuer
will
cause
greater
changes
in
the
value
of
a
preferred
stock
than
in
a
more
senior
debt
security
with
similar
stated
yield
characteristics.
Unlike
interest
payments
on
debt
securities,
preferred
stock
dividends
are
payable
only
if
declared
by
the
issuer’s
board
of
directors.
Preferred
stock
also
may
be
subject
to
optional
or
mandatory
redemption
provisions. 
Warrants:
Warrants
entitle
a
fund
to
purchase
a
specified
number
of
shares
of
common
stock
and
are
non-income
producing.
The
purchase
price
and
number
of
shares
are
subject
to
adjustment
under
certain
conditions
until
the
expiration
date
of
the
warrants,
if
any.
If
the
price
of
the
underlying
stock
does
not
rise
above
the
strike
price
before
the
warrant
expires,
the
warrant
generally
expires
without
any
value
and
a
fund
will
lose
any
amount
it
paid
for
the
warrant.
Thus,
investments
in
warrants
may
involve
more
risk
than
investments
in
common
stock.
Warrants
may
trade
in
the
same
markets
as
their
underlying
stock;
however,
the
price
of
the
warrant
does
not
necessarily
move
with
the
price
of
the
underlying
stock. 
Notes
to
Financial
Statements
(continued)
65
Notes
to
Financial
Statements
Floating
Rate
Loan
Interests:
Floating
rate
loan
interests
are
typically
issued
to
companies
(the
“borrower”)
by
banks,
other
financial
institutions,
or
privately
and
publicly
offered
corporations
(the
“lender”).
Floating
rate
loan
interests
are
generally
non-investment
grade,
often
involve
borrowers
whose
financial
condition
is
troubled
or
uncertain
and
companies
that
are
highly
leveraged
or
in
bankruptcy
proceedings.
In
addition,
transactions
in
floating
rate
loan
interests
may
settle
on
a
delayed
basis,
which
may
result
in
proceeds
from
the
sale
not
being
readily
available
for
a
fund
to
make
additional
investments
or
meet
its
redemption
obligations.
Floating
rate
loan
interests
may
include
fully
funded
term
loans
or
revolving
lines
of
credit.
Floating
rate
loan
interests
are
typically
senior
in
the
corporate
capital
structure
of
the
borrower.
Floating
rate
loan
interests
generally
pay
interest
at
rates
that
are
periodically
determined
by
reference
to
a
base
lending
rate
plus
a
premium.
Since
the
rates
reset
only
periodically,
changes
in
prevailing
interest
rates
(and
particularly
sudden
and
significant
changes)
can
be
expected
to
cause
some
fluctuations
in
the
NAV
of
a
fund
to
the
extent
that
it
invests
in
floating
rate
loan
interests.
The
base
lending
rates
are
generally
the
lending
rate
offered
by
one
or
more
European
banks,
such
as
the
Secured
Overnight
Financing
Rate
(“SOFR”),
the
prime
rate
offered
by
one
or
more
U.S.
banks
or
the
certificate
of
deposit
rate.
Floating
rate
loan
interests
may
involve
foreign
borrowers,
and
investments
may
be
denominated
in
foreign
currencies.
These
investments
are
treated
as
investments
in
debt
securities
for
purposes
of
a
fund’s
investment
policies. 
When
a
fund
purchases
a
floating
rate
loan
interest,
it
may
receive
a
facility
fee
and
when
it
sells
a
floating
rate
loan
interest,
it
may
pay
a
facility
fee.
On
an
ongoing
basis,
a
fund
may
receive
a
commitment
fee
based
on
the
undrawn
portion
of
the
underlying
line
of
credit
amount
of
a
floating
rate
loan
interest.
Facility
and
commitment
fees
are
typically
amortized
to
income
over
the
term
of
the
loan
or
term
of
the
commitment,
respectively.
Consent
and
amendment
fees
are
recorded
to
income
as
earned.
Prepayment
penalty
fees,
which
may
be
received
by
a
fund
upon
the
prepayment
of
a
floating
rate
loan
interest
by
a
borrower,
are
recorded
as
realized
gains.
A
fund
may
invest
in
multiple
series
or
tranches
of
a
loan.
A
different
series
or
tranche
may
have
varying
terms
and
carry
different
associated
risks.
Floating
rate
loan
interests
are
usually
freely
callable
at
the
borrower’s
option.
A
fund
may
invest
in
such
loans
in
the
form
of
participations
in
loans
(“Participations”)
or
assignments
(“Assignments”)
of
all
or
a
portion
of
loans
from
third
parties.
Participations
typically
will
result
in
a
fund
having
a
contractual
relationship
only
with
the
lender,
not
with
the
borrower.
A
fund
has
the
right
to
receive
payments
of
principal,
interest
and
any
fees
to
which
it
is
entitled
only
from
the
lender
selling
the
Participation
and
only
upon
receipt
by
the
lender
of
the
payments
from
the
borrower.
In
connection
with
purchasing
Participations,
a
fund
generally
will
have
no
right
to
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement,
nor
any
rights
of
offset
against
the
borrower.
A
fund
may
not
benefit
directly
from
any
collateral
supporting
the
loan
in
which
it
has
purchased
the
Participation.
As
a
result,
a
fund
assumes
the
credit
risk
of
both
the
borrower
and
the
lender
that
is
selling
the
Participation.
A
fund’s
investment
in
loan
participation
interests
involves
the
risk
of
insolvency
of
the
financial
intermediaries
who
are
parties
to
the
transactions.
In
the
event
of
the
insolvency
of
the
lender
selling
the
Participation,
a
fund
may
be
treated
as
a
general
creditor
of
the
lender
and
may
not
benefit
from
any
offset
between
the
lender
and
the
borrower.
Assignments
typically
result
in
a
fund
having
a
direct
contractual
relationship
with
the
borrower,
and
a
fund
may
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement.
Forward
Commitments, When-Issued
and
Delayed
Delivery
Securities
:
The
Fund
may
purchase
securities
on
a
when-issued
basis
and
may
purchase
or
sell
securities
on
a
forward
commitment
basis.
Settlement
of
such
transactions
normally
occurs
within
a
month
or
more
after
the
purchase
or
sale
commitment
is
made.
The
Fund
may
purchase
securities
under
such
conditions
with
the
intention
of
actually
acquiring
them
but
may
enter
into
a
separate
agreement
to
sell
the
securities
before
the
settlement
date.
Since
the
value
of
securities
purchased
may
fluctuate
prior
to
settlement,
the
Fund
may
be
required
to
pay
more
at
settlement
than
the
security
is
worth.
In
addition,
the
fund
is
not
entitled
to
any
of
the
interest
earned
prior
to
settlement.
When
purchasing
a
security
on
a
delayed
delivery
basis,
the
Fund
assumes
the
rights
and
risks
of
ownership
of
the
security,
including
the
risk
of
price
and
yield
fluctuations.
In
the
event
of
default
by
the
counterparty,
the
Fund’s
maximum
amount
of
loss
is
the
unrealized
appreciation
of
unsettled
when-issued
transactions.
These
types
of
securities
may
be
considered
unfunded
and
may
obligate
the
Fund
to
make
future
cash
payments.
An
unfunded
commitment
is
marked-to-market
and
any
unrealized
appreciation
(depreciation)
is
separately
presented
in
the
Statement
of
Assets
and
Liabilities
and
Statement
of
Operations.
Securities
Lending:
The
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
a
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
Government.
The
initial
collateral
received
by
the
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of the
Fund
and
any
additional
required
collateral
is
delivered
to the
Fund,
or
excess
collateral
returned
by the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities,
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
by
the
securities
lending
agent, BlackRock
Investment
Management,
LLC
(“BIM”),
if
any,
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
disclosed
in
the
Fund’s
 Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
related
collateral,
if
any,
are
shown
separately
in
the
 Statement
of
Assets
and
Liabilities
as
a
component
of
investments
at
value
–
unaffiliated
and
collateral
on
securities
loaned,
respectively.
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
the
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BIM.
BIM’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent the
collateral
received
does
not
cover
the
value
on
the
securities
loaned
in
the
event
of
borrower
default.
The
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received. Such
losses
are
borne
entirely
by
the
Fund.
5.
Derivative
Financial
Instruments
The
Fund
engages
in
various
portfolio
investment
strategies
using
derivative
contracts
both
to
increase
the
returns
of
the
Fund
and/or
to
manage
its
exposure
to
certain
risks
such
as
credit
risk,
equity
risk,
interest
rate
risk,
foreign
currency
exchange
rate
risk,
commodity
price
risk
or
other
risks
(e.g.,
inflation
risk).
Derivative
financial
instruments
categorized
by
risk
exposure
are
included
in
the
Schedule
of
Investments.
These
contracts
may
be
transacted
on
an
exchange or
OTC.
Notes
to
Financial
Statements
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
66
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk)
.
Futures
contracts
are
exchange-traded agreements
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the Statement
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any, are
shown
as
cash
pledged
for
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
Options:
The
Fund
may purchase
and
write
call
and
put
options
to
increase
or
decrease
its
exposure
to
the
risks
of
underlying
instruments,
including
equity
risk,
interest
rate
risk
and/or
commodity
price
risk
and/or,
in
the
case
of
options
written,
to
generate
gains
from
options
premiums.
A
call
option
gives
the
purchaser
(holder)
of
the
option
the
right
(but
not
the
obligation)
to
buy,
and
obligates
the
seller
(writer)
to
sell
(when
the
option
is
exercised)
the
underlying
instrument
at
the
exercise
or
strike
price
at
any
time
or
at
a
specified
time
during
the
option
period.
A
put
option
gives
the
holder
the
right
to
sell
and
obligates
the
writer
to
buy
the
underlying
instrument
at
the
exercise
or
strike
price
at
any
time
or
at
a
specified
time
during
the
option
period.
Premiums
paid
on
options
purchased
and
premiums
received
on
options
written,
as
well
as
the
daily
fluctuation
in
market
value,
are
included
in
investments
at
value
–
unaffiliated
and
options
written
at
value,
respectively,
in
the
Statement
of
Assets
and
Liabilities.
When
an
instrument
is
purchased
or
sold
through
the
exercise
of
an
option,
the
premium
is
offset
against
the
cost
or
proceeds
of
the
underlying
instrument.
