Schedule

of

Investments

(unaudited)

March

31,

2026

BlackRock

Managed

Income

Fund

2

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(a)

720

East

CLO

VI

Ltd.,

Series

2024-3A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

01/20/38

(b)

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

USD

1,000

$

1,000,600

A10

Issuer

LLC,

Series

2025-FL6,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.47%

Floor

+

1.47%),

5.14%,

05/15/42

(b)

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

838

837,631

ACREC

LLC,

Series

2026-FL4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.13%,

01/18/43

(b)

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

1,000

997,040

ACRES

Commercial

Realty

Issuer

LLC,

Series

2026-FL4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.11%,

08/18/44

(b)

.

1,000

998,376

AGL

CLO

7

Ltd.,

Series

2020-7A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

4.92%,

10/15/38

(b)

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

2,000

1,998,289

AGL

Core

CLO

36

Ltd.,

Series

2024-36A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.27%,

01/23/38

(b)

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

2,000

1,999,350

Anchorage

Capital

CLO

31

Ltd.,

Series

2025-

31A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.30%),

5.06%,

10/20/38

(b)

..

2,000

2,000,474

Apidos

CLO

XXVIII,

Series

2017-28A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.30%),

4.97%,

10/20/38

(b)

.......

1,500

1,500,394

Apidos

CLO

XXXIX

Ltd.,

Series

2022-39A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.23%

Floor

+

1.23%),

4.90%,

10/21/38

(b)

...........

2,000

1,998,977

AREIT,

Series

2025-CRE11,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

5.23%,

07/25/43

(b)

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

1,000

1,000,351

AREIT

Ltd.,

Series

2025-CRE10,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.07%,

12/17/29

(b)

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

770

767,986

Ballyrock

CLO

14

Ltd.,

Series

2020-14A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.05%,

07/20/37

(b)

.......

1,500

1,500,423

Ballyrock

CLO

27

Ltd.,

Series

2024-27A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

10/25/37

(b)

...........

1,800

1,800,343

Bayview

Financial

Revolving

Asset

Trust,

Series

2005-A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.11%),

4.79%,

02/28/40

(b)

..

405

365,806

BDS

LLC,

Series

2025-FL14,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.28%),

4.96%,

10/17/42

(b)

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

1,000

995,152

Benefit

Street

Partners

CLO

XII-B

Ltd.,

Series

2017-12BRA,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

10/15/37

(b)

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

1,350

1,350,717

Birch

Grove

CLO

9

Ltd.,

Series

2024-9A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

10/22/37

(b)

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

1,000

999,677

Bridge

Street

CLO

VI

Ltd.,

Series

2025-2A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.28%),

5.07%,

01/15/39

(b)

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

1,000

999,710

Carlyle

US

CLO

Ltd.,

Series

2019-4A,

Class

A11R,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

4.99%,

04/15/35

(b)

.......

1,500

1,500,000

CarVal

CLO

IV

Ltd.,

Series

2021-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.30%),

4.97%,

03/31/38

(b)

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

1,500

1,499,978

CBAM

Ltd.,

Series

2020-13A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.43%

Floor

+

1.69%),

5.36%,

01/20/34

(b)

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

1,000

1,001,230

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(a)

(continued)

CIFC

Funding

Ltd.

(b)

Series

2014-2RA,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

10/24/37

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

USD

1,000

$

1,000,366

Series

2018-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.37%

Floor

+

1.37%),

5.04%,

10/20/37

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

2,000

2,000,870

Series

2019-2A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

4.92%,

10/17/38

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

1,000

998,990

Series

2019-5A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.27%

Floor

+

1.27%),

4.94%,

10/15/38

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

2,400

2,399,626

Series

2019-5A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.32%,

10/15/38

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

1,500

1,498,830

Series

2020-4A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.30%),

4.97%,

01/15/40

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

1,000

1,000,098

Series

2021-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.10%),

5.77%,

07/25/37

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

1,000

1,001,004

Series

2023-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.24%

Floor

+

1.24%),

4.91%,

10/15/38

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

1,850

1,849,525

Series

2024-2A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.52%

Floor

+

1.52%),

5.19%,

04/22/37

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

1,000

1,000,292

Diameter

Capital

CLO

12

Ltd.,

Series

2025-12A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.24%

Floor

+

1.24%),

5.16%,

10/20/38

(b)

.......

2,000

1,998,933

Diameter

Capital

CLO

3

Ltd.

(b)

Series

2022-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.33%

Floor

+

1.33%),

5.00%,

01/15/38

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

2,500

2,500,052

Series

2022-3A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

01/15/38

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

2,500

2,501,428

Elmwood

CLO

II

Ltd.,

Series

2019-2A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.00%),

5.67%,

10/20/37

(b)

...........

700

702,094

First

Franklin

Mortgage

Loan

Trust,

Series

2005-

FF10,

Class

A6M,

(1-mo.

CME

Term

SOFR

at

0.70%

Floor

+

0.81%),

4.49%,

11/25/35

....

466

440,701

FS

Rialto

Issuer

LLC

(b)

Series

2025-FL10,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.06%,

08/19/42

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

1,155

1,152,519

Series

2026-FL11,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.13%,

01/19/44

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

704

701,732

Golub

Capital

Partners

CLO

79B

Ltd.,

Series

2025-79A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

5.17%,

04/20/38

(b)

.

1,000

999,656

Golub

Capital

Partners

CLO

Ltd.,

Series

2017-

19RA,

Class

C1R3,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

5.69%,

10/20/36

(b)

.

1,500

1,500,043

Greystone

CRE

Notes

2025

LLC,

Series

2025-

HC4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.78%

Floor

+

1.78%),

5.46%,

10/15/42

(b)

..

1,000

1,000,506

Greywolf

CLO

II

Ltd.,

Series

2013-1A,

Class

A2AR,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

5.53%,

04/15/34

(b)

.......

300

299,907

HalseyPoint

CLO

4

Ltd.,

Series

2021-4A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.22%

Floor

+

1.48%),

5.15%,

04/20/34

(b)

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

500

500,166

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

3

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(a)

(continued)

ICG

US

CLO

Ltd.,

Series

2025-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

5.01%,

01/18/39

(b)

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

USD

1,000

$

999,393

Invesco

US

CLO

Ltd.,

Series

2023-3A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.31%

Floor

+

1.31%),

4.98%,

07/15/38

(b)

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

500

500,207

Kennedy

Lewis

CLO

16

Ltd.,

Series

2024-16A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.21%,

07/20/37

(b)

.......

1,000

999,894

Kennedy

Lewis

CLO

6

Ltd.,

Series

6A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

10/22/37

(b)

...........

1,000

1,000,853

Madison

Park

Funding

LXIII

Ltd.,

Series

2023-

63A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

07/21/38

(b)

..

1,500

1,500,760

Madison

Park

Funding

XXXIII

Ltd.

(b)

Series

2019-33A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

5.47%,

10/15/32

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

1,000

1,000,521

Series

2019-33A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.20%),

5.87%,

10/15/32

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

1,000

1,003,754

Madison

Park

Funding

XXXVIII

Ltd.,

Series

2021-

38A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.24%

Floor

+

1.24%),

4.91%,

10/17/38

(b)

..

1,500

1,499,237

MF1

LLC,

Series

2026-FL21,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.03%,

02/18/41

(b)

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

1,000

996,282

MF1

Multifamily

Housing

Mortgage

Loan

Trust,

Series

2025-FL20,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.13%,

02/18/43

(b)

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

700

698,105

New

Mountain

CLO

2

Ltd.,

Series

CLO-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

01/15/38

(b)

...........

1,000

1,000,600

New

Mountain

CLO

8

Ltd.,

Series

CLO-8A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.27%

Floor

+

1.27%),

5.13%,

10/20/38

(b)

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

1,000

999,638

Oaktree

CLO

Ltd.

(b)

Series

2022-3A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

5.42%,

10/15/37

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

1,250

1,249,761

Series

2024-27A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.32%,

10/22/37

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

1,500

1,499,501

OCP

CLO

Ltd.,

Series

2021-22A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

10/20/37

(b)

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

1,000

1,000,156

OHA

Credit

Funding

22

Ltd.,

Series

2025-22A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.33%

Floor

+

1.33%),

5.00%,

07/20/38

(b)

.......

1,500

1,500,181

OHA

Credit

Funding

4

Ltd.,

Series

2019-4A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.29%

Floor

+

1.29%),

4.96%,

01/22/38

(b)

.......

2,000

1,999,957

OHA

Credit

Funding

6

Ltd.,

Series

2020-6A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.33%

Floor

+

1.33%),

5.00%,

10/20/37

(b)

.......

2,500

2,500,971

OHA

Credit

Funding

Ltd.,

Series

2024-17RA,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.14%

Floor

+

1.14%),

4.81%,

04/20/39

(b)

.......

2,000

1,995,784

OHA

Loan

Funding

Ltd.,

Series

2013-1A,

Class

B1R3,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

5.57%,

04/23/37

(b)

.......

1,000

1,000,241

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(a)

(continued)

Palmer

Square

CLO

Ltd.

(b)

Series

2021-4A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

4.99%,

07/15/38

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

USD

3,450

$

3,452,536

Series

2024-3A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

07/20/37

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

1,000

1,000,255

PFP

Ltd.,

Series

2026-13,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

5.18%,

08/18/43

(b)

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

440

439,998

Pikes

Peak

CLO

18,

Series

2025-18A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.22%

Floor

+

1.22%),

4.89%,

04/20/38

(b)

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

1,750

1,747,858

Polen

Capital

CLO

Ltd.,

Series

2025-2A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.33%

Floor

+

1.33%),

5.04%,

01/20/39

(b)

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

1,000

1,000,545

PRPM

Issuer

LLC,

Series

2026-CRE1,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.67%

Floor

+

1.67%),

5.35%,

03/19/43

(b)

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

900

897,166

Regatta

XI

Funding

Ltd.,

Series

2018-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

07/17/37

(b)

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

2,990

2,991,673

Regatta

XVII

Funding

Ltd.,

Series

2020-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.05%,

10/15/37

(b)

.......

1,500

1,500,786

Regatta

XXIV

Funding

Ltd.,

Series

2021-5A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

4.99%,

01/20/38

(b)

.......

2,500

2,500,719

RR

38

Ltd.,

Series

2025-38A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.15%),

4.82%,

04/15/40

(b)

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

1,250

1,246,297

Sagard-HalseyPoint

CLO

10

Ltd.,

Series

2025-

10A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

10/20/38

(b)

..

1,300

1,301,123

Signal

Peak

CLO

12

Ltd.,

Series

2022-12A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

07/18/37

(b)

.......

1,000

1,000,730

Silver

Point

CLO

1

Ltd.,

Series

2022-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

01/20/38

(b)

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

2,000

2,001,142

Silver

Point

CLO

12

Ltd.,

Series

2025-12A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.31%

Floor

+

1.31%),

5.29%,

10/15/38

(b)

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

1,500

1,500,460

Silver

Point

CLO

5

Ltd.,

Series

2024-5A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

5.42%,

10/20/37

(b)

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

5,000

5,001,305

Silver

Point

CLO

8

Ltd.,

Series

2025-8A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

5.17%,

04/15/38

(b)

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

1,000

997,792

Sixth

Street

CLO

XIX

Ltd.,

Series

2021-19A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.27%,

07/17/38

(b)

.......

1,000

1,000,930

Sixth

Street

CLO

XX

Ltd.,

Series

2021-20A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.32%,

07/17/38

(b)

.......

750

750,937

Sound

Point

CLO

XXIII,

Series

2019-2A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.17%

Floor

+

1.43%),

5.10%,

07/15/34

(b)

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

1,000

1,000,128

Symphony

CLO

40

Ltd.,

Series

2023-40A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.31%

Floor

+

1.31%),

4.98%,

01/05/38

(b)

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

2,500

2,500,891

Symphony

CLO

43

Ltd.,

Series

2024-43A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.52%

Floor

+

1.52%),

5.19%,

04/15/37

(b)

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

1,000

1,000,301

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(a)

(continued)

Symphony

CLO

XXIX

Ltd.,

Series

2021-29A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.32%,

10/15/35

(b)

.......

USD

1,000

$

999,450

TICP

CLO

VI

Ltd.,

Series

2016-6A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

5.43%,

01/15/34

(b)

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

1,000

1,000,923

Trestles

CLO

IV

Ltd.,

Series

2021-4A,

Class

AR1,

(3-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.28%),

5.07%,

10/30/38

(b)

...........

1,500

1,499,598

Trestles

CLO

VI

Ltd.,

Series

2023-6A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.18%),

4.85%,

04/25/38

(b)

...........

1,000

997,955

Trimaran

CAVU

Ltd.

(b)

Series

2021-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.42%

Floor

+

1.42%),

5.09%,

07/23/37

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

2,000

2,001,811

Series

2021-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

5.47%,

07/23/37

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

1,000

1,001,809

Series

2025-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

03/18/38

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

1,000

1,000,492

Trinitas

CLO

XXIII

Ltd.,

Series

2023-23A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.31%

Floor

+

1.31%),

4.98%,

10/20/38

(b)

...........

2,000

2,000,303

Trinitas

CLO

XXXII

Ltd.,

Series

2025-32A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.00%),

5.67%,

07/23/38

(b)

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

1,000

1,003,155

Trinitas

CLO

XXXVII

Ltd.,

Series

2025-37A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.22%

Floor

+

1.22%),

4.89%,

01/22/39

(b)

.......

1,000

999,200

Warwick

Capital

CLO

5

Ltd.,

Series

2024-5A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

01/20/38

(b)

.......

1,500

1,500,899

Wellington

Management

CLO

3

Ltd.,

Series

2024-3A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

07/18/37

(b)

.

1,000

1,000,415

Whitebox

CLO

II

Ltd.,

Series

2020-2A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.05%,

10/24/37

(b)

.......

1,500

1,500,932

Total

Asset-Backed

Securities

—

15

.1

%

(Cost:

$

130,506,817

)

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

130,446,152

Shares

Shares

Common

Stocks

Aerospace

&

Defense

—

0.8%

Airbus

SE

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

269

50,861

Axon

Enterprise,

Inc.

(c)

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

53

22,509

BAE

Systems

plc

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

59,083

1,732,225

BWX

Technologies,

Inc.

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

320

65,437

Curtiss-Wright

Corp.

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

182

123,964

Dassault

Aviation

SA

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

418

155,581

GE

Aerospace

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

2,246

637,347

General

Dynamics

Corp.

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

199

68,301

Hanwha

Aerospace

Co.

Ltd.

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

98

83,565

Hanwha

Systems

Co.

Ltd.

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

821

64,285

HEICO

Corp.

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

332

91,034

Hensoldt

AG

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

965

85,644

Hexcel

Corp.

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

483

39,089

Howmet

Aerospace,

Inc.

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

705

162,474

Huntington

Ingalls

Industries,

Inc.

..........

258

98,014

Kongsberg

Gruppen

ASA

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

4,937

210,448

Korea

Aerospace

Industries

Ltd.

...........

388

43,862

Security

Shares

Shares

Value

Aerospace

&

Defense

(continued)

Kratos

Defense

&

Security

Solutions,

Inc.

(c)

...

1,115

$

78,619

L3Harris

Technologies,

Inc.

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

432

149,105

Leonardo

DRS,

Inc.

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

2,116

94,204

Leonardo

SpA

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

2,565

174,470

Lockheed

Martin

Corp.

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

524

316,700

Melrose

Industries

plc

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

1,502

10,178

Moog,

Inc.

,

Class

A

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

141

41,262

Northrop

Grumman

Corp.

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

1,082

738,184

Rheinmetall

AG

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

131

220,969

Rolls-Royce

Holdings

plc

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

4,010

60,922

RTX

Corp.

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

1,808

348,763

Saab

AB

,

Class

B

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

2,609

170,758

Safran

SA

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

236

77,226

Singapore

Technologies

Engineering

Ltd.

.....

7,600

64,503

Textron,

Inc.

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

553

48,421

Thales

SA

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

727

213,189

TransDigm

Group,

Inc.

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

115

133,280

Woodward,

Inc.

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

181

64,784

6,740,177

Air

Freight

&

Logistics

—

0.1%

FedEx

Corp.

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

1,966

700,250

Automobile

Components

—

0.0%

Bridgestone

Corp.

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

3,900

81,269

Cie

Generale

des

Etablissements

Michelin

SCA

2,366

81,057

Magna

International,

Inc.

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

903

50,431

212,757

Automobiles

—

0.1%

Honda

Motor

Co.

Ltd.

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

55,300

447,574

Subaru

Corp.

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

2,000

32,223

Toyota

Motor

Corp.

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

15,000

311,810

Yamaha

Motor

Co.

Ltd.

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

3,100

22,396

814,003

Banks

—

1.0%

AIB

Group

plc

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

7,917

84,515

Banco

Bilbao

Vizcaya

Argentaria

SA

........

42,123

909,839

Banco

Comercial

Portugues

SA

,

Class

R

.....

25,367

24,707

Bank

of

America

Corp.

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

24,562

1,197,398

Bank

of

Ireland

Group

plc

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

3,415

61,959

Banque

Cantonale

Vaudoise

(Registered)

....

100

16,265

BNP

Paribas

SA

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

6,972

664,178

BOC

Hong

Kong

Holdings

Ltd.

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

13,000

71,721

Citizens

Financial

Group,

Inc.

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

11,966

717,601

DBS

Group

Holdings

Ltd.

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

7,000

311,501

DNB

Bank

ASA

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

2,976

93,115

Grupo

Financiero

Banorte

SAB

de

CV

,

Class

O

44,630

494,981

HDFC

Bank

Ltd.

,

ADR

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

19,371

481,950

HSBC

Holdings

plc

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

20,952

344,086

JPMorgan

Chase

&

Co.

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

4,027

1,184,582

M&T

Bank

Corp.

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

3,435

710,083

NatWest

Group

plc

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

27,907

206,734

Nordea

Bank

Abp

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

10,508

180,939

Oversea-Chinese

Banking

Corp.

Ltd.

.......

11,400

195,256

Regions

Financial

Corp.

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

7,759

202,665

UniCredit

SpA

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

3,967

284,608

United

Overseas

Bank

Ltd.

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

4,200

120,228

8,558,911

Beverages

—

0.2%

Brown-Forman

Corp.

,

Class

B

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

5,407

142,961

Coca-Cola

Co.

(The)

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

15,850

1,205,393

Coca-Cola

HBC

AG

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

769

43,317

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Beverages

(continued)

Keurig

Dr

Pepper,

Inc.

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

17,268

$

454,666

1,846,337

Biotechnology

—

0.0%

CSL

Ltd.

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

1,705

167,463

Broadline

Retail

—

0.1%

Alibaba

Group

Holding

Ltd.

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

66,636

1,044,485

Canadian

Tire

Corp.

Ltd.

,

Class

A

..........

167

22,459

eBay,

Inc.

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

2,048

186,409

1,253,353

Building

Products

—

0.2%

A

O

Smith

Corp.

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

950

62,643

Carrier

Global

Corp.

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

18,478

1,040,496

Cie

de

Saint-Gobain

SA

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

1,594

131,974

Johnson

Controls

International

plc

.........

598

78,308

Trane

Technologies

plc

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

205

85,432

1,398,853

Capital

Markets

—

0.5%

Bank

of

New

York

Mellon

Corp.

(The)

.......

2,830

335,723

CBOE

Global

Markets,

Inc.

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

248

69,705

Charles

Schwab

Corp.

(The)

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

7,447

699,869

Goldman

Sachs

Group,

Inc.

(The)

.........

1,088

920,437

Intercontinental

Exchange,

Inc.

...........

4,138

650,825

Morgan

Stanley

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

7,979

1,313,104

MSCI,

Inc.

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

211

113,731

Nasdaq,

Inc.

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

1,512

128,354

Partners

Group

Holding

AG

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

79

85,149

Raymond

James

Financial,

Inc.

...........

518

75,001

State

Street

Corp.

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

1,696

214,646

4,606,544

Chemicals

—

0.5%

Air

Liquide

SA

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

4,814

995,047

Air

Products

&

Chemicals,

Inc.

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

2,045

594,052

Asahi

Kasei

Corp.

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

4,800

46,966

DSM-Firmenich

AG

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

571

40,840

DuPont

de

Nemours,

Inc.

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

871

39,892

Linde

plc

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

2,020

1,001,435

Mosaic

Co.

(The)

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

2,795

71,272

Nutrien

Ltd.

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

1,623

122,515

PPG

Industries,

Inc.

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

2,086

222,952

Sherwin-Williams

Co.

(The)

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

765

245,221

Shin-Etsu

Chemical

Co.

Ltd.

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

17,800

724,795

4,104,987

Commercial

Services

&

Supplies

—

0.0%

Brambles

Ltd.

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

4,759

74,689

Rentokil

Initial

plc

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

8,204

50,913

Rollins,

Inc.

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

1,883

100,571

Securitas

AB

,

Class

B

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

1,635

27,383

253,556

Communications

Equipment

—

0.1%

Arista

Networks,

Inc.

(c)

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

755

92,699

Cisco

Systems,

Inc.

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

1,935

150,137

F5,

Inc.

(c)

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

247

71,465

Motorola

Solutions,

Inc.

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

185

80,284

Telefonaktiebolaget

LM

Ericsson

,

Class

B

....

9,422

107,413

501,998

Construction

&

Engineering

—

0.1%

ACS

Actividades

de

Construccion

y

Servicios

SA

611

74,515

Bouygues

SA

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

652

37,788

Eiffage

SA

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

232

35,581

EMCOR

Group,

Inc.

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

102

75,307

Security

Shares

Shares

Value

Construction

&

Engineering

(continued)

Kajima

Corp.

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

1,500

$

57,223

MasTec,

Inc.

(c)

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

293

94,270

Quanta

Services,

Inc.

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

198

108,706

United

Site

Services

(c)

(d)

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

4,200

30,450

Vinci

SA

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

1,720

258,171

772,011

Consumer

Finance

—

0.0%

American

Express

Co.

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

1,415

428,009

Consumer

Staples

Distribution

&

Retail

—

0.3%

Coles

Group

Ltd.

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

4,570

69,303

Costco

Wholesale

Corp.

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

783

780,205

Koninklijke

Ahold

Delhaize

NV

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

2,988

139,149

Kroger

Co.

(The)

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

5,395

390,382

Target

Corp.

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

7,962

964,994

Tesco

plc

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

21,724

136,536

2,480,569

Containers

&

Packaging

—

0.0%

Avery

Dennison

Corp.

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

611

105,508

SIG

Group

AG

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

1,030

15,440

120,948

Diversified

Consumer

Services

—

0.1%

Service

Corp.

International

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

8,522

703,150

Diversified

REITs

—

0.1%

Broadstone

Net

Lease,

Inc.

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

9,858

180,106

Merlin

Properties

Socimi

SA

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

6,643

108,230

United

Urban

Investment

Corp.

...........

149

160,543

WP

Carey,

Inc.

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

2,103

142,920

591,799

Diversified

Telecommunication

Services

—

0.3%

BT

Group

plc

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

20,617

57,781

Comcast

Corp.

,

Class

A

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

34,943

1,003,214

Elisa

OYJ

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

483

23,527

Koninklijke

KPN

NV

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

192,983

1,075,615

Orange

SA

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

6,385

130,912

Singapore

Telecommunications

Ltd.

........

25,500

97,978

Telenor

ASA

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

2,107

37,057

2,426,084

Electric

Utilities

—

0.2%

Alliant

Energy

Corp.

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

2,664

191,169

American

Electric

Power

Co.,

Inc.

..........

950

124,526

CLP

Holdings

Ltd.

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

5,500

51,782

Duke

Energy

Corp.

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

1,067

139,713

Endesa

SA

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

1,077

44,914

Enel

SpA

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

27,497

300,620

Entergy

Corp.

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

1,082

121,574

Evergy,

Inc.

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

1,086

88,965

Eversource

Energy

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

5,345

370,302

FirstEnergy

Corp.

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

1,662

84,197

NextEra

Energy,

Inc.

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

1,449

134,583

PG&E

Corp.

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

4,926

86,550

Pinnacle

West

Capital

Corp.

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

802

80,801

PPL

Corp.

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

2,586

98,785

Southern

Co.

(The)

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

1,479

142,753

Xcel

Energy,

Inc.

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

1,314

104,384

2,165,618

Electrical

Equipment

—

0.1%

AMETEK,

Inc.

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

396

84,887

Eaton

Corp.

plc

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

266

95,140

Emerson

Electric

Co.

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

681

89,225

GE

Vernova,

Inc.

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

178

155,376

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electrical

Equipment

(continued)

Generac

Holdings,

Inc.

(c)

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

289

$

56,450

Hubbell,

Inc.

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

157

77,046

nVent

Electric

plc

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

448

52,989

Vertiv

Holdings

Co.

,

Class

A

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

489

122,534

733,647

Electronic

Equipment,

Instruments

&

Components

—

0.1%

Amphenol

Corp.

,

Class

A

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

2,281

288,204

Keysight

Technologies,

Inc.

(c)

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

120

33,885

Murata

Manufacturing

Co.

Ltd.

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

5,600

125,649

Shimadzu

Corp.

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

800

19,010

Teledyne

Technologies,

Inc.

(c)

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

116

70,181

536,929

Energy

Equipment

&

Services

—

0.1%

Baker

Hughes

Co.

,

Class

A

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

12,596

768,986

Financial

Services

—

0.1%

Aimbridge

Topco

LLC

(c)

(d)

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

899

40,455

Banca

Mediolanum

SpA

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

755

15,297

Edenred

SE

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

814

16,214

Poste

Italiane

SpA

(b)

(e)

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

1,570

36,956

Visa,

Inc.

,

Class

A

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

3,719

1,124,031

1,232,953

Food

Products

—

0.2%

H-Food

Holdings

LLC

(c)

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

737

13,634

Hormel

Foods

Corp.

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

8,932

202,310

McCormick

&

Co.,

Inc.

(Non-Voting)

........

2,480

125,091

Mondelez

International,

Inc.

,

Class

A

........

13,727

791,224

Nestle

SA

(Registered)

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

2,938

288,192

Orkla

ASA

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

2,412

30,354

1,450,805

Gas

Utilities

—

0.0%

Atmos

Energy

Corp.

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

1,653

305,342

Naturgy

Energy

Group

SA

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

650

19,459

Snam

SpA

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

6,714

50,861

375,662

Ground

Transportation

—

0.0%

Canadian

National

Railway

Co.

...........

1,787

183,928

SIRVA,

Inc.

(c)

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

58

37

183,965

Health

Care

Equipment

&

Supplies

—

0.2%

Abbott

Laboratories

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

10,456

1,073,518

Coloplast

A/S

,

Class

B

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

432

29,427

ResMed,

Inc.

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

414

92,935

Siemens

Healthineers

AG

(b)

(e)

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

1,158

49,407

STERIS

plc

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

313

69,214

1,314,501

Health

Care

Providers

&

Services

—

0.3%

Cigna

Group

(The)

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

1,851

493,754

Elevance

Health,

Inc.

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

1,648

482,452

HCA

Healthcare,

Inc.

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

546

258,389

Sonic

Healthcare

Ltd.

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

1,620

23,018

UnitedHealth

Group,

Inc.

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

4,764

1,289,091

2,546,704

Health

Care

REITs

—

0.2%

Aedifica

SA

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

1,699

137,564

Alexandria

Real

Estate

Equities,

Inc.

........

1,871

86,852

American

Healthcare

REIT,

Inc.

...........

9,544

450,095

CareTrust

REIT,

Inc.

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

6,212

227,670

Janus

Living,

Inc.

(c)

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

3,885

91,569

Security

Shares

Shares

Value

Health

Care

REITs

(continued)

Welltower,

Inc.

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

1,863

$

368,334

1,362,084

Hotel

&

Resort

REITs

—

0.0%

Invincible

Investment

Corp.

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

180

67,725

Hotels,

Restaurants

&

Leisure

—

0.1%

Darden

Restaurants,

Inc.

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

1,246

244,266

Domino's

Pizza,

Inc.

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

176

63,147

Evolution

AB

(b)

(e)

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

442

27,779

Fortrex

Holdings

LLC

(c)

(d)

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

498

14,442

Restaurant

Brands

International,

Inc.

........

1,081

79,993

Starbucks

Corp.

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

4,951

443,560

Yum!

Brands,

Inc.

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

1,780

276,754

1,149,941

Household

Durables

—

0.2%

Lennar

Corp.

,

Class

A

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

1,449

125,831

Sekisui

House

Ltd.

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

2,100

47,055

Sony

Group

Corp.

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

44,600

929,586

Taylor

Wimpey

plc

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

387,202

459,888

1,562,360

Household

Products

—

0.1%

Henkel

AG

&

Co.

KGaA

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

359

25,787

Procter

&

Gamble

Co.

(The)

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

6,374

920,661

Reckitt

Benckiser

Group

plc

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

2,118

142,415

1,088,863

Industrial

Conglomerates

—

0.1%

Hitachi

Ltd.

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

29,200

856,596

Honeywell

International,

Inc.

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

309

69,843

Sekisui

Chemical

Co.

Ltd.

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

1,200

20,147

Smiths

Group

plc

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

546

16,662

963,248

Industrial

REITs

—

0.2%

CapitaLand

Ascendas

REIT

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

27,800

53,653

EastGroup

Properties,

Inc.

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

2,654

491,229

Goodman

Group

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

14,518

260,649

LondonMetric

Property

plc

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

94,293

227,773

Mitsui

Fudosan

Logistics

Park,

Inc.

.........

175

124,888

Prologis,

Inc.

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

2,521

333,226

Tritax

Big

Box

REIT

plc

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

64,011

120,557

Warehouses

De

Pauw

CVA

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

2,660

69,292

1,681,267

Insurance

—

0.5%

Admiral

Group

plc

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

894

37,392

Ageas

SA

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

508

37,396

Allianz

SE

(Registered)

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

3,443

1,454,043

Allstate

Corp.

(The)

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

1,068

221,439

ASR

Nederland

NV

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

533

36,695

Assurant,

Inc.

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

3,035

661,053

AXA

SA

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

5,945

273,182

Generali

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

2,838

114,177

Marsh

&

McLennan

Cos.,

Inc.

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

1,847

320,362

NN

Group

NV

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

902

70,443

Progressive

Corp.

(The)

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

6,420

1,272,701

Tryg

A/S

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

1,137

27,101

Unipol

Assicurazioni

SpA

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

1,224

28,434

4,554,418

Interactive

Media

&

Services

—

0.6%

Alphabet,

Inc.

,

Class

A

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

11,971

3,442,381

Meta

Platforms,

Inc.

,

Class

A

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

3,201

1,831,388

5,273,769

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

7

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

IT

Services

—

0.3%

Accenture

plc

,

Class

A

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

8,192

$

1,624,392

Akamai

Technologies,

Inc.

(c)

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

845

97,048

Applied

Digital

Corp.

(c)

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

331

7,858

Cloudflare,

Inc.

,

Class

A

(c)

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

665

137,216

DigitalOcean

Holdings,

Inc.

(c)

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

446

38,258

Indra

Sistemas

SA

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

270

15,090

International

Business

Machines

Corp.

......

240

58,174

MongoDB,

Inc.

,

Class

A

(c)

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

381

93,257

NEXTDC

Ltd.

(c)

(f)

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

14,455

115,567

Okta,

Inc.

,

Class

A

(c)

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

1,092

85,951

Snowflake,

Inc.

,

Class

A

(c)

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

757

114,171

Travelport

Technology

Ltd.

(c)

(d)

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

30

30,891

2,417,873

Machinery

—

0.7%

Caterpillar,

Inc.

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

184

130,357

Cummins,

Inc.

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

964

518,651

Deere

&

Co.

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

1,259

709,195

Fincantieri

SpA

(c)

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

2,887

44,548

Flowserve

Corp.

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

8,634

634,685

Hyundai

Rotem

Co.

Ltd.

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

230

26,486

Illinois

Tool

Works,

Inc.

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

2,929

762,389

Komatsu

Ltd.

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

3,300

131,408

Kone

OYJ

,

Class

B

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

1,133

72,332

Kubota

Corp.

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

3,400

54,486

Mitsubishi

Heavy

Industries

Ltd.

...........

1,500

41,215

Nordson

Corp.

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

278

73,965

Oshkosh

Corp.

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

269

39,599

Otis

Worldwide

Corp.

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

2,417

186,302

PACCAR,

Inc.

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

8,034

927,927

Parker-Hannifin

Corp.

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

877

785,125

RENK

Group

AG

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

1,052

62,880

SKF

AB

,

Class

B

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

1,163

28,035

Snap-on,

Inc.

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

443

160,906

Spirax

Group

plc

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

256

22,967

Techtronic

Industries

Co.

Ltd.

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

5,000

66,401

Westinghouse

Air

Brake

Technologies

Corp.

...

262

65,476

Xylem,

Inc.

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

893

106,714

5,652,049

Marine

Transportation

—

0.0%

Nippon

Yusen

KK

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

1,400

51,429

Media

—

0.0%

Learfield

Communications

LLC

,

(Acquired

09/13/23

,

cost

$

3,651

)

(c)

(d)

(g)

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

571

63,952

Publicis

Groupe

SA

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

792

65,553

129,505

Metals

&

Mining

—

0.2%

Endeavour

Mining

plc

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

673

40,548

Evolution

Mining

Ltd.

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

7,102

63,952

Freeport-McMoRan,

Inc.

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

1,199

70,477

South32

Ltd.

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

14,825

44,890

Southern

Copper

Corp.

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

467

80,352

Steel

Dynamics,

Inc.

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

730

131,400

Teck

Resources

Ltd.

,

Class

B

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

17,087

885,610

1,317,229

Multi-Utilities

—

0.3%

Ameren

Corp.

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

2,506

275,460

CenterPoint

Energy,

Inc.

