Schedule
of
Investments
(unaudited)
September
30,
2025
BlackRock
Managed
Income
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(a)
AGL
CLO
7
Ltd.,
Series
2020-7A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
5.39%,
10/15/38
(b)
............
USD
2,000
$
2,000,000
AGL
Core
CLO
36
Ltd.,
Series
2024-36A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
5.92%,
01/23/38
(b)
............
2,000
2,010,481
Anchorage
Capital
CLO
31
Ltd.,
Series
2025-
31A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
0.00%,
10/20/38
(b)
..
2,000
1,997,624
AREIT
Ltd.,
Series
2025-CRE10,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.54%,
12/17/29
(b)
..................
770
770,476
Ballyrock
CLO
27
Ltd.,
Series
2024-27A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.67%,
10/25/37
(b)
...........
1,500
1,504,206
Bayview
Financial
Revolving
Asset
Trust,
Series
2005-A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.11%),
5.28%,
02/28/40
(b)
..
437
394,597
BDS
LLC,
Series
2025-FL14,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
5.42%,
10/21/42
(b)
..................
1,000
1,001,858
Benefit
Street
Partners
CLO
XII-B
Ltd.,
Series
2017-12BRA,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
6.02%,
10/15/37
(b)
.......................
1,350
1,353,091
Birch
Grove
CLO
9
Ltd.,
Series
2024-9A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
6.03%,
10/22/37
(b)
............
1,000
1,002,370
Boyce
Park
CLO
Ltd.,
Series
2022-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.10%),
6.43%,
04/21/35
(b)
............
1,000
1,001,402
Buckhorn
Park
CLO
Ltd.,
Series
2019-1A,
Class
B1RR,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
5.93%,
07/18/34
(b)
.......
1,000
1,001,310
CBAM
Ltd.,
Series
2020-13A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.43%
Floor
+
1.69%),
6.02%,
01/20/34
(b)
..................
1,000
1,002,317
CIFC
Funding
2020-III
Ltd.,
Series
2020-3A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.91%
Floor
+
1.91%),
6.24%,
10/20/34
(b)
.......
2,000
2,004,220
CIFC
Funding
2021-I
Ltd.,
Series
2021-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.10%),
6.42%,
07/25/37
(b)
............
1,000
1,004,934
CIFC
Funding
Ltd.
(b)
Series
2014-2RA,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.68%,
10/24/37
.................
1,000
1,002,963
Series
2019-2A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
5.39%,
10/17/38
.................
1,000
1,002,311
Series
2019-5A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.27%),
5.36%,
10/15/38
.................
2,400
2,408,112
Series
2019-5A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
5.74%,
10/15/38
......................
1,500
1,505,085
Series
2020-4A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
5.62%,
01/15/40
......................
1,000
1,003,751
Series
2024-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.52%
Floor
+
1.52%),
5.85%,
04/22/37
......................
1,000
1,005,068
Diameter
Capital
CLO
3
Ltd.
(b)
Series
2022-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.65%,
01/15/38
......................
2,500
2,507,501
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(a)
(continued)
Series
2022-3A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
6.02%,
01/15/38
......................
USD
2,500
$
2,510,425
Elmwood
CLO
II
Ltd.,
Series
2019-2A,
Class
CRR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.00%),
6.33%,
10/20/37
(b)
...........
700
703,555
First
Franklin
Mortgage
Loan
Trust,
Series
2005-
FF10,
Class
A6M,
(1-mo.
CME
Term
SOFR
at
0.70%
Floor
+
0.81%),
4.97%,
11/25/35
....
481
453,241
FS
Rialto
Issuer
LLC,
Series
2025-FL10,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.52%,
08/19/42
(b)
............
1,155
1,155,873
Generate
CLO
16
Ltd.,
Series
2024-16A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.87%,
07/20/37
(b)
............
1,000
1,004,717
GoldenTree
Loan
Management
US
CLO
1
Ltd.,
Series
2017-1A,
Class
CR3,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
5.93%,
04/20/34
(b)
.......................
2,500
2,498,336
Golub
Capital
Partners
CLO
77
B
Ltd.,
Series
2024-77A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
5.92%,
01/25/38
(b)
.
2,000
2,005,361
Greystone
CRE
Notes
2025
LLC,
Series
2025-
HC4,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.78%
Floor
+
1.78%),
0.00%,
10/15/42
(b)
..
1,000
997,500
Greywolf
CLO
II
Ltd.,
Series
2013-1A,
Class
A2AR,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
6.18%,
04/15/34
(b)
.......
300
300,591
HalseyPoint
CLO
4
Ltd.,
Series
2021-4A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.48%),
5.81%,
04/20/34
(b)
............
500
500,735
Madison
Park
Funding
LXIII
Ltd.,
Series
2023-
63A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.73%,
07/21/38
(b)
..
1,500
1,506,549
Madison
Park
Funding
XXXIII
Ltd.
(b)
Series
2019-33A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
6.12%,
10/15/32
......................
1,000
1,000,640
Series
2019-33A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.20%),
6.52%,
10/15/32
.................
1,000
1,001,901
MF1
LLC,
Series
2025-FL20,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.59%,
02/18/43
(b)
..................
700
700,588
New
Mountain
CLO
2
Ltd.,
Series
CLO-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.68%,
01/15/38
(b)
...........
1,000
1,003,405
OCP
CLO
Ltd.,
Series
2025-40A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.14%),
5.46%,
04/16/38
(b)
..................
1,000
1,000,767
OHA
Credit
Funding
4
Ltd.,
Series
2019-4A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.29%
Floor
+
1.29%),
5.62%,
01/22/38
(b)
.......
2,000
2,006,633
OHA
Credit
Funding
6
Ltd.,
Series
2020-6A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.66%,
10/20/37
(b)
.......
1,500
1,505,453
OHA
Loan
Funding
Ltd.,
Series
2013-1A,
Class
B1R3,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
6.22%,
04/23/37
(b)
.......
1,000
1,005,450
Palmer
Square
CLO
Ltd.
(b)
Series
2021-4A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
5.59%,
07/15/38
......................
3,450
3,461,252
Series
2024-3A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.68%,
07/20/37
......................
1,000
1,003,114
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(a)
(continued)
PPM
CLO
5
Ltd.,
Series
2021-5A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.46%),
5.79%,
10/18/34
(b)
............
USD
1,500
$
1,502,079
Regatta
XI
Funding
Ltd.,
Series
2018-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.72%,
07/17/37
(b)
............
1,500
1,504,800
Regatta
XXIV
Funding
Ltd.,
Series
2021-5A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
5.65%,
01/20/38
(b)
.......
1,000
1,004,003
RR
38
Ltd.,
Series
2025-38A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
5.47%,
04/15/40
(b)
..................
1,250
1,251,943
RR15
Ltd.,
Series
2021-15A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.71%),
6.03%,
04/15/36
(b)
..................
2,000
2,003,000
Sagard-HalseyPoint
CLO
10
Ltd.,
Series
2025-
10A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
0.00%,
10/20/38
(b)
..