When
an
option
expires,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
to
the
extent
of
the
premiums
received
or
paid.
When
an
option
is
closed
or
sold,
a
gain
or
loss
is
recorded
in
the
Statement
of
Operations
to
the
extent
the
cost
of
the
closing
transaction
exceeds
the
premiums
received
or
paid.
When
the
Fund
writes
a
call
option,
such
option
is
typically
“covered,”
meaning
that
it
holds
the
underlying
instrument
subject
to
being
called
by
the
option
counterparty.
When
the
Fund
writes
a
put
option,
cash
is
segregated in
an
amount
sufficient
to
cover
the
obligation.
These
amounts,
which
are
considered
restricted,
are
included
in
cash
pledged
as
collateral
for
options
written
in
the
Statement
of
Assets
and
Liabilities.
In
purchasing
and
writing
options,
the
Fund
bears
the
risk
of
an
unfavorable
change
in
the
value
of
the
underlying
instrument
or
the
risk
that
it
may
not
be
able
to
enter
into
a
closing
transaction
due
to
an
illiquid
market.
Exercise
of
a
written
option
could
result
in
the
Fund
purchasing
or
selling
a
security
when
it
otherwise
would
not,
or
at
a
price
different
from
the
current
market
value.
Swaps:
Swap
contracts
are
entered
into
to
manage
exposure
to
issuers,
markets
and
securities.
Such
contracts
are
agreements
between
the
Fund
and
a
counterparty
to
make
periodic
net
payments
on
a
specified
notional
amount
or
a
net
payment
upon
termination.
Swap
agreements
are
privately
negotiated
in
the
OTC
market
and
may
be
entered
into
as
a
bilateral
contract
(“OTC
swaps”)
or
centrally
cleared
(“centrally
cleared
swaps”).
For
OTC
swaps,
any
upfront
premiums
paid
and
any
upfront
fees
received
are
shown
as
swap
premiums
paid
and
swap
premiums
received,
respectively,
in
the
Statement
of
Assets
and
Liabilities
and
amortized
over
the
term
of
the
contract.
The
daily
fluctuation
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
on
OTC
Swaps
in
the
Statement
of
Assets
and
Liabilities.
Payments
received
or
paid
are
recorded
in
the
Statement
of
Operations
as
realized
gains
or
losses,
respectively.
When
an
OTC
swap
is
terminated,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
proceeds
from
(or
cost
of)
the
closing
transaction
and
the
Fund’s
basis
in
the
contract,
if
any.
Generally,
the
basis
of
the
contract
is
the
premium
received
or
paid.
In
a
centrally
cleared
swap,
immediately
following
execution
of
the
swap
contract,
the
swap
contract
is
novated
to
a
central
counterparty
(the
“CCP”)
and
the
CCP
becomes
the Fund’s
counterparty
on
the
swap.
The
Fund
is
required
to
interface
with
the
CCP
through
the
broker.
Upon
entering
into
a
centrally
cleared
swap,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
the
size
and
risk
profile
of
the
particular
swap. Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited
is
shown
as
cash
pledged
for
centrally
cleared
swaps
in
the
Statement
of
Assets
and
Liabilities. Amounts
pledged,
which
are
considered
restricted
cash,
are
included
in
cash
pledged
for
centrally
cleared
swaps
in
the
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
variation
margin.
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and
shown
as
variation
margin
receivable
(or
payable)
on
centrally
cleared
swaps
in
the
Statement
of
Assets
and
Liabilities.
Payments
received
from
(paid
to)
the
counterparty
are
amortized
over
the
term
of
the
contract
and
recorded
as
realized
gains
(losses)
in
the
Statement
of
Operations,
including
those
at
termination.
Credit
default
swaps
—
Credit
default
swaps
are
entered
into
to
manage
exposure
to
the
market
or
certain
sectors
of
the
market,
to
reduce
risk
exposure
to
defaults
of
corporate
and/or
sovereign
issuers
or
to
create
exposure
to
corporate
and/or
sovereign
issuers
to
which
a
fund
is
not
otherwise
exposed
(credit
risk).
The
Fund
may
either
buy
or
sell
(write)
credit
default
swaps
on
single-name
issuers
(corporate
or
sovereign),
a
combination
or
basket
of
single-name
issuers
or
traded
indexes.
Credit
default
swaps
are
agreements
in
which
the
protection
buyer
pays
fixed
periodic
payments
to
the
seller
in
consideration
for
a
promise
from
the
protection
seller
to
make
a
specific
payment
should
a
negative
credit
event
take
place
with
respect
to
the
referenced
entity
(e.g.,
bankruptcy,
failure
to
pay,
obligation
acceleration,
repudiation,
moratorium
or
restructuring).
As
a
buyer,
if
an
underlying
credit
event
occurs,
the
Fund
will
either
(i)
receive
from
the
seller
an
amount
equal
to
the
notional
amount
of
the
swap
and
deliver
the
referenced
security
or
underlying
securities
comprising
the
index,
or
(ii)
receive
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
As
a
seller
(writer),
if
an
underlying
credit
event
occurs,
the
Fund
will
either
pay
the
buyer
an
amount
equal
to
the
notional
amount
of
the
swap
and
take
delivery
of
the
referenced
security
or
underlying
securities
comprising
the
index
or
pay
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
Notes
to
Financial
Statements
(continued)
67
Notes
to
Financial
Statements
Swap
transactions
involve,
to
varying
degrees,
elements
of
interest
rate,
credit
and
market
risks
in
excess
of
the
amounts
recognized
in
the
Statement
of
Assets
and
Liabilities.
Such
risks
involve
the
possibility
that
there
will
be
no
liquid
market
for
these
agreements,
that
the
counterparty
to
the
agreements
may
default
on
its
obligation
to
perform
or
disagree
as
to
the
meaning
of
the
contractual
terms
in
the
agreements,
and
that
there
may
be
unfavorable
changes
in
interest
rates
and/or
market
values
associated
with
these
transactions.
Master
Netting
Arrangements:
In
order
to
define
its
contractual
rights
and
to
secure
rights
that
will
help
it mitigate its
counterparty
risk, the
Fund
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
derivative
contract
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between the
Fund
and
a
counterparty
that
governs
certain
OTC
derivatives
and
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement, the
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivative
financial
instruments’
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
default
including
the
bankruptcy
or
insolvency
of
the
counterparty.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency
or
other
events.
Collateral
Requirements:
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
the
Fund(s)
and
the
counterparty.
Cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Fund
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statement
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
and
cash
received
as
collateral,
respectively.
Non-cash
collateral
pledged
by
the
Fund,
if
any,
is
noted
in
the
Schedule
of
Investments.
Generally,
the
amount
of
collateral
due
from
or
to
a
counterparty
is
subject
to
a
certain
minimum
transfer
amount
threshold
before
a
transfer
is
required,
which
is
determined
at
the
close
of
business
of
the
Fund.
Any
additional
required
collateral
is
delivered
to/pledged
by
the
Fund
on
the
next
business
day.
Typically,
the
counterparty
is
not
permitted
to
sell,
re-pledge
or
use
cash
and
non-cash
collateral
it
receives.
The
Fund
generally
agrees
not
to
use
non-cash
collateral
that
it
receives
but
may,
absent
default
or
certain
other
circumstances
defined
in
the
underlying
ISDA
Master
Agreement,
be
permitted
to
use
cash
collateral
received.
In
such
cases,
interest
may
be
paid
pursuant
to
the
collateral
arrangement
with
the
counterparty.
To
the
extent
amounts
due
to
the
Fund
from the
counterparties
are
not
fully
collateralized, the
Fund bears
the
risk
of
loss
from
counterparty
non-performance.
Likewise,
to
the
extent
the
Fund
has
delivered
collateral
to
a
counterparty
and
stands
ready
to
perform
under
the
terms
of
its
agreement
with
such
counterparty, the
Fund bears the
risk
of
loss
from
a
counterparty
in
the
amount
of
the
value
of
the
collateral
in
the
event
the
counterparty
fails
to
return
such
collateral.
Based
on
the
terms
of
agreements,
collateral
may
not
be
required
for
all
derivative
contracts.
For
financial
reporting
purposes,
the
Fund
does
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Statement
of
Assets
and
Liabilities.
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Trust,
on
behalf
of
the
Fund,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Fund’s
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
services.
The
Manager
is
responsible
for
the
management
of the
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of the
Fund.
For
such
services,
the
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
the
Fund’s
net
assets:
The
Manager
entered
into
separate
sub-advisory
agreements
with
each
of
BlackRock
International
Limited
(“BIL”),
and
BlackRock
(Singapore)
Limited
("BSL"),
(collectively,
the
“Sub-Advisers”),
each
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
and
BSL
for
services
they
provide
for
that
portion
of
the
Fund
for
which
BIL
and
BSL
,
as
applicable,
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
the
Fund
to
the
Manager.
Service
and
Distribution
Fees:
 The
Trust
,
on behalf
of
the
Fund,
entered
into
a
Distribution
Agreement
and
a Distribution and
Service
Plan
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Pursuant
to
the
Distribution
and
Service
Plan
and
in
accordance
with
Rule
12b-1
under
the
1940
Act,
the
Fund
pays
BRIL
ongoing
service
and
distribution
fees.
The
fees
are
accrued
daily
and
paid
monthly
at
annual
rates
based
upon
the
average
daily
net
assets
of
the
relevant
share
class
of
the
Fund
as
follows:
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
servicing
and
distribution
services to
the
Fund.
The
ongoing
service and/or
distribution
fee compensates BRIL
and
each
broker-dealer
for
providing
shareholder
servicing
and/or
distribution related
services
to
shareholders.
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
billion
.........................................................................................................
0.35%
$1
billion
-
$2
billion
.....................................................................................................