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

2,264

97,714

CMS

Energy

Corp.

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

18,546

1,438,799

Dominion

Energy,

Inc.

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

1,479

91,432

Public

Service

Enterprise

Group,

Inc.

.......

1,050

84,997

Sempra

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

1,009

98,045

Veolia

Environnement

SA

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

2,143

81,618

Security

Shares

Shares

Value

Multi-Utilities

(continued)

WEC

Energy

Group,

Inc.

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

4,294

$

497,116

2,665,181

Office

REITs

—

0.1%

COPT

Defense

Properties

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

6,174

188,924

Cousins

Properties,

Inc.

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

10,760

242,853

Hudson

Pacific

Properties,

Inc.

(c)

..........

5,961

35,230

467,007

Oil,

Gas

&

Consumable

Fuels

—

0.9%

Antero

Resources

Corp.

(c)

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

1,541

65,400

Canadian

Natural

Resources

Ltd.

..........

7,178

350,154

ConocoPhillips

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

14,640

1,932,480

Coterra

Energy,

Inc.

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

12,402

435,806

DCC

plc

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

334

20,687

EOG

Resources,

Inc.

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

6,449

932,332

EQT

Corp.

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

1,289

82,032

Expand

Energy

Corp.

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

2,545

279,390

Kinder

Morgan,

Inc.

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

3,406

114,203

Pembina

Pipeline

Corp.

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

1,982

88,721

Phillips

66

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

4,914

895,233

Range

Resources

Corp.

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

1,302

58,824

Repsol

SA

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

3,699

104,121

Shell

plc

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

20,213

945,182

South

Bow

Corp.

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

1,713

57,077

TC

Energy

Corp.

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

1,441

90,207

TotalEnergies

SE

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

4,404

404,173

Williams

Cos.,

Inc.

(The)

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

15,688

1,141,773

7,997,795

Passenger

Airlines

—

0.0%

International

Consolidated

Airlines

Group

SA

..

4,254

20,191

Pharmaceuticals

—

0.9%

AstraZeneca

plc

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

6,382

1,247,936

Eli

Lilly

&

Co.

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

2,157

1,983,944

Hikma

Pharmaceuticals

plc

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

580

9,742

Johnson

&

Johnson

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

4,848

1,185,045

Kyowa

Kirin

Co.

Ltd.

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

700

11,456

Merck

&

Co.,

Inc.

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

19,585

2,355,880

Novo

Nordisk

A/S

,

Class

B

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

6,149

225,019

Recordati

Industria

Chimica

e

Farmaceutica

SpA

403

23,075

Roche

Holding

AG

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

859

344,484

Sanofi

SA

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

2,895

279,570

Zoetis,

Inc.

,

Class

A

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

2,015

238,193

7,904,344

Professional

Services

—

0.1%

Automatic

Data

Processing,

Inc.

...........

2,868

582,720

Broadridge

Financial

Solutions,

Inc.

........

615

99,925

Equifax,

Inc.

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

2,659

478,806

Intertek

Group

plc

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

538

26,179

1,187,630

Real

Estate

Management

&

Development

—

0.1%

CBRE

Group,

Inc.

,

Class

A

(c)

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

711

96,312

Lendlease

Corp.

Ltd.

(h)

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

20,389

46,943

Mitsubishi

Estate

Co.

Ltd.

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

3,800

105,475

Mitsui

Fudosan

Co.

Ltd.

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

30,100

320,879

Sun

Hung

Kai

Properties

Ltd.

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

14,500

241,437

Tokyu

Fudosan

Holdings

Corp.

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

10,400

88,765

VGP

NV

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

174

16,687

Vonovia

SE

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

6,220

155,577

Wharf

Real

Estate

Investment

Co.

Ltd.

......

46,000

133,866

1,205,941

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Residential

REITs

—

0.1%

American

Homes

4

Rent

,

Class

A

..........

13,358

$

372,956

Centurion

Accommodation

REIT

...........

15,900

13,676

Equity

Residential

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

3,641

215,365

Sun

Communities,

Inc.

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

2,525

318,049

UDR,

Inc.

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

5,305

179,203

UNITE

Group

plc

(The)

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

16,135

97,759

1,197,008

Retail

REITs

—

0.1%

Agree

Realty

Corp.

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

3,548

267,448

Federal

Realty

Investment

Trust

...........

1,313

139,454

Primaris

REIT

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

7,082

87,818

Regency

Centers

Corp.

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

3,156

238,783

Simon

Property

Group,

Inc.

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

1,024

191,007

Unibail-Rodamco-Westfield

(h)

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

856

94,439

1,018,949

Semiconductors

&

Semiconductor

Equipment

—

1.1%

Applied

Materials,

Inc.

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

4,708

1,609,147

BE

Semiconductor

Industries

NV

..........

245

52,478

Broadcom,

Inc.

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

10,804

3,343,946

KLA

Corp.

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

291

428,471

MediaTek,

Inc.

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

14,000

671,512

Monolithic

Power

Systems,

Inc.

...........

96

104,962

NXP

Semiconductors

NV

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

1,595

313,992

Renesas

Electronics

Corp.

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

6,200

88,643

SCREEN

Holdings

Co.

Ltd.

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

600

35,746

SK

Hynix,

Inc.

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

764

433,467

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.

35,000

2,024,208

Tokyo

Electron

Ltd.

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

1,500

372,676

9,479,248

Software

—

0.7%

Cadence

Design

Systems,

Inc.

(c)

..........

494

137,268

Check

Point

Software

Technologies

Ltd.

(c)

....

746

106,566

Cipher

Digital,

Inc.

(c)

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

573

7,375

Cleanspark,

Inc.

(c)

(f)

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

607

5,166

Core

Scientific,

Inc.

(c)

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

538

8,048

Crowdstrike

Holdings,

Inc.

,

Class

A

(c)

........

349

136,253

CyberArk

Software,

Inc.

(c)

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

50

2,250

Datadog,

Inc.

,

Class

A

(c)

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

979

115,571

Dynatrace,

Inc.

(c)

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

2,088

77,214

Fortinet,

Inc.

(c)

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

2,438

199,233

Gen

Digital,

Inc.

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

1,306

24,592

Hut

8

Corp.

(c)

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

164

7,693

Intuit,

Inc.

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

560

242,133

JFrog

Ltd.

(c)

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

1,257

58,991

Microsoft

Corp.

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

9,097

3,367,436

Nutanix,

Inc.

,

Class

A

(c)

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

1,954

74,272

Open

Text

Corp.

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

859

19,142

Oracle

Corp.

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

2,580

379,544

Palantir

Technologies,

Inc.

,

Class

A

(c)

........

503

73,579

Palo

Alto

Networks,

Inc.

(c)

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

1,674

268,376

Qualys,

Inc.

(c)

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

418

36,721

Rubrik,

Inc.

,

Class

A

(c)

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

1,503

73,602

Sage

Group

plc

(The)

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

3,363

37,684

SailPoint,

Inc.

(c)

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

4,564

60,427

SentinelOne,

Inc.

,

Class

A

(c)

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

1,829

23,558

Synopsys,

Inc.

(c)

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

342

135,596

Terawulf,

Inc.

(c)

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

544

7,850

Trend

Micro,

Inc.

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

500

16,668

Zscaler,

Inc.

(c)

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

917

128,646

5,831,454

Specialized

REITs

—

0.2%

DigiCo

Infrastructure

REIT

(h)

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

26,314

32,371

Digital

Realty

Trust,

Inc.

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

678

122,182

Security

Shares

Shares

Value

Specialized

REITs

(continued)

Equinix,

Inc.

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

795

$

779,291

Iron

Mountain,

Inc.

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

3,490

356,469

Keppel

DC

REIT

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

87,796

149,448

Public

Storage

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

668

180,948

1,620,709

Specialty

Retail

—

0.3%

H

&

M

Hennes

&

Mauritz

AB

,

Class

B

.......

1,629

30,477

Industria

de

Diseno

Textil

SA

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

11,821

688,086

Lowe's

Cos.,

Inc.

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

3,561

841,393

TJX

Cos.,

Inc.

(The)

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

4,554

727,274

Williams-Sonoma,

Inc.

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

511

93,170

2,380,400

Technology

Hardware,

Storage

&

Peripherals

—

0.3%

Apple,

Inc.

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

5,502

1,396,353

Dell

Technologies,

Inc.

,

Class

C

...........

3,195

524,395

Everpure,

Inc.

,

Class

A

(c)

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

689

40,678

FUJIFILM

Holdings

Corp.

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

4,000

76,223

HP,

Inc.

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

13,851

266,078

2,303,727

Tobacco

—

0.2%

British

American

Tobacco

plc

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

22,252

1,291,925

Imperial

Brands

plc

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

2,566

104,046

1,395,971

Trading

Companies

&

Distributors

—

0.1%

Brenntag

SE

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

395

26,757

Bunzl

plc

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

1,106

33,297

Mitsui

&

Co.

Ltd.

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

8,700

336,278

Sumitomo

Corp.

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

3,800

142,192

Toyota

Tsusho

Corp.

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

2,500

96,892

635,416

Transportation

Infrastructure

—

0.0%

INCORA

TOP

HOLDCO

LLC

(c)

(d)

...........

1,311

7,407

Water

Utilities

—

0.0%

American

Water

Works

Co.,

Inc.

...........

1,547

210,531

Severn

Trent

plc

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

922

37,815

United

Utilities

Group

plc

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

2,325

40,539

288,885

Wireless

Telecommunication

Services

—

0.1%

Altice

France

Lux

3

(c)

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

1,565

26,048

T-Mobile

US,

Inc.

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

3,596

755,268

781,316

Total

Common

Stocks

—

14

.6

%

(Cost:

$

122,052,569

)

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

125,651,868

Par

(000)

Par

(000)

Corporate

Bonds

Aerospace

&

Defense

—

1.1%

Boeing

Co.

(The)

2.70%

,

02/01/27

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

USD

450

443,692

6.26%

,

05/01/27

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

853

867,727

3.20%

,

03/01/29

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

644

621,135

5.15%

,

05/01/30

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

786

799,158

3.63%

,

02/01/31

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

505

480,266

3.60%

,

05/01/34

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

171

153,075

Bombardier,

Inc.,

6.75%,

06/15/33

(b)

.......

232

239,588

Efesto

Bidco

SpA

Efesto

US

LLC,

Series

XR,

7.50%,

02/15/32

(b)

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

200

198,986

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Aerospace

&

Defense

(continued)

Embraer

Netherlands

Finance

BV,

5.98%,

02/11/35

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

USD

18

$

18,553

General

Electric

Co.,

4.30%,

07/29/30

......

300

299,281

Goat

Holdco

LLC,

6.75%,

02/01/32

(b)

.......

132

132,809

Honeywell

Aerospace,

Inc.

(b)

3.90%

,

03/16/28

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

63

62,536

4.00%

,

03/16/29

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

63

62,412

4.30%

,

03/16/31

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

934

923,898

4.60%

,

03/16/33

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

695

687,027

4.95%

,

03/16/36

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

35

34,727

L3Harris

Technologies,

Inc.

4.40%

,

06/15/28

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

80

80,050

5.35%

,

06/01/34

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

17

17,279

4.85%

,

04/27/35

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

118

115,749

Leidos,

Inc.,

4.10%,

03/15/29

...........

955

945,552

Lockheed

Martin

Corp.

4.45%

,

05/15/28

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

23

23,137

4.40%

,

08/15/30

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

285

285,224

4.75%

,

02/15/34

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

22

22,059

4.80%

,

08/15/34

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

55

54,951

3.60%

,

03/01/35

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

28

25,533

Series

B

,

6.15%

,

09/01/36

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

23

25,179

Moog,

Inc.,

5.50%,

10/15/34

(b)

...........

19

19,060

Northrop

Grumman

Corp.,

3.25%,

01/15/28

...

114

111,963

Textron,

Inc.,

4.95%,

03/15/36

...........

140

136,113

TransDigm,

Inc.

(b)

6.63%

,

03/01/32

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

133

135,643

6.00%

,

01/15/33

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

370

369,792

6.38%

,

05/31/33

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

532

529,164

6.13%

,

07/31/34

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

146

143,597

Wolverine

Escrow

LLC,

0.00%,

11/15/26

(d)

(i)

...

92

—

9,064,915

Air

Freight

&

Logistics

—

0.0%

FedEx

Corp.,

2.40%,

05/15/31

...........

105

94,553

Stonepeak

Nile

Parent

LLC,

7.25%,

03/15/32

(b)

.

32

33,283

127,836

Automobile

Components

—

0.2%

Allison

Transmission,

Inc.,

5.88%,

12/01/33

(b)

..

32

31,804

American

Axle

&

Manufacturing,

Inc.

(b)

6.38%

,

10/15/32

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

64

63,344

7.75%

,

10/15/33

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

27

26,284

Aptiv

Swiss

Holdings

Ltd.

4.65%

,

09/13/29

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

881

898,167

3.25%

,

03/01/32

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

185

173,145

5.15%

,

09/13/34

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

200

204,082

Clarios

Global

LP,

6.75%,

09/15/32

(b)

.......

257

259,056

Cyprium

Corp.,

6.13%,

04/15/31

(b)

.........

30

29,574

Garrett

Motion

Holdings,

Inc.,

7.75%,

05/31/32

(b)

61

63,161

Goodyear

Tire

&

Rubber

Co.

(The),

6.63%,

07/15/30

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

54

52,805

Icahn

Enterprises

LP

5.25%

,

05/15/27

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

165

161,685

10.00%

,

11/15/29

(b)

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

55

54,183

Tenneco,

Inc.,

8.00%,

11/17/28

(b)

.........

110

109,609

2,126,899

Automobiles

—

0.1%

Ford

Motor

Co.,

9.63%,

04/22/30

.........

22

25,022

General

Motors

Co.,

5.35%,

04/15/28

......

245

248,490

Honda

Motor

Co.

Ltd.,

4.44%,

07/08/28

.....

100

99,770

Hyundai

Capital

America,

4.88%,

06/23/27

(b)

..

175

175,705

Nissan

Motor

Acceptance

Co.

LLC,

6.13%,

09/30/30

(b)

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

296

284,468

833,455

Security

Par

(000)

Par

(000)

Value

Banks

—

4.1%

AIB

Group

plc,

(1-day

SOFR

+

1.65%),

5.32%,

05/15/31

(a)

(b)

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

USD

580

$

590,429

Associated

Banc-Corp.,

(1-day

SOFR

+

3.03%),

6.46%,

08/29/30

(a)

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

732

749,224

Banco

Santander

SA,

5.59%,

08/08/28

......

200

204,865

Bank

of

America

Corp.

(a)

(1-day

SOFR

+

0.96%),

1.73%

,

07/22/27

..

591

586,062

(1-day

SOFR

+

1.05%),

2.55%

,

02/04/28

..

191

188,089

(1-day

SOFR

+

1.11%),

4.62%

,

05/09/29

..

340

341,478

(1-day

SOFR

+

1.57%),

5.82%

,

09/15/29

..

323

333,203

Series

FIX

,

(1-day

SOFR

+

1.00%),

5.16%

,

01/24/31

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

1,002

1,021,090

(1-day

SOFR

+

0.87%),

4.46%

,

02/06/32

..

91

89,861

(1-day

SOFR

+

1.33%),

2.97%

,

02/04/33

..

45

40,735

Bank

of

Nova

Scotia

(The),

(1-day

SOFR

+

1.05%),

4.81%,

02/02/34

(a)

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

36

35,489

Barclays

plc

(a)

(1-day

SOFR

+

2.21%),

5.83%

,

05/09/27

..

400

400,433

(1-day

SOFR

+

1.49%),

5.67%

,

03/12/28

..

251

253,364

(1-day

SOFR

+

0.96%),

5.09%

,

02/25/29

..

400

403,273

(1-day

SOFR

+

1.08%),

4.48%

,

11/11/29

...

201

199,897

BNP

Paribas

SA

(a)(b)

(1-day

SOFR

+

1.45%),

4.79%

,

05/09/29

..

331

332,177

(1-day

SOFR

+

1.29%),

4.92%

,

01/15/34

..

250

244,455

CaixaBank

SA,

(1-day

SOFR

+

1.14%),

4.63%,

07/03/29

(a)

(b)

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

252

252,416

Citigroup,

Inc.

(1-day

SOFR

+

1.14%),

4.64%

,

05/07/28

(a)

.

332

332,549

4.13%

,

07/25/28

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

325

322,270

(3-mo.

CME

Term

SOFR

+

1.45%),

4.08%

,

04/23/29

(a)

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

550

545,954

(1-day

SOFR

+

1.36%),

5.17%

,

02/13/30

(a)

.

495

502,631

(3-mo.

CME

Term

SOFR

+

1.60%),

3.98%

,

03/20/30

(a)

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

1,296

1,275,083

(1-day

SOFR

+

1.42%),

2.98%

,

11/05/30

(a)

.

61

57,615

(1-day

SOFR

+

1.15%),

2.67%

,

01/29/31

(a)

.

857

795,029

(1-day

SOFR

+

1.46%),

4.95%

,

05/07/31

(a)

.

708

712,589

(1-day

SOFR

+

2.11%),

2.57%

,

06/03/31

(a)

.

147

134,752

(1-day

SOFR

+

1.17%),

2.56%

,

05/01/32

(a)

.

53

47,411

(1-day

SOFR

+

1.94%),

3.79%

,

03/17/33

(a)

.

152

142,584

(1-day

SOFR

+

2.06%),

5.83%

,

02/13/35

(a)

.

251

254,297

(1-day

SOFR

+

1.83%),

6.02%

,

01/24/36

(a)

.

47

47,984

Citizens

Financial

Group,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.45%),

5.30%,

01/29/36

(a)

.....

22

21,802

Fifth

Third

Bancorp

(a)

(1-day

SOFR

+

0.95%),

4.57%

,

04/29/32

..

655

642,064

(1-day

SOFR

+

1.24%),

5.14%

,

01/29/37

..

280

272,755

FNB

Corp.,

(SOFR

Index

+

1.93%),

5.72%,

12/11/30

(a)

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

280

281,739

HSBC

Holdings

plc

(a)

(1-day

SOFR

+

1.57%),

5.89%

,

08/14/27

..

275

276,341

(1-day

SOFR

+

1.06%),

5.60%

,

05/17/28

..

200

202,247

(1-day

SOFR

+

1.29%),

5.13%

,

03/03/31

..

805

814,097

(1-day

SOFR

+

1.19%),

4.62%

,

11/06/31

..

702

692,250

JPMorgan

Chase

&

Co.

(a)

(1-day

SOFR

+

0.77%),

1.47%

,

09/22/27

..

39

38,466

(1-day

SOFR

+

1.99%),

4.85%

,

07/25/28

..

71

71,349

(1-day

SOFR

+

0.86%),

4.51%

,

10/22/28

..

350

349,926

(1-day

SOFR

+

0.80%),

4.92%

,

01/24/29

..

131

132,116

(1-day

SOFR

+

1.02%),

2.07%

,

06/01/29

..

76

72,314

(3-mo.

CME

Term

SOFR

+

1.52%),

4.20%

,

07/23/29

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

609

605,499

(1-day

SOFR

+

1.57%),

6.09%

,

10/23/29

..

1,230

1,278,067

(1-day

SOFR

+

1.31%),

5.01%

,

01/23/30

..

489

495,841

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(1-day

SOFR

+

1.16%),

5.58%

,

04/22/30

..

USD

27

$

27,828

(1-day

SOFR

+

1.13%),

5.00%

,

07/22/30

..

455

461,459

(1-day

SOFR

+

2.04%),

2.52%

,

04/22/31

..

568

524,893

(1-day

SOFR

+

0.84%),

4.35%

,

01/22/32

..

160

157,742

(1-day

SOFR

+

1.46%),

5.29%

,

07/22/35

..

223

225,761

(1-day

SOFR

+

1.07%),

4.90%

,

01/22/37

..

60

58,711

Keybank

National

Association

5.85%

,

11/15/27

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

543

554,418

3.90%

,

04/13/29

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

500

487,796

4.90%

,

08/08/32

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

250

245,776

KeyCorp

2.55%

,

10/01/29

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

1,146

1,071,211

(SOFR

Index

+

2.42%),

6.40%

,

03/06/35

(a)

.

377

399,711

(1-day

SOFR

+

1.37%),

5.31%

,

01/28/37

(a)

.

34

33,298

Lloyds

Banking

Group

plc

(a)

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.85%),

5.09%

,

11/26/28

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

335

338,055

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.82%),

4.43%

,

11/04/31

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

318

313,529

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.60%),

6.07%

,

06/13/36

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

200

203,268

M&T

Bank

Corp.

(a)

(1-day

SOFR

+

2.80%),

7.41%

,

10/30/29

..

127

135,719

(1-day

SOFR

+

1.40%),

5.18%

,

07/08/31

..

533

538,586

(1-day

SOFR

+

1.61%),

5.39%

,

01/16/36

..

190

188,436

Mitsubishi

UFJ

Financial

Group,

Inc.

(a)

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.67%),

1.64%

,

10/13/27

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

200

196,961

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.78%),

5.20%

,

01/16/31

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

200

203,251

Mizuho

Financial

Group,

Inc.,

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.65%),

5.78%,

07/06/29

(a)

.....

200

205,515

Morgan

Stanley

Bank

NA

(a)

(1-day

SOFR

+

1.08%),

4.95%

,

01/14/28

..

665

667,664

(1-day

SOFR

+

0.87%),

5.50%

,

05/26/28

..

250

252,843

Morgan

Stanley

Private

Bank

NA

(a)

(1-day

SOFR

+

0.77%),

4.47%

,

07/06/28

..

250

249,991

(1-day

SOFR

+

0.78%),

4.45%

,

11/17/28

..

335

334,705

(1-day

SOFR

+

1.08%),

4.73%

,

07/18/31

..

780

777,584

National

Australia

Bank

Ltd.,

2.33%,

08/21/30

(b)

250

225,532

NatWest

Group

plc

(a)

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.10%),

5.58%

,

03/01/28

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

373

376,685

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.95%),

5.81%

,

09/13/29

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

300

308,671

PNC

Financial

Services

Group,

Inc.

(The)

(a)

(1-day

SOFR

+

0.80%),

5.10%

,

07/23/27

..

156

156,293

(SOFR

Index

+

1.73%),

6.62%

,

10/20/27

..

103

104,185

(1-day

SOFR

+

1.34%),

5.30%

,

01/21/28

..

75

75,513

(1-day

SOFR

+

1.07%),

5.22%

,

01/29/31

..

176

179,537

(1-day

SOFR

+

1.33%),

4.90%

,

05/13/31

..

40

40,245

(1-day

SOFR

+

1.90%),

5.68%

,

01/22/35

..

195

200,598

(1-day

SOFR

+

1.60%),

5.40%

,

07/23/35

..

224

226,844

(1-day

SOFR

+

1.42%),

5.37%

,

07/21/36

..

10

10,044

Royal

Bank

of

Canada,

4.95%,

02/01/29

.....

200

203,444

Santander

UK

Group

Holdings

plc

(a)

(1-day

SOFR

+

2.60%),

6.53%

,

01/10/29

..

632

652,102

(SOFR

Index

+

1.52%),

5.69%

,

04/15/31

..

200

205,697

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(1-day

SOFR

+

1.48%),

2.90%

,

03/15/32

..

USD

200

$

181,417

Societe

Generale

SA,

(1-day

SOFR

+

1.42%),

5.25%,

05/22/29

(a)

(b)

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

654

660,346

Sumitomo

Mitsui

Financial

Group,

Inc.,

5.80%,

07/13/28

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

400

412,113

Toronto-Dominion

Bank

(The),

5.52%,

07/17/28

100

102,468

Truist

Bank

(a)

(1-day

SOFR

+

0.77%),

4.42%

,

07/24/28

..

250

249,987

(1-day

SOFR

+

0.91%),

4.14%

,

10/23/29

..

290

287,239

Truist

Financial

Corp.

(a)

(1-day

SOFR

+

2.05%),

6.05%

,

06/08/27

..

467

468,176

(1-day

SOFR

+

2.45%),

7.16%

,

10/30/29

..

223

237,012

(1-day

SOFR

+

1.62%),

5.44%

,

01/24/30

..

110

112,591

Series

I.

,

(1-day

SOFR

+

0.97%),

4.60%

,

01/27/32

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

168

166,210

US

Bancorp,

(1-day

SOFR

+

0.87%),

4.48%,

01/26/32

(a)

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

149

147,430

Wells

Fargo

&

Co.

(a)

(1-day

SOFR

+

1.74%),

5.57%

,

07/25/29

..

50

51,149

(1-day

SOFR

+

1.79%),

6.30%

,

10/23/29

..

18

18,747

(1-day

SOFR

+

0.74%),

4.18%

,

01/23/30

..

730

723,532

(3-mo.

CME

Term

SOFR

+

1.26%),

2.57%

,

02/11/31

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

313

289,518

(1-day

SOFR

+

1.50%),

5.15%

,

04/23/31

..

1,218

1,238,811

(1-day

SOFR

+

2.06%),

6.49%

,

10/23/34

..

153

165,661

(1-day

SOFR

+

1.78%),

5.50%

,

01/23/35

..

414

421,431

35,438,100

Beverages

—

0.0%

Anheuser-Busch

Cos.

LLC,

4.70%,

02/01/36

..

36

35,063

Anheuser-Busch

InBev

Finance,

Inc.,

4.70%,

02/01/36

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

58

56,490

Anheuser-Busch

InBev

Worldwide,

Inc.

4.75%

,

01/23/29

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

156

157,983

5.88%

,

06/15/35

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

57

60,788

PepsiCo,

Inc.,

4.10%,

01/15/29

..........

100

99,942

410,266

Biotechnology

—

0.4%

AbbVie,

Inc.

3.20%

,

11/21/29

(j)

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

133

128,221

4.13%

,

03/15/31

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

756

745,029

4.40%

,

03/15/33

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

335

328,862

Amgen,

Inc.

5.25%

,

03/02/30

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

315

323,453

4.20%

,

02/19/31

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

1,435

1,415,329

4.20%

,

03/01/33

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

275

265,403

4.85%

,

02/19/36

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

125

122,816

Gilead

Sciences,

Inc.

4.80%

,

11/15/29

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

94

95,748

4.60%

,

09/01/35

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

79

77,199

3,502,060

Broadline

Retail

—

0.4%

Amazon.com,

Inc.

4.10%

,

11/20/30

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

1,665

1,645,490

4.25%

,

03/13/31

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

880

873,514

4.55%

,

03/13/33

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

290

287,209

4.88%

,

03/13/36

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

160

158,542

Getty

Images,

Inc.,

10.50%,

11/15/30

(b)

......

15

13,452

Match

Group

Holdings

II

LLC

(b)

3.63%

,

10/01/31

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

84

74,683

6.13%

,

09/15/33

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

62

60,253

Rakuten

Group,

Inc.,

9.75%,

04/15/29

(b)

.....

200

213,120

3,326,263

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Building

Products

—

0.1%

(b)

AmeriTex

HoldCo

Intermediate

LLC,

7.63%,

08/15/33

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

USD

42

$

43,354

Builders

FirstSource,

Inc.,

6.38%,

03/01/34

...

78

77,003

EMRLD

Borrower

LP,

6.75%,

07/15/31

......

100

102,846

Quikrete

Holdings,

Inc.

6.38%

,

03/01/32

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

103

104,443

6.75%

,

03/01/33

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

205

208,206

Standard

Building

Solutions,

Inc.

6.50%

,

08/15/32

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

267

267,138

6.25%

,

08/01/33

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

117

115,684

Wilsonart

LLC,

11.00%,

08/15/32

.........

55

39,868

958,542

Capital

Markets

—

1.7%

Apollo

Debt

Solutions

BDC,

5.88%,

08/30/30

..

27

26,575

Ares

Capital

Corp.

2.88%

,

06/15/28

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

44

41,545

5.88%

,

03/01/29

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

159

160,128

5.95%

,

07/15/29

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

183

183,903

5.50%

,

09/01/30

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

34

33,394

5.80%

,

03/08/32

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

294

290,072

Ares

Strategic

Income

Fund

5.70%

,

03/15/28

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

1,542

1,539,608

5.80%

,

09/09/30

(b)

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

18

17,503

Blackstone

Private

Credit

Fund,

4.00%,

01/15/29

100

94,080

Blue

Owl

Capital

Corp.

5.95%

,

03/15/29

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

894

883,250

6.20%

,

07/15/30

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

341

336,072

Blue

Owl

Credit

Income

Corp.

6.60%

,

09/15/29

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

50

49,810

5.80%

,

03/15/30

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

106

102,209

Compass

Group

Diversified

Holdings

LLC,

5.25%,

04/15/29

(b)

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

61

56,729

Deutsche

Bank

AG

(1-day

SOFR

+

1.32%),

2.55%

,

01/07/28

(a)

.

240

236,266

(1-day

SOFR

+

3.18%),

6.72%

,

01/18/29

(a)

.

175

181,308

5.41%

,

05/10/29

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

355

364,651

(1-day

SOFR

+

2.51%),

6.82%

,

11/20/29

(a)

.

170

178,495

(1-day

SOFR

+

1.30%),

4.95%

,

08/04/31

(a)

.

540

537,966

(1-day

SOFR

+

1.10%),

4.47%

,

12/10/31

(a)

.

575

565,359

Focus

Financial

Partners

LLC,

6.75%,

09/15/31

(b)

82

81,438

Goldman

Sachs

Group,

Inc.

(The)

(1-day

SOFR

+

1.32%),

4.94%

,

04/23/28

(a)

.

20

20,098

(3-mo.

CME

Term

SOFR

+

1.42%),

3.81%

,

04/23/29

(a)

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

75

73,985

2.60%

,

02/07/30

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

284

264,183

(1-day

SOFR

+

1.27%),

5.73%

,

04/25/30

(a)

.

770

794,402

(1-day

SOFR

+

1.21%),

5.05%

,

07/23/30

(a)

.

112

113,349

(1-day

SOFR

+

1.58%),

5.22%

,

04/23/31

(a)

.

1,409

1,432,763

(1-day

SOFR

+

0.96%),

4.52%

,

01/21/32

(a)

.

1,552

1,528,475

(1-day

SOFR

+

1.09%),

1.99%

,

01/27/32

(a)

.

35

30,717

(1-day

SOFR

+

1.28%),

2.62%

,

04/22/32

(a)

.

106

95,215

(1-day

SOFR

+

1.25%),

2.38%

,

07/21/32

(a)

.

20

17,655

(1-day

SOFR

+

1.26%),

2.65%

,

10/21/32

(a)

.

85

75,461

(1-day

SOFR

+

1.42%),

5.02%

,

10/23/35

(a)

.

139

136,429

(1-day

SOFR

+

1.19%),

5.07%

,

01/21/37

(a)

.

153

149,584

Intercontinental

Exchange,

Inc.

3.63%

,

09/01/28

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

384

377,908

1.85%

,

09/15/32

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

22

18,532

4.60%

,

03/15/33

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

11

10,847

Jane

Street

Group,

6.75%,

05/01/33

(b)

......

27

27,393

Lehman

Brothers

Holdings,

Inc.,

6.88%,

07/17/37

(c)

(d)

(i)

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

203

—

Morgan

Stanley

(a)

(1-day

SOFR

+

0.88%),

1.59%

,

05/04/27

..

267

266,259

(1-day

SOFR

+

1.01%),

5.65%

,

04/13/28

..

37

37,442

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

(3-mo.

CME

Term

SOFR

+

1.40%),

3.77%

,

01/24/29

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

USD

98

$

96,687

(1-day

SOFR

+

1.38%),

4.99%

,

04/12/29

..

500

504,584

(1-day

SOFR

+

1.59%),

5.16%

,

04/20/29

..

5

5,058

(1-day

SOFR

+

0.80%),

4.24%

,

01/09/30

..

660

653,340

(1-day

SOFR

+

1.22%),

5.04%

,

07/19/30

..

1,158

1,171,395

(1-day

SOFR

+

1.10%),

4.65%

,

10/18/30

..

827

826,659

(1-day

SOFR

+

1.36%),

2.48%

,

09/16/36

..

45

38,717

MSCI,

Inc.

5.25%

,

09/01/35

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

54

52,896

5.15%

,

03/15/36

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

135

130,759

Osaic

Holdings,

Inc.

(b)

6.75%

,

08/01/32

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

81

81,010

8.00%

,

08/01/33

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

92

90,823

15,082,986

Chemicals

—

0.5%

Celanese

US

Holdings

LLC

6.75%

,

04/15/33

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

43

44,116

7.38%

,

02/15/34

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

43

44,055

Chemours

Co.

(The)

(b)

4.63%

,

11/15/29

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

229

214,746

7.88%

,

03/15/34

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

55

54,984

Dow

Chemical

Co.

(The)

4.80%

,

01/15/31

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

365

360,443

5.65%

,

03/15/36

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

260

257,561

DuPont

de

Nemours,

Inc.,

4.73%,

11/15/28

(b)

..

149

149,562

FMC

Corp.,

3.45%,

10/01/29

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

76

67,887

Illuminate

Buyer

LLC,

9.00%,

07/01/28

(b)

.....

3

3,002

LYB

Finance

Co.

BV,

8.10%,

03/15/27

(b)

.....

171

176,771

LYB

International

Finance

II

BV,

3.50%,

03/02/27

17

16,833

LYB

International

Finance

III

LLC

5.13%

,

01/15/31

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

1,249

1,250,520

5.63%

,

05/15/33

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

25

25,202

5.88%

,

01/15/36

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

375

376,239

Methanex

US

Operations,

Inc.,

6.25%,

03/15/32

(b)

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

37

37,853

Nutrien

Ltd.

5.20%

,

06/21/27

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

19

19,183

4.90%

,

03/27/28

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

18

18,149

2.95%

,

05/13/30

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

20

18,744

Olympus

Water

US

Holding

Corp.