1,300
1,300,000
Silver
Point
CLO
1
Ltd.,
Series
2022-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
6.03%,
01/20/38
(b)
............
2,000
2,006,080
Silver
Point
CLO
5
Ltd.,
Series
2024-5A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
1.75%),
6.08%,
10/20/37
(b)
............
5,000
5,021,149
Sixth
Street
CLO
XIX
Ltd.,
Series
2021-19A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
5.88%,
07/17/38
(b)
.......
1,000
1,002,520
Sixth
Street
CLO
XX
Ltd.,
Series
2021-20A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
5.91%,
07/17/38
(b)
.......
750
751,875
Sound
Point
CLO
XXIII,
Series
2019-2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
5.75%,
07/15/34
(b)
............
1,000
1,001,500
Symphony
CLO
40
Ltd.,
Series
2023-40A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
5.63%,
01/05/38
(b)
............
1,500
1,505,789
Symphony
CLO
43
Ltd.,
Series
2024-43A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.52%
Floor
+
1.52%),
5.84%,
04/15/37
(b)
............
1,000
1,004,955
Symphony
CLO
XXVIII
Ltd.,
Series
2021-28A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.40%),
5.72%,
10/23/34
(b)
.......
1,000
1,001,542
TICP
CLO
VI
Ltd.,
Series
2016-6A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
6.08%,
01/15/34
(b)
............
1,000
1,002,370
Trimaran
CAVU
Ltd.
(b)
Series
2021-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
5.74%,
07/23/37
......................
1,000
1,003,088
Series
2021-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
6.12%,
07/23/37
......................
1,000
1,003,460
Trinitas
CLO
XXIII
Ltd.,
Series
2023-23A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
5.48%,
10/20/38
(b)
...........
2,000
2,006,972
Wellington
Management
CLO
3
Ltd.,
Series
2024-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.69%,
07/18/37
(b)
.
1,000
1,003,087
Total
Asset-Backed
Securities
—
10
.0
%
(Cost:
$
83,463,680
)
...............................
83,689,975
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
0.3%
BAE
Systems
plc
.....................
49,046
$
1,365,266
GE
Aerospace
.......................
2,945
885,915
Hensoldt
AG
........................
442
57,567
Singapore
Technologies
Engineering
Ltd.
.....
7,600
50,749
2,359,497
Automobile
Components
—
0.0%
Bridgestone
Corp.
....................
2,700
124,789
Cie
Generale
des
Etablissements
Michelin
SCA
3,220
115,964
Magna
International,
Inc.
................
1,284
60,837
301,590
Automobiles
—
0.2%
Honda
Motor
Co.
Ltd.
..................
93,100
960,729
Isuzu
Motors
Ltd.
.....................
2,700
34,029
Kia
Corp.
..........................
6,957
499,352
Yamaha
Motor
Co.
Ltd.
.................
4,500
33,693
1,527,803
Banks
—
0.8%
Banco
Bilbao
Vizcaya
Argentaria
SA
........
54,902
1,057,941
Banco
de
Sabadell
SA
.................
25,626
100,024
Banco
Santander
SA
..................
14,221
149,240
Bank
of
Nova
Scotia
(The)
...............
5,855
378,596
BNP
Paribas
SA
.....................
1,454
132,987
BOC
Hong
Kong
Holdings
Ltd.
............
18,000
84,326
CaixaBank
SA
.......................
18,685
197,349
Citigroup,
Inc.
.......................
1,885
191,327
Citizens
Financial
Group,
Inc.
............
18,865
1,002,863
Commerzbank
AG
....................
3,078
116,539
Credit
Agricole
SA
....................
5,039
99,299
DBS
Group
Holdings
Ltd.
...............
8,000
317,262
DNB
Bank
ASA
......................
4,237
115,484
Erste
Group
Bank
AG
..................
637
62,619
HSBC
Holdings
plc
...................
24,338
343,485
ING
Groep
NV
.......................
5,366
140,674
Intesa
Sanpaolo
SpA
..................
22,205
146,979
M&T
Bank
Corp.
.....................
4,217
833,363
NatWest
Group
plc
....................
36,253
256,068
Nordea
Bank
Abp
....................
4,604
75,799
Oversea-Chinese
Banking
Corp.
Ltd.
.......
16,500
210,369
Raiffeisen
Bank
International
AG
..........
949
32,867
UniCredit
SpA
.......................
2,208
168,018
United
Overseas
Bank
Ltd.
..............
6,200
166,504
6,379,982
Beverages
—
0.2%
Coca-Cola
Co.
(The)
..................
21,508
1,426,411
Diageo
plc
.........................
10,579
253,131
1,679,542
Broadline
Retail
—
0.3%
Alibaba
Group
Holding
Ltd.
,
ADR
(c)
.........
10,837
1,936,897
Canadian
Tire
Corp.
Ltd.
,
Class
A
..........
249
29,641
eBay,
Inc.
..........................
2,950
268,303
2,234,841
Building
Products
—
0.2%
Allegion
plc
.........................
6,403
1,135,572
Belimo
Holding
AG
(Registered)
...........
33
34,706
Carrier
Global
Corp.
...................
1,301
77,670
Cie
de
Saint-Gobain
SA
................
692
74,979
Geberit
AG
(Registered)
................
86
64,947
Johnson
Controls
International
plc
.........
750
82,463
Kingspan
Group
plc
...................
423
35,368
Nibe
Industrier
AB
,
Class
B
..............
7,778
30,742
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Building
Products
(continued)
ROCKWOOL
A/S
,
Class
B
(d)
.............
572
$
21,325
Trane
Technologies
plc
.................
277
116,883
1,674,655
Capital
Markets
—
0.4%
Charles
Schwab
Corp.
(The)
.............
9,832
938,661
Deutsche
Bank
AG
(Registered)
...........
3,303
116,978
Intercontinental
Exchange,
Inc.
...........
4,907
826,731
Moody's
Corp.
.......................
1,621
772,374
MSCI,
Inc.
.........................
302
171,358
State
Street
Corp.
....................
1,588
184,224
3,010,326
Chemicals
—
0.2%
Air
Liquide
SA
.......................
4,983
1,038,241
Akzo
Nobel
NV
......................
499
35,613
Arkema
SA
.........................
582
36,903
BASF
SE
..........................
2,135
106,674
Croda
International
plc
.................
686
25,005
Evonik
Industries
AG
..................
1,521
26,449
Nutrien
Ltd.
.........................
2,362
138,713
Sika
AG
(Registered)
..................
323
72,532
1,480,130
Commercial
Services
&
Supplies
—
0.1%
Bilfinger
SE
(d)
.......................
475
52,467
Brambles
Ltd.
.......................
6,530
107,142
Element
Fleet
Management
Corp.
.........
1,907
49,384
Republic
Services,
Inc.
.................
2,856
655,395
Securitas
AB
,
Class
B
..................
2,312
34,849
SPIE
SA
...........................
1,363
73,686
972,923
Communications
Equipment
—
0.1%
Cisco
Systems,
Inc.
...................
4,741
324,379
F5,
Inc.
(d)
..........................