0.34
$2
billion
-
$3
billion
.....................................................................................................
0.33
Greater
than
$3
billion
...................................................................................................
0.32
Share
Class
Service
Fees
Distribution
Fees
Investor
A
.................................................................................................
0.25‌
%
—‌
%
Investor
C
.................................................................................................
0.25‌
0.75‌ 
Notes
to
Financial
Statements
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
68
For
the year
ended
December
31,
2023,
the
following
table
shows
the
class
specific
service
and
distribution
fees
borne
directly
by
each
share
class
of
the
Fund:
Administration:
The
Trust,
on
behalf
of
the
Fund,
entered
into
an
Administration
Agreement
with
the
Manager,
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
to
provide
administrative
services.
For
these
services,
the
Manager
receives
an
administration
fee
computed
daily
and
payable
monthly,
based
on
a
percentage
of
the
average
daily
net
assets
of
the
Fund.
The
administration
fee,
which
is
shown
as
administration
in
the
Statement
of
Operations,
is
paid
at
the
annual
rates
below.
In
addition,
the
Manager
charges
each
of
the
share
classes
an
administration
fee,
which
is
shown
as
administration —
class
specific
in
the
Statement
of
Operations,
at
an
annual
rate
of
0.02% of
the
average
daily
net
assets
of
each
respective
class.
For
the
year
ended
December
31,
2023, the
following
table
shows
the
class
specific
administration
fees
borne
directly
by
each
share
class
of
the
Fund:
Transfer
Agent:
Pursuant
to
written
agreements,
certain
financial
intermediaries,
some
of
which
may
be
affiliates,
provide
the
Fund
with
sub-accounting,
recordkeeping,
sub-transfer
agency
and
other
administrative
services
with
respect
to
servicing
of
underlying
investor
accounts.
For
these
services,
these
entities
receive
an
asset-based
fee
or
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets.
For
the
year ended December
31,
2023,
the
Fund
paid
the
following
amounts
to
affiliates
of
BlackRock
in
return
for
these
services,
which
are
included
in
transfer
agent
—
class
specific
in
the
Statement
of
Operations:
The
Manager
maintains
a
call
center
that
is
responsible
for
providing
certain
shareholder
services
to
the
Fund.
Shareholder
services
include
responding
to
inquiries
and
processing
purchases
and
sales
based
upon
instructions
from
shareholders.
For
the year
ended
December
31,
2023,
the
Fund
reimbursed
the
Manager
the
following
amounts
for
costs
incurred
in
running
the
call
center,
which
are
included
in
transfer
agent
—
class
specific
in
the
Statement
of
Operations:
For
the
year ended
December
31,
2023,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
the
Fund:
Other
Fees:
For
the
year
 ended 
December
31,
2023
,
affiliates
earned
underwriting
discounts,
direct
commissions
and
dealer
concessions
on
sales
of
the Fund's
Investor
A
Shares for
a
total
of
$6,247
.
For
the year
ended
December
31,
2023,
affiliates
received
CDSCs
as
follows:
Expense
Limitations,
Waivers
and
Reimbursements:
The
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
the
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
trustees
who
are
not
“interested
persons”
of
the
Trust,
as
defined
in
the
1940
Act
(“Independent
Trustees”),
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitation
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver. This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
year
ended
December
31,
2023,
the
amount
waived
was
$16,72
6
.
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
the
Fund’s
assets
invested
in
affiliated
equity
and
fixed-income mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
year
ended
December
31,
2023,
the
Manager
waived
$382,691
in
investment
advisory
fees
pursuant
to
this
arrangement.
Share
Class
Service
and
Distribution
Fees
Investor
A
........................................................................................................
$
781,456‌
Investor
C
........................................................................................................
222,028‌
$
1,003,484‌
Average
Daily
Net
Assets
Administration
Fees
First
$500
million
0.0425
%
$500
million
-
$1
billion
0.0400
$1
billion
-
$2
billion
0.0375
$2
billion
-
$4
billion
0.0350
$4
billion
-
$13
billion
0.0325
Greater
than
$13
billion
0.0300
Institutional
Investor
A
Investor
C
Class
K
Total
Administration
fees
-
class
specific
..........................................
$
67,750‌
$
62,516‌
$
4,441‌
$
15,132‌
$
149,839‌
Institutional
.......................................................................................................
$
1,311‌
Institutional
Investor
A
Investor
C
Class
K
Total
Reimbursed
Amount
....................................................
$
610‌
$
2,362‌
$
457‌
$
154‌
$
3,583‌
Institutional
Investor
A
Investor
C
Class
K
Total
Transfer
agent
fees
-
class
specific
..........................................
$
301,611‌
$
133,565‌
$
14,093‌
$
4,374‌
$
453,643‌
Investor
A
$
13,407‌
Investor
C
4,068‌
Notes
to
Financial
Statements
(continued)
69
Notes
to
Financial
Statements
The
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
Other
Expenses
(“expense
limitation”)
through
June
30,
2024.
Other
expenses
include
accounting,
transfer
agency,
custody,
professional
and
registration
fees
and
exclude
dividend
expense,
interest
expense,
and
certain
other
fund
expenses
that
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of
the
Fund’s
business.
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of the
Fund.
For
the
year ended
December
31,
2023,
the
Manager
waived
and/or
reimbursed
investment
advisory
fees
of
$643,059
pursuant
to
this
arrangement,
which
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
The
Fund
also
had
a
waiver
of
administration
fees,
which
are
included
in
Administration
fees
waived
in
the
Statement
of
Operations.
For
the
year
ended
December
31,
2023,
the
amount
were
$312,177.
In
addition,
these
amounts
waived
and/or
reimbursed
by
the
Manager
are
included
in
administration
fees
waived
by
the
Manager
—
class
specific
and
transfer
agent
fees
waived
and/or
reimbursed
by
Manager
—
class
specific,
respectively,
in
the
Statement
of
Operations.
For
the
year ended
December
31,
2023,
class
specific
expense
waivers
and/or
reimbursements
were
as
follows:
Securities
Lending:
 The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits BIM,
an
affiliate
of
the
Manager,
to
serve
as
securities
lending
agent
for
the
Fund,
subject
to
applicable
conditions.
As
securities
lending
agent,
BIM
bears
all
operational
costs
directly
related
to
securities
lending.
The
Fund
is
responsible
for
expenses
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
expenses”).
The
cash
collateral
is
invested
in
a
private
investment
company,
Money
Market
Series, managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
cap
the
collateral
investment
expenses
of
the Money
Market
Series to
an
annual
rate
of
0.04%.
The
investment
adviser
to
the Money
Market
Series will
not
charge
any
advisory
fees
with
respect
to
shares
purchased
by
the
Fund.
The
Money
Market
Series
may
impose
a
discretionary
liquidity
fee
of
up
to
2%
of
the
value
withdrawn,
if
such
fee
is
determined
to
be
in
the
best
interests
of
the
Money
Market
Series.
The
Money
Market
Series
seeks
current
income
consistent
with
maintaining
liquidity
and
preserving
capital.
Although
the
Money
Market
Series
is
not
registered
under
the
1940
Act,
its
investments
may
follow
the
parameters
of
investments
by
a
money
market
fund
that
is
subject
to
Rule
2a-7
under
the
1940
Act.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
expenses.
The
Fund
retains
a
portion
of
securities
lending
income
and
remits
a
remaining
portion
to
BIM
as
compensation
for
its
services
as
securities
lending
agent.  
Pursuant
to
the
current
securities
lending
agreement,
the
Fund
retains
82%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock Multi-Asset
Complex
in
a
calendar
year
exceeds
a
specified
threshold, the
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
85%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses. 
The
share
of
securities
lending
income
earned
by
the
Fund
is
shown
as
securities
lending
income
—
affiliated
—
net
in
the
Statement
of
Operations.
For
the year
ended December
31,
2023,
the
Fund
paid
BIM $9,326
for
securities
lending agent
services. 
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
SEC,
the
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
the
Fund’s
investment
policies
and
restrictions.
The
Fund
is
currently
permitted
to
borrow under
the
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
Institutional
.............................................................................................................
0.09‌%
Investor
A
..............................................................................................................
0.09‌
Investor
C
..............................................................................................................
0.09‌
Class
K
...............................................................................................................
0.04‌
Share
Class
Administration
Fees
Waived
by
the
Manager
-
Class
Specific
Transfer
Agent
Fees
Waived
and/or
Reimbursed
by
the
Manager
-
Class
Specific
Institutional
....................................................................................
$
67,750‌
$
132,175‌
Investor
A
.....................................................................................
39,763‌
—‌
Investor
C
.....................................................................................
4,441‌
2,990‌
Class
K
......................................................................................
15,132‌
4,374‌
$
127,086‌
$
139,539‌
Notes
to
Financial
Statements
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