(b)

7.25%

,

06/15/31

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

400

390,681

7.25%

,

02/15/33

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

200

190,820

Perimeter

Holdings

LLC,

6.25%,

01/15/34

(b)

...

81

79,441

Scotts

Miracle-Gro

Co.

(The),

4.38%,

02/01/32

.

82

76,585

SK

Invictus

Intermediate

II

SARL,

5.00%,

10/30/29

(b)

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

154

150,207

Solstice

Advanced

Materials,

Inc.,

5.63%,

09/30/33

(b)

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

90

88,744

WR

Grace

Holdings

LLC

(b)

5.63%

,

08/15/29

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

285

262,120

7.38%

,

03/01/31

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

259

259,668

4,634,116

Commercial

Services

&

Supplies

—

0.4%

(b)

ADT

Security

Corp.

(The),

4.88%,

07/15/32

...

135

126,101

Allied

Universal

Holdco

LLC

6.00%

,

06/01/29

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

301

290,850

7.88%

,

02/15/31

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

806

831,159

Brink's

Co.

(The),

6.75%,

06/15/32

........

100

101,221

Deluxe

Corp.,

8.13%,

09/15/29

..........

32

33,219

Garda

World

Security

Corp.

8.25%

,

08/01/32

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

182

180,095

8.38%

,

11/15/32

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

354

354,240

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

GFL

Environmental

Holdings

US,

Inc.,

5.50%,

02/01/34

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

USD

275

$

269,719

Madison

IAQ

LLC,

5.88%,

06/30/29

........

131

128,466

Reworld

Holding

Corp.,

4.88%,

12/01/29

.....

86

80,622

RR

Donnelley

&

Sons

Co.,

9.50%,

08/01/29

...

133

134,623

Sabre

Financial

Borrower

LLC,

11.13%,

06/15/29

120

122,799

Veritiv

Operating

Co.,

10.50%,

11/30/30

.....

56

58,198

Waste

Pro

USA,

Inc.,

7.00%,

02/01/33

......

263

265,959

Williams

Scotsman,

Inc.,

6.63%,

04/15/30

....

78

79,231

3,056,502

Communications

Equipment

—

0.2%

Motorola

Solutions,

Inc.

5.00%

,

04/15/29

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

355

359,647

4.85%

,

08/15/30

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

333

335,317

2.30%

,

11/15/30

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

114

102,754

2.75%

,

05/24/31

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

447

406,218

5.20%

,

08/15/32

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

332

336,739

5.40%

,

04/15/34

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

5

5,060

1,545,735

Construction

&

Engineering

—

0.0%

(b)

AECOM,

6.00%,

08/01/33

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

27

26,970

Arcosa,

Inc.,

6.88%,

08/15/32

...........

52

53,281

Brand

Industrial

Services,

Inc.,

10.38%,

08/01/30

27

24,676

Weekley

Homes

LLC,

6.75%,

01/15/34

......

32

30,648

135,575

Consumer

Finance

—

1.6%

AerCap

Ireland

Capital

DAC

2.45%

,

10/29/26

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

250

247,246

4.38%

,

11/15/30

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

150

147,321

5.00%

,

11/15/35

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

275

265,636

Ally

Financial,

Inc.

(a)

(SOFR

Index

+

1.96%),

5.74%

,

05/15/29

..

49

49,764

(SOFR

Index

+

1.73%),

5.54%

,

01/17/31

..

1,049

1,056,026

(1-day

SOFR

+

1.78%),

5.55%

,

07/31/33

..

215

211,190

American

Express

Co.

(a)

(1-day

SOFR

+

0.93%),

5.04%

,

07/26/28

..

299

301,573

(1-day

SOFR

+

0.87%),

4.46%

,

02/10/32

..

1,485

1,469,623

(1-day

SOFR

+

1.22%),

4.92%

,

07/20/33

..

70

70,128

(1-day

SOFR

+

1.42%),

5.28%

,

07/26/35

..

220

222,043

American

Honda

Finance

Corp.,

5.13%,

07/07/28

200

202,130

Azorra

Finance

Ltd.

(b)

7.25%

,

01/15/31

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

115

116,114

6.25%

,

02/15/34

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

17

15,801

Capital

One

Financial

Corp.

3.75%

,

07/28/26

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

375

374,134

(1-day

SOFR

+

1.25%),

4.49%

,

09/11/31

(a)

.

502

492,896

(1-day

SOFR

+

2.04%),

6.18%

,

01/30/36

(a)

.

155

157,659

(1-day

SOFR

+

1.63%),

5.20%

,

09/11/36

(a)

.

70

67,860

Ford

Motor

Credit

Co.

LLC

5.80%

,

03/05/27

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

200

201,103

7.35%

,

11/04/27

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

400

412,819

5.92%

,

03/20/28

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

250

253,169

6.80%

,

05/12/28

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

788

811,719

5.80%

,

03/08/29

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

200

202,256

5.11%

,

05/03/29

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

452

447,705

5.30%

,

09/06/29

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

710

706,295

7.35%

,

03/06/30

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

335

353,402

7.20%

,

06/10/30

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

222

233,839

4.00%

,

11/13/30

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

225

209,385

3.63%

,

06/17/31

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

232

209,054

General

Motors

Financial

Co.,

Inc.

5.00%

,

04/09/27

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

242

243,072

5.40%

,

05/08/27

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

145

146,277

4.20%

,

10/27/28

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

595

588,871

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

4.90%

,

10/06/29

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

USD

465

$

467,317

5.85%

,

04/06/30

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

687

711,068

5.45%

,

01/08/36

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

55

54,177

GGAM

Finance

Ltd.,

6.88%,

04/15/29

(b)

.....

78

79,735

Global

Aircraft

Leasing

Co.

Ltd.,

8.75%,

09/01/27

(b)

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

103

104,514

John

Deere

Capital

Corp.

4.95%

,

07/14/28

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

100

101,938

4.50%

,

01/16/29

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

100

100,953

Navient

Corp.,

9.38%,

07/25/30

..........

36

35,094

OneMain

Finance

Corp.

6.13%

,

05/15/30

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

273

266,950

7.50%

,

05/15/31

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

100

100,534

6.50%

,

03/15/33

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

32

30,590

Phoenix

Aviation

Capital

Ltd.,

9.25%,

07/15/30

(b)

205

206,289

Synchrony

Financial

(1-day

SOFR

+

1.40%),

5.02%

,

07/29/29

(a)

.

175

174,828

7.25%

,

02/02/33

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

111

113,374

Toyota

Motor

Credit

Corp.

4.05%

,

09/05/28

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

200

199,351

3.65%

,

01/08/29

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

100

98,440

1.65%

,

01/10/31

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

53

46,403

13,377,665

Consumer

Staples

Distribution

&

Retail

—

0.1%

(b)

Albertsons

Cos.,

Inc.,

5.63%,

03/31/32

......

273

268,773

Performance

Food

Group,

Inc.

6.13%

,

09/15/32

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

97

97,179

5.63%

,

03/01/34

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

71

68,479

434,431

Containers

&

Packaging

—

0.3%

Amcor

Flexibles

North

America,

Inc.

4.80%

,

03/17/28

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

613

616,703

5.50%

,

03/17/35

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

275

278,149

Ardagh

Group

SA,

9.50%,

12/01/30

(b)

.......

216

226,489

Ardagh

Metal

Packaging

Finance

USA

LLC,

6.25%,

01/30/31

(b)

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

200

198,282

Berry

Global,

Inc.

5.50%

,

04/15/28

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

579

590,297

5.80%

,

06/15/31

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

351

363,325

Clydesdale

Acquisition

Holdings,

Inc.

(b)

6.88%

,

01/15/30

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

72

69,982

6.75%

,

04/15/32

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

49

46,361

Mauser

Packaging

Solutions

Holding

Co.

(b)

7.88%

,

04/15/30

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

543

543,000

9.25%

,

04/15/30

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

37

34,379

2,966,967

Distributors

—

0.0%

Resideo

Funding,

Inc.,

6.50%,

07/15/32

(b)

....

87

85,719

Diversified

Consumer

Services

—

0.1%

Service

Corp.

International,

5.75%,

10/15/32

..

80

79,846

Sotheby's,

7.38%,

10/15/27

(b)

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

200

199,042

Wand

NewCo

3,

Inc.,

7.63%,

01/30/32

(b)

.....

147

150,307

429,195

Diversified

REITs

—

0.3%

Digital

Realty

Trust,

Inc.,

1.88%,

11/15/29

(b)

(k)

..

11

11,645

Equinix

Asia

Financing

Corp.

Pte.

Ltd.,

4.40%,

03/15/31

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

25

24,470

GLP

Capital

LP

5.75%

,

06/01/28

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

165

167,513

5.30%

,

01/15/29

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

438

441,799

4.00%

,

01/15/30

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

232

222,685

Simon

Property

Group

LP,

4.38%,

10/01/30

...

540

536,937

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Diversified

REITs

(continued)

Uniti

Group

LP

(b)

6.50%

,

02/15/29

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

USD

12

$

11,655

8.63%

,

06/15/32

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

87

88,608

VICI

Properties

LP

4.75%

,

02/15/28

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

649

649,586

4.75%

,

04/01/28

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

45

45,046

3.88%

,

02/15/29

(b)

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

55

53,449

4.63%

,

12/01/29

(b)

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

37

36,376

4.13%

,

08/15/30

(b)

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

540

517,131

2,806,900

Diversified

Telecommunication

Services

—

0.8%

Altice

France

SA

(b)

6.88%

,

10/15/30

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

237

226,714

6.50%

,

04/15/32

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

143

135,490

APLD

ComputeCo

2

LLC,

6.75%,

03/15/31

(b)

..

114

113,170

AT&T,

Inc.,

4.35%,

03/01/29

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

100

100,090

Black

Pearl

Compute

LLC,

6.13%,

02/15/31

(b)

..

118

120,100

CCO

Holdings

LLC

(b)

4.25%

,

02/01/31

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

749

682,679

4.75%

,

02/01/32

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

227

205,246

Cipher

Compute

LLC,

7.13%,

11/15/30

(b)

.....

83

85,990

Comcast

Corp.

3.55%

,

05/01/28

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

50

49,279

3.40%

,

04/01/30

(j)

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

963

924,518

4.25%

,

10/15/30

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

60

59,355

1.95%

,

01/15/31

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

62

55,003

1.50%

,

02/15/31

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

37

32,065

5.50%

,

11/15/32

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

84

87,238

4.40%

,

08/15/35

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

480

452,687

Flash

Compute

LLC,

7.25%,

12/31/30

(b)

.....

149

150,012

Level

3

Financing,

Inc.

(b)

3.63%

,

01/15/29

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

232

217,500

6.88%

,

06/30/33

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

426

433,805

7.00%

,

03/31/34

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

291

297,864

8.50%

,

01/15/36

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

144

150,251

Maya

SAS,

7.00%,

04/15/32

(b)

...........

200

200,240

Sprint

Capital

Corp.,

6.88%,

11/15/28

.......

378

399,663

SV

RNO

Property

Owner

1

LLC,

5.88%,

03/01/31

(b)

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

301

297,536

Telecom

Italia

Capital

SA,

7.72%,

06/04/38

...

62

69,049

Verizon

Communications,

Inc.

3.88%

,

02/08/29

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

100

99,044

4.02%

,

12/03/29

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

100

98,630

4.75%

,

01/15/33

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

170

167,898

Windstream

Services

LLC

(b)

8.25%

,

10/01/31

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

423

442,101

7.50%

,

10/15/33

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

26

27,031

WULF

Compute

LLC,

7.75%,

10/15/30

(b)

.....

132

139,482

Zayo

Group

Holdings,

Inc.

(a)(b)(l)

6.25%

,

(

6.25

%

Cash

or

0.50

%

PIK),

03/09/30

305

302,982

9.00%

,

(

9.00

%

Cash

or

1.88

%

PIK),

09/09/30

33

30,641

6,853,353

Electric

Utilities

—

2.2%

AEP

Transmission

Co.

LLC,

5.38%,

06/15/35

..

55

55,832

Alabama

Power

Co.,

3.75%,

09/01/27

......

100

99,356

Alpha

Generation

LLC,

6.75%,

10/15/32

(b)

....

77

78,127

Arizona

Public

Service

Co.

2.95%

,

09/15/27

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

157

153,592

5.70%

,

08/15/34

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

245

253,561

5.10%

,

03/15/36

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

260

255,625

CenterPoint

Energy

Houston

Electric

LLC

5.05%

,

03/01/35

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

110

109,604

Series

AR

,

4.85%

,

04/01/36

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

140

137,101

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

DTE

Electric

Co.

5.20%

,

03/01/34

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

USD

25

$

25,546

Series

A

,

6.63%

,

06/01/36

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

23

25,508

Duke

Energy

Carolinas

LLC

4.85%

,

03/15/30

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

132

134,404

4.85%

,

01/15/34

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

56

55,926

Duke

Energy

Florida

LLC,

1.75%,

06/15/30

...

21

18,791

Duke

Energy

Kentucky,

Inc.,

(Acquired

08/11/25,

cost

$497,000),

5.90%,

09/15/35

(d)

(g)

......

497

495,757

Duke

Energy

Progress

LLC

2.00%

,

08/15/31

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

116

102,184

3.40%

,

04/01/32

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

68

63,561

Emera

US

Finance

LLC,

4.50%,

04/01/29

....

569

568,322

Enel

Finance

International

NV,

4.38%,

09/30/30

(b)

836

821,079

Exelon

Corp.

2.75%

,

03/15/27

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

40

39,388

5.15%

,

03/15/28

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

200

202,360

FirstEnergy

Corp.,

2.65%,

03/01/30

........

407

376,798

FirstEnergy

Transmission

LLC

4.55%

,

01/15/30

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

246

245,615

5.00%

,

01/15/35

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

153

150,658

Georgia

Power

Co.

4.55%

,

03/15/30

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

395

396,564

4.70%

,

05/15/32

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

216

216,092

4.95%

,

05/17/33

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

67

67,528

5.25%

,

03/15/34

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

28

28,593

Interstate

Power

&

Light

Co.

3.60%

,

04/01/29

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

115

112,395

4.95%

,

09/30/34

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

82

80,684

MidAmerican

Energy

Co.,

5.75%,

11/01/35

...

21

22,037

NextEra

Energy

Capital

Holdings,

Inc.

1.88%

,

01/15/27

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

20

19,622

3.55%

,

05/01/27

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

300

297,387

4.69%

,

09/01/27

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

110

110,531

5.00%

,

02/28/30

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

57

57,918

2.44%

,

01/15/32

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

50

44,059

5.05%

,

02/28/33

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

57

57,528

NRG

Energy,

Inc.

(b)

2.45%

,

12/02/27

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

225

216,735

4.73%

,

10/15/30

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

65

64,368

6.00%

,

02/01/33

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

321

321,082

5.75%

,

01/15/34

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

162

159,801

6.25%

,

11/01/34

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

74

74,590

6.00%

,

01/15/36

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

80

79,272

Ohio

Power

Co.

Series

P

,

2.60%

,

04/01/30

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

18

16,688

Series

Q

,

1.63%

,

01/15/31

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

173

150,269

5.00%

,

06/01/33

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

77

76,594

5.65%

,

06/01/34

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

25

25,672

Series

F

,

5.85%

,

10/01/35

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

9

9,357

Pacific

Gas

&

Electric

Co.

2.10%

,

08/01/27

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

228

220,970

6.10%

,

01/15/29

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

100

103,478

4.20%

,

03/01/29

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

685

676,873

5.55%

,

05/15/29

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

630

644,964

4.55%

,

07/01/30

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

1,053

1,038,728

2.50%

,

02/01/31

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

2,474

2,217,211

3.25%

,

06/01/31

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

146

134,661

5.80%

,

05/15/34

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

472

483,653

PECO

Energy

Co.,

4.90%,

06/15/33

.......

85

85,547

PG&E

Corp.,

5.25%,

07/01/30

...........

88

86,838

Pinnacle

West

Capital

Corp.,

5.15%,

05/15/30

.

355

360,220

PPL

Capital

Funding,

Inc.

4.13%

,

04/15/30

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

119

116,593

5.25%

,

09/01/34

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

110

110,779

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

Public

Service

Electric

&

Gas

Co.

3.20%

,

05/15/29

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

USD

99

$

96,053

2.45%

,

01/15/30

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

39

36,356

4.90%

,

12/15/32

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

110

111,409

Series

Q

,

5.05%

,

03/01/35

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

200

201,119

Southern

California

Edison

Co.

4.88%

,

02/01/27

(j)

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

171

171,426

Series

B

,

3.65%

,

03/01/28

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

293

288,355

Series

G

,

2.50%

,

06/01/31

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

237

211,676

Southern

Co.

(The)

Series

21-B

,

1.75%

,

03/15/28

..........

300

285,428

5.20%

,

06/15/33

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

94

94,942

4.85%

,

03/15/35

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

149

144,947

4.25%

,

07/01/36

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

116

106,543

System

Energy

Resources,

Inc.

6.00%

,

04/15/28

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

185

190,019

5.30%

,

12/15/34

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

80

79,790

Trans-Allegheny

Interstate

Line

Co.,

5.00%,

01/15/31

(b)

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

423

429,694

Vistra

Operations

Co.

LLC

(b)

5.05%

,

12/30/26

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

1,023

1,026,092

4.38%

,

05/01/29

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

747

729,351

4.60%

,

10/15/30

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

85

83,316

4.70%

,

01/31/31

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

402

395,528

5.70%

,

12/30/34

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

157

157,944

5.35%

,

01/31/36

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

34

33,259

VoltaGrid

LLC,

7.38%,

11/01/30

(b)

.........

258

266,465

XPLR

Infrastructure

Operating

Partners

LP

(b)

8.38%

,

01/15/31

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

260

273,703

8.63%

,

03/15/33

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

3

3,169

7.75%

,

04/15/34

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

80

82,620

18,953,780

Electrical

Equipment

—

0.2%

Eaton

Corp.,

4.20%,

03/06/31

...........

475

468,128

GE

Vernova,

Inc.

4.25%

,

02/04/31

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

515

509,150

4.88%

,

02/04/36

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

262

259,671

Vertiv

Holdings

Co.,

4.85%,

03/15/36

.......

385

374,361

1,611,310

Electronic

Equipment,

Instruments

&

Components

—

0.0%

Sensata

Technologies,

Inc.,

6.63%,

07/15/32

(b)

.

200

203,997

Energy

Equipment

&

Services

—

0.1%

Archrock

Partners

LP,

6.63%,

09/01/32

(b)

.....

169

172,322

Archrock

Services

LP,

6.00%,

02/01/34

(b)

....

54

53,463

Baker

Hughes

Holdings

LLC

4.05%

,

03/11/29

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

25

24,873

4.35%

,

06/15/31

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

46

45,397

Kodiak

Gas

Services

LLC

(b)

5.88%

,

04/01/31

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

72

72,356

6.50%

,

10/01/33

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

218

220,355

Nabors

Industries,

Inc.,

7.63%,

11/15/32

(b)

....

37

37,875

Star

Holding

LLC,

8.75%,

08/01/31

(b)

.......

73

74,061

Tidewater,

Inc.,

9.13%,

07/15/30

(b)

.........

36

38,352

Transocean

International

Ltd.

(b)

8.50%

,

05/15/31

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

69

72,367

7.88%

,

10/15/32

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

45

48,083

USA

Compression

Partners

LP

(b)

7.13%

,

03/15/29

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

194

198,496

6.25%

,

10/01/33

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

64

63,799

Weatherford

International

Ltd.,

6.75%,

10/15/33

(b)

134

136,917

1,258,716

Security

Par

(000)

Par

(000)

Value

Entertainment

—

0.1%

Cinemark

USA,

Inc.,

7.00%,

08/01/32

(b)

.....

USD

17

$

17,467

Netflix,

Inc.,

5.88%,

11/15/28

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

93

96,754

Playtika

Holding

Corp.,

4.25%,

03/15/29

(b)

....

19

14,826

Starz

Capital

Holdings

1,

Inc.,

6.00%,

04/15/30

(b)

(m)

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

29

26,607

Warnermedia

Holdings,

Inc.

3.76%

,

03/15/27

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

353

348,672

4.28%

,

03/15/32

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

55

48,675

553,001

Financial

Services

—

0.7%

AT&T

Reign

II

Multi-Property

Lease-Backed

Pass-Through

Trust,

6.09%,

12/15/44

(b)

....

588

582,510

Block,

Inc.

6.50%

,

05/15/32

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

184

185,680

6.00%

,

08/15/33

(b)

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

81

79,662

Fidelity

National

Information

Services,

Inc.

1.65%

,

03/01/28

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

135

127,763

4.45%

,

03/10/28

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

335

334,062

4.55%

,

03/10/29

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

634

631,011

3.75%

,

05/21/29

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

85

82,501

4.80%

,

03/10/31

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

75

74,412

5.10%

,

07/15/32

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

134

133,524

Fiserv,

Inc.

3.50%

,

07/01/29

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

235

225,084

5.63%

,

08/21/33

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

47

47,440

5.45%

,

03/15/34

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

77

76,617

5.15%

,

08/12/34

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

80

77,704

Global

Payments,

Inc.

4.50%

,

11/15/28

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

100

99,021

3.20%

,

08/15/29

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

73

68,850

4.88%

,

11/15/30

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

1,155

1,134,257

Nationwide

Building

Society,

(1-day

SOFR

+

1.06%),

4.65%,

07/14/29

(a)

(b)

...........

250

250,226

NTT

Finance

Corp.,

4.57%,

07/16/27

(b)

......

700

701,594

PayPal

Holdings,

Inc.

4.45%

,

03/06/28

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

206

206,436

2.85%

,

10/01/29

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

17

16,124

5.10%

,

04/01/35

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

97

96,307

Rocket

Cos.,

Inc.

(b)

6.13%

,

08/01/30

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

198

199,827

7.13%

,

02/01/32

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

278

286,544

Shift4

Payments

LLC,

6.75%,

08/15/32

(b)

....

156

153,402

UWM

Holdings

LLC

(b)

6.63%

,

02/01/30

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

28

26,409

6.25%

,

03/15/31

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

28

25,499

Walker

&

Dunlop,

Inc.,

6.63%,

04/01/33

(b)

....

53

51,817

WEX,

Inc.,

6.50%,

03/15/33

(b)

...........

149

145,956

6,120,239

Food

Products

—

0.2%

Fiesta

Purchaser,

Inc.,

9.63%,

09/15/32

(b)

....

56

57,034

JBS

NV

5.95%

,

04/20/35

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

260

269,897

5.50%

,

01/15/36

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

160

160,073

Kraft

Heinz

Foods

Co.,

5.40%,

03/15/35

.....

75

74,866

Lamb

Weston

Holdings,

Inc.,

4.38%,

01/31/32

(b)

57

52,950

Mars,

Inc.,

4.80%,

03/01/30

(b)

...........

748

755,872

Post

Holdings,

Inc.

(b)

6.38%

,

03/01/33

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

168

165,504

6.25%

,

10/15/34

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

52

50,919

Simmons

Foods,

Inc.,

4.63%,

03/01/29

(b)

....

44

42,345

1,629,460

Gas

Utilities

—

0.1%

AmeriGas

Partners

LP,

9.50%,

06/01/30

(b)

....

32

33,901

Atmos

Energy

Corp.,

5.90%,

11/15/33

......

47

50,181

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Gas

Utilities

(continued)

CenterPoint

Energy

Resources

Corp.,

5.25%,

03/01/28

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

USD

18

$

18,313

Ferrellgas

LP,

9.25%,

01/15/31

(b)

.........

32

33,342

Spire,

Inc.,

4.60%,

09/01/31

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

410

405,137

540,874

Ground

Transportation

—

0.4%

Albion

Financing

1

SARL,

7.00%,

05/21/30

(b)

..

200

204,407

CSX

Corp.,

3.80%,

03/01/28

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

19

18,828

Fedex

Freight

Holding

Co.,

Inc.,

4.30%,

03/15/29

(b)

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

890

879,328

Genesee

&

Wyoming,

Inc.,

6.25%,

04/15/32

(b)

.

80

80,956

Hertz

Corp.

(The),

12.63%,

07/15/29

(b)

......

29

25,446

Norfolk

Southern

Corp.,

3.80%,

08/01/28

....

116

114,829

Penske

Truck

Leasing

Co.

LP

(b)

5.75%

,

05/24/26

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

275

275,203

4.40%

,

07/01/27

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

33

32,889

5.88%

,

11/15/27

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

25

25,471

5.70%

,

02/01/28

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

161

163,515

5.35%

,

03/30/29

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

111

112,896

5.25%

,

07/01/29

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

75

76,089

5.25%

,

02/01/30

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

83

84,245

RXO,

Inc.,

6.38%,

05/15/31

(b)

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

28

26,866

Ryder

System,

Inc.

1.75%

,

09/01/26

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

80

79,094

2.85%

,

03/01/27

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

135

133,125

6.60%

,

12/01/33

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

134

146,792

Triton

Container

International

Ltd.,

5.15%,

02/15/33

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

100

97,914

Uber

Technologies,

Inc.

4.30%

,

01/15/30

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

496

491,821

4.80%

,

09/15/34

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

49

47,972

3,117,686

Health

Care

Equipment

&

Supplies

—

0.3%

Abbott

Laboratories

4.00%

,

03/15/31

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

1,836

1,806,914

4.30%

,

03/15/33

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

475

464,862

4.65%

,

03/15/36

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

55

53,782

Baxter

International,

Inc.

1.92%

,

02/01/27

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

34

33,196

2.27%

,

12/01/28

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

93

86,661

3.95%

,

04/01/30

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

63

60,390

1.73%

,

04/01/31

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

7

5,857

Becton

Dickinson

&

Co.,

4.87%,

02/08/29

....

170

171,896

Insulet

Corp.,

6.50%,

04/01/33

(b)

..........

71

72,470

Solventum

Corp.

5.45%

,

02/25/27

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

39

39,297

5.45%

,

03/13/31

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

108

110,805

Sotera

Health

Holdings

LLC,

7.38%,

06/01/31

(b)

104

107,429

3,013,559

Health

Care

Providers

&

Services

—

1.2%

Acadia

Healthcare

Co.,

Inc.,

7.38%,

03/15/33

(b)

.

28

28,667

AHP

Health

Partners,

Inc.,

5.75%,

07/15/29

(b)

..

142

140,427

Banner

Health,

1.90%,

01/01/31

..........

128

113,864

Centene

Corp.

4.25%

,

12/15/27

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

670

658,151

2.45%

,

07/15/28

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

21

19,557

3.38%

,

02/15/30

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

1,289

1,164,402

3.00%

,

10/15/30

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

242

212,079

2.50%

,

03/01/31

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

187

156,922

2.63%

,

08/01/31

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

158

132,111

CommonSpirit

Health

6.07%

,

11/01/27

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

35

35,870

3.35%

,

10/01/29

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

69

66,002

2.78%

,

10/01/30

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

161

148,010

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

Community

Health

Systems,

Inc.

(b)

5.25%

,

05/15/30

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

USD

349

$

328,926

9.75%

,

01/15/34

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

183

189,930

Concentra

Health

Services,

Inc.,

6.88%,

07/15/32

(b)

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

63

65,133

CVS

Health

Corp.

5.00%

,

01/30/29

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

100

101,301

3.75%

,

04/01/30

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

100

96,628

DaVita,

Inc.,

6.75%,

07/15/33

(b)

..........

59

60,012

Elevance

Health,

Inc.

4.10%

,

03/01/28

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

111

110,260

4.00%

,

09/15/28

...................

675

669,138

4.10%

,

05/15/32

...................

229

219,749

4.60%

,

09/15/32

...................

173

170,388

4.75%

,

02/15/33

...................

27

26,588

Global

Medical

Response,

Inc.,

7.38%,

10/01/32

(b)

......................

52

53,999

HAH

Group

Holding

Co.

LLC,

9.75%,

10/01/31

(b)

44

38,547

HCA,

Inc.

3.13%

,

03/15/27

...................

167

164,855

4.13%

,

06/15/29

...................

268

264,295

5.25%

,

03/01/30

...................

220

224,504

3.50%

,

09/01/30

...................

556

528,001

5.45%

,

09/15/34

...................

395

398,697

HealthEquity,

Inc.,

4.50%,

10/01/29

(b)

.......

169

163,505

Humana,

Inc.

3.70%

,

03/23/29

...................

221

214,816

5.38%

,

04/15/31

...................

17

17,183

5.88%

,

03/01/33

...................

49

50,067

LifePoint

Health,

Inc.

(b)

8.38%

,

02/15/32

...................

162

173,003

10.00%

,

06/01/32

..................

106

108,251

Molina

Healthcare,

Inc.

(b)

3.88%

,

11/15/30

...................

121

108,178

6.50%

,

02/15/31

...................

43

42,273

Prime

Healthcare

Services,

Inc.,

9.38%,

09/01/29

(b)

......................

80

82,960

Star

Parent,

Inc.,

9.00%,

10/01/30

(b)

........

115

119,140

Surgery

Center

Holdings,

Inc.,

7.25%,

04/15/32

(b)

268

263,222

Sutter

Health,

Series

2018,

3.70%,

08/15/28

..

127

125,215

Tenet

Healthcare

Corp.,

5.50%,

11/15/32

(b)

...

97

96,105

UnitedHealth

Group,

Inc.

4.40%

,

06/15/28

...................

43

43,140

3.88%

,

12/15/28

...................

29

28,715

4.70%

,

04/15/29

...................

195

196,945

2.88%

,

08/15/29

...................

480

457,575

4.80%

,

01/15/30

...................

110

111,314

4.65%

,

01/15/31

...................

609

611,642

4.95%

,

01/15/32

...................

506

511,641

5.30%

,

06/15/35

...................

70

71,410

US

Acute

Care

Solutions

LLC,

9.75%,

05/15/29

(b)

107

103,367

10,286,680

Health

Care

REITs

—

0.3%

Diversified

Healthcare

Trust,

7.25%,

10/15/30

(b)

32

32,275

DOC

DR

LLC,

4.30%,

03/15/27

..........

329

328,683

Healthpeak

OP

LLC

1.35%

,

02/01/27

...................

262

255,895

5.25%

,

12/15/32

...................

67

67,443

MPT

Operating

Partnership

LP,

8.50%,

02/15/32

(b)

......................

206

208,845

Ventas

Realty

LP

3.25%

,

10/15/26

...................

64

63,647

3.85%

,

04/01/27

...................

94

93,413

4.00%

,

03/01/28

...................

126

124,738

4.40%

,

01/15/29

...................

20

19,885

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Health

Care

REITs

(continued)

3.00%

,

01/15/30

...................

USD

255

$

240,182

4.75%

,

11/15/30

...................

70

70,122

5.00%

,

01/15/35

...................

255

250,214

Welltower

OP

LLC

3.10%

,

01/15/30

...................

122

116,070

4.50%

,

07/01/30

...................

970

970,299

3.85%

,

06/15/32

...................

176

167,693

3,009,404

Health

Care

Technology

—

0.0%

IQVIA,

Inc.,

6.25%,

06/01/32

(b)

...........

132

134,045

Hotel

&

Resort

REITs

—

0.1%

(b)

Park

Intermediate

Holdings

LLC,

7.00%,

02/01/30

.......................

90

91,102

Pebblebrook

Hotel

LP,

6.38%,

10/15/29

.....

18

18,033

RHP

Hotel

Properties

LP

6.50%

,

04/01/32

...................

109

110,974

6.50%

,

06/15/33

...................

227

231,149

Service

Properties

Trust

0.00%

,

09/30/27

(n)

..................

198

180,140

8.63%

,

11/15/31

...................

181

189,022

XHR

LP,

6.63%,

05/15/30

..............

27

27,259

847,679

Hotels,

Restaurants

&

Leisure

—

0.4%

1011778

BC

ULC,

4.00%,

10/15/30

(b)

.......

130

122,190

Acushnet

Co.,

5.63%,

12/01/33

(b)

.........

27

26,791

Caesars

Entertainment,

Inc.

(b)

4.63%

,

10/15/29

...................

34

32,704

6.50%

,

02/15/32

...................

189

186,800

Carnival

Corp.

(b)

5.75%

,

08/01/32

...................

355

354,884

6.13%

,

02/15/33

...................

149

150,494

Churchill

Downs,

Inc.

(b)

5.75%

,

04/01/30

...................

32

31,647

6.75%

,

05/01/31

...................

131

133,463

Expedia

Group,

Inc.

3.80%

,

02/15/28

...................

35

34,527

3.25%

,

02/15/30

...................

402

379,866

Fertitta

Entertainment

LLC

(b)

4.63%

,

01/15/29

...................

109

104,174

6.75%

,

01/15/30

...................

30

28,022

Great

Canadian

Gaming

Corp.,

8.75%,

11/15/29

(b)

......................

101

98,536

Hilton

Domestic

Operating

Co.,

Inc.,

5.88%,

03/15/33

(b)

......................

167

168,020

Light

&

Wonder

International,

Inc.

(b)

7.50%

,

09/01/31

...................

32

32,842

6.25%

,

10/01/33

...................

16

15,675

Lindblad

Expeditions

LLC,

7.00%,

09/15/30

(b)

..

62

63,301

MajorDrive

Holdings

IV

LLC,

6.38%,

06/01/29

(b)

50

36,983

Melco

Resorts

Finance

Ltd.,

5.38%,

12/04/29

(b)

.

200

191,750

Midwest

Gaming

Borrower

LLC,

4.88%,

05/01/29

(b)

......................

32

31,034

Mohegan

Tribal

Gaming

Authority,

8.25%,

04/15/30

(b)

......................

55

56,305

NCL

Corp.

Ltd.

(b)

6.75%

,

02/01/32

...................

127

126,036

6.25%

,

09/15/33

...................