169
54,619
Telefonaktiebolaget
LM
Ericsson
,
Class
B
....
12,981
107,561
486,559
Construction
&
Engineering
—
0.1%
ACS
Actividades
de
Construccion
y
Servicios
SA
(d)
...........................
858
68,775
Bouygues
SA
.......................
913
41,180
Eiffage
SA
.........................
669
85,711
EMCOR
Group,
Inc.
...................
115
74,697
Ferrovial
SE
........................
2,574
147,851
MasTec,
Inc.
(d)
.......................
328
69,802
Quanta
Services,
Inc.
..................
331
137,173
Skanska
AB
,
Class
B
..................
1,400
36,338
Vinci
SA
...........................
3,457
480,426
1,141,953
Construction
Materials
—
0.1%
Amrize
Ltd.
(d)
........................
2,466
120,577
Buzzi
SpA
..........................
478
26,340
Heidelberg
Materials
AG
................
304
68,718
Holcim
AG
.........................
3,877
330,803
Wienerberger
AG
.....................
526
17,029
563,467
Consumer
Finance
—
0.0%
Capital
One
Financial
Corp.
..............
1,314
279,330
Consumer
Staples
Distribution
&
Retail
—
0.3%
Coles
Group
Ltd.
.....................
6,287
96,775
Costco
Wholesale
Corp.
................
318
294,350
Koninklijke
Ahold
Delhaize
NV
............
4,389
177,599
Tesco
plc
..........................
32,841
196,839
Security
Shares
Shares
Value
Consumer
Staples
Distribution
&
Retail
(continued)
Walmart,
Inc.
........................
17,420
$
1,795,305
2,560,868
Containers
&
Packaging
—
0.0%
Amcor
plc
..........................
25,224
206,332
Avery
Dennison
Corp.
..................
191
30,975
237,307
Distributors
—
0.0%
Genuine
Parts
Co.
....................
1,049
145,392
LKQ
Corp.
.........................
4,760
145,370
290,762
Diversified
Consumer
Services
—
0.0%
Service
Corp.
International
..............
649
54,010
Diversified
REITs
—
0.0%
Essential
Properties
Realty
Trust,
Inc.
.......
6,210
184,809
Merlin
Properties
Socimi
SA
.............
11,618
175,940
360,749
Diversified
Telecommunication
Services
—
0.3%
Cellnex
Telecom
SA
(b)
(e)
.................
4,635
160,544
Deutsche
Telekom
AG
(Registered)
........
1,084
36,931
Elisa
OYJ
..........................
668
35,062
Koninklijke
KPN
NV
...................
234,148
1,123,803
Telstra
Group
Ltd.
....................
18,899
60,252
TELUS
Corp.
.......................
62,420
983,148
2,399,740
Electric
Utilities
—
0.2%
Acciona
SA
.........................
292
58,674
American
Electric
Power
Co.,
Inc.
..........
357
40,162
Duke
Energy
Corp.
...................
1,204
148,995
Elia
Group
SA/NV
....................
411
47,483
Emera,
Inc.
.........................
1,390
66,688
Endesa
SA
.........................
1,525
48,718
Entergy
Corp.
.......................
1,016
94,681
Evergy,
Inc.
.........................
822
62,488
FirstEnergy
Corp.
....................
7,752
355,197
Origin
Energy
Ltd.
....................
7,988
65,921
PG&E
Corp.
........................
3,721
56,113
Pinnacle
West
Capital
Corp.
.............
494
44,292
PPL
Corp.
.........................
1,982
73,651
Southern
Co.
(The)
...................
1,650
156,371
Xcel
Energy,
Inc.
.....................
1,272
102,587
1,422,021
Electrical
Equipment
—
0.3%
Eaton
Corp.
plc
......................
385
144,086
Emerson
Electric
Co.
..................
937
122,916
GE
Vernova,
Inc.
.....................
353
217,060
Generac
Holdings,
Inc.
(d)
................
234
39,172
Hubbell,
Inc.
........................
2,574
1,107,618
Legrand
SA
........................
255
42,371
Nexans
SA
.........................
219
32,612
NKT
A/S
(d)
..........................
338
32,873
nVent
Electric
plc
.....................
414
40,837
nVent
Electric
plc
.....................
115
11,344
Prysmian
SpA
.......................
838
83,399
Siemens
Energy
AG
(d)
..................
1,052
123,693
Vertiv
Holdings
Co.
,
Class
A
.............
814
122,800
2,120,781
Electronic
Equipment,
Instruments
&
Components
—
0.1%
Amphenol
Corp.
,
Class
A
...............
2,468
305,415
Jabil,
Inc.
..........................
1,231
267,336
Murata
Manufacturing
Co.
Ltd.
............
7,900
149,974
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Electronic
Equipment,
Instruments
&
Components
(continued)
Omron
Corp.
........................
800
$
21,958
TE
Connectivity
plc
...................
90
19,758
Yokogawa
Electric
Corp.
................
1,100
31,568
796,009
Energy
Equipment
&
Services
—
0.1%
Baker
Hughes
Co.
,
Class
A
..............
19,201
935,473
Schlumberger
NV
....................
446
15,329
950,802
Financial
Services
—
0.1%
Aimbridge
Topco
LLC
(d)
(f)
................
2,099
135,386
Jack
Henry
&
Associates,
Inc.
............
1,515
225,629
Mastercard,
Inc.
,
Class
A
................
920
523,305
884,320
Food
Products
—
0.0%
Associated
British
Foods
plc
.............
1,599
44,182
H-Food
Holdings
LLC
(d)
.................
737
14,135
JDE
Peet's
NV
......................
807
29,607
Nestle
SA
(Registered)
.................
2,689
246,945
Orkla
ASA
..........................
3,362
35,149
370,018
Gas
Utilities
—
0.0%
Atmos
Energy
Corp.
...................
439
74,959
Ground
Transportation
—
0.1%
SIRVA,
Inc.
(d)
........................
58
48
Union
Pacific
Corp.
...................
4,752
1,123,230
1,123,278
Health
Care
Equipment
&
Supplies
—
0.1%
Abbott
Laboratories
...................
500
66,970
Baxter
International,
Inc.
................
1,067
24,296
Becton
Dickinson
&
Co.
................
219
40,990
Boston
Scientific
Corp.
(d)
................
553
53,989
Coloplast
A/S
,
Class
B
.................
602
51,886
Cooper
Cos.,
Inc.
(The)
(d)
...............
387
26,533
Dexcom,
Inc.
(d)
......................
418
28,127
Edwards
Lifesciences
Corp.
(d)
............
490
38,107
GE
HealthCare
Technologies,
Inc.
.........
486
36,499
Hologic,
Inc.
(d)
.......................
406
27,401
Insulet
Corp.
(d)
.......................
88
27,168
Intuitive
Surgical,
Inc.
(d)
.................
134
59,929
Koninklijke
Philips
NV
..................
3,816
104,536
Medtronic
plc
.......................
575
54,763
ResMed,
Inc.
.......................
130
35,585
Solventum
Corp.
(d)
....................