70
During the
year
ended
December
31,
2023,
the
Fund
did
not
participate
in
the
Interfund
Lending
Program.
Trustees
and
Officers: 
Certain
trustees
and/or
officers
of
the Trust are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Fund
reimburses
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Trust’s
Chief
Compliance
Officer,
which
is
included
in
Trustees and
Officer
in
the
Statement
of
Operations. 
Other
Transactions:
The
Fund
may
purchase
securities
from,
or
sell
securities
to,
an
affiliated
fund
provided
the
affiliation
is
due
solely
to
having
a
common
investment
adviser,
common
officers,
or
common
trustees.
For
the
year ended
December
31,
2023,
the
purchase
and
sale
transactions
and
any
net
realized
gains
(losses)
with
an
affiliated
fund
in
compliance
with
Rule
17a-7
under
the
1940
Act
were
as
follows:
7.
PURCHASES
AND
SALES 
For
the
year ended
December
31,
2023,
purchases
and
sales
of
investments, excluding
short-term
securities
and
equity-linked
notes,
were
as
follows:
For
the
year ended
December
31,
2023,
purchases
and
sales
related
to
equity-linked
notes
were
$241,072,888 and
$246,361,710.
8.
INCOME
TAX
INFORMATION 
It
is
the
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
The
Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
the
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
the
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Fund
as
of
December
31,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund’s
financial
statements.
The
tax
character
of
distributions
paid
was
as
follows: 
As
of
December
31,
2023,
the
tax
components
of
accumulated earnings
(loss) were
as
follows:  
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
net
unrealized
gains
(losses)
was
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales,
amortization
and
accretion
methods
of
premiums
and
discounts
on
fixed
income
securities,
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
futures
and
foreign
currency
exchange
contracts,
the
accrual
of
income
on
securities
in
default,
the
realization
for
tax
purposes
of
unrealized
gains
on
investments
in
passive
foreign
investment
companies,
the
timing
and
recognition
of
partnership
income,
the
accounting
for
swap
agreements
and
the
classification
of
investments.
As
of
December
31,
2023, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
9.
BANK
BORROWINGS 
The
Trust,
on
behalf
of
the
Fund,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”), is
party
to
a
364-day,
$2.50
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Fund
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Fund,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
Purchases
...............................................................................................................
$
—‌
Sales
...................................................................................................................
207,556‌
Net
Realized
Loss
..........................................................................................................
(1,670‌)
U.S.
Government
Securities
Other
Securities
Fund
Name
Purchases
Sales
Purchases
Sales
BlackRock
Managed
Income
Fund
..........................................
$
133,408‌
$
132,922‌
$
444,421,345‌
$
497,033,542‌
Fund
Name
Year
Ended
12/31/23
Year
Ended
12/31/22
BlackRock
Managed
Income
Fund
Ordinary
income
...........................................................................................
$
37,202,948‌
$
36,681,404‌
Long-term
capital
gains
......................................................................................
—‌
1,371,008‌
$
37,202,948‌
$
38,052,412‌
Fund
Name
Undistributed
Ordinary
Income
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Total
BlackRock
Managed
Income
Fund
...........................................
$
928,244‌
$
(82,034,480‌)
$
(90,131‌)
$
(81,196,367‌)
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Managed
Income
Fund
......................................
$
731,723,539‌
$
23,832,105‌
$
(23,937,464‌)
$
(105,359‌)
Notes
to
Financial
Statements
(continued)
71
Notes
to
Financial
Statements
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
(“OBFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
SOFR
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y)
0.80%
per
annum. The
agreement
expires
in
April
2024
unless
extended
or
renewed. These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
year ended
December
31,
2023,
the
Fund
did
not
borrow
under
the
credit
agreement.
10.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject. 
The
Fund
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
discretionary
liquidity
fees
under
certain
circumstances.  
Market Risk:
The
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
the
Fund
to
reinvest
in
lower
yielding
securities. The
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
the
Fund’s
portfolio
will
decline
if
the Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
the
Fund
portfolio’s
current
earnings
rate.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. The
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that the
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. The
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
the
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of the
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which the
Fund
invests. 
The
price the
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from the
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore
the
Fund’s
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by the
Fund,
and the
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment. The
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers. 
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund. 
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
For
OTC
options
purchased,
the
Fund
bears
the
risk
of
loss
in
the
amount
of
the
premiums
paid
plus
the
positive
change
in
market
values
net
of
any
collateral
held
by
the
Fund
should
the
counterparty
fail
to
perform
under
the
contracts.
Options
written
by
the
Fund
do
not
typically
give
rise
to
counterparty
credit
risk,
as
options
written
generally
obligate
the
Fund,
and
not
the
counterparty,
to
perform.
The
Fund
may
be
exposed
to
counterparty
credit
risk
with
respect
to
options
written
to
the
extent
the
Fund
deposits
collateral
with
its
counterparty
to
a
written
option. 
With
exchange-traded
futures
and
centrally
cleared
swaps,
there
is
less
counterparty
credit
risk
to
the
Fund
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, the
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in exchange-traded
futures
and
centrally
cleared
swaps with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Fund. 
Geographic/Asset
Class
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund’s
portfolio
are
disclosed
in
its Schedule
of
Investments.
Notes
to
Financial
Statements
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
72
The
Fund
invests
a
significant
portion
of
its
assets
in
high
yield
securities.
High
yield
securities
that
are
rated
below
investment-grade
(commonly
referred
to
as
“junk
bonds”)
or
are
unrated
may
be
deemed
speculative,
involve
greater
levels
of
risk
than
higher-rated
securities
of
similar
maturity
and
are
more
likely
to
default.
High
yield
securities
may
be
issued
by
less
creditworthy
issuers,
and
issuers
of
high
yield
securities
may
be
unable
to
meet
their
interest
or
principal
payment
obligations.
High
yield
securities
are
subject
to
extreme
price
fluctuations,
may
be
less
liquid
than
higher
rated
fixed-income
securities,
even
under
normal
economic
conditions,
and
frequently
have
redemption
features. 
The
Fund
invests
a
significant
portion
of
its
assets
in fixed-income securities and/or uses
derivatives tied
to
the
fixed-income
markets.
Changes
in
market
interest
rates
or
economic
conditions
may affect
the
value
and/or
liquidity
of
such investments.
Interest
rate
risk
is
the
risk
that
prices
of
bonds
and
other
fixed-income
securities
will
decrease
as
interest
rates
rise
and
increase
as
interest
rates
fall.
The
Fund(s) may
be
subject
to
a
greater
risk
of
rising
interest
rates
due
to
the period
of
historically
low
interest
rates
that
ended
in
March
2022. The
Federal
Reserve
has
recently been
raising the
federal
funds
rate
as
part
of
its
efforts
to
address
inflation.
There
is
a
risk
that
interest
rates
will
continue
to
rise,
which
will
likely
drive
down
the
prices
of
bonds
and
other
fixed-income
securities,
and
could
negatively
impact
the
Fund’s
performance.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Fund
invests.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
LIBOR
Transition
Risk:
The
Fund
may
be
exposed
to
financial
instruments
that
recently
transitioned
from,
or
continue
to
be
tied
to,
the
London
Interbank
Offered
Rate
(“LIBOR”)
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
United
Kingdom’s
Financial
Conduct
Authority,
which
regulates
LIBOR,
has
ceased
publishing
all
LIBOR
settings,
but
some
USD
LIBOR
settings
will
continue
to
be
published
under
a
synthetic
methodology
until
September
30,
2024
for
certain
legacy
contracts.
SOFR
has
been
used
increasingly
on
a
voluntary
basis
in
new
instruments
and
transactions.
Under
U.S.
regulations
that
implement
a
statutory
fallback
mechanism
to
replace
LIBOR,
benchmark
rates
based
on
SOFR
have
replaced
LIBOR
in
certain
financial
contracts.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Fund
is
uncertain.
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
Year
Ended
12/31/23
Year
Ended
12/31/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
Managed
Income
Fund
Institutional
Shares
sold
.............................................
13,818,510‌
$
126,148,136‌
30,758,600‌
$
294,798,975‌
Shares
issued
in
reinvestment
of
distributions
........................
1,869,945‌
17,048,030‌
2,012,421‌
18,660,414‌
Shares
redeemed
.........................................
(17,228,745‌)
(156,725,602‌)
(38,093,781‌)
(350,679,791‌)