94

91,212

Rivers

Enterprise

Borrower

LLC

(b)

6.25%

,

10/15/30

...................

32

31,919

6.63%

,

02/01/33

...................

32

31,759

Scientific

Games

Holdings

LP,

6.63%,

03/01/30

(b)

60

51,616

Six

Flags

Entertainment

Corp.,

5.25%,

07/15/29

49

46,870

Station

Casinos

LLC

(b)

4.63%

,

12/01/31

...................

36

33,613

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

6.63%

,

03/15/32

...................

USD

86

$

86,334

Vail

Resorts,

Inc.,

6.50%,

05/15/32

(b)

.......

118

119,330

Viking

Cruises

Ltd.,

5.88%,

10/15/33

(b)

......

223

220,171

Voyager

Parent

LLC,

9.25%,

07/01/32

(b)

.....

72

74,751

Wynn

Macau

Ltd.,

5.13%,

12/15/29

(b)

.......

200

191,210

Wynn

Resorts

Finance

LLC,

6.25%,

03/15/33

(b)

.

243

240,473

3,625,302

Household

Durables

—

0.1%

Ashton

Woods

USA

LLC

(b)

4.63%

,

04/01/30

...................

66

61,257

6.88%

,

08/01/33

...................

17

16,400

Brookfield

Residential

Properties,

Inc.

(b)

5.00%

,

06/15/29

...................

198

187,861

4.88%

,

02/15/30

...................

88

80,796

Century

Communities,

Inc.,

6.63%,

09/15/33

(b)

.

32

31,349

Installed

Building

Products,

Inc.,

5.63%,

02/01/34

(b)

......................

38

37,080

K.

Hovnanian

Enterprises,

Inc.

(b)

8.00%

,

04/01/31

...................

114

112,710

8.38%

,

10/01/33

...................

54

53,400

LGI

Homes,

Inc.,

7.00%,

11/15/32

(b)

........

74

68,615

Mattamy

Group

Corp.,

6.00%,

12/15/33

(b)

....

37

34,745

Meritage

Homes

Corp.,

1.75%,

05/15/28

(k)

....

58

55,854

Newell

Brands,

Inc.

8.50%

,

06/01/28

(b)

..................

73

75,351

6.63%

,

05/15/32

...................

5

4,785

Risewell

Homes,

Inc.,

9.25%,

10/01/29

(b)

.....

50

50,507

870,710

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

AES

Corp.

(The)

5.45%

,

06/01/28

...................

295

297,700

2.45%

,

01/15/31

...................

196

173,397

Clearway

Energy

Operating

LLC,

3.75%,

01/15/32

(b)

......................

59

53,782

Southern

Power

Co.,

Series

A,

4.25%,

10/01/30

275

271,450

TransAlta

Corp.,

5.88%,

02/01/34

(b)

........

33

32,778

Vistra

Corp.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

6.93%),

8.00%

(a)

(b)

(o)

.....................

320

323,392

1,152,499

Industrial

Conglomerates

—

0.2%

3M

Co.

3.63%

,

09/14/28

...................

136

133,999

4.80%

,

03/15/30

...................

575

581,158

5.15%

,

03/15/35

...................

570

573,374

Siemens

Funding

BV,

4.60%,

05/28/30

(b)

.....

514

518,019

1,806,550

Industrial

REITs

—

0.0%

Prologis

LP

4.88%

,

06/15/28

...................

42

42,495

4.75%

,

01/15/31

...................

21

21,216

4.75%

,

06/15/33

...................

27

26,773

5.13%

,

01/15/34

...................

56

56,613

5.00%

,

03/15/34

...................

73

73,167

220,264

Insurance

—

0.8%

Aegon

Funding

Co.

LLC,

5.50%,

04/16/27

(b)

...

786

792,912

Alliant

Holdings

Intermediate

LLC

(b)

5.88%

,

11/01/29

...................

369

357,018

7.00%

,

01/15/31

...................

414

417,524

AmWINS

Group,

Inc.,

4.88%,

06/30/29

(b)

.....

79

75,679

Amynta

Agency

Borrower,

Inc.,

7.50%,

07/15/33

(b)

......................

125

118,542

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

Aon

Corp.

2.85%

,

05/28/27

...................

USD

113

$

111,058

5.35%

,

02/28/33

...................

109

111,629

Aon

North

America,

Inc.,

5.13%,

03/01/27

....

48

48,245

APH

Somerset

Investor

2

LLC,

7.88%,

11/01/29

(b)

140

126,598

Ardonagh

Finco

Ltd.,

7.75%,

02/15/31

(b)

.....

400

404,687

Ardonagh

Group

Finance

Ltd.,

8.88%,

02/15/32

(b)

200

195,953

Arthur

J

Gallagher

&

Co.

4.85%

,

12/15/29

...................

50

50,534

5.15%

,

02/15/35

...................

150

148,785

Asurion

LLC

(b)

8.00%

,

12/31/32

...................

158

163,917

8.38%

,

02/01/34

...................

109

105,824

Howden

UK

Refinance

plc,

7.25%,

02/15/31

(b)

.

200

201,684

HUB

International

Ltd.

(b)

7.25%

,

06/15/30

...................

605

619,765

7.38%

,

01/31/32

...................

480

489,582

Jones

Deslauriers

Insurance

Management,

Inc.,

8.50%,

03/15/30

(b)

.................

94

95,544

Marsh

&

McLennan

Cos.,

Inc.

5.88%

,

08/01/33

...................

21

22,300

5.40%

,

09/15/33

...................

26

26,812

5.15%

,

03/15/34

...................

47

47,559

Met

Tower

Global

Funding,

5.25%,

04/12/29

(b)

.

558

568,725

Metropolitan

Life

Global

Funding

I,

4.15%,

08/25/28

(b)

......................

150

149,538

Panther

Escrow

Issuer

LLC,

7.13%,

06/01/31

(b)

.

267

267,897

Progressive

Corp.

(The),

4.60%,

03/26/31

....

680

681,553

Ryan

Specialty

LLC,

5.88%,

08/01/32

(b)

.....

106

104,767

USI,

Inc.,

7.50%,

01/15/32

(b)

............

122

123,605

6,628,236

Interactive

Media

&

Services

—

0.2%

Alphabet,

Inc.

3.70%

,

02/15/29

...................

135

133,840

4.10%

,

11/15/30

...................

338

335,696

4.10%

,

02/15/31

...................

630

625,622

4.38%

,

11/15/32

...................

85

84,514

4.80%

,

02/15/36

...................

640

637,258

Snap,

Inc.

(b)

6.88%

,

03/01/33

...................

58

54,768

6.88%

,

03/15/34

...................

23

21,633

1,893,331

IT

Services

—

0.7%

Beignet

Investor

LLC,

6.58%,

05/30/49

(b)

.....

4,907

5,045,162

CoreWeave,

Inc.,

9.25%,

06/01/30

(b)

.......

69

67,045

Fortress

Intermediate

3,

Inc.,

7.50%,

06/01/31

(b)

123

122,243

Gartner,

Inc.,

4.50%,

07/01/28

(b)

..........

221

217,273

IBM

International

Capital

Pte.

Ltd.,

4.60%,

02/05/29

.......................

192

193,156

International

Business

Machines

Corp.,

4.60%,

02/03/33

.......................

100

98,073

ION

Platform

Finance

US,

Inc.,

5.00%,

05/01/28

(b)

......................

149

139,173

5,882,125

Life

Sciences

Tools

&

Services

—

0.1%

Thermo

Fisher

Scientific,

Inc.,

4.22%,

02/12/31

.

850

841,070

Machinery

—

0.1%

Columbus

McKinnon

Corp.,

7.13%,

02/01/33

(b)

.

79

78,964

CompoSecure

Holdings

LLC,

5.63%,

02/01/33

(b)

110

107,465

Esab

Corp.,

5.63%,

04/01/31

(b)

...........

92

92,645

Ingersoll

Rand,

Inc.

5.18%

,

06/15/29

...................

239

244,669

5.45%

,

06/15/34

...................

73

74,538

LSF12

Helix

Parent

LLC,

7.13%,

02/01/33

(b)

...

109

104,902

Security

Par

(000)

Par

(000)

Value

Machinery

(continued)

Manitowoc

Co.,

Inc.

(The),

9.25%,

10/01/31

(b)

..

USD

101

$

105,472

Otis

Worldwide

Corp.,

2.57%,

02/15/30

.....

73

67,769

Terex

Corp.,

6.25%,

10/15/32

(b)

..........

53

53,345

929,769

Media

—

0.6%

Cable

One,

Inc.,

1.13%,

03/15/28

(k)

........

35

26,320

Charter

Communications

Operating

LLC

2.25%

,

01/15/29

...................

604

564,513

6.10%

,

06/01/29

...................

917

949,875

2.80%

,

04/01/31

...................

685

614,998

2.30%

,

02/01/32

...................

655

561,714

6.55%

,

06/01/34

...................

39

40,488

Clear

Channel

Outdoor

Holdings,

Inc.,

7.50%,

03/15/33

(b)

......................

228

241,451

CMG

Media

Corp.,

8.88%,

06/18/29

(b)

......

32

27,669

CSC

Holdings

LLC,

11.25%,

05/15/28

(b)

.....

200

163,429

DirecTV

Financing

LLC

(b)

8.88%

,

02/01/30

...................

122

121,729

10.00%

,

02/15/31

..................

181

184,770

Discovery

Communications

LLC,

3.95%,

03/20/28

.......................

179

175,366

Gray

Media,

Inc.

(b)

9.63%

,

07/15/32

...................

97

96,994

7.25%

,

08/15/33

...................

107

107,821

Lamar

Media

Corp.,

5.38%,

11/01/33

(b)

......

55

53,830

Midcontinent

Communications,

8.00%,

08/15/32

(b)

......................

68

63,332

Neptune

Bidco

US,

Inc.,

9.29%,

04/15/29

(b)

...

186

186,517

Omnicom

Group,

Inc.

4.65%

,

10/01/28

...................

203

203,385

4.75%

,

03/30/30

...................

26

26,047

Outfront

Media

Capital

LLC,

4.63%,

03/15/30

(b)

.

55

53,065

Sinclair

Television

Group,

Inc.,

8.13%,

02/15/33

(b)

138

140,286

Univision

Communications,

Inc.

(b)

8.00%

,

08/15/28

...................

29

29,435

8.50%

,

07/31/31

...................

271

272,322

9.38%

,

08/01/32

...................

54

55,653

Versant

Media

Group,

Inc.,

7.25%,

01/30/31

(b)

.

27

27,632

4,988,641

Metals

&

Mining

—

0.7%

Cleveland-Cliffs,

Inc.,

6.88%,

11/01/29

(b)

.....

133

132,988

Commercial

Metals

Co.

(b)

5.75%

,

11/15/33

...................

134

132,591

6.00%

,

12/15/35

...................

27

26,618

ERO

Copper

Corp.,

6.50%,

02/15/30

(b)

......

142

140,564

First

Quantum

Minerals

Ltd.,

8.00%,

03/01/33

(b)

200

206,634

Freeport-McMoRan,

Inc.

4.13%

,

03/01/28

...................

303

300,509

5.40%

,

11/14/34

...................

19

19,279

Glencore

Canada

Corp.,

6.20%,

06/15/35

....

73

76,149

Glencore

Funding

LLC

(b)

4.00%

,

03/27/27

...................

452

450,011

5.37%

,

04/04/29

...................

644

657,392

5.63%

,

04/04/34

...................

340

347,981

Kaiser

Aluminum

Corp.

(b)

4.50%

,

06/01/31

...................

198

187,058

5.88%

,

03/01/34

...................

110

108,005

New

Gold,

Inc.,

6.88%,

04/01/32

(b)

........

103

106,457

Novelis

Corp.

(b)

4.75%

,

01/30/30

...................

285

268,612

6.38%

,

08/15/33

...................

135

132,421

Rio

Tinto

Finance

USA

plc

4.88%

,

03/14/30

...................

90

91,409

5.00%

,

03/14/32

...................

115

117,340

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Metals

&

Mining

(continued)

Steel

Dynamics,

Inc.

3.45%

,

04/15/30

...................

USD

827

$

790,899

3.25%

,

01/15/31

...................

55

51,521

5.38%

,

08/15/34

...................

480

484,382

Vale

Overseas

Ltd.

3.75%

,

07/08/30

...................

640

609,216

6.13%

,

06/12/33

...................

188

195,576

5,633,612

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

Starwood

Property

Trust,

Inc.,

6.50%,

10/15/30

(b)

103

104,464

Multi-Utilities

—

0.2%

Berkshire

Hathaway

Energy

Co.

3.25%

,

04/15/28

...................

234

229,618

1.65%

,

05/15/31

...................

46

39,899

Consumers

Energy

Co.

4.60%

,

05/30/29

...................

110

110,764

4.70%

,

01/15/30

...................

170

171,684

Dominion

Energy,

Inc.,

4.60%,

05/15/28

.....

170

170,535

NiSource,

Inc.

5.25%

,

03/30/28

...................

543

551,560

5.40%

,

06/30/33

...................

45

46,043

5.35%

,

04/01/34

...................

106

107,852

WEC

Energy

Group,

Inc.,

4.75%,

01/15/28

...

9

9,066

1,437,021

Oil,

Gas

&

Consumable

Fuels

—

2.5%

Ascent

Resources

Utica

Holdings

LLC

(b)

9.00%

,

11/01/27

...................

24

28,020

6.63%

,

07/15/33

...................

101

102,734

BP

Capital

Markets

America,

Inc.,

4.23%,

11/06/28

.......................

100

100,026

California

Resources

Corp.,

7.00%,

01/15/34

(b)

.

19

19,155

Caturus

Energy

LLC,

8.50%,

02/15/30

(b)

.....

116

120,363

Cheniere

Corpus

Christi

Holdings

LLC

5.13%

,

06/30/27

...................

514

516,654

3.70%

,

11/15/29

...................

82

79,667

Cheniere

Energy

Partners

LP

4.50%

,

10/01/29

...................

688

684,991

4.00%

,

03/01/31

...................

99

95,033

3.25%

,

01/31/32

...................

154

140,357

5.95%

,

06/30/33

...................

57

59,754

5.75%

,

08/15/34

...................

250

257,505

5.55%

,

10/30/35

...................

21

21,385

Cheniere

Energy,

Inc.

4.63%

,

10/15/28

...................

497

495,744

5.65%

,

04/15/34

...................

326

335,626

Chord

Energy

Corp.,

6.75%,

03/15/33

(b)

.....

32

33,038

CNX

Midstream

Partners

LP,

4.75%,

04/15/30

(b)

28

26,621

CNX

Resources

Corp.,

7.25%,

03/01/32

(b)

....

50

51,523

Comstock

Resources,

Inc.,

6.75%,

03/01/29

(b)

.

134

132,262

CQP

Holdco

LP,

5.50%,

06/15/31

(b)

........

250

243,811

Crescent

Energy

Finance

LLC

(b)

7.63%

,

04/01/32

...................

115

116,706

7.88%

,

04/15/32

...................

84

85,819

CVR

Energy,

Inc.,

7.50%,

02/15/31

(b)

.......

31

31,231

DBR

Land

Holdings

LLC,

6.25%,

12/01/30

(b)

..

32

32,400

DCP

Midstream

Operating

LP

5.63%

,

07/15/27

...................

865

876,239

8.13%

,

08/16/30

...................

32

36,471

3.25%

,

02/15/32

...................

558

507,202

Delek

Logistics

Partners

LP,

7.38%,

06/30/33

(b)

.

87

87,719

Diamondback

Energy,

Inc.

3.50%

,

12/01/29

...................

18

17,368

5.15%

,

01/30/30

...................

375

382,634

3.13%

,

03/24/31

...................

509

471,907

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

5.40%

,

04/18/34

...................

USD

170

$

172,584

Enbridge,

Inc.

6.00%

,

11/15/28

...................

100

103,767

Series

20-A

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.31%),

5.75%

,

07/15/80

(a)

................

335

334,339

Energy

Transfer

LP

4.40%

,

03/15/27

...................

400

399,782

5.50%

,

06/01/27

...................

73

73,677

5.55%

,

02/15/28

...................

422

430,069

5.25%

,

04/15/29

...................

100

101,850

3.75%

,

05/15/30

...................

397

383,763

5.60%

,

09/01/34

...................

77

78,476

5.70%

,

04/01/35

...................

340

349,190

Enterprise

Products

Operating

LLC,

4.15%,

10/16/28

.......................

100

99,798

EOG

Resources,

Inc.,

4.38%,

04/15/30

.....

15

14,955

EQT

Corp.

3.13%

,

05/15/26

(b)

..................

242

241,513

3.90%

,

10/01/27

...................

47

46,427

4.50%

,

01/15/29

...................

77

76,820

5.00%

,

01/15/29

...................

462

464,748

7.00%

,

02/01/30

(m)

.................

374

400,133

4.75%

,

01/15/31

...................

751

747,046

3.63%

,

05/15/31

(b)

..................

250

233,134

5.75%

,

02/01/34

...................

509

524,745

Expand

Energy

Corp.

5.38%

,

02/01/29

...................

1,254

1,252,887

5.88%

,

02/01/29

(b)

..................

406

406,269

6.75%

,

04/15/29

(b)

..................

743

743,522

5.38%

,

03/15/30

...................

1,857

1,872,433

4.75%

,

02/01/32

...................

243

236,772

5.70%

,

01/15/35

...................

171

173,676

Genesis

Energy

LP,

8.00%,

05/15/33

.......

123

127,095

Global

Partners

LP,

7.13%,

07/01/33

(b)

......

32

32,261

Harvest

Midstream

I

LP,

7.50%,

05/15/32

(b)

...

82

83,581

Hilcorp

Energy

I

LP

(b)

6.00%

,

04/15/30

...................

126

122,644

8.38%

,

11/01/33

...................

52

54,253

Howard

Midstream

Energy

Partners

LLC

(b)

7.38%

,

07/15/32

...................

32

33,089

6.63%

,

01/15/34

...................

68

68,259

Infinity

Natural

Resources

LLC,

7.63%,

04/01/31

(b)

......................

30

30,158

ITT

Holdings

LLC,

6.50%,

08/01/29

(b)

.......

152

147,795

Kinder

Morgan,

Inc.

4.30%

,

03/01/28

...................

100

99,873

5.10%

,

08/01/29

...................

255

260,190

5.40%

,

02/01/34

...................

161

164,659

Magnolia

Oil

&

Gas

Operating

LLC,

6.88%,

12/01/32

(b)

......................

159

163,634

Matador

Resources

Co.,

6.50%,

04/15/32

(b)

...

110

111,198

NGL

Energy

Operating

LLC,

8.38%,

02/15/32

(b)

184

189,620

Northern

Oil

&

Gas,

Inc.,

7.88%,

10/15/33

(b)

...

97

100,361

ONEOK,

Inc.,

4.55%,

07/15/28

...........

100

100,125

PBF

Holding

Co.

LLC,

7.88%,

09/15/30

(b)

....

37

37,996

Prairie

Acquiror

LP,

9.00%,

08/01/29

(b)

......

39

40,286

Repsol

E&P

Capital

Markets

US

LLC,

4.81%,

09/16/28

(b)

......................

200

200,834

Sabine

Pass

Liquefaction

LLC

5.00%

,

03/15/27

...................

100

100,187

4.50%

,

05/15/30

...................

96

95,303

SM

Energy

Co.,

6.63%,

04/15/34

(b)

........

85

84,760

Sunoco

LP,

5.88%,

03/15/34

(b)

...........

55

54,392

Tallgrass

Energy

Partners

LP,

6.00%,

09/01/31

(b)

122

120,392

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Targa

Resources

Corp.

5.50%

,

02/15/35

...................

USD

107

$

107,951

5.55%

,

08/15/35

...................

18

18,154

TGNR

Intermediate

Holdings

LLC,

5.50%,

10/15/29

(b)

......................

98

95,820

Transcanada

Trust,

Series

16-A,

5.88%,

08/15/76

(a)

......................

337

337,357

Transcontinental

Gas

Pipe

Line

Co.

LLC

3.25%

,

05/15/30

...................

223

211,978

5.10%

,

03/15/36

(b)

..................

55

54,515

Valero

Energy

Corp.,

5.15%,

03/10/36

......

395

389,380

Venture

Global

LNG,

Inc.

(b)

9.50%

,

02/01/29

...................

51

55,146

8.38%

,

06/01/31

...................

103

107,117

9.88%

,

02/01/32

...................

349

374,822

Venture

Global

Plaquemines

LNG

LLC

(b)

6.13%

,

12/15/30

...................

157

161,463

6.50%

,

01/15/34

...................

286

298,139

6.75%

,

01/15/36

...................

51

54,017

Viper

Energy

Partners

LLC,

4.90%,

08/01/30

..

195

194,871

Wildfire

Intermediate

Holdings

LLC,

7.50%,

10/15/29

(b)

......................

105

106,393

Williams

Cos.,

Inc.

(The)

3.75%

,

06/15/27

...................

100

99,243

5.30%

,

08/15/28

...................

18

18,379

21,460,030

Passenger

Airlines

—

0.1%

AS

Mileage

Plan

IP

Ltd.,

5.31%,

10/20/31

(b)

...

211

206,401

JetBlue

Airways

Corp.,

9.88%,

09/20/31

(b)

....

61

57,649

OneSky

Flight

LLC,

8.88%,

12/15/29

(b)

......

49

50,578

United

Airlines

Pass-Through

Trust,

Series

2024-

1,

Class

A,

5.88%,

02/15/37

...........

263

270,352

584,980

Personal

Care

Products

—

0.0%

Perrigo

Finance

Unlimited

Co.,

6.13%,

09/30/32

37

33,760

Pharmaceuticals

—

0.8%

1261229

BC

Ltd.,

10.00%,

04/15/32

(b)

......

600

614,306

Amneal

Pharmaceuticals

LLC,

6.88%,

08/01/32

(b)

74

76,179

Bausch

Health

Cos.,

Inc.,

11.00%,

09/30/28

(b)

..

418

426,376

Bayer

US

Finance

II

LLC,

4.38%,

12/15/28

(b)

..

360

356,389

Bayer

US

Finance

LLC

(b)

6.13%

,

11/21/26

...................

1,827

1,843,620

6.25%

,

01/21/29

...................

220

228,503

Merck

&

Co.,

Inc.

3.85%

,

03/15/29

...................

180

178,692

4.15%

,

03/15/31

...................

195

192,821

Novartis

Capital

Corp.

4.40%

,

03/18/31

...................

440

439,906

4.90%

,

03/18/36

...................

430

428,971

Pfizer

Investment

Enterprises

Pte.

Ltd.

4.45%

,

05/19/28

(j)

..................

187

188,110

4.65%

,

05/19/30

...................

86

86,653

4.75%

,

05/19/33

...................

213

212,188

Pfizer,

Inc.,

4.20%,

11/15/30

............

250

248,263

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

8.13%,

09/15/31

..................

793

883,204

Teva

Pharmaceutical

Finance

Netherlands

IV

BV,

5.75%,

12/01/30

..................

365

368,595

6,772,776

Professional

Services

—

0.1%

(b)

Amentum

Holdings,

Inc.,

7.25%,

08/01/32

....

79

81,750

CACI

International,

Inc.,

6.38%,

06/15/33

....

106

107,900

CoreLogic,

Inc.,

4.50%,

05/01/28

.........

208

195,266

Security

Par

(000)

Par

(000)

Value

Professional

Services

(continued)

Science

Applications

International

Corp.,

5.88%,

11/01/33

.......................

USD

55

$

53,673

438,589

Real

Estate

Management

&

Development

—

0.0%

(b)

Anywhere

Real

Estate

Group

LLC

7.00%

,

04/15/30

...................

27

27,038

9.75%

,

04/15/30

...................

20

21,231

Five

Point

Operating

Co.

LP,

8.00%,

10/01/30

.

32

31,925

Howard

Hughes

Corp.

(The),

5.88%,

03/01/32

.

121

116,436

196,630

Residential

REITs

—

0.1%

American

Homes

4

Rent

LP

4.25%

,

02/15/28

...................

381

378,891

4.90%

,

02/15/29

...................

91

91,456

5.50%

,

07/15/34

...................

115

115,041

AvalonBay

Communities,

Inc.,

5.00%,

02/15/33

92

92,858

Invitation

Homes

Operating

Partnership

LP

2.30%

,

11/15/28

...................

367

345,399

2.70%

,

01/15/34

...................

44

36,652

4.88%

,

02/01/35

...................

77

73,480

1,133,777

Retail

REITs

—

0.1%

Brookfield

Property

REIT,

Inc.,

4.50%,

04/01/27

(b)

50

49,044

Realty

Income

Corp.

3.65%

,

01/15/28

...................

136

134,401

3.25%

,

01/15/31

...................

96

90,269

2.85%

,

12/15/32

...................

69

61,199

5.13%

,

04/15/35

...................

70

70,019

Regency

Centers

LP

4.13%

,

03/15/28

...................

486

484,642

5.25%

,

01/15/34

...................

36

36,389

5.10%

,

01/15/35

...................

55

54,817

980,780

Semiconductors

&

Semiconductor

Equipment

—

0.6%

AP

Grange

Holdings

LLC,

(Acquired

06/21/24,

cost

$203,000),

6.50%,

03/20/45

(d)

(g)

......

203

213,150

Applied

Materials,

Inc.

4.00%

,

01/15/31

...................

300

294,142

4.60%

,

01/15/36

...................

70

67,997

Broadcom,

Inc.

4.00%

,

04/15/29

(b)

..................

570

564,347

5.05%

,

07/12/29

...................

80

81,654

5.05%

,

04/15/30

...................

65

66,248

4.60%

,

07/15/30

...................

540

542,686

4.20%

,

10/15/30

...................

135

133,431

4.30%

,

01/15/31

...................

360

356,907

2.45%

,

02/15/31

...................

586

532,199

4.60%

,

01/15/33

...................

120

118,173

3.42%

,

04/15/33

...................

381

348,395

Foundry

JV

Holdco

LLC

(b)

5.90%

,

01/25/30

...................

409

423,273

5.90%

,

01/25/33

...................

350

359,839

Microchip

Technology,

Inc.,

0.00%,

02/15/30

(b)

(k)

(n)

11

10,731

Micron

Technology,

Inc.,

6.05%,

11/01/35

....

24

25,897

NVIDIA

Corp.,

2.85%,

04/01/30

..........

329

312,337

ON

Semiconductor

Corp.,

0.50%,

03/01/29

(k)

..

33

32,258

Qnity

Electronics,

Inc.,

6.25%,

08/15/33

(b)

....

90

91,002

QUALCOMM,

Inc.

2.15%

,

05/20/30

...................

309

282,835

5.00%

,

05/20/35

...................

319

318,515

5,176,016

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Software

—

1.1%

AppLovin

Corp.

5.13%

,

12/01/29

...................

USD

999

$

1,004,797

5.50%

,

12/01/34

...................

495

490,902

AthenaHealth

Group,

Inc.,

6.50%,

02/15/30

(b)

..

244

229,024

Clarivate

Science

Holdings

Corp.

(b)

3.88%

,

07/01/28

...................

70

66,060

4.88%

,

07/01/29

...................

32

27,766

Cloud

Software

Group,

Inc.

(b)

6.50%

,

03/31/29

...................

295

287,793

9.00%

,

09/30/29

...................

280

270,109

Ellucian

Holdings,

Inc.,

6.50%,

12/01/29

(b)

....

67

65,443

Fair

Isaac

Corp.,

6.00%,

05/15/33

(b)

........

170

166,808

McAfee

Corp.,

7.38%,

02/15/30

(b)

.........

38

31,395

Oak-Eagle

AcquireCo,

Inc.

(b)

7.25%

,

07/01/33

...................

163

168,883

8.75%

,

07/01/34

...................

159

166,456

Oracle

Corp.

3.25%

,

11/15/27

...................

390

380,591

2.30%

,

03/25/28

...................

678

645,835

4.45%

,

09/26/30

...................

545

525,206

4.95%

,

02/04/31

...................

2,067

2,022,435

2.88%

,

03/25/31

...................

768

682,134

4.80%

,

09/26/32

...................

340

323,798

5.70%

,

02/04/36

...................

292

280,755

Salesforce,

Inc.

4.90%

,

09/15/31

...................

34

33,952

5.20%

,

03/15/33

...................

34

33,942

5.55%

,

03/15/36

...................

34

33,894

SS&C

Technologies,

Inc.,

6.50%,

06/01/32

(b)

..

97

97,003

Stripe,

Inc.,

(Acquired

09/26/25,

cost

$500,000),

5.04%,

09/26/30

(d)

(g)

................

500

493,750

Synopsys,

Inc.

4.85%

,

04/01/30

...................

475

478,493

5.00%

,

04/01/32

...................

459

462,983

UKG,

Inc.,

6.88%,

02/01/31

(b)

............

84

82,095

VMware

LLC,

2.20%,

08/15/31

...........

158

138,679

9,690,981

Specialized

REITs

—

0.3%

American

Tower

Corp.

1.45%

,

09/15/26

...................

12

11,844

3.65%

,

03/15/27

...................

147

145,932

5.50%

,

03/15/28

...................

525

534,154

5.20%

,

02/15/29

...................

81

82,373

2.30%

,

09/15/31

...................

32

28,172

5.40%

,

01/31/35

...................

43

43,389

Crown

Castle,

Inc.

4.80%

,

09/01/28

...................

6

6,029

5.60%

,

06/01/29

...................

87

89,060

4.90%

,

09/01/29

...................

42

42,233

3.30%

,

07/01/30

...................

21

19,676

2.25%

,

01/15/31

...................

57

50,340

2.50%

,

07/15/31

...................

84

73,999

5.10%

,

05/01/33

...................

33

32,534

5.80%

,

03/01/34

...................

37

37,898

Equinix,

Inc.,

2.00%,

05/15/28

...........

148

140,889

Extra

Space

Storage

LP

5.70%

,

04/01/28

...................

671

685,127

4.95%

,

01/15/33

...................

155

152,962

5.40%

,

02/01/34

...................

130

131,066

Iron

Mountain,

Inc.

(b)

5.63%

,

07/15/32

...................

137

132,996

6.25%

,

01/15/33

...................

68

67,782

Millrose

Properties,

Inc.

(b)

6.38%

,

08/01/30

...................

81

80,975

Security

Par

(000)

Par

(000)

Value

Specialized

REITs

(continued)

6.25%

,

09/15/32

...................

USD

177

$

173,744

2,763,174

Specialty

Retail

—

0.2%

Advance

Auto

Parts,

Inc.,

7.00%,

08/01/30

(b)

..

58

58,757

Asbury

Automotive

Group,

Inc.,

5.00%,

02/15/32

(b)

......................

72

68,185

Carvana

Co.,

9.00%,

(9.00%

Cash

or

14.00%

PIK),

06/01/31

(b)

(l)

.................

365

394,676

Cougar

JV

Subsidiary

LLC,

8.00%,

05/15/32

(b)

.

72

74,452

LBM

Acquisition

LLC,

9.50%,

06/15/31

(b)

.....

37

32,206

LCM

Investments

Holdings

II

LLC,

4.88%,

05/01/29

(b)

......................

112

108,988

Lowe's

Cos.,

Inc.,

4.00%,

10/15/28

........

136

134,876

Michaels

Cos.,

Inc.

(The),

8.50%,

03/15/33

(b)

..

72

70,091

Staples,

Inc.,

10.75%,

09/01/29

(b)

.........

24

22,196

White

Cap

Supply

Holdings

LLC,

7.38%,

11/15/30

(b)

......................

431

418,067

1,382,494

Technology

Hardware,

Storage

&

Peripherals

—

0.1%

Apple,

Inc.,

4.20%,

05/12/30

............

100

100,517

Dell

International

LLC

5.00%

,

04/01/30

...................

153

154,841

4.75%

,

10/06/32

...................

165

162,656

Hewlett

Packard

Enterprise

Co.

4.55%

,

10/15/29

...................

94

93,533

5.00%

,

10/15/34

...................

128

123,902

635,449

Textiles,

Apparel

&

Luxury

Goods

—

0.0%

(b)

Beach

Acquisition

Bidco

LLC,

10.00%,

(10.00%

Cash

or

10.75%

PIK),

07/15/33

(l)

........

162

168,856

Crocs,

Inc.,

4.13%,

08/15/31

............

31

27,895

196,751

Tobacco

—

0.6%

Altria

Group,

Inc.

4.50%

,

08/06/30

...................

620

617,321

2.45%

,

02/04/32

...................

704

617,753

BAT

Capital

Corp.

3.22%

,

09/06/26

...................

1,016

1,010,678

3.56%

,

08/15/27

...................

247

244,289

6.34%

,

08/02/30

...................

339

361,876

6.42%

,

08/02/33

...................

45

48,803

6.00%

,

02/20/34

...................

69

72,929

BAT

International

Finance

plc,

5.93%,

02/02/29

168

174,281

Philip

Morris

International,

Inc.

4.13%

,

04/28/28

...................

33

32,945

5.63%

,

11/17/29

...................

148

153,828

4.38%

,

04/30/30

...................

1,196

1,189,610

4.00%

,

10/29/30

...................

168

164,440

4.75%

,

11/01/31

...................

341

342,550

Reynolds

American,

Inc.,

5.70%,

08/15/35

....

115

118,205

5,149,508

Trading

Companies

&

Distributors

—

0.4%

Air

Lease

Corp.

1.88%

,

08/15/26

...................

489

484,021

5.85%

,

12/15/27

...................

46

46,961

3.00%

,

02/01/30

...................

33

30,672

Aviation

Capital

Group

LLC

(b)

1.95%

,

09/20/26

...................

683

674,877

4.80%

,

10/24/30

...................

1,088

1,075,435

FTAI

Aviation

Investors

LLC

(b)

7.00%

,

05/01/31

...................

232

237,830

7.00%

,

06/15/32

...................