355
25,915
STERIS
plc
.........................
130
32,167
Stryker
Corp.
.......................
150
55,450
Zimmer
Biomet
Holdings,
Inc.
............
287
28,270
818,581
Health
Care
Providers
&
Services
—
0.4%
Brookdale
Senior
Living,
Inc.
(d)
............
21,853
185,095
Cardinal
Health,
Inc.
...................
2,237
351,120
Cencora,
Inc.
.......................
1,119
349,721
Centene
Corp.
(d)
.....................
1,644
58,658
Cigna
Group
(The)
....................
289
83,304
CVS
Health
Corp.
....................
1,245
93,861
Elevance
Health,
Inc.
..................
261
84,334
HCA
Healthcare,
Inc.
..................
21
8,950
Henry
Schein,
Inc.
(d)
...................
603
40,021
Humana,
Inc.
.......................
293
76,230
McKesson
Corp.
.....................
358
276,569
Molina
Healthcare,
Inc.
(d)
................
242
46,309
Sonic
Healthcare
Ltd.
..................
2,173
30,778
Security
Shares
Shares
Value
Health
Care
Providers
&
Services
(continued)
UnitedHealth
Group,
Inc.
................
4,336
$
1,497,221
Universal
Health
Services,
Inc.
,
Class
B
.....
1,409
288,056
3,470,227
Health
Care
REITs
—
0.1%
Alexandria
Real
Estate
Equities,
Inc.
........
1,824
152,012
American
Healthcare
REIT,
Inc.
...........
7,502
315,159
CareTrust
REIT,
Inc.
...................
6,771
234,818
Healthpeak
Properties,
Inc.
..............
3,977
76,160
Welltower,
Inc.
.......................
527
93,880
872,029
Hotel
&
Resort
REITs
—
0.0%
Invincible
Investment
Corp.
..............
212
96,672
Hotels,
Restaurants
&
Leisure
—
0.1%
Domino's
Pizza,
Inc.
...................
584
252,119
Evolution
AB
(b)
(e)
......................
763
62,813
FDJ
United
(b)
(e)
.......................
556
18,644
Restaurant
Brands
International,
Inc.
........
1,482
95,073
Whitbread
plc
.......................
946
41,043
469,692
Household
Durables
—
0.1%
Garmin
Ltd.
.........................
337
82,976
Sekisui
House
Ltd.
....................
2,800
63,680
Taylor
Wimpey
plc
....................
459,267
638,027
784,683
Household
Products
—
0.2%
Colgate-Palmolive
Co.
.................
14,099
1,127,074
Reckitt
Benckiser
Group
plc
..............
3,317
255,416
1,382,490
Industrial
Conglomerates
—
0.0%
DCC
plc
...........................
503
32,379
Sekisui
Chemical
Co.
Ltd.
...............
1,900
35,372
Siemens
AG
(Registered)
...............
611
164,957
Swire
Pacific
Ltd.
,
Class
A
...............
2,000
16,949
249,657
Industrial
REITs
—
0.2%
EastGroup
Properties,
Inc.
..............
1,520
257,275
Goodman
Group
.....................
9,638
208,865
LondonMetric
Property
plc
...............
104,986
257,219
Mitsui
Fudosan
Logistics
Park,
Inc.
(d)
........
127
91,342
Plymouth
Industrial
REIT,
Inc.
............
4,171
93,139
Prologis,
Inc.
........................
1,648
188,729
STAG
Industrial,
Inc.
..................
4,925
173,803
Tritax
Big
Box
REIT
plc
.................
67,622
131,808
Warehouses
De
Pauw
CVA
..............
5,491
137,657
1,539,837
Insurance
—
0.4%
Admiral
Group
plc
....................
1,251
56,462
Allianz
SE
(Registered)
.................
708
297,875
ASR
Nederland
NV
...................
732
49,812
Assurant,
Inc.
.......................
4,818
1,043,579
AXA
SA
...........................
6,401
306,960
Globe
Life,
Inc.
......................
1,890
270,213
Hartford
Insurance
Group,
Inc.
(The)
........
1,420
189,414
Poste
Italiane
SpA
(b)
(e)
..................
2,127
50,561
Power
Corp.
of
Canada
................
2,626
113,629
Tryg
A/S
...........................
1,635
41,511
Zurich
Insurance
Group
AG
..............
1,394
996,408
3,416,424
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Interactive
Media
&
Services
—
0.5%
Alphabet,
Inc.
,
Class
A
.................
11,053
$
2,686,984
Meta
Platforms,
Inc.
,
Class
A
.............
2,271
1,667,777
4,354,761
IT
Services
—
0.2%
Accenture
plc
,
Class
A
.................
4,662
1,149,649
Cognizant
Technology
Solutions
Corp.
,
Class
A
.
3,866
259,293
NEXTDC
Ltd.
(d)
......................
8,598
96,459
Otsuka
Corp.
.......................
1,200
25,049
SCSK
Corp.
........................
800
23,946
Travelport
Technology
Ltd.
(d)
(f)
.............
30
90,547
1,644,943
Life
Sciences
Tools
&
Services
—
0.0%
Agilent
Technologies,
Inc.
...............
422
54,163
Danaher
Corp.
......................
422
83,666
Thermo
Fisher
Scientific,
Inc.
.............
189
91,669
West
Pharmaceutical
Services,
Inc.
........
169
44,334
273,832
Machinery
—
0.5%
Aalberts
NV
........................
557
18,364
Alstom
SA
(d)
........................
3,335
87,265
Atlas
Copco
AB
,
Class
A
................
5,626
95,406
Caterpillar,
Inc.
......................
393
187,520
Cummins,
Inc.
.......................
151
63,778
GEA
Group
AG
......................
1,058
78,220
Georg
Fischer
AG
(Registered)
...........
685
53,832
IMI
plc
............................
2,087
64,461
Indutrade
AB
........................
1,192
27,425
Interpump
Group
SpA
..................
1,093
50,243
KION
Group
AG
......................
1,135
77,005
Knorr-Bremse
AG
....................
698
65,674
Komatsu
Ltd.
.......................
4,300
149,800
Kone
OYJ
,
Class
B
...................
1,618
110,362
Konecranes
OYJ
.....................
675
55,883
Kubota
Corp.
.......................
4,600
57,796
Nordson
Corp.
.......................
475
107,801
Otis
Worldwide
Corp.
..................
12,137
1,109,686
Palfinger
AG
(d)
.......................
257
10,698
Parker-Hannifin
Corp.
..................
1,568
1,188,779
SKF
AB
,
Class
B
.....................
1,590
39,545
Vossloh
AG
(d)
.......................
303
32,297
3,731,840
Media
—
0.0%
Learfield
Communications
LLC
,
(Acquired
09/13/23
,
cost
$
3,651
)
(d)
(f)
(g)
............
571
59,955
Omnicom
Group,
Inc.
..................
3,462
282,257
342,212
Metals
&
Mining
—
0.0%
ArcelorMittal
SA
......................
1,638
59,093
Aurubis
AG
.........................
238
29,853
Freeport-McMoRan,
Inc.