(1,540,290‌)
$
(13,529,436‌)
(5,322,760‌)
$
(37,220,402‌)
Investor
A
Shares
sold
and
automatic
conversion
of
shares
.......................
6,240,758‌
$
57,015,347‌
10,785,262‌
$
101,705,766‌
Shares
issued
in
reinvestment
of
distributions
........................
1,653,646‌
15,078,108‌
1,540,910‌
14,249,573‌
Shares
redeemed
.........................................
(11,660,675‌)
(106,207,705‌)
(15,192,961‌)
(142,413,853‌)
(3,766,271‌)
$
(34,114,250‌)
(2,866,789‌)
$
(26,458,514‌)
Investor
C
Shares
sold
.............................................
253,178‌
$
2,319,275‌
505,249‌
$
4,736,983‌
Shares
issued
in
reinvestment
of
distributions
........................
98,617‌
899,781‌
90,662‌
836,724‌
Shares
redeemed
and
automatic
conversion
of
shares
..................
(658,525‌)
(6,029,834‌)
(863,782‌)
(8,095,480‌)
(306,730‌)
$
(2,810,778‌)
(267,871‌)
$
(2,521,773‌)
Class
K
Shares
sold
.............................................
1,131,375‌
$
10,340,153‌
2,292,432‌
$
22,132,854‌
Shares
issued
in
reinvestment
of
distributions
........................
386,068‌
3,530,369‌
396,922‌
3,681,561‌
Shares
redeemed
.........................................
(2,620,340‌)
(23,929,288‌)
(3,721,675‌)
(34,842,360‌)
(1,102,897‌)
$
(10,058,766‌)
(1,032,321‌)
$
(9,027,945‌)
(6,716,188‌)
$
(60,513,230‌)
(9,489,741‌)
$
(75,228,634‌)
Notes
to
Financial
Statements
(continued)
73
Notes
to
Financial
Statements
12.
Foreign
Withholdings
Tax
Claims
The
Internal
Revenue
Service
(“IRS”)
has
issued
guidance
to
address
U.S.
income
tax
liabilities
attributable
to
fund
shareholders
resulting
from
the
recovery
of
foreign
taxes
withheld
in
prior
calendar
years.
These
withheld
foreign
taxes
were
passed
through
to
shareholders
in
the
form
of
foreign
tax
credits
in
the
year
the
taxes
were
withheld.
Assuming
there
are
sufficient
foreign
taxes
paid
which
the
Fund
is
able
to
pass
through
to
shareholders
as
a
foreign
tax
credit
in
the
current
year,
the
Fund
will
be
able
to
offset
the
prior
years'
withholding
taxes
recovered
against
the
foreign
taxes
paid
in
the
current
year.
Accordingly,
no
federal
income
tax
liability
is
recorded
by
the
Fund.
13.
SUBSEQUENT
EVENTS 
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Report
of
Independent
Registered
Public
Accounting
Firm
2023
BlackRock
Annual
Report
to
Shareholders
74
To
the
Shareholders
of
BlackRock
Managed
Income
Fund
and
the
Board
of
Trustees
of
BlackRock
Funds
II:
Opinion
on
the
Financial
Statements
and
Financial
Highlights
We
have
audited
the
accompanying
statement
of
assets
and
liabilities
of
BlackRock
Managed
Income
Fund
of
BlackRock
Funds
II
(the
“Fund”),
including
the
schedule
of
investments,
as
of
December
31,
2023,
the
related
statement
of
operations
for
the
year
then
ended,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
the
financial
highlights
for
each
of
the
five
years
in
the
period
then
ended,
and
the
related
notes.
In
our
opinion,
the
financial
statements
and
financial
highlights
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
December
31,
2023,
and
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
then
ended,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
and
financial
highlights
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
and
financial
highlights
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
and
financial
highlights
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
The
Fund
is
not
required
to
have,
nor
were
we
engaged
to
perform,
an
audit
of
its
internal
control
over
financial
reporting.
As
part
of
our
audits
we
are
required
to
obtain
an
understanding
of
internal
control
over
financial
reporting
but
not
for
the
purpose
of
expressing
an
opinion
on
the
effectiveness
of
the
Fund’s
internal
control
over
financial
reporting.
Accordingly,
we
express
no
such
opinion.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements
and
financial
highlights,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements
and
financial
highlights.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements
and
financial
highlights.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2023,
by
correspondence
with
custodians
or
counterparties;
when
replies
were
not
received,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
Deloitte
&
Touche
LLP
Boston,
Massachusetts
February
26,
2024
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
1992.
Important
Tax
Information
(Unaudited)
75
Important
Tax
Information
The
following
amount,
or maximum
amount
allowable
by
law, is
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
December
31,
2023:
The
following
amount,
or
maximum
amount
allowable
by
law, is
hereby
designated
as
qualified
business
income
for
individuals
for
the
fiscal
year
ended
December
31,
2023:
The
Fund
hereby
designates
the
following
amount,
or
maximum
amount
allowable
by
law,
of
distributions
from
direct
federal
obligation
interest
for
the
fiscal
year
ended
December
31,
2023:
The
law
varies
in
each
state
as
to
whether
and
what
percent
of
ordinary
income
dividends
attributable
to
federal
obligations
is
exempt
from
state
income
tax.
Shareholders
are
advised
to
check
with
their
tax
advisers
to
determine
if
any
portion
of
the
dividends
received
is
exempt
from
state
income
tax.
The
following
percentage,
or
maximum
percentage
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
year
ended
December
31,
2023
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
The
Fund
hereby
designates
the
following
amount,
or
maximum
amount
allowable
by
law,
as
interest
income
eligible
to
be
treated
as
a
Section
163(j)
interest
dividend
for
the
fiscal
year
ended
December
31,
2023:
The
Fund
hereby
designates
the
following
amount,
or
maximum
amount
allowable
by
law,
as
interest-related
dividends
eligible
for
exemption
from
U.S.
withholding
tax
for
nonresident
aliens
and
foreign
corporations
for
the
fiscal
year
ended
December
31,
2023:
Fund
Name
Qualified
Dividend
Income
BlackRock
Managed
Income
Fund
.......................................................................................
$
3,885,012‌
Fund
Name
Qualified
Business
Income
BlackRock
Managed
Income
Fund
.......................................................................................
$
130,019‌
Fund
Name
Federal
Obligation
Interest
BlackRock
Managed
Income
Fund
.......................................................................................
$
686,269‌
Fund
Name
Dividends-Received
Deduction
BlackRock
Managed
Income
Fund
.........................................................................................
5.16‌
%
Fund
Name
Interest
Dividends
BlackRock
Managed
Income
Fund
.......................................................................................
$
29,032,283‌
Fund
Name
Interest-Related
Dividends
BlackRock
Managed
Income
Fund
.......................................................................................
$
21,414,701‌
Statement
Regarding
Liquidity
Risk
Management
Program
2023
BlackRock
Annual
Report
to
Shareholders
76
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
BlackRock
Funds
II
(the
“Trust”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for
BlackRock
Managed
Income
Fund
(the
“Fund”),
a
series
of
the
Trust,
which
is
reasonably
designed
to
assess
and
manage
the
Fund’s
liquidity
risk.
The
Board
of
Trustees
(the
“Board”)
of
the
Trust,
on
behalf
of
the
Fund,
met
on
November
16-17,
2023
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Advisors,
LLC
or
BlackRock
Fund
Advisors
(“BlackRock”),
the
an
investment
adviser
to
certain
BlackRock
funds,
as
the
program
administrator
for
the
Fund’s
Program,
as
applicable.
BlackRock
also
previously
delegated
oversight
of
the
Program
to
the
40
Act
Liquidity
Risk
Management
Committee
(the
“Committee”).
At
the
Meeting,
the
Committee,
on
behalf
of
BlackRock,
provided
the
Board
with
a
report
that
addressed
the
operation
of
the
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
the
management
of
the
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”).
The
Report
covered
the
period
from
October
1,
2022
through
September
30,
2023
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing
the
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish
the
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to
the
Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
the
imposition
of
capital
controls
in
certain
countries.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing
the
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether
the
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Where
a
fund
participated
in
borrowings
for
investment
purposes
(such
as
tender
option
bonds
or
reverse
repurchase
agreements),
such
borrowings
were
factored
into
the
Program’s
calculation
of
a
fund’s
liquidity
bucketing.
A
fund’s
derivative
exposure
was
also
considered
in
such
calculation.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
the
Fund’s
reasonably
anticipated
trading
size
utilized
for
liquidity
classifications.
The
Fund
has
adopted
an
in-kind
redemption
policy
which
may
be
utilized
to
meet
larger
redemption
requests.
The
Committee
may
also
take
into
consideration
a
fund’s
shareholder
ownership
concentration
(which,
depending
on
product
type
and
distribution
channel,
may
or
may
not
be
available),
a
fund’s
distribution
channels,
and
the
degree
of
certainty
associated
with
a
fund’s
short-term
and
long-term
cash
flow
projections.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements
.
The
Committee
considered
the
terms
of
the
credit
facility
committed
to
the
Fund,
the
financial
health
of
the
institution
providing
the
facility
and
the
fact
that
the
credit
facility
is
shared
among
multiple
funds
(including
that
a
portion
of
the
aggregate
commitment
amount
is
specifically
designated
for
BlackRock
Floating
Rate
Income
Portfolio,
a
series
of
BlackRock
Funds
V,
and
BlackRock
Floating
Rate
Loan
ETF,
a
series
of
BlackRock
ETF
Trust
II).
The
Committee
also
considered
other
types
of
borrowing
available
to
the
funds,
such
as
the
ability
to
use
reverse
repurchase