155

158,893

5.88%

,

04/15/33

...................

106

103,709

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Trading

Companies

&

Distributors

(continued)

GATX

Corp.,

5.40%,

03/15/27

...........

USD

50

$

50,366

Herc

Holdings,

Inc.,

7.25%,

06/15/33

(b)

......

231

236,715

QXO

Building

Products,

Inc.,

6.75%,

04/30/32

(b)

229

233,578

United

Rentals

North

America,

Inc.

(b)

6.00%

,

12/15/29

...................

266

270,442

5.38%

,

11/15/33

...................

126

122,520

WESCO

Distribution,

Inc.

(b)

6.38%

,

03/15/33

...................

51

51,957

5.50%

,

04/15/34

...................

33

32,500

3,810,476

Transportation

Infrastructure

—

0.0%

Incora

Top

Holdco

LLC,

6.00%,

01/31/33

(c)

(d)

(i)

..

28

6,230

Wireless

Telecommunication

Services

—

0.2%

America

Movil

SAB

de

CV,

3.63%,

04/22/29

...

262

254,837

Digicel

International

Finance

Ltd.,

8.63%,

08/01/32

(b)

......................

200

202,959

Rogers

Communications,

Inc.

3.20%

,

03/15/27

...................

126

124,443

3.80%

,

03/15/32

...................

32

29,872

T-Mobile

USA,

Inc.

2.05%

,

02/15/28

...................

186

178,406

4.80%

,

07/15/28

...................

200

201,913

3.88%

,

04/15/30

...................

140

136,342

2.55%

,

02/15/31

...................

13

11,813

2.25%

,

11/15/31

...................

146

128,314

2.70%

,

03/15/32

...................

24

21,350

6.70%

,

12/15/33

...................

91

100,202

Vmed

O2

UK

Financing

I

plc,

4.25%,

01/31/31

(b)

200

171,768

1,562,219

Total

Corporate

Bonds

—

29

.7

%

(Cost:

$

257,098,603

)

..............................

256,466,124

Equity-Linked

Notes

Aerospace

&

Defense

—

0.1%

(b)(e)

BNP

Paribas

SA

(

Safran

SA

)

,

18.32

%

,

05/06/26

EUR

1

204,206

Citigroup,

Inc.

(

Rolls-Royce

Holdings

plc

)

,

27.39

%

,

04/17/26

..................

GBP

14

212,421

Citigroup,

Inc.

(

Safran

SA

)

,

15.73

%

,

04/17/26

..

EUR

1

203,077

UBS

AG

(

Rolls-Royce

Holdings

plc

)

,

22.44

%

,

04/10/26

..................

GBP

14

204,572

824,276

Automobile

Components

—

0.1%

(b)(e)

Citigroup,

Inc.

(

Autoliv,

Inc.

)

,

11.48

%

,

04/17/26

.

EUR

1

273,747

UBS

AG

(

Autoliv,

Inc.

)

,

11.37

%

,

04/10/26

.....

1

273,124

546,871

Automobiles

—

0.1%

(b)(e)

Barclays

Bank

plc

(

Toyota

Motor

Corp.

)

,

23.95

%

,

04/22/26

..................

USD

1

162,630

BNP

Paribas

SA

(

Tesla,

Inc.

)

,

19.63

%

,

05/12/26

—

(p)

37,070

BNP

Paribas

SA

(

Toyota

Motor

Corp.

)

,

20.62

%

,

04/01/26

..................

1

155,436

Morgan

Stanley

&

Co.

LLC

(Toyota

Motor

Corp.)

25.32

%

,

04/08/26

..................

1

156,870

24.39

%

,

04/15/26

..................

1

164,897

35.28

%

,

05/22/26

..................

1

180,008

Royal

Bank

of

Canada

(

Tesla,

Inc.

)

,

20.62

%

,

05/19/26

..................

—

(p)

36,739

893,650

Security

Par

(000)

Par

(000)

Value

Banks

—

0.4%

(b)(e)

Barclays

Bank

plc

(

Banco

Bilbao

Vizcaya

Argentaria

SA

)

,

49.50

%

,

04/15/26

.......

USD

7

$

140,170

BMO

Capital

Markets

Corp.

(

Bank

of

America

Corp.

)

,

16.48

%

,

05/20/26

.............

3

159,241

BNP

Paribas

SA

(Mitsubishi

UFJ

Financial

Group,

Inc.)

27.67

%

,

04/15/26

..................

9

159,853

26.33

%

,

04/22/26

..................

9

163,383

BNP

Paribas

SA

(

Sanofi

SA

)

,

22.43

%

,

04/14/26

24

271,593

Canadian

Imperial

Bank

of

Commerce

(

HSBC

Holdings

plc

)

,

30.55

%

,

04/08/26

(a)

........

6

473,771

Citigroup,

Inc.

(

Bank

of

America

Corp.

)

,

17.69

%

,

05/13/26

..................

3

159,240

Morgan

Stanley

&

Co.

LLC

(Banco

Bilbao

Vizcaya

Argentaria

SA)

20.67

%

,

04/01/26

..................

5

99,566

22.16

%

,

04/08/26

..................

6

137,428

Nomura

Holdings,

Inc.

(

Sanofi

SA

)

,

34.97

%

,

05/22/26

..................

26

282,535

Royal

Bank

of

Canada

(

HSBC

Holdings

plc

)

,

28.48

%

,

05/20/26

..................

6

489,057

Royal

Bank

of

Canada

(

Mitsubishi

UFJ

Financial

Group,

Inc.

)

,

30.89

%

,

05/20/26

.........

10

173,605

Societe

Generale

SA

(Citigroup,

Inc.)

22.01

%

,

04/29/26

..................

4

397,866

22.05

%

,

05/08/26

..................

4

402,928

Societe

Generale

SA

(

Mitsubishi

UFJ

Financial

Group,

Inc.

)

,

25.05

%

,

04/08/26

.........

9

157,458

3,667,694

Biotechnology

—

0.0%

(b)(e)

BMO

Capital

Markets

Corp.

(

Vertex

Pharmaceuticals,

Inc.

)

,

20.98

%

,

05/15/26

..

—

(p)

56,224

Societe

Generale

SA

(

Vertex

Pharmaceuticals,

Inc.

)

,

15.82

%

,

05/27/26

...............

—

(p)

57,513

113,737

Broadline

Retail

—

0.1%

(b)(e)

BNP

Paribas

SA

(

Amazon.com,

Inc.

)

,

17.42

%

,

04/15/26

..................

3

524,541

Morgan

Stanley

&

Co.

LLC

(

Amazon.com,

Inc.

)

,

16.64

%

,

04/08/26

..................

2

512,234

1,036,775

Capital

Markets

—

0.2%

(b)(e)

Barclays

Bank

plc

(

Bank

of

New

York

Mellon

Corp.

(The)

)

,

21.89

%

,

04/21/26

.........

1

65,757

Barclays

Bank

plc

(MSCI,

Inc.)

17.75

%

,

04/14/26

..................

—

(p)

95,446

18.58

%

,

04/28/26

..................

—

(p)

185,600

Barclays

Bank

plc

(

State

Street

Corp.

)

,

23.96

%

,

05/19/26

..................

3

369,580

BMO

Capital

Markets

Corp.

(

State

Street

Corp.

)

,

26.69

%

,

04/14/26

..................

2

251,271

BNP

Paribas

SA

(

UBS

Group

AG

)

,

18.04

%

,

04/14/26

..................

5

211,133

Citigroup,

Inc.

(

Moelis

&

Co.

)

,

24.00

%

,

04/17/26

EUR

—

(p)

236,328

Citigroup,

Inc.

(

MSCI,

Inc.

)

,

18.96

%

,

04/21/26

..

USD

—

(p)

96,269

Morgan

Stanley

&

Co.

LLC

(

UBS

Group

AG

)

,

17.46

%

,

04/01/26

..................

5

196,531

Societe

Generale

SA

(

Bank

of

New

York

Mellon

Corp.

(The)

)

,

24.85

%

,

04/28/26

.........

1

65,863

UBS

AG

(

Moelis

&

Co.

)

,

18.52

%

,

04/10/26

....

EUR

—

(p)

227,558

2,001,336

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Chemicals

—

0.1%

(b)(e)

BMO

Capital

Markets

Corp.

(

Ecolab,

Inc.

)

,

16.53

%

,

05/13/26

..................

USD

—

(p)

$

90,090

BNP

Paribas

SA

(

Linde

plc

)

,

15.58

%

,

05/20/26

.

1

423,895

Mizuho

Markets

Cayman

LP

(

Ecolab,

Inc.

)

,

15.12

%

,

04/22/26

..................

—

(p)

94,214

Societe

Generale

SA

(

Linde

plc

)

,

15.96

%

,

04/08/26

..................

1

381,449

989,648

Commercial

Services

&

Supplies

—

0.1%

(b)(e)

Morgan

Stanley

&

Co.

LLC

(

Rollins,

Inc.

)

,

15.02

%

,

04/22/26

..................

6

349,878

Royal

Bank

of

Canada

(

Rollins,

Inc.

)

,

15.46

%

,

05/13/26

..................

7

364,567

714,445

Communications

Equipment

—

0.0%

(b)(e)

Barclays

Bank

plc

(

Arista

Networks,

Inc.

)

,

30.27

%

,

05/05/26

..................

—

(p)

50,825

Barclays

Bank

plc

(

Cisco

Systems,

Inc.

)

,

18.74

%

,

04/22/26

..................

2

118,603

Morgan

Stanley

&

Co.

LLC

(

Arista

Networks,

Inc.

)

,

35.91

%

,

04/21/26

...............

—

(p)

49,624

Societe

Generale

SA

(

Cisco

Systems,

Inc.

)

,

18.74

%

,

04/29/26

..................

2

118,817

337,869

Consumer

Finance

—

0.1%

(b)(e)

Royal

Bank

of

Canada

(

Capital

One

Financial

Corp.

)

,

19.79

%

,

04/03/26

.............

2

370,253

Societe

Generale

SA

(

Capital

One

Financial

Corp.

)

,

25.66

%

,

04/29/26

.............

3

472,124

842,377

Consumer

Staples

Distribution

&

Retail

—

0.3%

(b)(e)

BMO

Capital

Markets

Corp.

(

Costco

Wholesale

Corp.

)

,

14.29

%

,

05/15/26

.............

1

559,079

BMO

Capital

Markets

Corp.

(

Walmart,

Inc.

)

,

18.65

%

,

04/29/26

..................

4

447,848

BNP

Paribas

SA

(

Costco

Wholesale

Corp.

)

,

13.57

%

,

05/08/26

..................

1

558,350

BNP

Paribas

SA

(Walmart,

Inc.)

17.15

%

,

05/12/26

..................

4

453,071

18.33

%

,

05/22/26

..................

4

448,131

2,466,479

Containers

&

Packaging

—

0.1%

(b)(e)

Mizuho

Markets

Cayman

LP

(

Avery

Dennison

Corp.

)

,

17.02

%

,

04/21/26

.............

1

202,406

Morgan

Stanley

&

Co.

LLC

(

Packaging

Corp.

of

America

)

,

24.49

%

,

04/22/26

...........

—

(p)

107,088

Royal

Bank

of

Canada

(

Avery

Dennison

Corp.

)

,

16.82

%

,

05/12/26

..................

1

199,984

Societe

Generale

SA

(

Packaging

Corp.

of

America

)

,

24.01

%

,

04/29/26

...........

—

(p)

106,117

615,595

Distributors

—

0.0%

(b)(e)

BMO

Capital

Markets

Corp.

(

Genuine

Parts

Co.

)

,

23.57

%

,

04/01/26

..................

—

(p)

39,649

Morgan

Stanley

&

Co.

LLC

(Genuine

Parts

Co.)

21.19

%

,

04/08/26

..................

—

(p)

41,863

27.21

%

,

04/22/26

..................

1

104,661

186,173

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

—

0.0%

(b)(e)

Mizuho

Markets

Cayman

LP

(

Verizon

Communications,

Inc.

)

,

26.82

%

,

04/24/26

..

USD

3

$

161,569

Societe

Generale

SA

(

Verizon

Communications,

Inc.

)

,

25.40

%

,

05/05/26

...............

3

163,598

325,167

Electric

Utilities

—

0.2%

(b)(e)

Barclays

Bank

plc

(

Duke

Energy

Corp.

)

,

9.84

%

,

04/22/26

...................

4

493,864

Barclays

Bank

plc

(

Iberdrola

SA

)

,

9.46

%

,

04/10/26

...................

EUR

10

237,810

BNP

Paribas

SA

(

Iberdrola

SA

)

,

13.89

%

,

04/17/26

..................

11

252,664

Citigroup,

Inc.

(

American

Electric

Power

Co.,

Inc.

)

,

14.01

%

,

04/15/26

...............

USD

—

(p)

45,036

Royal

Bank

of

Canada

(

FirstEnergy

Corp.

)

,

11.47

%

,

05/08/26

..................

1

63,216

Societe

Generale

SA

(

Duke

Energy

Corp.

)

,

8.74

%

,

04/29/26

...................

4

500,511

Societe

Generale

SA

(

FirstEnergy

Corp.

)

,

14.63

%

,

05/15/26

..................

1

62,893

1,655,994

Electrical

Equipment

—

0.2%

(b)(e)

Barclays

Bank

plc

(

AMETEK,

Inc.

)

,

16.31

%

,

05/05/26

..................

1

179,144

Barclays

Bank

plc

(

GE

Vernova,

Inc.

)

,

28.16

%

,

05/19/26

..................

—

(p)

97,564

BNP

Paribas

SA

(

ABB

Ltd.

)

,

27.67

%

,

04/17/26

.

CHF

3

218,395

BNP

Paribas

SA

(

Suncor

Energy,

Inc.

)

,

18.69

%

,

04/24/26

..................

EUR

1

255,152

Citigroup,

Inc.

(

ABB

Ltd.

)

,

23.63

%

,

05/06/26

...

CHF

3

213,230

Morgan

Stanley

&

Co.

LLC

(

AMETEK,

Inc.

)

,

19.30

%

,

04/21/26

..................

USD

1

182,491

Societe

Generale

SA

(

GE

Vernova,

Inc.

)

,

30.24

%

,

05/27/26

..................

—

(p)

101,562

UBS

AG

(

Suncor

Energy,

Inc.

)

,

18.16

%

,

04/10/26

EUR

1

235,015

1,482,553

Electronic

Equipment,

Instruments

&

Components

—

0.0%

(b)(e)

Barclays

Bank

plc

(

Corning,

Inc.

)

,

20.90

%

,

04/22/26

..................

USD

—

(p)

46,900

BMO

Capital

Markets

Corp.

(

Corning,

Inc.

)

,

20.74

%

,

04/29/26

..................

—

(p)

42,849

Mizuho

Markets

Cayman

LP

(

Amphenol

Corp.

)

,

33.11

%

,

05/13/26

..................

1

67,116

Societe

Generale

SA

(

Amphenol

Corp.

)

,

27.05

%

,

05/27/26

..................

1

67,899

224,764

Energy

Equipment

&

Services

—

0.1%

(b)(e)

Barclays

Bank

plc

(

Baker

Hughes

Co.

)

,

22.88

%

,

05/08/26

..................

5

291,678

Barclays

Bank

plc

(

SLB

Ltd.

)

,

23.27

%

,

05/19/26

3

177,549

Royal

Bank

of

Canada

(

SLB

Ltd.

)

,

24.46

%

,

05/27/26

..................

4

183,710

Societe

Generale

SA

(

Baker

Hughes

Co.

)

,

22.17

%

,

04/28/26

..................

5

285,268

938,205

Financial

Services

—

0.1%

(b)(e)

Barclays

Bank

plc

(

Mastercard,

Inc.

)

,

19.66

%

,

05/12/26

..................

—

(p)

159,739

Barclays

Bank

plc

(

Visa,

Inc.

)

,

15.62

%

,

05/20/26

1

202,984

BMO

Capital

Markets

Corp.

(

Berkshire

Hathaway,

Inc.

)

,

12.20

%

,

04/28/26

...............

—

(p)

192,751

BMO

Capital

Markets

Corp.

(

Mastercard,

Inc.

)

,

17.49

%

,

05/19/26

..................

—

(p)

160,795

BNP

Paribas

SA

(

Visa,

Inc.

)

,

17.36

%

,

05/29/26

.

1

209,471

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

Royal

Bank

of

Canada

(

Berkshire

Hathaway,

Inc.

)

,

8.84

%

,

05/08/26

...............

USD

—

(p)

$

189,569

1,115,309

Food

Products

—

0.1%

(b)(e)

Royal

Bank

of

Canada

(

Nestle

SA

)

,

10.06

%

,

04/17/26

..................

CHF

4

422,689

UBS

AG

(

Nestle

SA

)

,

12.08

%

,

04/10/26

......

4

411,583

834,272

Ground

Transportation

—

0.0%

(b)(e)

Morgan

Stanley

&

Co.

LLC

(

Uber

Technologies,

Inc.

)

,

26.41

%

,

04/21/26

...............

USD

1

62,405

Royal

Bank

of

Canada

(

Uber

Technologies,

Inc.

)

,

20.86

%

,

04/29/26

..................

1

59,752

122,157

Health

Care

Equipment

&

Supplies

—

0.0%

BMO

Capital

Markets

Corp.

(GE

HealthCare

Technologies,

Inc.)

(b)(e)

23.43

%

,

05/15/26

..................

1

65,991

23.11

%

,

05/27/26

..................

1

69,386

135,377

Health

Care

Providers

&

Services

—

0.4%

(b)(e)

BMO

Capital

Markets

Corp.

(Cencora,

Inc.)

17.15

%

,

04/28/26

..................

1

427,148

16.26

%

,

05/13/26

..................

1

432,049

BMO

Capital

Markets

Corp.

(HCA

Healthcare,

Inc.)

20.53

%

,

05/13/26

..................

1

392,394

19.77

%

,

05/20/26

..................

1

385,096

BMO

Capital

Markets

Corp.

(

McKesson

Corp.

)

,

16.80

%

,

05/19/26

..................

—

(p)

374,711

BMO

Capital

Markets

Corp.

(

Universal

Health

Services,

Inc.

)

,

22.86

%

,

05/15/26

........

1

203,910

BNP

Paribas

SA

(

Cardinal

Health,

Inc.

)

,

17.03

%

,

04/21/26

..................

1

166,899

BNP

Paribas

SA

(

Universal

Health

Services,

Inc.

)

,

20.75

%

,

04/15/26

...............

1

213,488

Goldman

Sachs

International

(

Cardinal

Health,

Inc.

)

,

22.18

%

,

05/15/26

...............

1

168,706

Goldman

Sachs

International

(

UnitedHealth

Group,

Inc.

)

,

25.72

%

,

05/20/26

.........

1

319,679

Morgan

Stanley

&

Co.

LLC

(

McKesson

Corp.

)

,

15.55

%

,

05/12/26

..................

—

(p)

369,383

Morgan

Stanley

&

Co.

LLC

(

UnitedHealth

Group,

Inc.

)

,

35.13

%

,

04/24/26

...............

1

312,854

3,766,317

Hotels,

Restaurants

&

Leisure

—

0.0%

Barclays

Bank

plc

(

Domino's

Pizza,

Inc.

)

,

19.28

%

,

04/14/26

(b)

(e)

................

1

190,889

Household

Products

—

0.1%

(b)(e)

Citigroup,

Inc.

(

Energizer

Holdings,

Inc.

)

,

33.59

%

,

04/17/26

..................

EUR

1

219,121

UBS

AG

(

Energizer

Holdings,

Inc.

)

,

27.11

%

,

04/10/26

..................

1

213,488

432,609

Industrial

Conglomerates

—

0.1%

(b)(e)

Citigroup,

Inc.

(

Siemens

AG

)

,

21.30

%

,

04/17/26

1

317,956

UBS

AG

(

Siemens

AG

)

,

17.44

%

,

04/10/26

....

1

305,198

623,154

Insurance

—

0.1%

BMO

Capital

Markets

Corp.

(Hartford

Insurance

Group,

Inc.

(The))

(b)(e)

13.88

%

,

04/28/26

..................

USD

3

411,873

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

13.71

%

,

05/13/26

..................

USD

3

$

403,143

815,016

Interactive

Media

&

Services

—

0.4%

(b)(e)

BMO

Capital

Markets

Corp.

(

Alphabet,

Inc.

)

,

20.17

%

,

05/15/26

..................

2

633,479

BNP

Paribas

SA

(

Alphabet,

Inc.

)

,

17.80

%

,

04/14/26

..................

2

604,208

Goldman

Sachs

International

(

Alphabet,

Inc.

)

,

16.17

%

,

05/22/26

..................

2

621,916

Morgan

Stanley

&

Co.

LLC

(

Alphabet,

Inc.

)

,

18.08

%

,

05/08/26

..................

2

611,174

Royal

Bank

of

Canada

(

Meta

Platforms,

Inc.

)

,

22.54

%

,

05/15/26

..................

1

487,975

Societe

Generale

SA

(

Meta

Platforms,

Inc.

)

,

22.22

%

,

05/05/26

..................

1

504,989

3,463,741

IT

Services

—

0.0%

(b)(e)

BMO

Capital

Markets

Corp.

(Accenture

plc)

24.99

%

,

05/13/26

..................

—

(p)

49,200

23.07

%

,

05/27/26

..................

—

(p)

49,726

BMO

Capital

Markets

Corp.

(

International

Business

Machines

Corp.

)

,

26.92

%

,

04/28/26

—

(p)

89,103

Societe

Generale

SA

(

International

Business

Machines

Corp.

)

,

21.20

%

,

05/08/26

......

—

(p)

86,542

274,571

Machinery

—

0.2%

(b)(e)

Nomura

Holdings,

Inc.

(

Nordson

Corp.

)

,

12.30

%

,

05/27/26

..................

1

290,537

Royal

Bank

of

Canada

(Nordson

Corp.)

16.87

%

,

05/12/26

..................

1

290,674

14.03

%

,

05/19/26

..................

1

295,834

Societe

Generale

SA

(Otis

Worldwide

Corp.)

12.80

%

,

05/08/26

..................

4

282,448

12.28

%

,

05/15/26

..................

4

276,298

1,435,791

Media

—

0.1%

(b)(e)

Barclays

Bank

plc

(Charter

Communications,

Inc.)

27.09

%

,

04/14/26

..................

1

165,186

33.23

%

,

04/21/26

..................

1

148,057

Barclays

Bank

plc

(

Omnicom

Group,

Inc.

)

,

17.79

%

,

05/12/26

..................

3

195,930

Royal

Bank

of

Canada

(

Omnicom

Group,

Inc.

)

,

20.71

%

,

05/19/26

..................

3

197,189

706,362

Metals

&

Mining

—

0.1%

(b)(e)

BMO

Capital

Markets

Corp.

(

BHP

Group

Ltd.

)

,

38.02

%

,

04/01/26

..................

4

279,709

BNP

Paribas

SA

(

BHP

Group

Ltd.

)

,

42.37

%

,

04/08/26

..................

4

291,837

Morgan

Stanley

&

Co.

LLC

(

BHP

Group

Ltd.

)

,

24.67

%

,

05/22/26

..................

5

331,848

903,394

Multi-Utilities

—

0.1%

(b)(e)

BNP

Paribas

SA

(

DTE

Energy

Co.

)

,

46.83

%

,

04/17/26

..................

EUR

6

231,969

UBS

AG

(

DTE

Energy

Co.

)

,

34.20

%

,

05/06/26

.

6

239,320

471,289

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

—

0.3%

(b)(e)

BNP

Paribas

SA

(

Exxon

Mobil

Corp.

)

,

14.64

%

,

05/12/26

..................

USD

2

$

345,532

Citigroup,

Inc.

(

TotalEnergies

SE

)

,

20.89

%

,

04/17/26

..................

EUR

3

257,834

JPMorgan

Structured

Products

BV

(

Shell

plc

)

,

22.15

%

,

04/01/26

..................

USD

5

380,173

Morgan

Stanley

&

Co.

LLC

(

Shell

plc

)

,

24.34

%

,

05/22/26

..................

5

479,928

Nomura

Holdings,

Inc.

(

Exxon

Mobil

Corp.

)

,

20.77

%

,

05/20/26

..................

2

360,090

Societe

Generale

SA

(

Shell

plc

)

,

17.52

%

,

04/08/26

..................

5

395,194

UBS

AG

(

TotalEnergies

SE

)

,

18.30

%

,

04/10/26

.

EUR

3

249,551

2,468,302

Personal

Care

Products

—

0.1%

(b)(e)

Barclays

Bank

plc

(

Unilever

plc

)

,

15.99

%

,

04/14/26

..................

USD

4

206,191

BMO

Capital

Markets

Corp.

(

Unilever

plc

)

,

18.00

%

,

04/01/26

..................

3

208,589

Royal

Bank

of

Canada

(

Unilever

plc

)

,

23.46

%

,

05/22/26

..................

4

235,182

649,962

Pharmaceuticals

—

0.4%

(b)(e)

Barclays

Bank

plc

(

Novo

Nordisk

A/S

)

,

48.98

%

,

04/14/26

..................

5

201,036

BNP

Paribas

SA

(

AstraZeneca

plc

)

,

18.28

%

,

05/20/26

..................

3

518,612

Citigroup,

Inc.

(

Roper

Technologies,

Inc.

)

,

27.78

%

,

04/17/26

..................

CHF

1

466,708

Morgan

Stanley

&

Co.

LLC

(

Novartis

AG

)

,

31.37

%

,

04/08/26

..................

USD

3

484,081

Morgan

Stanley

&

Co.

LLC

(

Novo

Nordisk

A/S

)

,

42.10

%

,

04/01/26

..................

5

187,935

Nomura

Bank

International

PLC

(

Novartis

AG

)

,

17.00

%

,

05/22/26

..................

3

512,113

Royal

Bank

of

Canada

(

AstraZeneca

plc

)

,

20.43

%

,

04/08/26

..................

3

497,488

UBS

AG

(

Roper

Technologies,

Inc.

)

,

29.20

%

,

04/10/26

..................

CHF

1

456,782

3,324,755

Residential

REITs

—

0.1%

(b)(e)

Barclays

Bank

plc

(

Essex

Property

Trust,

Inc.

)

,

22.32

%

,

04/22/26

..................

USD

1

150,676

BMO

Capital

Markets

Corp.

(

UDR,

Inc.

)

,

23.27

%

,

05/05/26

..................

3

114,969

Morgan

Stanley

&

Co.

LLC

(

UDR,

Inc.

)

,

22.56

%

,

04/24/26

..................

3

111,305

Royal

Bank

of

Canada

(

Essex

Property

Trust,

Inc.

)

,

26.16

%

,

05/15/26

...............

1

153,475

530,425

Retail

REITs

—

0.0%

(b)(e)

Royal

Bank

of

Canada

(

Simon

Property

Group,

Inc.

)

,

19.67

%

,

04/24/26

...............

1

134,883

Societe

Generale

SA

(

Simon

Property

Group,

Inc.

)

,

19.92

%

,

05/05/26

...............

1

137,760

272,643

Semiconductors

&

Semiconductor

Equipment

—

0.8%

(b)(e)

Barclays

Bank

plc

(

KLA

Corp.

)

,

32.96

%

,

04/14/26

—

(p)

71,314

Barclays

Bank

plc

(

Micron

Technology,

Inc.

)

,

30.72

%

,

05/19/26

..................

—

(p)

165,903

Barclays

Bank

plc

(NVIDIA

Corp.)

25.11

%

,

04/22/26

..................

5

820,748

22.04

%

,

05/13/26

..................

5

838,855

Security

Par

(000)

Par

(000)

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Barclays

Bank

plc

(

QUALCOMM,

Inc.

)

,

15.56

%

,

04/29/26

..................

USD

—

(p)

$

55,763

BMO

Capital

Markets

Corp.

(

Analog

Devices,

Inc.

)

,

19.31

%

,

04/28/26

...............

—

(p)

65,490

BMO

Capital

Markets

Corp.

(Applied

Materials,

Inc.)

31.76

%

,

05/13/26

..................

—

(p)

113,918

30.16

%

,

05/27/26

..................

—

(p)

114,515

BMO

Capital

Markets

Corp.

(

Broadcom,

Inc.

)

,

26.74

%

,

05/13/26

..................

2

584,093

BMO

Capital

Markets

Corp.

(

Lam

Research

Corp.

)

,

33.39

%

,

05/27/26

.............

1

113,518

BNP

Paribas

SA

(

NVIDIA

Corp.

)

,

25.81

%

,

05/29/26

..................

5

796,450

Canadian

Imperial

Bank

of

Commerce

(

ASML

Holding

NV

)

,

23.80

%

,

04/15/26

(a)

........

—

(p)

422,644

Citigroup,

Inc.

(

Intel

Corp.

)

,

34.75

%

,

05/15/26

..

2

78,809

Citigroup,

Inc.

(

KLA

Corp.

)

,

29.54

%

,

04/21/26

..

—

(p)

74,319

Citigroup,

Inc.

(

QUALCOMM,

Inc.

)

,

26.06

%

,

04/21/26

..................

—

(p)

58,579

Citigroup,

Inc.

(

Texas

Instruments,

Inc.

)

,

21.60

%

,

04/21/26

..................

—

(p)

66,081

Mizuho

Markets

Cayman

LP

(

Advanced

Micro

Devices,

Inc.

)

,

27.65

%

,

04/03/26

........

1

167,062

Morgan

Stanley

&

Co.

LLC

(

ASML

Holding

NV

)

,

34.06

%

,

05/20/26

..................

—

(p)

455,686

Morgan

Stanley

&

Co.

LLC

(

Lam

Research

Corp.

)

,

38.14

%

,

05/19/26

.............

1

117,209

Morgan

Stanley

&

Co.

LLC

(

Micron

Technology,

Inc.

)

,

36.33

%

,

05/27/26

...............

—

(p)

158,149

Morgan

Stanley

&

Co.

LLC

(

NVIDIA

Corp.

)

,

23.38

%

,

05/20/26

..................

5

831,740

Societe

Generale

SA

(

Analog

Devices,

Inc.

)

,

19.50

%

,

05/05/26

..................

—

(p)

65,231

Societe

Generale

SA

(

ASML

Holding

NV

)

,

26.72

%

,

04/08/26

..................

—

(p)

552,621

Societe

Generale

SA

(

Broadcom,

Inc.

)

,

30.49

%

,

05/05/26

..................

1

386,431

Societe

Generale

SA

(

Intel

Corp.

)

,

33.46

%

,

05/08/26

..................

2

77,140

Societe

Generale

SA

(

Texas

Instruments,

Inc.

)

,

26.01

%

,

04/29/26

..................

—

(p)

73,024

7,325,292

Software

—

0.5%

(b)(e)

Barclays

Bank

plc

(

Microsoft

Corp.

)

,

16.95

%

,

05/13/26

..................

1

546,435

Barclays

Bank

plc

(

Palantir

Technologies,

Inc.

)

,

29.93

%

,

05/19/26

..................

1

121,489

Barclays

Bank

plc

(

SAP

SE

)

,

23.16

%

,

04/14/26

2

292,080

BMO

Capital

Markets

Corp.

(

AppLovin

Corp.

)

,

19.07

%

,

04/28/26

..................

—

(p)

38,514

BMO

Capital

Markets

Corp.

(

Crowdstrike

Holdings,

Inc.

)

,

22.93

%

,

04/06/26

........

—

(p)

38,758

BMO

Capital

Markets

Corp.

(Intuit,

Inc.)

18.75

%

,

04/28/26

..................

—

(p)

45,905

23.74

%

,

05/05/26

..................

—

(p)

44,477

BMO

Capital

Markets

Corp.

(Microsoft

Corp.)

18.52

%

,

04/28/26

..................

1

539,096

16.99

%

,

05/20/26

..................

1

542,316

BMO

Capital

Markets

Corp.

(

Oracle

Corp.

)

,

44.28

%

,

05/12/26

..................

1

98,792

BMO

Capital

Markets

Corp.

(

ServiceNow,

Inc.

)

,

21.46

%

,

04/28/26

..................

—

(p)

42,004

BNP

Paribas

SA

(

Adobe,

Inc.

)

,

21.73

%

,

05/22/26

—

(p)

38,340

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Software

(continued)

BNP

Paribas

SA

(

Palantir

Technologies,

Inc.

)

,

31.21

%

,

05/24/26

..................

USD

1

$

124,394

Citigroup,

Inc.

(

Adobe,

Inc.

)

,

22.02

%

,

04/15/26

.

—

(p)

42,935

Citigroup,

Inc.

(

Salesforce,

Inc.

)

,

37.31

%

,

04/15/26

..................

—

(p)

74,301

Citigroup,

Inc.

(

ServiceNow,

Inc.

)

,

23.00

%

,

04/21/26

..................

—

(p)

44,579

Mizuho

Markets

Cayman

LP

(

AppLovin

Corp.

)

,

20.27

%

,

04/15/26

..................

—

(p)

40,938

Mizuho

Markets

Cayman

LP

(

Crowdstrike

Holdings,

Inc.

)

,

20.37

%

,

04/15/26

........

—

(p)

38,467

Morgan

Stanley

&

Co.

LLC

(

SAP

SE

)

,

39.72

%

,

05/22/26

..................

2

319,598

Nomura

Holdings,

Inc.

(

Salesforce,

Inc.

)

,

22.62

%

,

05/05/26

..................

—

(p)

71,366

Royal

Bank

of

Canada

(

Microsoft

Corp.

)

,

17.12

%

,

04/14/26

..................

1

550,945

Royal

Bank

of

Canada

(Palo

Alto

Networks,

Inc.)

21.42

%

,

04/29/26

..................

—

(p)

47,511

20.07

%

,

05/08/26

..................

—

(p)

47,537

Societe

Generale

SA

(

Oracle

Corp.

)

,

43.42

%

,

05/05/26

..................