................
1,099
43,103
JFE
Holdings,
Inc.
....................
2,700
33,132
Southern
Copper
Corp.
.................
534
64,806
229,987
Multi-Utilities
—
0.3%
CenterPoint
Energy,
Inc.
................
1,799
69,801
CMS
Energy
Corp.
....................
21,995
1,611,354
Dominion
Energy,
Inc.
..................
1,794
109,739
E.ON
SE
..........................
5,613
105,723
Public
Service
Enterprise
Group,
Inc.
.......
1,095
91,389
Sempra
...........................
915
82,332
Veolia
Environnement
SA
...............
3,337
113,798
Security
Shares
Shares
Value
Multi-Utilities
(continued)
WEC
Energy
Group,
Inc.
................
757
$
86,745
2,270,881
Office
REITs
—
0.1%
BXP,
Inc.
..........................
3,496
259,893
Cousins
Properties,
Inc.
................
9,632
278,750
Empire
State
Realty
Trust,
Inc.
,
Class
A
......
8,100
62,046
Orix
JREIT,
Inc.
(d)
.....................
96
65,091
665,780
Oil,
Gas
&
Consumable
Fuels
—
0.4%
Antero
Resources
Corp.
(d)
...............
1,117
37,487
Coterra
Energy,
Inc.
...................
2,302
54,442
Eni
SpA
...........................
10,170
177,935
EQT
Corp.
.........................
1,366
74,351
Expand
Energy
Corp.
..................
613
65,125
Exxon
Mobil
Corp.
....................
867
97,754
Kinder
Morgan,
Inc.
...................
5,350
151,459
Pembina
Pipeline
Corp.
................
2,759
111,554
Range
Resources
Corp.
................
1,001
37,678
Shell
plc
...........................
21,791
781,587
South
Bow
Corp.
.....................
1,535
43,425
TC
Energy
Corp.
.....................
2,115
115,077
TotalEnergies
SE
.....................
4,309
262,455
Williams
Cos.,
Inc.
(The)
................
21,470
1,360,125
3,370,454
Passenger
Airlines
—
0.0%
Qantas
Airways
Ltd.
...................
3,481
25,153
Singapore
Airlines
Ltd.
.................
7,600
38,421
63,574
Personal
Care
Products
—
0.0%
Unilever
plc
.........................
4,641
274,323
Pharmaceuticals
—
0.7%
AstraZeneca
plc
.....................
13,299
2,037,422
Bayer
AG
(Registered)
.................
1,871
62,288
Eli
Lilly
&
Co.
.......................
75
57,225
GSK
plc
...........................
4,169
89,517
Haleon
plc
.........................
13,526
60,869
Ipsen
SA
..........................
217
29,138
Kyowa
Kirin
Co.
Ltd.
...................
1,100
17,196
Novartis
AG
(Registered)
...............
971
124,850
Novo
Nordisk
A/S
,
Class
B
..............
25,331
1,410,472
Orion
OYJ
,
Class
B
...................
1,011
77,618
Recordati
Industria
Chimica
e
Farmaceutica
SpA
942
57,495
Roche
Holding
AG
....................
1,336
446,843
Sanofi
SA
..........................
11,887
1,125,626
UCB
SA
...........................
292
81,507
5,678,066
Professional
Services
—
0.2%
Equifax,
Inc.
........................
512
131,343
Intertek
Group
plc
....................
792
50,414
Leidos
Holdings,
Inc.
..................
1,116
210,880
Paychex,
Inc.
.......................
2,024
256,562
RELX
plc
..........................
25,118
1,203,905
Teleperformance
SE
...................
284
21,213
1,874,317
Real
Estate
Management
&
Development
—
0.1%
CK
Asset
Holdings
Ltd.
.................
19,500
94,441
Lendlease
Corp.
Ltd.
(h)
.................
15,812
57,459
Mitsubishi
Estate
Co.
Ltd.
...............
4,300
98,830
Mitsui
Fudosan
Co.
Ltd.
................
12,600
137,165
TAG
Immobilien
AG
(d)
..................
1,947
33,684
Tokyu
Fudosan
Holdings
Corp.
............
8,200
67,778
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Real
Estate
Management
&
Development
(continued)
VGP
NV
...........................
825
$
92,534
Vonovia
SE
.........................
5,655
176,729
Wharf
Real
Estate
Investment
Co.
Ltd.
......
46,000
135,829
894,449
Residential
REITs
—
0.1%
AvalonBay
Communities,
Inc.
............
1,101
212,680
Centurion
Accommodation
REIT
(d)
.........
15,900
12,819
Essex
Property
Trust,
Inc.
...............
1,181
316,106
Invitation
Homes,
Inc.
..................
2,330
68,339
Sun
Communities,
Inc.
.................
2,474
319,146
UDR,
Inc.
..........................
723
26,939
UNITE
Group
plc
(The)
.................
16,135
156,268
1,112,297
Retail
REITs
—
0.1%
Agree
Realty
Corp.
...................
3,548
252,050
Federal
Realty
Investment
Trust
...........
1,313
133,020
Link
REIT
..........................
24,200
124,339
Regency
Centers
Corp.
................
3,156
230,073
Simon
Property
Group,
Inc.
..............
1,820
341,559
1,081,041
Semiconductors
&
Semiconductor
Equipment
—
0.9%
Applied
Materials,
Inc.
.................
5,530
1,132,212
BE
Semiconductor
Industries
NV
..........
380
56,898
Broadcom,
Inc.
......................
7,714
2,544,926
KLA
Corp.
..........................
309
333,287
Lasertec
Corp.
......................
400
54,722
MediaTek,
Inc.
.......................
22,000
954,134
Monolithic
Power
Systems,
Inc.
...........
315
290,002
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.
49,000
2,128,454
Teradyne,
Inc.
.......................
377
51,890
7,546,525
Software
—
0.8%
Microsoft
Corp.
......................
8,504
4,404,647
Oracle
Corp.
........................
3,530
992,777
Salesforce,
Inc.
......................
1,295
306,915
SAP
SE
...........................
3,224
863,281
Trend
Micro,
Inc.
.....................
600
32,840
6,600,460
Specialized
REITs
—
0.3%
DigiCo
Infrastructure
REIT
(h)
.............
23,757
41,765
Digital
Realty
Trust,
Inc.
................
1,635
282,659
EPR
Properties
......................
2,925
169,679
Equinix,
Inc.
........................
697
545,918
Iron
Mountain,
Inc.
....................
2,512
256,073
Keppel
DC
REIT
.....................
76,200
141,296
National
Storage
REIT
(h)
................
88,271
137,143
Outfront
Media,
Inc.
...................
7,373
135,074
Public
Storage
.......................
846
244,367
Smartstop
Self
Storage
REIT,
Inc.
..........
5,546
208,752
VICI
Properties,
Inc.
...................
5,380
175,442
2,338,168
Specialty
Retail
—
0.2%
Home
Depot,
Inc.
(The)
................
2,291
928,291
Industria
de
Diseno
Textil
SA
.............
5,227
289,282
Tractor
Supply
Co.