agreements
and
interfund
lending,
as
applicable.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
classification
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Trustee
and
Officer
Information
77
Trustee
and
Officer
Information
Independent
Trustees
(a)
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
5
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
5
Years
Mark
Stalnecker
1951
Chair
of
the
Board
and
Trustee
(Since
2019)
Chief
Investment
Officer,
University
of
Delaware
from
1999
to
2013;
Trustee
and
Chair
of
the
Finance
and
Investment
Committees,
Winterthur
Museum
and
Country
Estate
from
2005
to
2016;
Member
of
the
Investment
Committee,
Delaware
Public
Employees’
Retirement
System
since
2002;
Member
of
the
Investment
Committee,
Christiana
Care
Health
System
from
2009
to
2017;
Member
of
the
Investment
Committee,
Delaware
Community
Foundation
from
2013
to
2014;
Director
and
Chair
of
the
Audit
Committee,
SEI
Private
Trust
Co.
from
2001
to
2014.
28
RICs
consisting
of
166
Portfolios
None
Susan
J.
Carter
1956
Trustee
(Since
2019)
Trustee,
Financial
Accounting
Foundation
from
2017
to
2021;
Advisory
Board
Member,
Center
for
Private
Equity
and
Entrepreneurship
at
Tuck
School
of
Business
from
1997
to
2021;
Director,
Pacific
Pension
Institute
from
2014
to
2018;
Senior
Advisor,
Commonfund
Capital,
Inc.
(“CCI”)
(investment
adviser)
in
2015;
Chief
Executive
Officer,
CCI
from
2013
to
2014;
President
&
Chief
Executive
Officer,
CCI
from
1997
to
2013;
Advisory
Board
Member,
Girls
Who
Invest
from
2015
to
2018
and
Board
Member
thereof
from
2018
to
2022;
Advisory
Board
Member,
Bridges
Fund
Management
from
2016
to
2018;
Practitioner
Advisory
Board
Member,
Private
Capital
Research
Institute
("PCRI")
since
2017;
Lecturer
in
the
Practice
of
Management,
Yale
School
of
Management
since
2019;
Advisor
to
Finance
Committee,
Altman
Foundation
since
2020;
Investment
Committee
Member,
Tostan
since
2021;
Member
of
the
President's
Counsel,
Commonfund
since
2023.
28
RICs
consisting
of
166
Portfolios
None
Collette
Chilton
1958
Trustee
(Since
2019)
Senior
advisor,
Insignia
since
2024;
Chief
Investment
Officer,
Williams
College
from
2006
to
2023;
Chief
Investment
Officer,
Lucent
Asset
Management
Corporation
from
1998
to
2006;
Director,
Boys
and
Girls
Club
of
Boston
since
2017;
Director,
B1
Capital
since
2018;
Director,
David
and
Lucile
Packard
Foundation
since
2020.
28
RICs
consisting
of
166
Portfolios
None
Neil
A.
Cotty
1954
Trustee
(Since
2019)
Bank
of
America
Corporation
from
1996
to
2015,
serving
in
various
senior
finance
leadership
roles,
including
Chief
Accounting
Officer
from
2009
to
2015,
Chief
Financial
Officer
of
Global
Banking,
Markets
and
Wealth
Management
from
2008
to
2009,
Chief
Accounting
Officer
from
2004
to
2008,
Chief
Financial
Officer
of
Consumer
Bank
from
2003
to
2004,
Chief
Financial
Officer
of
Global
Corporate
Investment
Bank
from
1999
to
2002.
28
RICs
consisting
of
166
Portfolios
None
Lena
G.
Goldberg
1949
Trustee
(Since
2016)
Director,
Pioneer
Public
Interest
Law
Center
since
2023;
Director,
Charles
Stark
Draper
Laboratory,
Inc.
from
2013
to
2021;
Senior
Lecturer,
Harvard
Business
School
from
2008
to
2021;
FMR
LLC/Fidelity
Investments
(financial
services)
from
1996
to
2008,
serving
in
various
senior
roles
including
Executive
Vice
President
-
Strategic
Corporate
Initiatives
and
Executive
Vice
President
and
General
Counsel;
Partner,
Sullivan
&
Worcester
LLP
from
1985
to
1996
and
Associate
thereof
from
1979
to
1985.
28
RICs
consisting
of
166
Portfolios
None
Henry
R.
Keizer
1956
Trustee
(Since
2016)
Director,
Park
Indemnity
Ltd.
(captive
insurer)
from
2010
to
2022.
28
RICs
consisting
of
166
Portfolios
GrafTech
International
Ltd.
(materials
manufacturing);
Sealed
Air
Corp.
(packaging);
WABCO
(commercial
vehicle
safety
systems)
from
2015
to
2020;
Hertz
Global
Holdings
(car
rental)
from
2015
to
2021.
Cynthia
A.
Montgomery
1952
Trustee
(Since
2019)
Professor,
Harvard
Business
School
since
1989.
28
RICs
consisting
of
166
Portfolios
None
Trustee
and
Officer
Information
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
78
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
5
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
5
Years
Donald
C.
Opatrny
1952
Trustee
(Since
2015)
Chair
of
the
Board
of
Phoenix
Art
Museum
since
2022
and
Trustee
thereof
since
2018;
Chair
of
the
Investment
Committee
of
The
Arizona
Community
Foundation
since
2022
and
Trustee
thereof
since
2020;
Director,
Athena
Capital
Advisors
LLC
(investment
management
firm)
from
2013
to
2020;
Trustee,
Vice
Chair,
Member
of
the
Executive
Committee
and
Chair
of
the
Investment
Committee,
Cornell
University
from
2004
to
2019;
Member
of
Affordable
Housing
Supply
Board
of
Jackson,
Wyoming
from
2017
to
2022;
Member,
Investment
Funds
Committee,
State
of
Wyoming
from
2017
to
2023;
Trustee,
Artstor
(a
Mellon
Foundation
affiliate)
from
2010
to
2015;
Member
of
the
Investment
Committee,
Mellon
Foundation
from
2009
to
2015;
President,
Trustee
and
Member
of
the
Investment
Committee,
The
Aldrich
Contemporary
Art
Museum
from
2007
to
2014;
Trustee
and
Chair
of
the
Investment
Committee,
Community
Foundation
of
Jackson
Hole
since
2014.
28
RICs
consisting
of
166
Portfolios
None
Kenneth
L.
Urish
1951
Trustee
(Since
2019)
Managing
Partner,
Urish
Popeck
&
Co.,
LLC
(certified
public
accountants
and
consultants)
since
1976;
Past-Chairman
of
the
Professional
Ethics
Committee
of
the
Pennsylvania
Institute
of
Certified
Public
Accountants
and
Committee
Member
thereof
since
2007;
Member
of
External
Advisory
Board,
The
Pennsylvania
State
University
Accounting
Department
since
2001,
Emeritus
since
2022;
Principal,
UP
Strategic
Wealth
Investment
Advisors,
LLC
since
2013;
Trustee,
The
Holy
Family
Institute
from
2001
to
2010;
President
and
Trustee,
Pittsburgh
Catholic
Publishing
Associates
from
2003
to
2008;
Director,
Inter-
Tel
from
2006
to
2007;
Member,
Advisory
Board,
ESG
Competent
Boards
since
2020.
28
RICs
consisting
of
166
Portfolios
None
Claire
A.
Walton
1957
Trustee
(Since
2019)
Advisory
Board
Member,
Grossman
School
of
Business
at
the
University
of
Vermont
since
2023;
Advisory
Board
Member,
Scientific
Financial
Systems
since
2022;
General
Partner
of
Neon
Liberty
Capital
Management,
LLC
from
2003
to
2023
Chief
Operating
Officer
and
Chief
Financial
Officer
of
Liberty
Square
Asset
Management,
LP
from
1998
to
2015;
Director,
Boston
Hedge
Fund
Group
from
2009
to
2018;
Director,
Massachusetts
Council
on
Economic
Education
from
2013
to
2015;
Director,
Woodstock
Ski
Runners
from
2013
to
2022.
28
RICs
consisting
of
166
Portfolios
None
Independent
Trustees
(a)
(continued)
Trustee
and
Officer
Information
(continued)
79
Trustee
and
Officer
Information
Interested
Trustees
(a)(d)
(a)
The
address
of
each
Trustee
is
c/o
BlackRock,
Inc.,
50
Hudson
Yards,
New
York,
New
York
10001.
(b)
Each
Independent
Trustee
holds
office
until
his
or
her
successor
is
duly
elected
and
qualifies
or
until
his
or
her
earlier
death,
resignation,
retirement
or
removal
as
provided
by
the
Trust’s
by-laws
or
charter
or
statute,
or
until
December
31
of
the
year
in
which
he
or
she
turns
75.
Trustees
who
are
"interested
persons,"
as
defined
in
the
1940
Act,
serve
until
their
successor
is
duly
elected
and
qualifies
or
until
their
earlier
death,
resignation,
retirement
or
removal
as
provided
by
the
Trust’s
by-laws
or
statute,
or
until
December
31
of
the
year
in
which
they
turn
72.
The
Board
may
determine
to
extend
the
terms
of
Independent
Trustees
on
a
case-by-case
basis,
as
appropriate.
(c)
Following
the
combination
of
Merrill
Lynch
Investment
Managers,
L.P.
(“MLIM”)
and
BlackRock,
Inc.
in
September
2006,
the
various
legacy
MLIM
and
legacy
BlackRock
fund
boards
were
realigned
and
consolidated
into
three
new
fund
boards
in
2007.
In
addition,
effective
January
1,
2019,
three
BlackRock
Fund
Complexes
were
realigned
and
consolidated
into
two
BlackRock
Fund
Complexes.
As
a
result,
although
the
chart
shows
the
year
that
each
Independent
Trustee
joined
the
Board,
certain
Independent
Trustees
first
became
members
of
the
boards
of
other
BlackRock-advised
Funds,
legacy
MLIM
funds
or
legacy
BlackRock
funds
as
follows:
Susan
J.
Carter,
2016;
Collette
Chilton,
2015;
Neil
A.
Cotty,
2016;
Cynthia
A.
Montgomery,
1994;
Mark
Stalnecker,
2015;
Kenneth
L.
Urish,
1999;
Claire
A.
Walton,
2016.
(d)
Mr.
Fairbairn
and
Mr.
Perlowski
are
both
“interested
persons,”
as
defined
in
the
1940
Act,
of
the
Trust
based
on
their
positions
with
BlackRock,
Inc.
and
its
affiliates.
Mr.
Fairbairn
and
Mr.
Perlowski
are
also
board
members
of
the
BlackRock
Fixed-Income
Complex.
(e)
Mr.
Perlowski
is
also
a
trustee
of
the
BlackRock
Credit
Strategies
Fund
and
BlackRock
Private
Investments
Fund.
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
5
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
5
Years
Robert
Fairbairn
1965
Trustee
(Since
2015)
Vice
Chairman
of
BlackRock,
Inc.
since
2019;
Member
of
BlackRock's
Global
Executive
and
Global
Operating
Committees;
Co-Chair
of
BlackRock's
Human
Capital
Committee;
Senior
Managing
Director
of
BlackRock,
Inc.
from
2010
to
2019;
oversaw
BlackRock's
Strategic
Partner
Program
and
Strategic
Product
Management
Group
from
2012
to
2019;
Member
of
the
Board
of
Managers
of
BlackRock
Investments,
LLC
from
2011
to
2018;
Global
Head
of
BlackRock's
Retail
and
iShares
®
businesses
from
2012
to
2016.
97
RICs
consisting
of
268
Portfolios
None
John
M.
Perlowski
(e)
1964
Trustee
(Since
2015);
President
and
Chief
Executive
Officer
(Since
2010)
Managing
Director
of
BlackRock,
Inc.
since
2009;
Head
of
BlackRock
Global
Accounting
and
Product
Services
since
2009;
Advisory
Director
of
Family
Resource
Network
(charitable
foundation)
since
2009.
99
RICs
consisting
of
270
Portfolios
None
Trustee
and
Officer
Information
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
80
Officers
Who
Are
Not
Trustees
(a)
(a)
The
address
of
each
Officer
is
c/o
BlackRock,
Inc.,
50
Hudson
Yards,
New
York,
New
York
10001.
(b)
Officers
of
the
Trust
serve
at
the
pleasure
of
the