1

92,987

3,883,764

Specialty

Retail

—

0.3%

(b)(e)

BNP

Paribas

SA

(

Home

Depot,

Inc.

(The)

)

,

15.60

%

,

05/12/26

..................

2

549,013

Societe

Generale

SA

(AutoZone,

Inc.)

21.75

%

,

04/28/26

..................

—

(p)

160,718

17.90

%

,

05/08/26

..................

—

(p)

158,031

Societe

Generale

SA

(

Home

Depot,

Inc.

(The)

)

,

17.59

%

,

05/05/26

..................

2

556,776

Societe

Generale

SA

(O'Reilly

Automotive,

Inc.)

19.51

%

,

05/05/26

..................

5

444,691

14.97

%

,

05/12/26

..................

5

456,115

2,325,344

Technology

Hardware,

Storage

&

Peripherals

—

0.4%

(b)(e)

Barclays

Bank

plc

(Apple,

Inc.)

15.57

%

,

04/28/26

..................

3

749,677

14.25

%

,

05/12/26

..................

3

752,075

BMO

Capital

Markets

Corp.

(

Apple,

Inc.

)

,

16.66

%

,

05/19/26

..................

3

751,076

BMO

Capital

Markets

Corp.

(Western

Digital

Corp.)

21.14

%

,

04/29/26

..................

—

(p)

37,194

22.95

%

,

04/29/26

..................

—

(p)

38,732

Morgan

Stanley

&

Co.

LLC

(Seagate

Technology

Holdings

plc)

38.96

%

,

04/01/26

..................

—

(p)

44,212

23.05

%

,

05/22/26

..................

—

(p)

37,693

Royal

Bank

of

Canada

(

Apple,

Inc.

)

,

18.18

%

,

05/05/26

..................

3

757,042

3,167,701

Trading

Companies

&

Distributors

—

0.1%

(b)(e)

BMO

Capital

Markets

Corp.

(

WW

Grainger,

Inc.

)

,

17.86

%

,

04/29/26

..................

—

(p)

49,344

Royal

Bank

of

Canada

(

WW

Grainger,

Inc.

)

,

13.01

%

,

04/22/26

..................

—

(p)

48,300

Societe

Generale

SA

(Fastenal

Co.)

20.44

%

,

05/08/26

..................

9

404,865

20.73

%

,

05/15/26

..................

9

404,331

906,840

Security

Par

(000)

Par

(000)

Value

Transportation

Infrastructure

—

0.0%

Mizuho

Markets

Cayman

LP

(

Automatic

Data

Processing,

Inc.

)

,

23.27

%

,

04/15/26

(b)

(e)

....

USD

—

(p)

$

34,010

Total

Equity-Linked

Notes

—

7

.0

%

(Cost:

$

62,332,381

)

...............................

60,042,894

Fixed

Rate

Loan

Interests

Health

Care

Technology

—

0.0%

Cotiviti,

Inc.,

1st

Lien

Term

Loan

,

7.63

%

,

05/01/31

...................

113

104,644

IT

Services

—

0.1%

Indigo,

Delayed

Draw

1st

Lien

Term

Loan

,

5.82

%

,

03/18/32

...................

287

286,282

Software

—

0.0%

Clover

Holdings

2

LLC,

1st

Lien

Term

Loan

,

7.75

%

,

12/09/31

...................

256

241,331

Total

Fixed

Rate

Loan

Interests

—

0

.1

%

(Cost:

$

652,820

)

.................................

632,257

Floating

Rate

Loan

Interests

Aerospace

&

Defense

—

0.2%

(a)

Arcline

FM

Holdings

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.75%),

6.45

%

,

06/24/30

.............

177

176,772

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.50%),

8.43

%

,

05/25/29

.............

425

84,400

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

C

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

1.00%),

4.93

%

,

05/25/29

.............

58

11,262

Bleriot

US

Bidco,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.20

%

,

10/31/30

...................

117

117,547

Cobham

Ultra

SeniorCo

SARL,

Facility

1st

Lien

Term

Loan

B

,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.79

%

,

08/03/29

...

190

190,555

Dynasty

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

10/31/31

.............

211

210,821

Dynasty

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

10/31/31

.............

81

80,732

Kaman

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.17

%

,

02/26/32

...................

116

115,556

Peraton

Corp.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

7.52

%

,

02/01/28

...................

204

174,082

Propulsion

BC

Finco

SARL,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.20

%

,

12/01/32

.............

105

105,053

Setanta

Aircraft

Leasing

DAC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.45

%

,

11/06/28

........

50

50,565

TransDigm,

Inc.,

1st

Lien

Term

Loan

J

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

02/28/31

...................

439

438,485

TransDigm,

Inc.,

1st

Lien

Term

Loan

L

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

01/19/32

...................

149

148,688

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Aerospace

&

Defense

(continued)

TransDigm,

Inc.,

1st

Lien

Term

Loan

N

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.16

%

,

02/14/33

...................

USD

102

$

102,019

2,006,537

Automobile

Components

—

0.2%

(a)

Allison

Transmission,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

01/03/33

.............

165

165,412

Clarios

Global

LP,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

05/06/30

...........

325

323,808

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

01/28/32

...........

284

282,583

Garrett

Motion

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.67

%

,

01/30/32

............

103

102,613

Gates

Corp.,

1st

Lien

Term

Loan

B5

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

06/04/31

...................

144

143,428

Gates

Global

LLC,

1st

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

11/16/29

...................

58

58,182

RealTruck

Group,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

7.68

%

,

01/31/28

...........

34

23,115

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

8.93

%

,

01/31/28

...........

80

54,827

Tenneco,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

8.76

%

-

8.80

%

,

11/17/28

...................

185

180,047

1,334,015

Automobiles

—

0.0%

(a)

Bombardier

Recreational

Products,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

01/22/31

........

99

98,489

Dealer

Tire

Financial

LLC,

1st

Lien

Term

Loan

B5

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67

%

,

07/02/31

.............

195

194,206

292,695

Beverages

—

0.0%

(a)

Naked

Juice

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.05

%

,

01/24/29

...........

78

41,395

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.50%),

9.20

%

,

01/24/29

...........

144

142,561

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.00%),

4.80

%

,

01/24/30

...........

108

20,867

Sazerac

Co.,

Inc.,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

07/09/32

...................

83

82,403

287,226

Biotechnology

—

0.0%

(a)

Biomarin

Pharmaceutical,

1st

Lien

Term

Loan

B

,

01/28/33

(q)

.......................

143

142,554

PAREXEL

International

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.42

%

,

12/12/31

............

219

218,304

360,858

Security

Par

(000)

Par

(000)

Value

Broadline

Retail

—

0.0%

(a)

Boots

Group

Finco

LP,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

08/30/32

.............

USD

252

$

252,999

StubHub

Holdco

Sub

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

8.42

%

,

03/15/30

.............

181

177,903

430,902

Building

Products

—

0.1%

(a)

AZZ,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

05/14/29

...................

16

15,904

Chariot

Buyer

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

09/08/32

...................

289

285,900

CP

Atlas

Buyer,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

8.92

%

,

07/08/30

.............

122

112,049

CP

Iris

Holdco

I,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67

%

,

10/27/32

...................

169

167,393

Gibraltar

Industries,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

-

5.93

%

,

02/02/33

(d)

.......

38

37,457

Wilsonart

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.95

%

,

08/05/31

...................

301

260,998

879,701

Capital

Markets

—

0.4%

(a)

Allspring

Buyer

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.69

%

,

11/01/30

...................

107

107,188

Ardonagh

Group

Finco

Pty.

Ltd.,

Facility

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%;

6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%

at

0.00%

Floor

+

0.00%),

6.37

%

-

6.45

%

,

02/18/31

........

181

176,126

Aretec

Group,

Inc.,

1st

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

08/09/30

.............

75

73,574

Ascensus

Group

Holdings,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67

%

,

11/25/32

........

235

230,960

Axalta

Coating

Systems

US

Holdings,

Inc.,

Facility

1st

Lien

Term

Loan

B7

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.45

%

,

12/20/29

...................

215

215,356

BCPE

Pequod

Buyer,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

11/25/31

..............

151

146,057

Chicago

US

MidCo

III

LP,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

10/29/32

.............

181

178,631

Citadel

Securities

Global

Holdings

LLC,

Facility

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.70

%

,

10/31/31

..

322

322,619

Edelman

Financial

Engines

Center

LLC

(The),

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

04/07/28

..

205

205,067

Focus

Financial

Partners

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

09/15/31

........

304

293,321

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

GTCR

Everest

Borrower

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.20

%

,

09/05/31

............

USD

84

$

83,692

Hudson

River

Trading

LLC,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.18

%

,

03/18/30

.............

349

347,130

Jane

Street

Group

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

12/15/31

.............

420

411,779

Jupiter

Borrower,

Inc.,

1st

Lien

Term

Loan

B

,

03/25/33

(d)

(q)

......................

57

56,858

Osaic

Holdings,

Inc.,

1st

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.20

%

,

07/30/32

.............

223

218,625

3,066,983

Chemicals

—

0.3%

(a)

Aruba

Investments

Holdings

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

7.77

%

,

11/24/27

............

63

60,188

Chemours

Co.

LLC,

1st

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.17

%

,

10/15/32

.............

180

178,814

Derby

Buyer

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.68

%

,

11/01/30

...................

116

115,657

Discovery

Purchaser

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.42

%

,

10/04/29

.............

217

212,992

Ecovyst

Catalyst

Technologies

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

06/12/31

........

112

112,292

Element

Solutions,

Inc.,

1st

Lien

Term

Loan

B3

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

and

0.75%

Cap

+

1.75%),

5.42

%

,

12/18/30

....

117

116,658

Fortis

333,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.17

%

,

03/29/32

...................

148

143,577

HB

Fuller

Co.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.53

%

,

02/15/30

...................

202

202,407

Lonza

Group

AG,

Facility

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.93%),

7.72

%

,

07/03/28

.............

218

190,094

Minerals

Technologies,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

11/26/31

(d)

............

138

138,049

Olympus

Water

US

Holding

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.95

%

,

11/03/32

............

270

259,891

OQ

Chemicals

International

Holding

GmbH,

1st

Lien

Term

Loan

B2

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

8.00

%

,

04/08/31

..

112

76,692

Paint

Intermediate

III

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

10/09/31

.............

86

85,646

Solstice

Advanced

Materials,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

10/29/32

........

228

228,951

Sparta

US

HoldCo

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.00%),

6.67

%

,

08/02/30

.............

108

108,079

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

WR

Grace

Holdings

LLC,

1st

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.70

%

,

08/19/32

.............

USD

218

$

217,093

2,447,080

Commercial

Services

&

Supplies

—

0.3%

(a)

Action

Environmental

Group,

Inc.

(The),

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67

%

,

10/24/30

........

98

98,004

Allied

Universal

Holdco

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

08/20/32

.............

438

437,739

Anticimex

Global

AB,

Facility

1st

Lien

Term

Loan

B8

,

(1-day

SOFR

at

0.00%

Floor

+

2.90%),

6.56

%

,

11/17/31

...................

84

83,986

Aramark

Services,

Inc.,

1st

Lien

Term

Loan

B10

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

06/24/30

.............

176

175,520

Citrin

Cooperman

Advisors

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.70

%

,

04/01/32

............

135

129,885

Clean

Harbors,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.50%),

5.17

%

,

10/11/32

...................

128

128,446

Grant

Thornton

Advisors

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

06/02/31

............

183

170,502

JFL-Tiger

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.46

%

,

10/17/30

(d)

...........

73

72,533

LABL,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

6.75%),

10.41

%

,

11/03/26

..................

18

18,020

LABL,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

8.77

%

,

10/30/28

(c)

(d)

(i)

................

305

152,509

Novelis,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.45

%

,

03/11/32

...................

231

230,982

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.66

%

,

10/15/30

...

53

52,652

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.41

%

,

03/08/32

...

227

223,831

Reworld

Holding

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.93

%

,

01/15/31

.............

67

66,624

Reworld

Holding

Corp.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.93

%

,

11/30/28

..............

134

133,887

Summer

BC

Holdco

B

SARL,

Facility

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.00%),

8.96

%

,

02/15/29

...

47

39,501

2,214,621

Communications

Equipment

—

0.0%

Ciena

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.43

%

,

10/24/30

(a)

..................

160

160,287

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Construction

&

Engineering

—

0.1%

(a)

Azuria

Water

Solutions,

Inc.,

1st

Lien

Term

Loan

B

,

01/27/33

(q)

.....................

USD

207

$

204,327

Azuria

Water

Solutions,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan

,

01/27/33

(q)

............

28

27,244

Brand

Industrial

Services,

Inc.,

1st

Lien

Term

Loan

C

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

8.16

%

,

08/01/30

........

206

175,975

Construction

Partners,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

11/03/31

..............

93

92,434

Dycom

Industries,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

01/27/33

.............

130

130,380

Legence

Holdings

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.25%),

5.92

%

,

12/16/31

.............

236

236,539

866,899

Construction

Materials

—

0.1%

(a)

American

Builders

&

Contractors

Supply

Co.,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.52

%

,

01/31/31

...................

174

173,715

MSOF

Beacon

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

12/23/32

...................

127

126,788

NEW

AMI

I

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

9.67

%

,

03/08/29

...................

64

52,529

Quikrete

Holdings,

Inc.,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

03/19/29

.............

222

221,407

Quikrete

Holdings,

Inc.,

1st

Lien

Term

Loan

B3

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

02/10/32

.............

221

220,218

Standard

Industries,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.43

%

,

09/22/28

.............

43

43,338

White

Cap

Supply

Holdings

LLC,

Facility

1st

Lien

Term

Loan

C

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

10/19/29

...

325

311,542

1,149,537

Consumer

Staples

Distribution

&

Retail

—

0.1%

(a)

BCPE

Empire

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.00%),

7.39

%

,

12/29/32

.............

179

175,980

EG

America

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

02/10/31

...................

253

252,810

US

Foods,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

10/03/31

...................

88

88,387

517,177

Containers

&

Packaging

—

0.2%

(a)

Charter

Next

Generation,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.50%),

6.17

%

,

11/29/30

............

264

261,684

Clydesdale

Acquisition

Holdings,

Inc.,

1st

Lien

Term

Loan

B

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.18%),

6.84

%

,

04/13/29

...........

35

33,310

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

6.92

%

,

04/01/32

...........

162

150,952

Security

Par

(000)

Par

(000)

Value

Containers

&

Packaging

(continued)

Colossus

Acquireco

LLC,

1st

Lien

Term

Loan

,

(1-day

SOFR

at

0.00%

Floor

+

1.75%),

5.38

%

,

07/30/32

...................

USD

364

$

362,670

Graham

Packaging

Co.,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

01/26/33

.............

177

174,984

Mauser

Packaging

Solutions

Holding

Co.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.16

%

,

04/15/30

...

180

173,635

Pregis

TopCo

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67

%

,

02/01/29

...................

134

133,998

ProAmpac

PG

Borrower

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67

%

,

02/18/33

............

174

167,444

Reynolds

Consumer

Products

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

03/04/32

............

52

51,692

Ring

Container

Technologies

Group

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.17

%

,

09/15/32

...

115

113,293

Trident

TPI

Holdings,

Inc.,

1st

Lien

Term

Loan

B7

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.45

%

,

09/15/28

.............

112

105,736

1,729,398

Diversified

Consumer

Services

—

0.1%

(a)

PG

Polaris

BidCo

SARL,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.95

%

,

03/26/31

.............

116

115,729

Wand

NewCo

3,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

01/30/31

...................

343

339,719

455,448

Diversified

Telecommunication

Services

—

0.1%

(a)

Cogeco

Financing

2

LP,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.28

%

,

09/01/28

.............

40

37,950

Level

3

Financing,

Inc.,

1st

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

03/29/32

.............

364

363,622

Orbcomm,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%;

3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%

at

0.75%

Floor

+

0.04%),

8.03

%

-

8.18

%

,

09/01/28

...................

85

78,404

Radiate

Holdco

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.28

%

,

09/25/29

...................

247

219,009

Sunrise

Financing

Partnership,

Facility

1st

Lien

Term

Loan

B

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.47%),

6.10

%

,

02/16/32

...

80

79,375

Virgin

Media

Bristol

LLC,

Facility

1st

Lien

Term

Loan

Q

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.04

%

,

01/31/29

........

44

42,309

Zayo

Group

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.79

%

03/11/30

..............

275

269,531

1,090,200

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

29

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

—

0.1%

(a)

NRG

Energy,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.52

%

,

04/16/31

...................

USD

288

$

288,648

Vistra

Operations

Co.

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

12/20/30

(c)

............

288

288,254

576,902

Electronic

Equipment,

Instruments

&

Components

—

0.1%

(a)

Celestica,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.43

%

,

06/20/31

(d)

..................

173

172,856

Coherent

Corp.,

1st

Lien

Term

Loan

B3

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

07/02/29

...................

161

160,551

CoorsTek,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

10/28/32

...................

93

93,116

Sanmina

Corp.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

10/27/32

(d)

..................

174

173,783

600,306

Energy

Equipment

&

Services

—

0.0%

(a)

Covia

Holdings

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.40

%

,

02/26/32

...................

159

158,305

Deep

Blue

Operating

I

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

10/01/32

.............

53

53,132

211,437

Entertainment

—

0.2%

(a)

City

Football

Group

Ltd.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.28

%

,

07/22/30

.............

183

182,701

Creative

Artists

Agency

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

10/01/31

.............

216

215,658

Delta

2

(Lux)

SARL,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.45

%

,

09/30/31

.............

288

287,443

EOC

Borrower

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

03/24/32

.............

292

290,623

Live

Nation

Entertainment,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.68

%

,

10/21/32

........

177

177,046

Motion

Finco

SARL,

Facility

1st

Lien

Term

Loan

B3

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.20

%

,

11/13/29

..............

216

187,489

OAK-Eagle

Acquireco,

Inc.,

1st

Lien

Term

Loan

B1

,

03/23/33

(q)

.....................

360

357,750

TKO

Worldwide

Holdings

LLC,

1st

Lien

Term

Loan

B5

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.66

%

,

11/21/31

........

352

351,200

2,049,910

Financial

Services

—

0.2%

(a)

Acuren

Delaware

Holdco,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

07/30/31

............

69

69,320

Aggreko

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.66

%

,

05/21/31

.............

200

199,953

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

Apex

Group

Treasury

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.17

%

,

02/27/32

.............

USD

206

$

187,057

APi

Group

DE,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

01/03/29

...................

234

234,142

CPI

Holdco

B

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

05/19/31

...................

292

289,816

Gryphon

Acquire

NewCo

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

09/13/32

............

175

175,044

Hyperion

Refinance

SARL,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.42

%

,

02/17/31

.............

149

143,761

LBM

Acquisition

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

7.53

%

,

06/06/31

...................

110

87,489

Orion

US

Finco,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.15

%

,

10/08/32

...................

120

118,675

Sotera

Health

Holdings

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

05/30/31

.............

244

243,714

Summit

Acquisition,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.17

%

,

10/16/31

(d)

............

26

25,805

WEX,

Inc.,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

04/03/28

...................

54

54,005

WEX,

Inc.,

1st

Lien

Term

Loan

B3

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

03/05/32

...................

99

98,010

1,926,791

Food

Products

—

0.1%

(a)

Chobani

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

10/28/32

...................

292

292,145

Froneri

International

Ltd.,

Facility

1st

Lien

Term

Loan

B4

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.88

%

,

09/30/31

........

238

233,173

Froneri

US,

Inc.,

Facility

1st

Lien

Term

Loan

B6

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.88

%

,

09/30/32

.............

169

165,573

MP

Midco

Holdings

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

6.50%),

10.17

%

,

03/29/30

.............

12

11,921

Treehouse

Foods,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.92

%

,

02/11/33

..............

120

119,300

Wellness

Pet

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

7.71

%

,

12/31/29

...................

12

1,587

823,699

Gas

Utilities

—

0.0%

(a)

Bip

Pipeco

Holding

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.65

%

,

12/05/30

.............

81

81,194

M6

ETX

Holdings

II

Midco

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

04/01/32

............

97

96,761

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

30

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Gas

Utilities

(continued)

NGL

Energy

Operating

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.18

%

,

03/11/33

..............

USD

63

$

63,000

240,955

Ground

Transportation

—

0.1%

(a)

Genesee

&

Wyoming,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.45

%

,

04/10/31

.............

351

349,320

Hertz

Corp.

(The),

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.28

%

,

06/30/28

...................

101

74,581

Hertz

Corp.

(The),

1st

Lien

Term

Loan

C

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.28

%

,

06/30/28

...................

20

14,791

SIRVA

Worldwide,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

8.00%),

11.66

%

,

08/20/29

.............

32

12,349

451,041

Health

Care

Equipment

&

Supplies

—

0.1%

(a)

Bausch

+

Lomb

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

7.42

%

,

01/15/31

.............

292

292,456

Hologic,

Inc.,

1st

Lien

Term

Loan

B

,

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.75

%

,

01/14/33

...................

493

486,837

QuidelOrtho

Corp.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67

%

,

08/20/32

...................

175

174,736

954,029

Health

Care

Providers

&

Services

—

0.2%

(a)

ACP

Tara

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.97

%

,

12/15/32

.............

46

46,153

AHP

Health

Partners,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92

%

,

09/20/32

.............

31

31,326

CNT

Holdings

I

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.50%),

6.17

%

,

11/08/32

...................

146

145,433

Concentra

Health

Services,

Inc.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

07/28/31

........

110

110,013

Examworks

Bidco,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.17

%

,

02/07/33

.............

121

120,721

EyeCare

Partners

LLC,

1st

Lien

Term

Loan

C

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

6.75%),

10.48

%

,

11/30/28

(c)

(d)

(i)

..........

7

1,203

Ingenovis

Health,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%),

8.18

%

,

03/06/28

.............

64

17,490

LifePoint

Health,

Inc.,

1st

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

7.42

%

,

05/19/31

.............

148

148,120

Medical

Solutions

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.27

%

,

11/01/28

............

39

7,752

Medical

Solutions

Holdings,

Inc.,

2nd

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

7.00%),

10.77

%

,

11/01/29

...........

110

8,800

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

Medline

Borrower

LP,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

10/23/30

...................

USD

439

$

439,101

Option

Care

Health,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

09/22/32

.............

175

175,782

Raven

Acquisition

Holdings

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

11/19/31

............

92

90,172

Surgery

Center

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

12/19/30

............

130

129,599

Team

Health

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.66

%

,

06/30/28

.............

79

79,004

Vizient,

Inc.,

1st

Lien

Term

Loan

B8

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

08/01/31

...................

78

78,014

1,628,683

Health

Care

Technology

—

0.1%

(a)

AthenaHealth

Group,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.42

%

,

02/15/29

.............

282

276,781

Cotiviti,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

05/01/31

...................

201

184,591

Gainwell

Acquisition

Corp.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

7.80

%

,

10/01/27

.............

104

100,408

PointClickCare

Technologies,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

11/03/31

............

72

71,662

Polaris

Newco

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

7.93

%

,

06/02/28

...................

156

137,092

Waystar

Technologies,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

10/22/29

(d)

............

115

114,863

885,397

Hotels,

Restaurants

&

Leisure

—

0.4%

(a)

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.50%),

9.29

%

,

03/11/30

............

36

35,386

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.61%),

11.29

%

,

03/11/30

...........

34

33,263

Alterra

Mountain

Co.,

1st

Lien

Term

Loan

B8

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

05/31/30

(d)

............

183

182,649

Caesars

Entertainment,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92

%

,

02/06/30

.............

10

9,670

Caesars

Entertainment,

Inc.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92

%

,

02/06/31

.............

236

228,937

Crown

Finance

US,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

8.17

%

,

12/02/31

.............

149

146,846

DK

Crown

Holdings,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

03/04/32

.............

159

158,736

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Entain

Holdings

(Gibraltar)

Ltd.,

1st

Lien

Term

Loan

B5

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.95

%

,

07/30/32

........

USD

61

$

60,579

Fertitta

Entertainment

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

6.92

%

,

01/29/29

.............

299

293,232

Flutter

Financing

BV,

1st

Lien

Term

Loan

B

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.45

%

,

12/02/30

...........

236

233,191

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.70

%

,

06/04/32

...........

111

109,327

Fortrex

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.00%),

4.77

%

,

03/10/31

...................

12

11,256

Great

Canadian

Gaming

Corp.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

8.44

%

,

11/01/29

........

144

141,275

Herschend

Entertainment

Co.

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

05/27/32

............

173

172,811

IRB

Holding

Corp.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.50%),

6.18

%

,

12/16/30

...................

148

148,039

Light

&

Wonder

International,

Inc.,

1st

Lien

Term

Loan

B3

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.68

%

,

04/16/29

........

180

180,291

Ontario

Gaming

GTA

LP,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

7.95

%

,

08/01/30

.............

84

78,788

Penn

Entertainment,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.17

%

,

05/03/29

.............

56

56,059

Scientific

Games

Holdings

LP,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.65

%

,

04/04/29

............

150

147,702

SeaWorld

Parks

&

Entertainment,

Inc.,

1st

Lien

Term

Loan

B3

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.67

%

,

12/04/31

...

127

125,287

Six

Flags

Entertainment

Corp.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

05/01/31

........

69

68,087

Station

Casinos

LLC,

Facility

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

03/14/31

.............

114

114,230

TRQ

Sales

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.94

%

,

12/30/32

...................

137

132,463

Voyager

Parent

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.95

%

,

07/01/32

.............

89

88,272

Whatabrands

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.17

%

,

08/03/28

...................

137

136,676

3,093,052

Household

Durables

—

0.1%

(a)

Madison

Safety

&

Flow

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.18

%

,

09/26/31

.............

87

86,742

Somnigroup

International,

Inc.,

1st

Lien

Term

Loan

B

,

(1-day

SOFR

at

0.00%

Floor

+

2.25%),

5.96

%

,

10/24/31

.............

90

89,700

Security

Par

(000)

Par

(000)

Value

Household

Durables

(continued)

SWF

Holdings

I

Corp.,

1st

Lien

Term

Loan

A1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

8.17

%

,

12/19/29

.............

USD

30

$

29,320

SWF

Holdings

I

Corp.,

Delayed

Draw

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

4.50%),

8.17

%

,

12/19/29

........

20

19,547

Weber-Stephen

Products

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

7.41

%

,

10/01/32

........

276

269,238

494,547

Household

Products

—

0.0%

Lavender

Dutch

Borrower

Co.

BV,

Facility

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.93

%

,

12/30/32

(a)

..

155

152,100

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

(a)

Constellation

Renewables

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

2.00%),

5.67

%

,

12/15/27

............

176

175,790

Talen

Energy

Supply

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

11/25/32

..............

255

255,314

431,104

Industrial

Conglomerates

—

0.1%

(a)

Beach

Acquisition

Bidco

LLC,

1st

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.95

%

,

09/13/32

.............

114

113,857

EMRLD

Borrower

LP,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

05/31/30

.............

353

352,460

FCG

Acquisitions,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

03/04/33

.............

36

35,955

LSF12

Crown

US

Commercial

Bidco

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

12/02/31

...

125

125,013

Pinnacle

Buyer

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.16

%

,

10/01/32

.............

157

156,665

Resideo

Funding,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

08/13/32

.............

181

180,411

Resilience

Parent

LLC,

1st

Lien

Term

Loan

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.13

%

,

02/28/33

.............

203

201,794

1,166,155

Insurance

—

0.3%

(a)

Alliant

Holdings

Intermediate

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

09/19/31

............

400

396,161

AmWINS

Group,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.00%),

5.67

%

,

01/30/32

...................

326

323,837

Amynta

Agency

Borrower,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

12/29/31

........

121

118,634

Baldwin

Insurance

Group

Holdings

LLC

(The),

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.18

%

,

05/26/31

...................

168

164,895

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

32

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

CRC

Insurance

Group

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.45

%

,

05/06/31

.............

USD

295

$

290,507

HUB

International

Ltd.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.25%),

5.92

%

,

06/20/30

.............

381

379,726

Jones

DesLauriers

Insurance

Management,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.66

%

,

02/02/33

..

180

174,819

OneDigital

Borrower

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67

%

,

07/02/31

.............

82

79,559

Ryan

Specialty

LLC,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

09/15/31

.............

165

164,733

USI,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.95

%

,

09/27/30

...................

182

181,528

USI,

Inc.,

1st

Lien

Term

Loan

D

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.95

%

,

11/21/29

...................

148

147,149

2,421,548

IT

Services

—

0.3%

(a)

Asurion

LLC,

1st

Lien

Term

Loan

B11

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

8.02

%

,

08/21/28

...................

21

20,554

Asurion

LLC,

1st

Lien

Term

Loan

B12

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.92

%

,

09/19/30

...................

79

78,414

Asurion

LLC,

1st

Lien

Term

Loan

B13

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.92

%

,

09/19/30

...................

219

216,150

Asurion

LLC,

1st

Lien

Term

Loan

B14

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

7.42

%

,

02/23/33

...................

30

28,969

Asurion

LLC,

2nd

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

9.03

%

,

01/19/29

...................

51

50,256

Central

Parent

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

07/06/29

...................

205

145,325

Clearwater

Analytics

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.68

%

,

04/21/32

.............

165

164,964

Epicor

Software

Corp.,

1st

Lien

Term

Loan

E

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.50%),

6.17

%

,

05/30/31

.............

331

324,249

Go

Daddy

Operating

Co.

LLC,

1st

Lien

Term

Loan

B8

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

11/09/29

........

139

136,966

ION

Platform

Finance

US,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

7.42

%

,

09/30/32

............

289

231,408

Iron

Mountain,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

01/31/31

...................

115

113,708

Mitchell

International,

Inc.,

2nd

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.25%),

8.92

%

,

06/07/32

.............

55

48,930

Modena

Buyer

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.92

%

,

07/01/31

...................

94

83,692

Security

Par

(000)

Par

(000)

Value

IT

Services

(continued)

Project

Boost

Purchaser

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.45

%

,

07/16/31

............

USD

281

$

270,906

Sedgwick

Claims

Management

Services,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

07/31/31

...

269

263,391

Shift4

Payments

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.65

%

,

07/06/32

...................

105

104,411

2,282,293

Leisure

Products

—

0.0%

Hayward

Industries,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.28

%

,

05/30/28

(a)

............

49

48,847

Life

Sciences

Tools

&

Services

—

0.0%

(a)

ICON

Luxembourg

SARL,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.70

%

,

07/03/28

.............

44

43,885

PRA

Health

Sciences,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.70

%

,

07/03/28

.............

11

10,934

Star

Parent,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.70

%

,

09/27/30

...................

151

149,452

204,271

Machinery

—

0.3%

(a)

Chart

Industries,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.16

%

,

03/15/30

...................

73

72,663

Columbus

McKinnon

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.20

%

,

02/03/33

.............

179

178,419

CompoSecure

Holdings

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.93

%

,

01/14/33

............

257

255,877

Filtration

Group

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.42

%

,

10/23/28

.............

322

322,305

Generac

Power

Systems,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

06/12/31

............

99

98,993

Indicor

LLC,

1st

Lien

Term

Loan

E

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.20

%

,

11/22/29

...................

136

135,480

LSF12

Helix

Parent

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.17

%

,

02/10/33

.............

240

236,493

Madison

IAQ

LLC,

1st

Lien

Term

Loan

,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.13

%

,

06/21/28

...................

377

376,832

Osmosis

Buyer

Ltd.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.5%

Floor

+

2.75%;

3-mo.

CME

Term

SOFR

at

0.5%

Floor

+

2.75%

at

0.50%

Floor

+

0.00%),

6.41

%

,

07/31/28

...................

256

254,780

PECF

USS

Intermediate

Holding

III

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

7.50%),

11.17

%

,

03/03/33

...

18

16,917

Rexnord

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.78

%

,

10/04/28

...................

75

75,611

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

33

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Machinery

(continued)

Tega

Mc

Australia

Holdings

Pty.

Ltd.,

1st

Lien

Term

Loan

B

,

03/24/33

(d)

(q)

.............

USD

54

$

53,595

TK

Elevator

Midco

GmbH,

1st

Lien

Term

Loan

B1

,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.38

%

,

04/30/30

.............

436

436,455

WEC

US

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

01/27/31

.............

296

294,969

2,809,389

Media

—

0.1%

(a)

Altice

France

SA,

1st

Lien

Term

Loan

B14

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

6.88%),

10.55

%

,

05/30/31

.............

263

262,830

Clear

Channel

Outdoor

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.93

%

,

08/23/28

........

48

47,967

CSC

Holdings

LLC,

1st

Lien

Term

Loan

B5

,

(US

Prime

Rate

at

0.00%

Floor

+

1.50%),

8.25

%

,

04/15/27

...................

251

221,063

ECL

Entertainment

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

08/30/30

.............

58

57,511

Gray

Television,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

8.92

%

,

05/23/29

.............

1

699

Learfield

Communications

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

4.50%),

8.17

%

,

06/30/28

............

121

120,806

NEP

Group,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

8.17

%

,

10/17/31

...................

282

254,344

Nexstar

Media,

Inc.,

1st

Lien

Term

Loan

B7

,

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.22

%

,

03/18/33

.............

77

76,070

Outfront

Media

Capital

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.68

%

,

09/24/32

.............

131

131,082

Telenet

Financing

USD

LLC,

Facility

1st

Lien

Term

Loan

AR

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.79

%

,

05/01/28

...

60

59,188

1,231,560

Multi-Utilities

—

0.0%

GFL

Environmental

Services,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

03/03/32

(a)

...........

231

230,993

Oil,

Gas

&

Consumable

Fuels

—

0.1%

(a)

Blackfin

Pipeline

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.69

%

,

10/01/32

...................

83

83,129

Buckeye

Partners

LP,

1st

Lien

Term

Loan

B7

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

11/22/32

..............