....................
1,606
91,333
1,308,906
Technology
Hardware,
Storage
&
Peripherals
—
0.2%
Apple,
Inc.
.........................
5,298
1,349,030
FUJIFILM
Holdings
Corp.
...............
5,400
134,289
Hewlett
Packard
Enterprise
Co.
...........
2,019
49,587
HP,
Inc.
...........................
3,728
101,513
Security
Shares
Shares
Value
Technology
Hardware,
Storage
&
Peripherals
(continued)
NetApp,
Inc.
........................
682
$
80,790
Pure
Storage,
Inc.
,
Class
A
(d)
.............
803
67,299
Ricoh
Co.
Ltd.
.......................
2,800
24,649
Seiko
Epson
Corp.
....................
1,500
19,188
1,826,345
Tobacco
—
0.1%
British
American
Tobacco
plc
.............
14,018
745,580
Trading
Companies
&
Distributors
—
0.2%
AddTech
AB
,
Class
B
..................
1,056
34,352
Brenntag
SE
........................
579
34,695
Fastenal
Co.
........................
5,666
277,860
ITOCHU
Corp.
......................
5,600
318,631
Mitsubishi
Corp.
......................
15,500
369,511
Rexel
SA
..........................
1,187
39,080
RS
GROUP
plc
......................
5,395
41,355
Sumitomo
Corp.
.....................
5,100
147,558
Toyota
Tsusho
Corp.
...................
3,000
83,047
1,346,089
Transportation
Infrastructure
—
0.0%
Incora
Top
Holdco
LLC
(b)
(d)
(f)
..............
1,311
8,233
Water
Utilities
—
0.0%
Severn
Trent
plc
.....................
1,392
48,534
United
Utilities
Group
plc
................
3,306
51,074
99,608
Total
Common
Stocks
—
12
.0
%
(Cost:
$
87,876,185
)
...............................
100,521,185
Par
(000)
Par
(000)
Corporate
Bonds
Aerospace
&
Defense
—
0.6%
Boeing
Co.
(The)
2.20%
,
02/04/26
...................
USD
314
311,622
2.70%
,
02/01/27
...................
450
440,828
6.26%
,
05/01/27
...................
966
993,934
3.20%
,
03/01/29
...................
644
621,407
5.15%
,
05/01/30
...................
336
344,788
3.63%
,
02/01/31
...................
505
483,687
3.60%
,
05/01/34
...................
321
290,349
3.90%
,
05/01/49
...................
9
6,782
Embraer
Netherlands
Finance
BV,
5.98%,
02/11/35
.......................
18
18,983
General
Electric
Co.,
4.30%,
07/29/30
......
400
402,376
L3Harris
Technologies,
Inc.
4.40%
,
06/15/28
...................
80
80,520
5.35%
,
06/01/34
...................
17
17,617
4.85%
,
04/27/35
...................
118
117,624
Lockheed
Martin
Corp.
4.45%
,
05/15/28
...................
23
23,258
4.40%
,
08/15/30
...................
385
388,007
4.75%
,
02/15/34
...................
22
22,203
4.80%
,
08/15/34
...................
55
55,609
3.60%
,
03/01/35
...................
28
25,821
Series
B
,
6.15%
,
09/01/36
.............
23
25,514
Northrop
Grumman
Corp.,
3.25%,
01/15/28
...
17
16,719
RTX
Corp.
5.75%
,
01/15/29
...................
131
137,292
6.10%
,
03/15/34
...................
238
260,609
Wolverine
Escrow
LLC,
0.00%,
11/15/26
(f)
....
92
—
5,085,549
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Air
Freight
&
Logistics
—
0.0%
FedEx
Corp.,
2.40%,
05/15/31
...........
USD
105
$
94,434
Automobile
Components
—
0.1%
Aptiv
Swiss
Holdings
Ltd.
4.35%
,
03/15/29
...................
198
198,335
4.65%
,
09/13/29
...................
400
403,744
3.25%
,
03/01/32
...................
185
170,160
5.15%
,
09/13/34
...................
200
198,833
971,072
Automobiles
—
0.1%
Ford
Motor
Co.,
9.63%,
04/22/30
.........
22
25,633
General
Motors
Co.,
5.35%,
04/15/28
......
245
250,674
Hyundai
Capital
America
(b)
6.25%
,
11/03/25
...................
162
162,235
4.88%
,
06/23/27
...................
445
448,858
Nissan
Motor
Acceptance
Co.
LLC,
1.85%,
09/16/26
(b)
......................
228
219,773
1,107,173
Banks
—
5.8%
AIB
Group
plc,
(1-day
SOFR
+
1.65%),
5.32%,
05/15/31
(a)
(b)
.....................
580
597,152
Associated
Banc-Corp.,
(1-day
SOFR
+
3.03%),
6.46%,
08/29/30
(a)
.................
787
815,751
Australia
&
New
Zealand
Banking
Group
Ltd.,
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.35%),
5.82%,
06/18/36
(a)
(b)
.....................
224
232,397
Banco
Nacional
de
Panama,
2.50%,
08/11/30
(b)
200
174,608
Bank
of
America
Corp.
(a)
(1-day
SOFR
+
1.01%),
1.20%
,
10/24/26
..
66
65,872
(1-day
SOFR
+
1.29%),
5.08%
,
01/20/27
..
550
551,010
Series
RR
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.76%),
4.38%
(i)
.......................
87
85,572
(1-day
SOFR
+
0.96%),
1.73%
,
07/22/27
..
591
579,197
(1-day
SOFR
+
1.05%),
2.55%
,
02/04/28
..
659
645,412
(3-mo.
CME
Term
SOFR
+
1.63%),
3.59%
,
07/21/28
......................
1,056
1,046,319
(3-mo.
CME
Term
SOFR
+
1.30%),
3.42%
,
12/20/28
......................
63
62,039
(3-mo.
CME
Term
SOFR
+
1.33%),
3.97%
,
03/05/29
......................
1,492
1,484,746
(1-day
SOFR
+
1.11%),
4.62%
,
05/09/29
..
876
886,853
(1-day
SOFR
+
1.06%),
2.09%
,
06/14/29
..
312
295,535
(1-day
SOFR
+
1.57%),
5.82%
,
09/15/29
..
323
337,760
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.35%),
6.25%
(i)
....
247
250,156
Series
FIX
,
(1-day
SOFR
+
1.00%),
5.16%
,
01/24/31
......................
933
962,936
Bank
of
Montreal,
Series
6,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.98%),
6.88%,
11/26/85
(a)
............
200
203,547
Bank
of
Nova
Scotia
(The),
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.02%),
8.00%,
01/27/84
(a)
............
200
214,637
Barclays
plc
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.87%),
6.13%
(i)
....
200
200,034
(1-day
SOFR
+
2.21%),
5.83%
,
05/09/27
..
400
403,534
(1-day
SOFR
+
1.49%),
5.67%
,
03/12/28
..
251
255,881
(1-day
SOFR
+
0.96%),
5.09%
,
02/25/29
..
400
407,185
(1-day
SOFR
+
1.08%),
4.48%
,
11/11/29
...