Board.
Further
information
about
the
Trust's
Trustees
and
Officers
is
available
in
the
Trust's
Statement
of
Additional
Information,
which
can
be
obtained
without
charge
by
calling
(800)
441-7762.
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
Principal
Occupation(s)
During
Past
5
Years
Jennifer
McGovern
1977
Vice
President
(Since
2014)
Managing
Director
of
BlackRock,
Inc.
since
2016;
Director
of
BlackRock,
Inc.
from
2011
to
2015;
Head
of
Americas
Product
Development
and
Governance
for
BlackRock’s
Global
Product
Group
since
2019;
Head
of
Product
Structure
and
Oversight
for
BlackRock's
U.S.
Wealth
Advisory
Group
from
2013
to
2019.
Trent
Walker
1974
Chief
Financial
Officer
(Since
2021)
Managing
Director
of
BlackRock,
Inc.
since
September
2019;
Executive
Vice
President
of
PIMCO
from
2016
to
2019;
Senior
Vice
President
of
PIMCO
from
2008
to
2015;
Treasurer
from
2013
to
2019
and
Assistant
Treasurer
from
2007
to
2017
of
PIMCO
Funds,
PIMCO
Variable
Insurance
Trust,
PIMCO
ETF
Trust,
PIMCO
Equity
Series,
PIMCO
Equity
Series
VIT,
PIMCO
Managed
Accounts
Trust,
2
PIMCO-sponsored
interval
funds
and
21
PIMCO-sponsored
closed-end
funds.
Jay
M.
Fife
1970
Treasurer
(Since
2007)
Managing
Director
of
BlackRock,
Inc.
since
2007.
Aaron
Wasserman
1974
Chief
Compliance
Officer
(Since
2023)
Managing
Director
of
BlackRock,
Inc.
since
2018;
Chief
Compliance
Officer
of
the
BlackRock-advised
funds
in
the
BlackRock
Multi-Asset
Complex,
the
BlackRock
Fixed-Income
Complex
and
the
iShares
Complex
since
2023;
Deputy
Chief
Compliance
Officer
for
the
BlackRock-advised
funds
in
the
BlackRock
Multi-Asset
Complex,
the
BlackRock
Fixed-
Income
Complex
and
the
iShares
Complex
from
2014
to
2023.
Lisa
Belle
1968
Anti-Money
Laundering
Compliance
Officer
(Since
2019)
Managing
Director
of
BlackRock,
Inc.
since
2019;
Global
Financial
Crime
Head
for
Asset
and
Wealth
Management
of
JP
Morgan
from
2013
to
2019;
Managing
Director
of
RBS
Securities
from
2012
to
2013;
Head
of
Financial
Crimes
for
Barclays
Wealth
Americas
from
2010
to
2012.
Janey
Ahn
1975
Secretary
(Since
2019)
Managing
Director
of
BlackRock,
Inc.
since
2018;
Director
of
BlackRock,
Inc.
from
2009
to
2017.
Effective
July
1,
2023,
Aaron
Wasserman
replaced
Charles
Park
as
Chief
Compliance
Officer
of
the
Trust.
Additional
Information
81
Additional
Information
Tailored
Shareholder
Reports
for
Open-End Mutual
Funds
and
ETFs
Effective
January
24,
2023,
the
SEC
adopted
rule
and
form
amendments
to
require
open-end mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
to
shareholders
that
highlight
key
information.
Other
information,
including
financial
statements,
will
no
longer
appear
in
a
streamlined
shareholder
report
but
must
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Funds.
General
Information 
Quarterly
performance,
semi-annual
and
annual
reports,
current
net
asset
value
and
other
information
regarding
the
Fund
may
be
found
on
BlackRock’s
website,
which
can
be
accessed
at
blackrock.com
.
Any
reference
to
BlackRock’s
website
in
this
report
is
intended
to
allow
investors
public
access
to
information
regarding
the
Fund
and
does
not,
and
is
not
intended
to,
incorporate
BlackRock’s
website
in
this
report.
Householding
The
Fund
will
mail
only
one
copy
of
shareholder
documents,
including
prospectuses,
annual
and
semi-annual
reports,
Rule
30e-3
notices
and
proxy
statements,
to
shareholders
with
multiple
accounts
at
the
same
address.
This
practice
is
commonly
called
“householding”
and
is
intended
to
reduce
expenses
and
eliminate
duplicate
mailings
of
shareholder
documents.
Mailings
of
your
shareholder
documents
may
be
householded
indefinitely
unless
you
instruct
us
otherwise.
If
you
do
not
want
the
mailing
of
these
documents
to
be
combined
with
those
for
other
members
of
your
household,
please
call
the
Fund at
(800)
441-7762.
Availability
of
Quarterly
Schedule
of
Investments 
The
Fund
files
its
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
Fund’s
Form
N-PORT is
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
the
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
blackrock.com/fundreports
.
Availability
of
Proxy
Voting
Policies,
Procedures and
Voting
Records
A
description
of
the
policies
and
procedures
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
Fund
voted
proxies
relating
to
securities
held
in
the
Fund's
portfolio
during
the
most
recent
12-month
period
ended
June
30 is
available
without
charge,
upon
request (1)
by
calling
(800)
441-7762
;
(2)
on
the
BlackRock
website
at
blackrock.com
;
and
(3)
on
the
SEC’s
website
at
sec.gov
.
BlackRock’s
Mutual
Fund
Family
BlackRock
offers
a
diverse
lineup
of
open-end
mutual
funds
crossing
all
investment
styles
and
managed
by
experts
in
equity,
fixed-income
and
tax-exempt
investing.
Visit
blackrock.com
for
more
information.
Shareholder
Privileges
Account
Information
Call
us
at
(800) 
441-7762
from
8:00
AM
to
6:00
PM
ET
on
any
business
day
to
get
information
about
your
account
balances,
recent
transactions
and
share
prices.
You
can
also
visit
blackrock.com
for
more
information.
Automatic
Investment
Plans
Investor
class
shareholders
who
want
to
invest
regularly
can
arrange
to
have
$50
or
more
automatically
deducted
from
their
checking
or
savings
account
and
invested
in
any
of
the
BlackRock
funds.
Systematic
Withdrawal
Plans
Investor
class
shareholders
can
establish
a
systematic
withdrawal
plan
and
receive
periodic
payments
of
$50
or
more
from
their
BlackRock
funds,
as
long
as
their
account
balance
is
at
least
$10,000.
Retirement
Plans
Shareholders
may
make
investments
in
conjunction
with
Traditional,
Rollover,
Roth,
Coverdell,
Simple
IRAs,
SEP
IRAs
and
403(b)
Plans.
Additional
Information
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
82
BlackRock
Privacy
Principles
BlackRock
is
committed
to
maintaining
the
privacy
of
its
current
and
former
fund
investors
and
individual
clients
(collectively,
“Clients”)
and
to
safeguarding
their
non-public
personal
information.
The
following
information
is
provided
to
help
you
understand
what
personal
information
BlackRock
collects,
how
we
protect
that
information
and
why
in
certain
cases
we
share
such
information
with
select
parties.
If
you
are
located
in
a
jurisdiction
where
specific
laws,
rules
or
regulations
require
BlackRock
to
provide
you
with
additional
or
different
privacy-related
rights
beyond
what
is
set
forth
below,
then
BlackRock
will
comply
with
those
specific
laws,
rules
or
regulations.
BlackRock
obtains
or
verifies
personal
non-public
information
from
and
about
you
from
different
sources,
including
the
following:
(i)
information
we
receive
from
you
or,
if
applicable,
your
financial
intermediary,
on
applications,
forms
or
other
documents;
(ii)
information
about
your
transactions
with
us,
our
affiliates,
or
others;
(iii)
information
we
receive
from
a
consumer
reporting
agency;
and
(iv)
from
visits
to
our
websites.
BlackRock
does
not
sell
or
disclose
to
non-affiliated
third
parties
any
non-public
personal
information
about
its
Clients,
except
as
permitted
by
law
or
as
is
necessary
to
respond
to
regulatory
requests
or
to
service
Client
accounts.
These
non-affiliated
third
parties
are
required
to
protect
the
confidentiality
and
security
of
this
information
and
to
use
it
only
for
its
intended
purpose.
We
may
share
information
with
our
affiliates
to
service
your
account
or
to
provide
you
with
information
about
other
BlackRock
products
or
services
that
may
be
of
interest
to
you.
In
addition,
BlackRock
restricts
access
to
non-public
personal
information
about
its
Clients
to
those
BlackRock
employees
with
a
legitimate
business
need
for
the
information.
BlackRock
maintains
physical,
electronic
and
procedural
safeguards
that
are
designed
to
protect
the
non-public
personal
information
of
its
Clients,
including
procedures
relating
to
the
proper
storage
and
disposal
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such
information.
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Advisors,
LLC
Wilmington,
DE
19809
Sub-Advisers
BlackRock
International
Limited
Edinburgh,
EH3
8BL
United
Kingdom
BlackRock
(Singapore)
Limited
079912
Singapore
Accounting
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Wilmington,
DE
19809
Custodian
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Independent
Registered
Public
Accounting
Firm
Deloitte
&
Touche
LLP
Boston,
MA
02116
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10001
Legal
Counsel
Sidley
Austin
LLP
New
York,
NY
10019
Address
of
the
Trust
100
Bellevue
Parkway
Wilmington,
DE
19809
Glossary
of
Terms
Used
in
this
Report
83
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviation
EUR
Euro
GBP
British
Pound
JPY
Japanese
Yen
USD
United
States
Dollar
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
CLO
Collateralized
Loan
Obligation
DAC
Designated
Activity
Company
ETF
Exchange-Traded
Fund
LIBOR
London
Interbank
Offered
Rate
MBS
Mortgage-Backed
Securities
OTC
Over-the-counter
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
SCA
Svenska
Cellulosa
Aktiebolaget
SOFR
Secured
Overnight
Financing
Rate
Want
to
know
more?
blackrock.com
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800-441-7762
This
report
is
intended
for
current
holders.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Fund
unless
preceded
or
accompanied
by
the
Fund’s
current
prospectus.
Past
performance
results
shown
in
this
report
should
not
be
considered
a
representation
of
future
performance.
Investment
returns
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Statements
and
other
information
herein
are
as
dated
and
are
subject
to
change.
MIIP-12/23-AR
Item 2 – Code of Ethics –
The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.  During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes.  During the period covered by this report, there have been no waivers granted under the code of ethics. The
registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.
Item 3 – Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Neil A. Cotty
Henry R. Keizer
Kenneth L. Urish
 