92

92,233

Freeport

LNG

Investments

LLLP,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.89

%

,

02/11/33

........

255

254,788

GIP

Pilot

Acquisition

Partners

LP,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.65

%

,

10/04/30

............

17

17,495

Hilcorp

Energy

I

LP,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.43

%

,

02/11/30

(d)

..................

143

142,383

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Meade

Pipeline

Co.

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.69

%

,

09/22/32

.............

USD

50

$

49,917

Murphy

USA,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

04/07/32

...................

56

56,296

Oryx

Midstream

Services

Permian

Basin

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.93

%

,

10/05/28

...

263

263,255

TransMontaigne

Operating

Co.

LP,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92

%

,

03/18/30

........

95

95,018

WhiteWater

Matterhorn

Holdings

LLC,

1st

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.44

%

,

06/16/32

...

146

144,973

1,199,487

Passenger

Airlines

—

0.1%

(a)

AAdvantage

Loyalty

IP

Ltd.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

04/20/28

.............

135

133,651

Air

Canada,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

03/21/31

...................

178

176,412

American

Airlines,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.91

%

,

06/04/29

.............

200

193,573

Jetblue

Airways

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.75%),

8.44

%

,

08/27/29

.............

144

130,424

Stonepeak

Nile

Parent

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

04/09/32

.............

143

142,290

United

Airlines,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.43

%

,

02/24/31

.............

212

210,765

987,115

Pharmaceuticals

—

0.1%

(a)

Amneal

Pharmaceuticals

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67

%

,

08/02/32

............

193

193,536

Elanco

Animal

Health,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

10/29/32

.............

85

84,599

Endo

Finance

Holdings

LP,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.42

%

,

04/23/31

.............

94

93,881

Jazz

Financing

Lux

SARL,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92

%

,

05/05/28

.............

180

180,514

Organon

&

Co.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92

%

,

05/19/31

...................

65

61,481

Perrigo

Investments

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

04/20/29

.............

150

149,427

763,438

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Professional

Services

—

0.1%

(a)

Celestial-Saturn

Parent,

Inc.,

2nd

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.50%),

10.29

%

,

06/04/29

...........

USD

115

$

106,879

CoreLogic,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.28

%

,

06/02/28

...................

151

144,386

Corpay

Technologies

Operating

Co.

LLC,

1st

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

04/28/28

..

252

251,882

Element

Materials

Technology

Group

US

Holdings,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.20

%

,

06/22/29

...................

139

139,304

Galaxy

US

Opco,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.50%),

5.17

%

,

07/31/30

.............

101

86,434

Trans

Union

LLC,

1st

Lien

Term

Loan

B8

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.45

%

,

06/24/31

...................

217

215,438

Zelis

Payments

Buyer,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

11/26/31

..............

228

220,058

1,164,381

Real

Estate

Management

&

Development

—

0.0%

Cushman

&

Wakefield

US

Borrower

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.42

%

,

01/31/30

(a)

(d)

.

36

35,684

Semiconductors

&

Semiconductor

Equipment

—

0.1%

(a)

Entegris,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.43

%

,

07/06/29

...................

140

140,209

Galileo

Parent,

Inc.,

1st

Lien

Term

Loan

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

8.12

%

,

03/03/33

...................

89

87,109

Qnity

Electronics,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

10/29/32

.............

293

292,532

519,850

Software

—

0.6%

(a)

Applied

Systems,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.95

%

,

02/24/31

.............

266

260,764

Avalara,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

03/26/32

...................

214

208,816

Barracuda

Networks,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

8.17

%

,

08/15/29

.............

96

60,626

Boxer

Parent

Co.,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

07/30/31

.............

281

259,706

CCC

Intelligent

Solutions,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.67

%

,

01/23/32

............

218

215,987

Cloud

Software

Group,

Inc.,

1st

Lien

Term

Loan

B

(3-mo.

CME

Term

SOFR

at

0.01%

Floor

+

3.25%),

6.92

%

,

03/21/31

...........

60

54,780

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

08/16/32

...........

363

330,885

Security

Par

(000)

Par

(000)

Value

Software

(continued)

Cloudera,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.52

%

,

10/09/28

...................

USD

83

$

74,026

Darktrace

Finco

US

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.90

%

,

10/09/31

.............

59

56,117

Dayforce

Bidco

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.66

%

,

02/04/33

...................

225

212,562

DS

Admiral

Bidco

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.92

%

,

06/26/31

.............

103

96,353

Ellucian

Holdings,

Inc.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.17

%

,

10/09/29

.............

242

235,126

Ellucian

Holdings,

Inc.,

2nd

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.75%),

8.42

%

,

11/15/32

..............

87

83,013

Gen

Digital,

Inc.,

1st

Lien

Term

Loan

B

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

09/12/29

...........

296

292,977

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

04/16/32

...........

86

84,891

Genesys

Cloud

Services,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

01/30/32

............

223

212,702

Kaseya,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

03/22/32

...................

392

364,789

MH

Sub

I

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

7.92

%

,

12/31/31

...................

90

59,440

MKS

Instruments,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.41

%

,

02/04/33

.............

176

176,055

Ping

Identity

Holding

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

11/15/32

..............

97

95,666

Proofpoint,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.70

%

,

08/31/28

...................

455

439,565

Quartz

AcquireCo

LLC,

1st

Lien

Term

Loan

B2

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.95

%

,

06/28/30

(d)

............

173

143,936

RealPage,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.96

%

,

04/24/28

...................

297

283,874

SS&C

Technologies,

Inc.,

1st

Lien

Term

Loan

B8

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

05/09/31

.............

257

255,694

UKG,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

02/10/31

...................

366

349,531

VS

Buyer

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

04/14/31

...................

189

184,686

5,092,567

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

35

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

—

0.2%

(a)

Belron

Finance

2019

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.66

%

,

10/16/31

.............

USD

433

$

432,768

Hunter

Douglas,

Inc.,

1st

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.70

%

,

01/16/32

.............

217

215,872

LS

Group

OpCo

Acquistion

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

04/23/31

........

167

166,020

Mavis

Tire

Express

Services

Topco

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.00%),

6.67

%

,

05/04/28

...

328

327,925

Peer

Holding

III

BV,

Facility

1st

Lien

Term

Loan

B8

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.95

%

,

09/29/32

.............

61

60,390

Project

Aurora

US

Finco,

Inc.,

Facility

1st

Lien

Term

Loan

B2

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.45

%

,

12/06/32

...

43

43,000

Pye-Barker

Fire

&

Safety

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.21

%

,

12/16/32

............

126

126,262

Pye-Barker

Fire

&

Safety

LLC,

Delayed

Draw

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.00%),

0.00

%

,

12/16/32

...

19

18,867

1,391,104

Technology

Hardware,

Storage

&

Peripherals

—

0.0%

Finastra

USA,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67

%

,

09/15/32

(a)

..................

254

238,125

Tobacco

—

0.0%

Savor

Acquisition,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

02/19/32

(a)

............

11

10,947

Trading

Companies

&

Distributors

—

0.1%

(a)

Core

&

Main

LP,

1st

Lien

Term

Loan

D

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.68

%

,

07/27/28

...................

175

175,287

Core

&

Main

LP,

1st

Lien

Term

Loan

E

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.68

%

,

02/10/31

...................

118

118,340

Gulfside

Supply,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.70

%

,

06/17/31

...................

128

116,275

Herc

Holdings,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.43

%

,

06/02/32

...................

51

50,894

QXO

Building

Products,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

04/30/32

.............

80

79,466

TMK

Hawk

Parent

Corp.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

7.67

%

,

06/29/29

(d)

............

85

38,739

579,001

Transportation

Infrastructure

—

0.1%

(a)

Apple

Bidco

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

09/23/31

...................

233

232,560

OLA

Netherlands

BV,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

6.25%),

10.02

%

,

12/15/26

(d)

.................

120

118,942

Security

Par

(000)

Par

(000)

Value

Transportation

Infrastructure

(continued)

Rand

Parent

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.70

%

,

03/18/30

...................

USD

183

$

182,090

533,592

Wireless

Telecommunication

Services

—

0.0%

(a)

Digicel

International

Finance

Ltd.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

8.92

%

,

08/09/32

............

116

115,445

Windstream

Services

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67

%

,

10/06/32

.............

147

146,542

261,987

Total

Floating

Rate

Loan

Interests

—

6

.6

%

(Cost:

$

58,768,001

)

...............................

56,981,851

Foreign

Agency

Obligations

Mexico

—

0.2%

Petroleos

Mexicanos

6.50

%

,

01/23/29

...................

869

871,251

6.84

%

,

01/23/30

...................

231

231,785

6.70

%

,

02/16/32

...................

333

325,924

1,428,960

Total

Foreign

Agency

Obligations

—

0

.2

%

(Cost:

$

1,438,815

)

...............................

1,428,960

Foreign

Government

Obligations

Mexico

—

0.0%

United

Mexican

States

,

5.00

%

,

05/07/29

.....

200

201,300

Peru

—

0.1%

Republic

of

Peru

,

2.84

%

,

06/20/30

.........

520

483,600

Total

Foreign

Government

Obligations

—

0

.1

%

(Cost:

$

683,033

)

.................................

684,900

Shares

Shares

Investment

Companies

(r)

BlackRock

Allocation

Target

Shares-

High

Income

Taxable

Series

,

Class

A

.........

747,032

7,134,153

BlackRock

Floating

Rate

Income

Portfolio,

Class

K

Shares

........................

34,996

326,859

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

(f)

...........................

269,775

9,938,511

iShares

Core

MSCI

Emerging

Markets

ETF

...

68,363

4,768,319

iShares

J.P.

Morgan

EM

Local

Currency

Bond

ETF

............................

203,731

8,312,225

Total

Investment

Companies

—

3

.5

%

(Cost:

$

30,884,622

)

...............................

30,480,067

Par

(000)

Par

(000)

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

2.8%

(b)

Angel

Oak

Mortgage

Trust

(m)

Series

2023-5,

Class

A1,

4.80%,

09/25/67

..

925

919,936

Series

2025-7,

Class

A1,

5.51%,

06/25/70

..

677

679,046

Aspire

Mortgage

Trust,

Series

2026-1,

Class

A1,

4.85%,

01/25/66

(a)

..................

1,000

993,074

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

36

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

BRAVO

Residential

Funding

Trust,

Series

2025-

NQM6,

Class

A1,

5.33%,

06/25/65

(m)

......

USD

783

$

783,507

CHNGE

Mortgage

Trust,

Series

2022-2,

Class

A1,

4.76%,

03/25/67

(a)

...............

589

578,218

CIM

Trust,

Series

2023-I2,

Class

A1,

6.64%,

12/25/67

(m)

.......................

222

221,906

COLT

Mortgage

Loan

Trust,

Series

2025-6,

Class

A1,

5.53%,

08/25/70

(m)

...............

682

684,472

Cross

Mortgage

Trust

(a)

Series

2025-H5,

Class

A1,

5.51%,

07/25/70

.

872

874,388

Series

2026-NQM3,

Class

A1,

5.12%,

03/25/71

......................

1,000

1,001,430

Deephaven

Residential

Mortgage

Trust,

Series

2026-INV2,

Class

A1,

5.48%,

02/25/71

(a)

...

615

615,182

Ellington

Financial

Mortgage

Trust

(a)

Series

2021-2,

Class

A1,

0.93%,

06/25/66

..

94

79,762

Series

2025-NQM2,

Class

A1,

5.60%,

06/25/70

......................

821

824,637

Series

2025-NQM5,

Class

A1,

5.03%,

11/25/70

......................

789

785,374

GCAT

Trust

Series

2022-NQM3,

Class

A1,

4.35%,

04/25/67

(a)

.....................

675

672,944

Series

2025-NQM3,

Class

A1,

0.00%,

05/25/70

(m)

.....................

862

864,754

GS

Mortgage-Backed

Securities

Trust

(m)

Series

2025-NQM2,

Class

A1,

5.65%,

06/25/65

......................

499

501,764

Series

2025-NQM5,

Class

A1,

5.01%,

07/25/65

......................

480

477,295

Series

2025-RPL3,

Class

A1,

4.10%,

07/25/65

939

911,805

Series

2026-R1,

Class

A1,

5.53%,

04/25/63

.

1,000

999,988

Homes

Trust

Series

2025-AFC2,

Class

A1A,

5.47%,

06/25/60

(m)

.....................

814

816,483

Series

2025-NQM3,

Class

A1,

5.63%,

02/25/70

(a)

.....................

542

544,918

J.P.

Morgan

Mortgage

Trust,

Series

2022-DSC1,

Class

A1,

4.75%,

01/25/63

(a)

...........

609

599,254

MFA

Trust

Series

2022-CHM1,

Class

A1,

4.88%,

09/25/56

(m)

.....................

510

501,057

Series

2023-NQM2,

Class

A1,

4.40%,

03/25/68

(m)

.....................

265

263,894

Series

2026-NQM1,

Class

A1,

5.05%,

02/25/71

(a)

.....................

1,000

993,904

Mill

City

Mortgage

Loan

Trust

(m)

Series

2023-NQM1,

Class

A1,

6.05%,

10/25/67

......................

98

97,612

Series

2023-NQM2,

Class

A1,

6.24%,

12/25/67

......................

142

141,130

Morgan

Stanley

Residential

Mortgage

Loan

Trust

(m)

Series

2025-NQM4,

Class

A1,

5.59%,

06/25/70

......................

632

634,155

Series

2026-NQM3,

Class

A1LC,

5.28%,

03/25/71

......................

1,000

999,994

NRZT,

Series

2025-NQM6,

Class

A1,

5.09%,

10/25/65

(a)

.......................

944

942,165

OBX

Trust,

Series

2022-NQM7,

Class

A1,

5.11%,

08/25/62

(m)

.......................

253

251,887

PRKCM

Trust,

Series

2022-AFC2,

Class

A1,

5.33%,

08/25/57

(a)

..................

612

610,267

PRPM

Trust

Series

2025-NQM6,

Class

A1,

4.99%,

12/25/70

(a)

.....................

850

844,770

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2026-NQM1,

Class

A1LC,

5.22%,

02/25/71

(m)

.....................

USD

1,000

$

987,864

Santander

Mortgage

Asset

Receivable

Trust,

Series

2025-NQM3,

Class

A1,

5.60%,

05/25/65

(m)

.......................

646

648,083

Spruce

Hill

Mortgage

Loan

Trust,

Series

2022-

SH1,

Class

A1A,

4.10%,

07/25/57

(m)

......

785

776,567

Verus

Securitization

Trust,

Series

2022-3,

Class

A1,

5.13%,

02/25/67

(m)

...............

479

457,517

24,581,003

Commercial

Mortgage-Backed

Securities

—

8.2%

1301

Trust,

Series

2025-1301,

Class

A,

5.06%,

08/11/42

(a)

(b)

......................

243

243,576

1345T,

Series

2025-AOA,

Class

E,

(1-mo.

CME

Term

SOFR

at

4.50%

Floor

+

4.50%),

8.17%,

06/15/42

(a)

(b)

......................

200

201,462

ALA

Trust,

Series

2025-OANA,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.74%

Floor

+

1.74%),

5.42%,

06/15/40

(a)

(b)

.................

1,000

1,002,500

ARES

Commercial

Mortgage

Trust,

Series

2026-

GCP,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

4.92%,

02/15/43

(a)

(b)

.

1,000

995,625

Atrium

Hotel

Portfolio

Trust,

Series

2025-ATRM,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.32%,

08/15/42

(a)

(b)

......

123

123,097

BAHA

Trust

(a)(b)

Series

2024-MAR,

Class

A,

5.57%,

12/10/41

1,080

1,102,025

Series

2024-MAR,

Class

C,

7.01%,

12/10/41

870

894,882

BANK,

Series

2020-BN26,

Class

AS,

2.69%,

03/15/63

........................

109

98,126

BAY

Mortgage

Trust,

Series

2025-LIVN,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

5.47%,

05/15/35

(a)

(b)

...........

100

99,469

BFLD

Commercial

Mortgage

Trust

(a)(b)

Series

2025-5MW,

Class

A,

4.67%,

10/10/42

250

248,027

Series

2025-660F,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

5.17%,

11/15/42

......................

1,644

1,641,949

BHMS

Commercial

Mortgage

Trust,

Series

2025-

ATLS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

5.52%,

08/15/42

(a)

(b)

.

1,753

1,754,126

BX

Commercial

Mortgage

Trust

(b)

Series

2020-VIV4,

Class

A,

2.84%,

03/09/44

790

731,876

Series

2024-AIRC,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.69%

Floor

+

1.69%),

5.36%,

08/15/41

(a)

.....................

1,002

1,002,614

Series

2024-BRBK,

Class

C,

(1-mo.

CME

Term

SOFR

at

4.87%

Floor

+

4.87%),

8.55%,

10/15/41

(a)

................

76

75,591

Series

2024-GPA3,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.29%

Floor

+

1.29%),

4.97%,

12/15/39

(a)

................

267

266,602

Series

2024-MDHS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.64%

Floor

+

1.64%),

5.31%,

05/15/41

(a)

................

66

66,258

Series

2024-MF,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

5.11%,

02/15/39

(a)

.....................

1,612

1,611,024

Series

2024-PALM,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.21%,

06/15/37

(a)

................

1,038

1,037,812

Series

2025-JDI,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

11/15/42

(a)

.....................

1,245

1,245,271

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

37

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2025-SPOT,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

5.12%,

04/15/40

(a)

................

USD

907

$

906,783

Series

2026-VLT9,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

03/15/45

(a)

.....................

730

726,467

BX

Trust

(a)(b)

Series

2025-ARIA,

Class

A,

5.03%,

12/13/42

995

1,000,239

Series

2025-LIFE,

Class

A,

5.88%,

06/13/47

1,000

1,002,873

Series

2025-OMG,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

10/15/42

......................

314

313,215

Series

2025-VLT6,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

5.12%,

03/15/42

......................

792

786,555

Series

2025-VOLT,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

12/15/44

......................

2,200

2,193,125

CFSP

Mortgage

Trust,

Series

2024-AHP1,

Class

A,

6.50%,

04/15/37

.................

294

281,656

Commercial

Mortgage

Trust

(b)

Series

2024-WCL1,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.84%

Floor

+

1.84%),

5.51%,

06/15/41

(a)

................

914

910,856

Series

2025-167G,

Class

A,

5.50%,

08/10/40

131

130,481

CONE

Trust,

Series

2024-DFW1,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.64%

Floor

+

1.64%),

5.31%,

08/15/41

(a)

(b)

.................

442

438,823

CRSNT

Trust,

Series

2026-MOON,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.40%),

5.07%,

02/15/31

(a)

(b)

...........

1,000

995,625

DBC

Mortgage

Trust

(a)(b)

Series

2025-DBC,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

11/15/42

......................

2,300

2,298,565

Series

2025-DBC,

Class

C,

(1-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.05%),

5.72%,

11/15/42

......................

500

498,126

DBGS,

Series

2024-SBL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.88%

Floor

+

1.88%),

5.56%,

08/15/34

(a)

(b)

......................

1,400

1,398,250

DBWF

Mortgage

Trust,

Series

2024-LCRS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.74%

Floor

+

1.74%),

5.41%,

04/15/37

(a)

(b)

...........

640

638,000

DGWD

Trust,

Series

2025-INFL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.27%,

08/15/35

(a)

(b)

.................

1,000

1,000,787

DK

Trust,

Series

2025-LXP,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.59%

Floor

+

1.59%),

5.27%,

08/15/37

(a)

(b)

......................

65

65,000

Extended

Stay

America

Trust,

Series

2025-ESH,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.30%),

4.97%,

10/15/42

(a)

(b)

......

715

715,000

Fontainebleau

Miami

Beach

Mortgage

Trust,

Series

2024-FBLU,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.12%,

12/15/39

(a)

(b)

......................

770

769,759

FS

ORL,

Series

2026-ORL,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.25%),

6.92%,

02/15/41

(a)

(b)

......................

500

499,183

FS

Trust,

Series

2026-HULA,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.13%,

03/15/41

(a)

(b)

.................

1,000

999,687

GGP,

Series

2026-TY,

Class

A,

4.67%,

03/05/43

(a)

(b)

......................

1,000

987,858

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Grace

Trust,

Series

2020-GRCE,

Class

A,

2.35%,

12/10/40

(b)

.......................

USD

500

$

446,695

GS

Mortgage

Securities

Corp.

Trust,

Series

2025-800D,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.65%

Floor

+

2.65%),

6.33%,

11/25/41

(a)

(b)

1,000

998,946

GSAT

Trust,

Series

2025-BMF,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

5.17%,

07/15/40

(a)

(b)

.................

1,371

1,369,660

GSMS

Trust,

Series

2024-FAIR,

Class

A,

5.48%,

07/15/29

(a)

(b)

......................

117

118,864

HIH

Trust,

Series

2024-61P,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.84%

Floor

+

1.84%),

5.51%,

10/15/41

(a)

(b)

.................

713

712,971

HILT

Commercial

Mortgage

Trust,

Series

2024-

ORL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.21%,

05/15/37

(a)

(b)

.

770

769,519

HONO

Mortgage

Trust,

Series

2021-LULU,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.26%),

4.94%,

10/15/36

(a)

(b)

...........

500

494,688

Houston

Galleria

Mall

Trust,

Series

2025-HGLR,

Class

A,

5.46%,

02/05/45

(a)

(b)

...........

770

786,916

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2025-PHNY,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.64%

Floor

+

1.64%),

5.32%,

01/15/41

(a)

(b)

...........

1,000

999,688

JW

Commercial

Mortgage

Trust,

Series

2024-

MRCO,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.62%

Floor

+

1.62%),

5.29%,

06/15/39

(a)

(b)

.

770

770,000

KSL

Commercial

Mortgage

Trust,

Series

2024-

HT2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.21%,

12/15/39

(a)

(b)

.

1,557

1,554,024

LEX

Mortgage

Trust,

Series

2024-BBG,

Class

A,

4.87%,

10/13/33

(a)

(b)

.................

1,000

995,772

LoanCore

2025

Issuer

LLC,

Series

2025-CRE8,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.06%,

08/17/42

(a)

(b)

......

630

628,822

LQR

Trust,

Series

2025-CALI,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.27%,

01/15/43

(a)

(b)

.................

894

887,880

MAC

Trust,

Series

2025-801B,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

10/15/40

(a)

(b)

.................

1,000

997,501

MAIN

Trust,

Series

2026-OLAS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

01/15/41

(a)

(b)

.................

1,000

999,995

MHP

Commercial

Mortgage

Trust,

Series

2025-

MHIL2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

5.17%,

09/15/40

(a)

(b)

.

593

590,375

MLTI

Trust,

Series

2026-SF75,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

03/15/31

(a)

(b)

.................

1,000

995,000

Morgan

Stanley

Capital

I

Trust

(a)

Series

2017-HR2,

Class

B,

4.06%,

12/15/50

990

960,469

Series

2024-NSTB,

Class

A,

3.90%,

09/24/57

(b)

.....................

373

368,158

NCMF

Trust,

Series

2025-MFS,

Class

A,

4.88%,

06/10/33

(a)

(b)

......................

976

972,440

NJ

Trust,

Series

2023-GSP,

Class

A,

6.48%,

01/06/29

(a)

(b)

......................

833

863,253

NRTH

Commercial

Mortgage

Trust,

Series

2025-

PARK,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.07%,

10/15/40

(a)

(b)

.

860

859,194

NYC

Commercial

Mortgage

Trust

(a)(b)

Series

2025-11X,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.74%

Floor

+

1.74%),

5.42%,

10/15/40

......................

1,000

1,000,313

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

38

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2025-3BP,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.21%

Floor

+

1.21%),

4.89%,

02/15/42

......................

USD

1,146

$

1,138,837

Series

2026-1PARK,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

4.93%,

02/15/43

.................

1,000

995,938

NYC

Trust

(a)(b)

Series

2024-3ELV,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.99%

Floor

+

1.99%),

5.66%,

08/15/29

......................

442

442,356

Series

2025-77C,

Class

A,

4.79%,

01/10/36

.

1,360

1,349,112

ORL

Trust,

Series

2024-GLKS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

5.17%,

12/15/39

(a)

(b)

.................

790

790,000

PENN

Commercial

Mortgage

Trust,

Series

2025-

P11,

Class

A,

5.34%,

08/10/42

(a)

(b)

........

241

244,874

PGA

Trust,

Series

2024-RSR2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.89%

Floor

+

1.89%),

5.56%,

06/15/39

(a)

(b)

.................

600

597,938

SCG

Mortgage

Trust,

Series

2024-MSP,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.74%

Floor

+

1.74%),

5.41%,

04/15/41

(a)

(b)

...........

980

979,999

SCG

Trust,

Series

2025-SNIP,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

5.17%,

09/15/42

(a)

(b)

.................

977

977,000

SHR

Trust,

Series

2024-LXRY,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

5.62%,

10/15/41

(a)

(b)

.................

770

769,037

SHRN

Trust,

Series

2025-MF18,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.20%),

4.87%,

10/15/40

(a)

(b)

.................

800

798,000

SLG

Commercial

Mortgage

Trust,

Series

2026-

PAT,

Class

A,

4.45%,

02/15/39

(a)

(b)

........

1,077

1,068,153

SLG

Office

Trust,

Series

2026-OMA,

Class

A,

1.00%,

04/15/41

(a)

(b)

.................

1,000

1,002,938

TCO

Commercial

Mortgage

Trust,

Series

2024-

DPM,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.24%

Floor

+

1.24%),

4.92%,

12/15/39

(a)

(b)

.

770

768,797

UNIV

Trust,

Series

2025-APTS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.32%,

11/15/42

(a)

(b)

.................

1,000

996,487

VEGAS

Trust,

Series

2024-TI,

Class

A,

5.52%,

11/10/39

(b)

.......................

510

511,056

Velocity

Commercial

Capital

Loan

Trust,

Series

2025-3,

Class

A,

5.87%,

06/25/55

(a)

(b)

.....

437

437,818

VTR

Commercial

Mortgage

Trust,

Series

2025-

STEM,

Class

A,

4.70%,

10/13/39

(a)

(b)

......

535

529,999

Willobrook

Mall,

Series

2025-WBRK,

Class

A,

5.87%,

03/05/35

(a)

(b)

.................

2,000

2,054,780

70,593,087

Total

Non-Agency

Mortgage-Backed

Securities

—

11

.0

%

(Cost:

$

95,083,171

)

...............................

95,174,090

Beneficial

Interest

(000)

Other

Interests

(s)

Broadline

Retail

—

0.0%

NMG

Parent

LLC

(c)

(d)

...................

—

(p)

—

Security

Beneficial

Interest

(000)

Value

Capital

Markets

—

0.0%

Lehman

Brothers

Holdings,

Inc.,

Capital

Trust

VII

(c)

(d)

(i)

..........................

USD

15

$

—

Total

Other

Interests

—

0.0

%

(Cost:

$

—

)

.....................................

—

Par

(000)

Pa

r

(

000)

Preferred

Securities

Capital

Trusts

—

0.8%

Banks

—

0.5%

(a)

Bank

of

America

Corp.

(o)

Series

RR

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.76%),

4.38

%

........................

87

85,944

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.68%),

6.63

%

....

116

118,928

Bank

of

Montreal

,

Series

6

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.98%),

6.88

%

,

11/26/85

..............

200

201,832

Barclays

plc

(o)

(USISSO05

+

5.78%),

9.63

%

...........

400

436,302

(USISSO05

+

3.69%),

7.63

%

...........

217

219,105

BNP

Paribas

SA

(b)(o)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.90%),

7.75

%

....

200

206,298

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.85%),

6.88

%

....

340

328,539

Citigroup,

Inc.

(o)

Series

T

,

(3-mo.

CME

Term

SOFR

+

4.78%),

6.25

%

........................

86

86,048

Series

EE

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.57%),

6.75

%

........................

432

431,806

Series

FF

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.73%),

6.95

%

........................

302

304,243

Series

GG

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.89%),

6.88

%

........................

419

421,957

JPMorgan

Chase

&

Co.

,

Series

KK

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.85%),

3.65

%

(o)

............

39

38,821

Lloyds

Banking

Group

plc

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.82%),

6.75

%

(o)

...................

260

261,101

3,140,924

Capital

Markets

—

0.1%

(a)

Charles

Schwab

Corp.

(The)

,

Series

K

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.26%),

5.00

%

(o)

.....

19

18,791

Goldman

Sachs

Group,

Inc.

(The)

(o)

Series

V

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.95%),

4.13

%

........................

55

54,251

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.46%),

6.85

%

....

187

190,612

State

Street

Corp.

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.26%),

4.94

%

,

06/15/47

...

138

119,772

UBS

Group

AG

(b)(o)

(USISSO05

+

4.16%),

7.75

%

...........

400

412,168

(USISSO05

+

3.18%),

7.13

%

...........

225

220,696

(USISSO05

+

3.30%),

7.00

%

...........

200

194,416

1,210,706

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

39

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Chemicals

—

0.0%

FMC

Corp.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.37%),

8.45

%

,

11/01/55

(a)

..................

USD

226

$

145,512

Consumer

Finance

—

0.0%

(a)(o)

American

Express

Co.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.85%),

3.55

%

....................

113

111,719

General

Motors

Financial

Co.,

Inc.

,

Series

C

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.00%),

5.70

%

.......

74

72,577

184,296

Electric

Utilities

—

0.1%

(a)

Alliant

Energy

Corp.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.08%),

5.75

%

,

04/01/56

..............

190

184,729

Eversource

Energy

Series

A

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.52%),

6.10

%

,

08/15/56

.................

60

59,258

Series

B

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.33%),

6.35

%

,

08/15/56

.................

101

99,632

NextEra

Energy

Capital

Holdings,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.05%),

6.38

%

,

08/15/55

46

46,863

PG&E

Corp.

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.88%),

7.38

%

,

03/15/55

.................

227

228,456

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.23%),

6.85

%

,

09/15/56

.................

68

67,193

686,131

Gas

Utilities

—

0.0%

AltaGas

Ltd.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.57%),

7.20

%

,

10/15/54

(a)

(b)

.................

26

26,363

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

AES

Corp.

(The)

(a)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.20%),

7.60

%

,

01/15/55

.................

32

31,742

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.89%),

6.95

%

,

07/15/55

.................

43

40,118

71,860

Multi-Utilities

—

0.1%

(a)

CenterPoint

Energy,

Inc.

Series

A

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.25%),

7.00

%

,

02/15/55

.................

182

187,301

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.59%),

6.70

%

,

05/15/55

.................

42

42,470

Sempra

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.79%),

6.88

%

,

10/01/54

...................

316

319,402

549,173

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

—

0.0%

(a)

Enbridge,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.12%),

7.38

%

,

03/15/55

...................

USD

36

$

37,819

Energy

Transfer

LP

Series

H

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.69%),

6.50

%

(o)

.......................

54

53,892

Series

G

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.31%),

7.13

%

(o)

.......................

26

26,463

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.83%),

7.13

%

,

10/01/54

.................

129

131,021

Sunoco

LP

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.23%),

7.88

%

(b)

(o)

........................

240

245,046

Venture

Global

LNG,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.44%),

9.00

%

(b)

(o)

..................

209

208,174

702,415

Total

Capital

Trusts

—

0

.8

%

(Cost:

$

6,818,234

)

...............................

6,717,380

Shares

Shares

Preferred

Stocks

—

0.0%

IT

Services

—

0.0%

(c)(d)

Veritas

Newco

.......................

171

3,250

Veritas

Newco,

Series

G-1

...............

118

2,246

5,496

Machinery

—

0.0%

Sirva-Bgrs

Holdings,

Inc.

,

15.25

%

(d)

........

13

2,329

Total

Preferred

Stocks

—

0.0

%

(Cost:

$

14,512

)

.................................

7,825

Total

Preferred

Securities

—

0

.8

%

(Cost:

$

6,832,746

)

...............................

6,725,205

Rights

Industrial

REITs

—

0.0%

CapitaLand

Ascendas

REIT

(

Expires

04/15/26

,

Strike

Price

SGD

2.35

)

(c)

..............

778

80

Total

Rights

—

0.0

%

(Cost:

$

—

)

.....................................

80

Par

(000)

Par

(000)

U.S.

Government

Sponsored

Agency

Securities

Interest

Only

Collateralized

Mortgage

Obligations

—

0.2%

Government

National

Mortgage

Association

Series

2020-146

,

3.50

%

,

10/20/50

.......

1,776

333,476

Series

2020-151

,

Class

MI

,

2.50

%

,

10/20/50

2,285

332,349

Series

2021-87

,

Class

NI

,

3.00

%

,

05/20/51

.

1,181

196,387

Series

2021-193

,

Class

IA

,

3.00

%

,

11/20/51

.

2,030

333,555

Series

2025-214

,

Class

DI

,

5.50

%

,

12/20/55

748

163,142

1,358,909

Mortgage-Backed

Securities

—

5.5%

Federal

Home

Loan

Mortgage

Corp.

,

4.00

%

,

04/01/49

...................

712

682,522

Federal

National

Mortgage

Association

,

2.02

%

,

05/01/30

...................

204

187,866

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

40

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Mortgage-Backed

Securities

(continued)

Government

National

Mortgage

Association

2.00

%

,

03/20/52

-

04/20/52

............

USD

944

$

780,172

2.00

%

,

04/15/56

(t)

..................

766

632,608

2.50

%

,

08/20/51

-

11/20/51

............

1,057

909,848

2.50

%

,

04/15/56

(t)

..................

668

574,584

3.00

%

,

03/20/52

...................

450

401,809

3.00

%

,

04/15/56

(t)

..................

777

693,545

3.50

%

,

04/20/52

...................

867

802,972

3.50

%

,

04/15/56

(t)

..................

66

60,526

4.00

%

,

08/20/54

-

01/20/55

............