686
687,212
(USISSO05
+
3.69%),
7.63%
(i)
.........
217
229,951
BNP
Paribas
SA
(a)(b)
(1-day
SOFR
+
1.45%),
4.79%
,
05/09/29
..
855
862,963
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.90%),
7.75%
(i)
....
USD
200
$
211,778
CaixaBank
SA,
(1-day
SOFR
+
1.14%),
4.63%,
07/03/29
(a)
(b)
.....................
649
653,544
Citibank
NA,
4.58%,
05/29/27
...........
415
418,672
Citigroup,
Inc.
Series
X
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.42%),
3.88%
(a)
(i)
......................
174
172,393
Series
T
,
(3-mo.
CME
Term
SOFR
+
4.78%),
6.25%
(a)
(i)
......................
86
86,542
(1-day
SOFR
+
1.14%),
4.64%
,
05/07/28
(a)
.
332
334,296
4.13%
,
07/25/28
...................
325
324,678
(1-day
SOFR
+
0.87%),
4.79%
,
03/04/29
(a)
.
1,669
1,690,497
(1-day
SOFR
+
1.36%),
5.17%
,
02/13/30
(a)
.
495
507,779
Series
EE
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.57%),
6.75%
(a)
(i)
......................
217
220,313
Series
FF
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.73%),
6.95%
(a)
(i)
......................
302
310,156
Series
GG
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.89%),
6.88%
(a)
(i)
......................
535
551,348
(1-day
SOFR
+
1.34%),
4.54%
,
09/19/30
(a)
.
301
302,401
(1-day
SOFR
+
1.42%),
2.98%
,
11/05/30
(a)
.
61
57,745
(1-day
SOFR
+
1.15%),
2.67%
,
01/29/31
(a)
.
857
796,647
(1-day
SOFR
+
1.46%),
4.95%
,
05/07/31
(a)
.
908
925,253
(1-day
SOFR
+
2.11%),
2.57%
,
06/03/31
(a)
.
147
135,253
(1-day
SOFR
+
1.17%),
4.50%
,
09/11/31
(a)
.
205
205,111
(1-day
SOFR
+
1.17%),
2.56%
,
05/01/32
(a)
.
53
47,769
(1-day
SOFR
+
1.94%),
3.79%
,
03/17/33
(a)
.
152
144,397
(1-day
SOFR
+
2.06%),
5.83%
,
02/13/35
(a)
.
351
364,040
(1-day
SOFR
+
1.83%),
6.02%
,
01/24/36
(a)
.
662
693,501
Credit
Agricole
SA,
(1-day
SOFR
+
1.46%),
5.22%,
05/27/31
(a)
(b)
................
1,263
1,295,624
FNB
Corp.,
(SOFR
Index
+
1.93%),
5.72%,
12/11/30
(a)
......................
380
385,870
HSBC
Holdings
plc
(a)
(1-day
SOFR
+
1.57%),
5.89%
,
08/14/27
..
275
278,703
(1-day
SOFR
+
1.06%),
5.60%
,
05/17/28
..
200
204,200
(1-day
SOFR
+
1.29%),
5.13%
,
03/03/31
..
805
824,434
HSBC
USA,
Inc.,
4.65%,
06/03/28
........
415
420,869
Intesa
Sanpaolo
SpA,
5.71%,
01/15/26
(b)
....
400
400,870
JPMorgan
Chase
&
Co.
(a)
Series
KK
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.85%),
3.65%
(i)
.......................
39
38,572
(1-day
SOFR
+
0.77%),
1.47%
,
09/22/27
..
39
38,017
(1-day
SOFR
+
1.99%),
4.85%
,
07/25/28
..
71
71,939
(1-day
SOFR
+
0.86%),
4.51%
,
10/22/28
..
350
352,990
(1-day
SOFR
+
0.80%),
4.92%
,
01/24/29
..
131
133,362
(1-day
SOFR
+
1.02%),
2.07%
,
06/01/29
..
76
72,115
(3-mo.
CME
Term
SOFR
+
1.52%),
4.20%
,
07/23/29
......................
1,534
1,536,967
(1-day
SOFR
+
1.57%),
6.09%
,
10/23/29
..
1,230
1,297,988
(1-day
SOFR
+
1.31%),
5.01%
,
01/23/30
..
489
500,956
(1-day
SOFR
+
1.16%),
5.58%
,
04/22/30
..
27
28,201
(1-day
SOFR
+
1.13%),
5.00%
,
07/22/30
..
1,455
1,492,457
(1-day
SOFR
+
2.04%),
2.52%
,
04/22/31
..
668
619,590
(1-day
SOFR
+
1.46%),
5.29%
,
07/22/35
..
323
333,619
(1-day
SOFR
+
1.64%),
5.58%
,
07/23/36
..
75
77,751
KeyBank
NA
5.85%
,
11/15/27
...................
543
560,204
3.90%
,
04/13/29
...................
250
244,585
4.90%
,
08/08/32
...................
250
248,187
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
KeyCorp
2.55%
,
10/01/29
...................
USD
1,146
$
1,073,823
(SOFR
Index
+
2.42%),
6.40%
,
03/06/35
(a)
.
972
1,054,815
Lloyds
Banking
Group
plc
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.82%),
6.75%
(i)
....
260
262,743
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.85%),
5.09%
,
11/26/28
......................
335
340,965
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.60%),
6.07%
,
06/13/36
......................
200
209,941
M&T
Bank
Corp.
(a)
(1-day
SOFR
+
2.80%),
7.41%
,
10/30/29
..
127
137,962
(1-day
SOFR
+
1.40%),
5.18%
,
07/08/31
..
508
520,246
(1-day
SOFR
+
1.61%),
5.39%
,
01/16/36
..
290
294,001
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
194,783
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.83%),
2.34%
,
01/19/28
......................
200
195,368
Morgan
Stanley
Bank
NA
(a)
(1-day
SOFR
+
1.08%),
4.95%
,
01/14/28
..
665
671,555
(1-day
SOFR
+
0.87%),
5.50%
,
05/26/28
..
250
255,510
(1-day
SOFR
+
0.77%),
4.47%
,
07/06/28
..
250
251,402
(1-day
SOFR
+
0.93%),
4.97%
,
07/14/28
..
298
302,405
National
Australia
Bank
Ltd.,
2.33%,
08/21/30
(b)
250
225,026
NatWest
Group
plc,
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.10%),
5.58%,
03/01/28
(a)
............
573
583,639
PNC
Bank
NA,
(1-day
SOFR
+
0.63%),
4.54%,
05/13/27
(a)
......................
250
250,388
PNC
Financial
Services
Group,
Inc.
(The)
(a)
(1-day
SOFR
+
0.80%),
5.10%
,
07/23/27
..
156
157,050
(SOFR
Index
+
1.73%),
6.62%
,
10/20/27
..
103
105,518
(1-day
SOFR
+
1.34%),
5.30%
,
01/21/28
..
75
76,112
(1-day
SOFR
+
1.84%),
5.58%
,
06/12/29
..