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.
 
Item 4 – Principal Accountant Fees and Services
The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:
 
(a) Audit Fees
(b) Audit-Related Fees1
(c) Tax Fees2
(d) All Other Fees
Entity Name
Current Fiscal Year End
Previous Fiscal Year End
Current Fiscal Year End
Previous Fiscal Year End
Current Fiscal Year End
Previous Fiscal Year End
Current Fiscal Year End
Previous Fiscal Year End
BlackRock Managed Income Fund
$62,424
$59,976
$0
$44
$17,600
$16,900
$407
$431
 
The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):
 
 
 
 
Current Fiscal Year End
Previous Fiscal Year End
(b) Audit-Related Fees1
$0
$0
(c) Tax Fees2
$0
$0
(d) All Other Fees3
$2,154,000
$2,098,000
1
The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.
2
The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.
3
Non-audit fees of $2,154,000 and $2,098,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription.  These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

 (e)(1) Audit Committee Pre-Approval Policies and Procedures:
 
         
The Committee has adopted policies and procedures with regard to the pre-approval of services.  Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee.  The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant.  Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”).  The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period.  Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project.  For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.
 
                        Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services).  The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting.  At this meeting, an analysis of such services is presented to the Committee for ratification.  The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.


(e)(2)  None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g)
The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:
Entity Name
Current Fiscal Year End
Previous Fiscal Year End
BlackRock Managed Income Fund
$18,007
$17,375
                                       
                                              
              Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:
Current Fiscal Year End
Previous Fiscal Year End
$2,154,000
$2,098,000
 
              These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
 
              (h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and
the Affiliated Service Providers
that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
               (i) – Not Applicable
               (j) – Not Applicable
 
Item 5 –  Audit Committee of Listed Registrant – Not Applicable
Item 6 – Investments
 
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
 
Item 7 –  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 9 –  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.
Item 11 – Controls and Procedures
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable
Item 13 – Recovery of Erroneously Awarded Compensation – Not Applicable
Item 14 – Exhibits attached hereto
              (a)(1) Code of Ethics – See Item 2
              (a)(2) Section 302 Certifications are attached
             
<<section302>>
(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(4)
Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached

 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
BlackRock Funds II  
 
By:     /s/ John M. Perlowski _
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Funds II  
 
Date: February 26, 2024
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By:     /s/ John M. Perlowski _
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Funds II  
 
Date: February 26, 2024
 
By:     /s/ Trent Walker _
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Funds II  
 
Date: February 26, 2024