407

382,105

4.00

%

,

04/15/56

(t)

..................

413

386,806

4.50

%

,

11/20/54

...................

283

274,251

4.50

%

,

04/15/56

(t)

..................

596

575,677

5.00

%

,

11/20/52

...................

581

579,831

5.00

%

,

04/15/56

(t)

..................

719

712,027

5.50

%

,

09/20/53

-

04/20/55

............

357

361,749

5.50

%

,

04/15/56

(t)

..................

964

970,139

6.00

%

,

06/20/55

...................

273

277,689

6.00

%

,

04/15/56

(t)

..................

458

465,697

6.50

%

,

04/15/56

(t)

..................

320

332,554

Uniform

Mortgage-Backed

Securities

1.50

%

,

10/01/41

-

05/01/51

............

573

453,786

2.00

%

,

04/01/37

-

06/01/52

............

9,124

7,617,373

2.00

%

,

04/25/41

-

04/25/56

(t)

...........

1,281

1,076,018

2.50

%

,

10/01/36

-

05/01/52

............

5,476

4,712,532

2.50

%

,

04/25/41

-

04/25/56

(t)

...........

650

557,623

3.00

%

,

04/25/41

-

04/25/56

(t)

...........

1,176

1,051,706

3.00

%

,

04/01/52

-

09/01/52

............

2,390

2,121,636

3.50

%

,

04/25/41

-

05/25/56

(t)

...........

1,178

1,083,164

3.50

%

,

09/01/49

-

08/01/50

............

1,128

1,050,593

4.00

%

,

04/25/41

-

04/25/56

(t)

...........

658

623,512

4.00

%

,

08/01/51

...................

932

896,256

4.50

%

,

04/25/41

-

04/25/56

(t)

...........

2,211

2,156,417

4.50

%

,

08/01/53

...................

931

901,558

5.00

%

,

08/01/53

-

11/01/55

............

1,950

1,930,427

5.00

%

,

04/25/56

(t)

..................

1,673

1,649,790

5.50

%

,

06/01/53

-

09/01/55

............

2,879

2,910,331

5.50

%

,

04/25/56

(t)

..................

1,110

1,115,113

6.00

%

,

12/01/53

-

07/01/55

............

1,677

1,713,604

6.00

%

,

04/25/56

-

05/25/56

(t)

...........

1,685

1,716,720

6.50

%

,

11/01/53

-

01/01/55

............

940

976,308

6.50

%

,

04/25/56

(t)

..................

338

349,662

47,709,106

Total

U.S.

Government

Sponsored

Agency

Securities

—

5

.7

%

(Cost:

$

49,447,855

)

...............................

49,068,015

Shares

Shares

Warrants

Diversified

Consumer

Services

—

0.0

%

Service

King

Midas

International

(

Issued/

Exercisable

07/14/22

,

1

Share

for

1

Warrant,

Expires

04/26/27

,

Strike

Price

USD

10.00

)

(c)

(d)

394

—

Total

Warrants

—

0.0

%

(Cost:

$

—

)

.....................................

—

Total

Long-Term

Investments

—

94.4%

(Cost:

$

815,781,433

)

..............................

813,782,463

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

8.2%

(r)(u)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.77

%

(v)

...................

10,110,222

$

10,112,244

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

3.55

%

.....................

60,683,380

60,683,380

Total

Money

Market

Funds

—

8

.2

%

(Cost:

$

70,795,624

)

...............................

70,795,624

Par

(000)

Pa

r

(

000)

U.S.

Treasury

Obligations

—

1.4%

U.S.

Treasury

Bills

(w)

3.63

%

,

04/02/26

...................

USD

2,531

2,530,745

3.64

%

,

04/09/26

...................

4,355

4,351,506

3.65

%

,

04/28/26

...................

2,266

2,259,830

3.65

%

,

05/07/26

...................

2,774

2,763,895

Total

U.S.

Treasury

Obligations

—

1

.4

%

(Cost:

$

11,905,997

)

...............................

11,905,976

Total

Short-Term

Securities

—

9.6%

(Cost:

$

82,701,621

)

...............................

82,701,600

Total

Investments

Before

TBA

Sale

Commitments

—

104

.0

%

(Cost:

$

898,483,054

)

..............................

896,484,063

TBA

Sale

Commitments

(t)

Mortgage-Backed

Securities

—

(

0

.4

)

%

Government

National

Mortgage

Association

,

4.00

%

,

04/15/56

...................

(

113

)

(

105,833

)

Uniform

Mortgage-Backed

Securities

2.00

%

,

04/25/41

-

04/25/56

............

(

192

)

(

155,978

)

2.50

%

,

04/25/41

...................

(

2

)

(

1,889

)

3.00

%

,

04/25/41

-

04/25/56

............

(

394

)

(

346,310

)

4.00

%

,

04/25/41

...................

(

2

)

(

1,953

)

4.50

%

,

04/25/41

-

04/25/56

............

(

889

)

(

858,140

)

5.00

%

,

04/25/56

...................

(

1,140

)

(

1,124,184

)

5.50

%

,

04/25/56

...................

(

293

)

(

294,350

)

6.00

%

,

04/25/56

...................

(

713

)

(

726,781

)

Total

TBA

Sale

Commitments

—

(

0

.4

)

%

(Proceeds:

$

(

3,639,017

)

)

...........................

(

3,615,418

)

Total

Investments

Net

of

TBA

Sale

Commitments

—

103

.6

%

(Cost:

$

894,844,037

)

..............................

892,868,645

Liabilities

in

Excess

of

Other

Assets

—

(

3.6

)

%

.............

(

30,702,191

)

Net

Assets

—

100.0%

...............................

$

862,166,454

(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.

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

41

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the period

ended

March

31,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

Non-income

producing

security.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(f)

All

or

a

portion

of

this

security

is

on

loan.

(g)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$1,266,609,

representing

0.15%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$1,203,651.

(h)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(i)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(j)

All

or

a

portion

of

the

security

has

been

pledged

in

connection

with

outstanding

centrally

cleared

swaps.

(k)

Convertible

security.

(l)

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.

(m)

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.

(n)

Zero-coupon

bond.

(o)

Perpetual

security

with

no

stated

maturity

date.

(p)

Rounds

to

less

than

1,000.

(q)

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.

(r)

Affiliate

of

the

Fund.

(s)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(t)

Represents

or

includes

a

TBA

transaction.

(u)

Annualized

7-day

yield

as

of

period

end.

(v)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

(w)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

Affiliated

Issuer

Value

at

12/31/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/26

Shares

Held

at

03/31/26

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

95,391

$

10,016,887

(a)

$

—

$

(

34

)

$

—

$

10,112,244

10,110,222

$

1,289

(b)

$

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

41,729,435

18,953,945

(a)

—

—

—

60,683,380

60,683,380

520,908

—

BlackRock

Allocation

Target

Shares-

High

Income

Taxable

Series

,

Class

A

..

10,642,630

—

(

3,489,705

)

(

157,502

)

138,730

7,134,153

747,032

115,167

—

BlackRock

Floating

Rate

Income

Portfolio,

Class

K

Shares

..............

328,822

4,949

—

—

(

6,912

)

326,859

34,996

4,951

—

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

....

27,804,342

—

(

17,534,976

)

514,917

(

845,772

)

9,938,511

269,775

310,609

—

iShares

Core

Dividend

Growth

ETF

(c)

..............

648,036

2,173,130

(

2,923,367

)

138,215

(

36,014

)

—

—

—

—

iShares

Core

MSCI

Emerging

Markets

ETF

..........

8,365,260

—

(

4,006,402

)

236,498

172,963

4,768,319

68,363

—

—

iShares

J.P.

Morgan

EM

Local

Currency

Bond

ETF

.....

8,469,097

—

—

—

(

156,872

)

8,312,225

203,731

—

—

$

732,094

$

(

733,877

)

$

101,275,691

$

952,924

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

For

purposes

of

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

by

the

Fund

for

compliance

purposes.

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

42

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

U.S.

Treasury

10-Year

Note

...................................................

1,092

06/18/26

$

121,195

$

(

859,330

)

U.S.

Treasury

Ultra

Bond

.....................................................

453

06/18/26

52,690

(

1,863,628

)

U.S.

Treasury

2-Year

Note

....................................................

8

06/30/26

1,660

1,067

U.S.

Treasury

5-Year

Note

....................................................

1,436

06/30/26

155,335

(

426,535

)

(

3,148,426

)

Short

Contracts

EUR

Currency

............................................................

19

06/15/26

2,752

10,593

GBP

Currency

............................................................

21

06/15/26

1,736

10,569

S&P

500

E-Mini

Index

.......................................................

8

06/18/26

2,628

(

16,370

)

U.S.

Treasury

10-Year

Ultra

Note

...............................................

5

06/18/26

567

8,509

U.S.

Treasury

Long

Bond

.....................................................

4

06/18/26

455

10,400

23,701

$

(

3,124,725

)

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)

Verizon

Communications,

Inc.

.............

1

.00

%

Quarterly

06/20/29

BBB+

USD

380

$

6,358

$

4,891

$

1,467

Markit

CDX

North

American

Investment

Grade

Index

Series

45.V1

.......

1

.00

Quarterly

12/20/30

BBB+

USD

619

(

11,180

)

(

12,840

)

1,660

Markit

CDX

North

American

Investment

Grade

Index

Series

45.V1

.......

1

.00

Quarterly

12/20/30

BBB+

USD

1,660

29,974

35,802

(

5,828

)

Oracle

Corp.

.........

1

.00

Quarterly

12/20/30

BBB

USD

220

(

7,010

)

(

1,015

)

(

5,995

)

$

18,142

$

26,838

$

(

8,696

)

(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)

Markit

CDX

North

American

High

Yield

Index

Series

45.V2

...

5

.00

%

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

USD

2,485

$

(

310,262

)

$

(

343,319

)

$

33,057

Markit

CDX

North

American

Investment

Grade

Index

Series

45.V1

...........

1

.00

Quarterly

Goldman

Sachs

International

12/20/30

USD

5,838

(

35,667

)

(

73,864

)

38,197

Campbell's

Co.

(The)

.......

1

.00

Quarterly

Bank

of

America

NA

06/20/31

USD

1,200

(

711

)

(

3,322

)

2,611

Campbell's

Co.

(The)

.......

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/31

USD

1,450

(

859

)

(

3,343

)

2,484

Conagra

Brands,

Inc.

.......

1

.00

Quarterly

Bank

of

America

NA

06/20/31

USD

880

5,293

4,434

859

Conagra

Brands,

Inc.

.......

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/31

USD

1,390

8,360

7,004

1,356

General

Mills,

Inc.

.........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/31

USD

118

(

1,584

)

(

1,645

)

61

General

Mills,

Inc.

.........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/31

USD

460

(

6,186

)

(

6,448

)

262

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

43

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)

General

Mills,

Inc.

.........

1

.00

%

Quarterly

JPMorgan

Chase

Bank

NA

06/20/31

USD

459

$

(

6,173

)

$

(

6,434

)

$

261

$

–

$

–

$

–

$

(

347,789

)

$

(

426,937

)

$

79,148

$

–

$

–

$

–

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)

Prudential

Financial,

Inc.

.

1

.00

%

Quarterly

Bank

of

America

NA

06/20/26

A

USD

670

$

1,324

$

1,157

$

167

Prudential

Financial,

Inc.

.

1

.00

Quarterly

Bank

of

America

NA

06/20/26

A

USD

470

929

812

117

Verizon

Communications,

Inc.

.............

1

.00

Quarterly

Bank

of

America

NA

06/20/27

BBB+

USD

709

6,204

5,614

590

Verizon

Communications,

Inc.

.............

1

.00

Quarterly

Bank

of

America

NA

06/20/27

BBB+

USD

582

5,093

4,608

485

AT&T,

Inc.

...........

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB

USD

39

638

404

234

AT&T,

Inc.

...........

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB

USD

39

638

405

233

AT&T,

Inc.

...........

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB

USD

182

2,977

1,707

1,270

AT&T,

Inc.

...........

1

.00

Quarterly

Deutsche

Bank

AG

06/20/29

BBB

USD

49

802

460

342

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

38

4,297

3,783

514

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

35

3,958

3,409

549

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

81

9,160

8,069

1,091

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

58

6,562

5,682

880

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

35

3,958

3,387

571

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

92

10,403

9,110

1,293

Ford

Motor

Co.

.......

5

.00

Quarterly

Deutsche

Bank

AG

06/20/29

BBB-

USD

33

3,709

3,237

472

Kinder

Morgan,

Inc.

....

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB+

USD

110

2,267

1,382

885

Kinder

Morgan,

Inc.

....

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB+

USD

79

1,628

952

676

Verizon

Communications,

Inc.

.............

1

.00

Quarterly

Barclays

Bank

plc

06/20/29

BBB+

USD

769

12,865

9,416

3,449

Verizon

Communications,

Inc.

.............

1

.00

Quarterly

Barclays

Bank

plc

06/20/29

BBB+

USD

149

2,493

1,942

551

Verizon

Communications,

Inc.

.............

1

.00

Quarterly

Barclays

Bank

plc

06/20/29

BBB+

USD

90

1,506

1,079

427

Verizon

Communications,

Inc.

.............

1

.00

Quarterly

Barclays

Bank

plc

06/20/29

BBB+

USD

112

1,874

1,460

414

Verizon

Communications,

Inc.

.............

1

.00

Quarterly

Barclays

Bank

plc

06/20/29

BBB+

USD

123

2,058

1,636

422

Verizon

Communications,

Inc.

.............

1

.00

Quarterly

Barclays

Bank

plc

06/20/29

BBB+

USD

436

7,295

5,665

1,630

Boeing

Co.

(The)

......

1

.00

Quarterly

Bank

of

America

NA

12/20/30

BBB-

USD

138

1,757

1,914

(

157

)

Boeing

Co.

(The)

......

1

.00

Quarterly

Bank

of

America

NA

12/20/30

BBB-

USD

336

4,277

4,661

(

384

)

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

12/20/30

BB-

USD

10

1,001

1,168

(

167

)

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

12/20/30

BB-

USD

70

7,008

8,073

(

1,065

)

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

12/20/30

BB-

USD

30

3,003

3,551

(

548

)

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

12/20/30

BB-

USD

60

6,007

6,996

(

989

)

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

12/20/30

BB-

USD

30

3,003

3,416

(

413

)

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

12/20/30

BB-

USD

70

7,008

8,000

(

992

)

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

12/20/30

BB-

USD

70

7,007

8,063

(

1,056

)

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

12/20/30

BB-

USD

30

3,003

3,431

(

428

)

CCO

Holdings

LLC

....

5

.00

Quarterly

Barclays

Bank

plc

12/20/30

BB-

USD

40

4,004

4,753

(

749

)

CCO

Holdings

LLC

....

5

.00

Quarterly

Citibank

NA

12/20/30

BB-

USD

30

3,003

3,412

(

409

)

CCO

Holdings

LLC

....

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

BB-

USD

50

5,006

5,598

(

592

)

CCO

Holdings

LLC

....

5

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/30

BB-

USD

60

6,007

6,717

(

710

)

CCO

Holdings

LLC

....

5

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/30

BB-

USD

10

1,001

1,190

(

189

)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

44

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

that

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

—

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3

—

Inputs

that

are

unobservable

and

significant

to the

entire

fair

value

measurement

for

the asset

or

liability (including

the

Valuation

Committee's

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/

or may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

For

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

its

most

recent

financial

statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

OTC

Credit

Default

Swaps

—

Sell

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Oracle

Corp.

.........

1

.00

%

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

BBB

USD

270

$

(

8,603

)

$

(

1,247

)

$

(

7,356

)

Petroleos

Mexicanos

...

1

.00

Quarterly

Goldman

Sachs

International

12/20/30

BBB

USD

60

(

5,120

)

(

4,787

)

(

333

)

Teva

Pharmaceutical

Finance

Netherlands

III

BV

.............

1

.00

Quarterly

Bank

of

America

NA

12/20/30

BB+

USD

220

583

23

560

Teva

Pharmaceutical

Finance

Netherlands

III

BV

.............

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

BB+

USD

20

53

2

51

Teva

Pharmaceutical

Finance

Netherlands

III

BV

.............

1

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/30

BB+

USD

20

53

2

51

$

141,699

$

140,312

$

1,387

(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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

...................................

$

—

$

130,446,152

$

—

$

130,446,152

Common

Stocks

Aerospace

&

Defense

....................................

3,531,939

3,208,238

—

6,740,177

Air

Freight

&

Logistics

....................................

700,250

—

—

700,250

Automobile

Components

..................................

50,431

162,326

—

212,757

Automobiles

..........................................

—

814,003

—

814,003

Banks

...............................................

4,989,260

3,569,651

—

8,558,911

Beverages

...........................................

1,803,020

43,317

—

1,846,337

Biotechnology

.........................................

—

167,463

—

167,463

Broadline

Retail

........................................

208,868

1,044,485

—

1,253,353

Building

Products

.......................................

1,266,879

131,974

—

1,398,853

Capital

Markets

........................................

4,521,395

85,149

—

4,606,544

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

45

Level

1

Level

2

Level

3

Total

Chemicals

............................................

$

2,297,339

$

1,807,648

$

—

$

4,104,987

Commercial

Services

&

Supplies

.............................

100,571

152,985

—

253,556

Communications

Equipment

................................

394,585

107,413

—

501,998

Construction

&

Engineering

................................

278,283

463,278

30,450

772,011

Consumer

Finance

......................................

428,009

—

—

428,009

Consumer

Staples

Distribution

&

Retail

........................

2,274,730

205,839

—

2,480,569

Containers

&

Packaging

..................................

105,508

15,440

—

120,948

Diversified

Consumer

Services

..............................

703,150

—

—

703,150

Diversified

REITs

.......................................

323,026

268,773

—

591,799

Diversified

Telecommunication

Services

........................

1,138,249

1,287,835

—

2,426,084

Electric

Utilities

........................................

1,813,216

352,402

—

2,165,618

Electrical

Equipment

.....................................

733,647

—

—

733,647

Electronic

Equipment,

Instruments

&

Components

.................

392,270

144,659

—

536,929

Energy

Equipment

&

Services

..............................

768,986

—

—

768,986

Financial

Services

......................................

1,124,031

68,467

40,455

1,232,953

Food

Products

.........................................

1,118,625

332,180

—

1,450,805

Gas

Utilities

...........................................

324,801

50,861

—

375,662

Ground

Transportation

...................................

183,928

37

—

183,965

Health

Care

Equipment

&

Supplies

...........................

1,235,667

78,834

—

1,314,501

Health

Care

Providers

&

Services

............................

2,523,686

23,018

—

2,546,704

Health

Care

REITs

......................................

1,224,520

137,564

—

1,362,084

Hotel

&

Resort

REITs

....................................

—

67,725

—

67,725

Hotels,

Restaurants

&

Leisure

..............................

1,107,720

27,779

14,442

1,149,941

Household

Durables

.....................................

125,831

1,436,529

—

1,562,360

Household

Products

.....................................

920,661

168,202

—

1,088,863

Industrial

Conglomerates

..................................

69,843

893,405

—

963,248

Industrial

REITs

........................................

824,455

856,812

—

1,681,267

Insurance

............................................

2,502,656

2,051,762

—

4,554,418

Interactive

Media

&

Services

...............................

5,273,769

—

—

5,273,769

IT

Services

...........................................

2,256,325

130,657

30,891

2,417,873

Machinery

............................................

5,101,291

550,758

—

5,652,049

Marine

Transportation

....................................

—

51,429

—

51,429

Media

...............................................

—

65,553

63,952

129,505

Metals

&

Mining

........................................

1,167,839

149,390

—

1,317,229

Multi-Utilities

..........................................

2,583,563

81,618

—

2,665,181

Office

REITs

..........................................

467,007

—

—

467,007

Oil,

Gas

&

Consumable

Fuels

...............................

6,523,632

1,474,163

—

7,997,795

Passenger

Airlines

......................................

—

20,191

—

20,191

Pharmaceuticals

.......................................

5,763,062

2,141,282

—

7,904,344

Professional

Services

....................................

1,161,451

26,179

—

1,187,630

Real

Estate

Management

&

Development

.......................

96,312

1,109,629

—

1,205,941

Residential

REITs

.......................................

1,085,573

111,435

—

1,197,008

Retail

REITs

..........................................

924,510

94,439

—

1,018,949

Semiconductors

&

Semiconductor

Equipment

....................

5,800,518

3,678,730

—

9,479,248

Software

.............................................

5,774,852

56,602

—

5,831,454

Specialized

REITs

......................................

1,438,890

181,819

—

1,620,709

Specialty

Retail

........................................

1,661,837

718,563

—

2,380,400

Technology

Hardware,

Storage

&

Peripherals

....................

2,227,504

76,223

—

2,303,727

Tobacco

.............................................

—

1,395,971

—

1,395,971

Trading

Companies

&

Distributors

............................

—

635,416

—

635,416

Transportation

Infrastructure

...............................

—

—

7,407

7,407

Water

Utilities

.........................................

210,531

78,354

—

288,885

Wireless

Telecommunication

Services

.........................

755,268

26,048

—

781,316

Corporate

Bonds

Aerospace

&

Defense

....................................

—

9,064,915

—

9,064,915

Air

Freight

&

Logistics

....................................

—

127,836

—

127,836

Automobile

Components

..................................

—

2,126,899

—

2,126,899

Automobiles

..........................................

—

833,455

—

833,455

Banks

...............................................

—

35,438,100

—

35,438,100

Beverages

...........................................

—

410,266

—

410,266

Biotechnology

.........................................

—

3,502,060

—

3,502,060

Broadline

Retail

........................................

—

3,326,263

—

3,326,263

Building

Products

.......................................

—

958,542

—

958,542

Capital

Markets

........................................

—

15,082,986

—

15,082,986

Fair

Value

Hierarchy

as

of

Period

End

(continued)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

46

Level

1

Level

2

Level

3

Total

Chemicals

............................................

$

—

$

4,634,116

$

—

$

4,634,116

Commercial

Services

&

Supplies

.............................

—

3,056,502

—

3,056,502

Communications

Equipment

................................

—

1,545,735

—

1,545,735

Construction

&

Engineering

................................

—

135,575

—

135,575

Consumer

Finance

......................................

—

13,377,665

—

13,377,665

Consumer

Staples

Distribution

&

Retail

........................

—

434,431

—

434,431

Containers

&

Packaging

..................................

—

2,966,967

—

2,966,967

Distributors

...........................................

—

85,719

—

85,719

Diversified

Consumer

Services

..............................

—

429,195

—

429,195

Diversified

REITs

.......................................

—

2,806,900

—

2,806,900

Diversified

Telecommunication

Services

........................

—

6,853,353

—

6,853,353

Electric

Utilities

........................................

—

18,458,023

495,757

18,953,780

Electrical

Equipment

.....................................

—

1,611,310

—

1,611,310

Electronic

Equipment,

Instruments

&

Components

.................

—

203,997

—

203,997

Energy

Equipment

&

Services

..............................

—

1,258,716

—

1,258,716

Entertainment

.........................................

—

553,001

—

553,001

Financial

Services

......................................

—

6,120,239

—

6,120,239

Food

Products

.........................................

—

1,629,460

—

1,629,460

Gas

Utilities

...........................................

—

540,874

—

540,874

Ground

Transportation

...................................

—

3,117,686

—

3,117,686

Health

Care

Equipment

&

Supplies

...........................

—

3,013,559

—

3,013,559

Health

Care

Providers

&

Services

............................

—

10,286,680

—

10,286,680

Health

Care

REITs

......................................

—

3,009,404

—

3,009,404

Health

Care

Technology

..................................

—

134,045

—

134,045

Hotel

&

Resort

REITs

....................................

—

847,679

—

847,679

Hotels,

Restaurants

&

Leisure

..............................

—

3,625,302

—

3,625,302

Household

Durables

.....................................

—

870,710

—

870,710

Independent

Power

and

Renewable

Electricity

Producers

............

—

1,152,499

—

1,152,499

Industrial

Conglomerates

..................................

—

1,806,550

—

1,806,550

Industrial

REITs

........................................

—

220,264

—

220,264

Insurance

............................................

—

6,628,236

—

6,628,236

Interactive

Media

&

Services

...............................

—

1,893,331

—

1,893,331

IT

Services

...........................................

—

5,882,125

—

5,882,125

Life

Sciences

Tools

&

Services

..............................

—

841,070

—

841,070

Machinery

............................................

—

929,769

—

929,769

Media

...............................................

—

4,988,641

—

4,988,641

Metals

&

Mining

........................................

—

5,633,612

—

5,633,612

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

—

104,464

—

104,464

Multi-Utilities

..........................................

—

1,437,021

—

1,437,021

Oil,

Gas

&

Consumable

Fuels

...............................

—

21,460,030

—

21,460,030

Passenger

Airlines

......................................

—

584,980

—

584,980

Personal

Care

Products

..................................

—

33,760

—

33,760

Pharmaceuticals

.......................................

—

6,772,776

—

6,772,776

Professional

Services

....................................

—

438,589

—

438,589

Real

Estate

Management

&

Development

.......................

—

196,630

—

196,630

Residential

REITs

.......................................

—

1,133,777

—

1,133,777

Retail

REITs

..........................................

—

980,780

—

980,780

Semiconductors

&

Semiconductor

Equipment

....................

—

4,962,866

213,150

5,176,016

Software

.............................................

—

9,197,231

493,750

9,690,981

Specialized

REITs

......................................

—

2,763,174

—

2,763,174

Specialty

Retail

........................................

—

1,382,494

—

1,382,494

Technology

Hardware,

Storage

&

Peripherals

....................

—

635,449

—

635,449

Textiles,

Apparel

&

Luxury

Goods

............................

—

196,751

—

196,751

Tobacco

.............................................

—

5,149,508

—

5,149,508

Trading

Companies

&

Distributors

............................

—

3,810,476

—

3,810,476

Transportation

Infrastructure

...............................

—

—

6,230

6,230

Wireless

Telecommunication

Services

.........................

—

1,562,219

—

1,562,219

Equity-Linked

Notes

......................................

—

60,042,894

—

60,042,894

Fixed

Rate

Loan

Interests

...................................

—

632,257

—

632,257

Floating

Rate

Loan

Interests

Aerospace

&

Defense

....................................

—

2,006,537

—

2,006,537

Automobile

Components

..................................

—

1,334,015

—

1,334,015

Automobiles

..........................................

—

292,695

—

292,695

Beverages

...........................................

—

287,226

—

287,226

Fair

Value

Hierarchy

as

of

Period

End

(continued)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

47

Level

1

Level

2

Level

3

Total

Biotechnology

.........................................

$

—

$

360,858

$

—

$

360,858

Broadline

Retail

........................................

—

430,902

—

430,902

Building

Products

.......................................

—

842,244

37,457

879,701

Capital

Markets

........................................

—

3,010,125

56,858

3,066,983

Chemicals

............................................

—

2,309,031

138,049

2,447,080

Commercial

Services

&

Supplies

.............................

—

1,989,579

225,042

2,214,621

Communications

Equipment

................................

—

160,287

—

160,287

Construction

&

Engineering

................................

—

866,899

—

866,899

Construction

Materials

....................................

—

1,149,537

—

1,149,537

Consumer

Staples

Distribution

&

Retail

........................

—

517,177

—

517,177

Containers

&

Packaging

..................................

—

1,729,398

—

1,729,398

Diversified

Consumer

Services

..............................

—

455,448

—

455,448

Diversified

Telecommunication

Services

........................

—

1,090,200

—

1,090,200

Electric

Utilities

........................................

—

576,902

—

576,902

Electronic

Equipment,

Instruments

&

Components

.................

—

253,667

346,639

600,306

Energy

Equipment

&

Services

..............................

—

211,437

—

211,437

Entertainment

.........................................

—

2,049,910

—

2,049,910

Financial

Services

......................................

—

1,900,986

25,805

1,926,791

Food

Products

.........................................

—

823,699

—

823,699

Gas

Utilities

...........................................

—

240,955

—

240,955

Ground

Transportation

...................................

—

451,041

—

451,041

Health

Care

Equipment

&

Supplies

...........................

—

954,029

—

954,029

Health

Care

Providers

&

Services

............................

—

1,627,480

1,203

1,628,683

Health

Care

Technology

..................................

—

770,534

114,863

885,397

Hotels,

Restaurants

&

Leisure

..............................

—

2,910,403

182,649

3,093,052

Household

Durables

.....................................

—

494,547

—

494,547

Household

Products

.....................................

—

152,100

—

152,100

Independent

Power

and

Renewable

Electricity

Producers

............

—

431,104

—

431,104

Industrial

Conglomerates

..................................

—

1,166,155

—

1,166,155

Insurance

............................................

—

2,421,548

—

2,421,548

IT

Services

...........................................

—

2,282,293

—

2,282,293

Leisure

Products

.......................................

—

48,847

—

48,847

Life

Sciences

Tools

&

Services

..............................

—

204,271

—

204,271

Machinery

............................................

—

2,755,794

53,595

2,809,389

Media

...............................................

—

1,231,560

—

1,231,560

Multi-Utilities

..........................................

—

230,993

—

230,993

Oil,

Gas

&

Consumable

Fuels

...............................

—

1,057,104

142,383

1,199,487

Paper

&

Forest

Products

..................................

—

—

—

—

Passenger

Airlines

......................................

—

987,115

—

987,115

Pharmaceuticals

.......................................

—

763,438

—

763,438

Professional

Services

....................................

—

1,164,381

—

1,164,381

Real

Estate

Management

&

Development

.......................

—

—

35,684

35,684

Semiconductors

&

Semiconductor

Equipment

....................

—

519,850

—

519,850

Software

.............................................

—

4,948,631

143,936

5,092,567

Specialty

Retail

........................................

—

1,391,104

—

1,391,104

Technology

Hardware,

Storage

&

Peripherals

....................

—

238,125

—

238,125

Tobacco

.............................................

—

10,947

—

10,947

Trading

Companies

&

Distributors

............................

—

540,262

38,739

579,001

Transportation

Infrastructure

...............................

—

414,650

118,942

533,592

Wireless

Telecommunication

Services

.........................

—

261,987

—

261,987

Foreign

Agency

Obligations

.................................

—

1,428,960

—

1,428,960

Foreign

Government

Obligations

..............................

—

684,900

—

684,900

Investment

Companies

....................................

30,480,067

—

—

30,480,067

Non-Agency

Mortgage-Backed

Securities

........................

—

95,174,090

—

95,174,090

Other

Interests

..........................................

—

—

—

—

Preferred

Securities

Banks

...............................................

—

3,140,924

—

3,140,924

Capital

Markets

........................................

—

1,210,706

—

1,210,706

Chemicals

............................................

—

145,512

—

145,512

Consumer

Finance

......................................

—

184,296

—

184,296

Electric

Utilities

........................................

—

686,131

—

686,131

Gas

Utilities

...........................................

—

26,363

—

26,363

Independent

Power

and

Renewable

Electricity

Producers

............

—

71,860

—

71,860

IT

Services

...........................................

—

—

5,496

5,496

Fair

Value

Hierarchy

as

of

Period

End

(continued)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Managed

Income

Fund

48

Level

1

Level

2

Level

3

Total

Machinery

............................................

$

—

$

—

$

2,329

$

2,329

Multi-Utilities

..........................................

—

549,173

—

549,173

Oil,

Gas

&

Consumable

Fuels

...............................

—

702,415

—

702,415

Rights

................................................

—

80

—

80

U.S.

Government

Sponsored

Agency

Securities

....................

—

49,068,015

—

49,068,015

Warrants

..............................................

—

—

—

—

Short-Term

Securities

Money

Market

Funds

......................................

70,795,624

—

—

70,795,624

U.S.

Treasury

Obligations

...................................

—

11,905,976

—

11,905,976

Unfunded

Floating

Rate

Loan

Interests

(a)

...........................

—

18

—

18

Liabilities

Investments

TBA

Sale

Commitments

....................................

—

(

3,615,418

)

—

(

3,615,418

)

Unfunded

Floating

Rate

Loan

Interests

(a)

...........................

—

(

660

)

(

1,967

)

(

2,627

)

$

193,659,460

$

696,142,390

$

3,064,186

$

892,866,036

Derivative

Financial

Instruments

(b)

Assets

Credit

contracts

...........................................

$

—

$

100,199

$

—

$

100,199

Foreign

currency

exchange

contracts

............................

21,162

—

—

21,162

Interest

rate

contracts

.......................................

19,976

—

—

19,976

Liabilities

Credit

contracts

...........................................

—

(

28,360

)

—

(

28,360

)

Equity

contracts

...........................................

(

16,370

)

—

—

(

16,370

)

Interest

rate

contracts

.......................................

(

3,149,493

)

—

—

(

3,149,493

)

$

(

3,124,725

)

$

71,839

$

—

$

(

3,052,886

)

(a)

Unfunded

floating

rate

loan

interests

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

(b)

Derivative

financial

instruments

are

swaps

and

futures

contracts.

Swaps

and

futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Currency

Abbreviation

CHF

Swiss

Franc

EUR

Euro

GBP

British

Pound

SGD

Singapore

Dollar

USD

United

States

Dollar

Portfolio

Abbreviation

ADR

American

Depositary

Receipts

CLO

Collateralized

Loan

Obligation

DAC

Designated

Activity

Company

EM

Emerging

Markets

ETF

Exchange-Traded

Fund

MSCI

Morgan

Stanley

Capital

International

Nasdaq

National

Association

of

Securities

Dealers

Automated

Quotations

OTC

Over-the-counter

PIK

Payment-In-Kind

REIT

Real

Estate

Investment

Trust

SAB

Special

Assessment

Bonds

SCA

Svenska

Cellulosa

Aktiebolaget

SOFR

Secured

Overnight

Financing

Rate

TBA

To-be-announced

Fair

Value

Hierarchy

as

of

Period

End

(continued)