281
291,181
(1-day
SOFR
+
1.07%),
5.22%
,
01/29/31
..
176
181,847
(1-day
SOFR
+
1.33%),
4.90%
,
05/13/31
..
40
40,848
(1-day
SOFR
+
1.90%),
5.68%
,
01/22/35
..
195
205,634
(1-day
SOFR
+
1.60%),
5.40%
,
07/23/35
..
224
231,871
(1-day
SOFR
+
1.42%),
5.37%
,
07/21/36
..
110
113,198
Santander
UK
Group
Holdings
plc
(a)
(1-day
SOFR
+
2.60%),
6.53%
,
01/10/29
..
432
452,140
(SOFR
Index
+
1.52%),
5.69%
,
04/15/31
..
200
208,657
(1-day
SOFR
+
1.48%),
2.90%
,
03/15/32
..
200
182,825
Societe
Generale
SA,
(1-day
SOFR
+
1.42%),
5.25%,
05/22/29
(a)
(b)
................
854
868,393
Toronto-Dominion
Bank
(The),
4.57%,
06/02/28
249
252,244
Truist
Bank
(a)
(1-day
SOFR
+
0.59%),
4.67%
,
05/20/27
..
413
413,887
(1-day
SOFR
+
0.77%),
4.42%
,
07/24/28
..
250
251,066
Truist
Financial
Corp.
(a)
(1-day
SOFR
+
2.05%),
6.05%
,
06/08/27
..
467
472,419
(1-day
SOFR
+
2.45%),
7.16%
,
10/30/29
..
223
241,532
(1-day
SOFR
+
1.62%),
5.44%
,
01/24/30
..
110
113,817
Wells
Fargo
&
Co.
(a)
Series
BB
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.45%),
3.90%
(i)
.......................
115
113,883
(3-mo.
CME
Term
SOFR
+
1.57%),
3.58%
,
05/22/28
......................
250
247,744
(1-day
SOFR
+
2.10%),
2.39%
,
06/02/28
..
158
153,593
(1-day
SOFR
+
1.74%),
5.57%
,
07/25/29
..
250
259,088
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(1-day
SOFR
+
1.79%),
6.30%
,
10/23/29
..
USD
18
$
19,065
(3-mo.
CME
Term
SOFR
+
1.26%),
2.57%
,
02/11/31
......................
313
290,880
(1-day
SOFR
+
1.50%),
5.15%
,
04/23/31
..
1,318
1,359,255
(1-day
SOFR
+
2.06%),
6.49%
,
10/23/34
..
353
392,216
(1-day
SOFR
+
1.78%),
5.50%
,
01/23/35
..
414
431,839
48,102,816
Beverages
—
0.0%
Anheuser-Busch
Cos.
LLC,
4.70%,
02/01/36
..
36
35,543
Anheuser-Busch
InBev
Finance,
Inc.,
4.70%,
02/01/36
.......................
58
57,264
Anheuser-Busch
InBev
Worldwide,
Inc.
4.75%
,
01/23/29
...................
76
77,559
5.88%
,
06/15/35
...................
57
62,170
232,536
Biotechnology
—
0.1%
AbbVie,
Inc.,
3.20%,
11/21/29
(j)
..........
133
128,312
Amgen,
Inc.
5.25%
,
03/02/30
...................
231
239,458
4.20%
,
03/01/33
...................
275
267,440
5.25%
,
03/02/33
...................
108
111,871
Gilead
Sciences,
Inc.
4.80%
,
11/15/29
...................
94
96,468
4.60%
,
09/01/35
...................
79
78,113
921,662
Broadline
Retail
—
0.0%
Getty
Images,
Inc.,
11.25%,
02/21/30
(b)
......
74
70,665
Building
Products
—
0.0%
Carrier
Global
Corp.,
5.90%,
03/15/34
......
65
69,748
Capital
Markets
—
2.8%
Ares
Capital
Corp.
5.88%
,
03/01/29
...................
159
163,589
5.95%
,
07/15/29
...................
183
189,068
5.80%
,
03/08/32
...................
294
299,474
Ares
Strategic
Income
Fund,
5.70%,
03/15/28
.
1,742
1,766,429
Blackstone
Secured
Lending
Fund,
2.85%,
09/30/28
.......................
108
102,257
Blue
Owl
Capital
Corp.
5.95%
,
03/15/29
...................
870
886,816
6.20%
,
07/15/30
...................
400
411,320
Blue
Owl
Credit
Income
Corp.
6.60%
,
09/15/29
...................
50
52,128
5.80%
,
03/15/30
...................
106
107,490
Charles
Schwab
Corp.
(The),
Series
K,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.26%),
5.00%
(a)
(i)
...........
18
17,916
Citadel
Securities
Global
Holdings
LLC,
5.50%,
06/18/30
(b)
......................
645
662,001
Deutsche
Bank
AG
(1-day
SOFR
+
1.32%),
2.55%
,
01/07/28
(a)
.
240
234,742
(1-day
SOFR
+
1.59%),
5.71%
,
02/08/28
(a)
.
440
447,994
(1-day
SOFR
+
3.18%),
6.72%
,
01/18/29
(a)
.
175
183,774
5.41%
,
05/10/29
...................
655
682,055
(1-day
SOFR
+
2.51%),
6.82%
,
11/20/29
(a)
.
170
181,842
(1-day
SOFR
+
1.30%),
4.95%
,
08/04/31
(a)
.
540
545,107
FS
KKR
Capital
Corp.,
6.13%,
01/15/31
.....
578
572,656
Goldman
Sachs
Group,
Inc.
(The)
Series
U
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.92%),
3.65%
(a)
(i)
......................
59
57,788
Series
V
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.95%),
4.13%
(a)
(i)
......................
55
54,084
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
(1-day
SOFR
+
0.80%),
1.43%
,
03/09/27
(a)
.
USD
460
$
454,079
(1-day
SOFR
+
1.73%),
4.48%
,
08/23/28
(a)
.
390
392,440
(3-mo.
CME
Term
SOFR
+
1.42%),
3.81%
,
04/23/29
(a)
.....................
75
74,361
2.60%
,
02/07/30
...................
684
640,688
(1-day
SOFR
+
1.27%),
5.73%
,
04/25/30
(a)
.
1,070
1,119,479
(1-day
SOFR
+
1.58%),
5.22%
,
04/23/31
(a)
.
1,509
1,560,465
(1-day
SOFR
+
1.09%),
1.99%
,
01/27/32
(a)
.
35
30,885
(1-day
SOFR
+
1.28%),
2.62%
,
04/22/32
(a)
.
106
96,165
(1-day
SOFR
+
1.25%),
2.38%
,
07/21/32
(a)
.
20
17,850
(1-day
SOFR
+
1.26%),
2.65%
,
10/21/32
(a)
.
85
76,443
(1-day
SOFR
+
1.42%),
5.02%
,
10/23/35
(a)
.
239
240,589
Intercontinental
Exchange,
Inc.
3.63%
,
09/01/28
...................
294
290,200
1.85%
,
09/15/32
...................
122
102,971
4.60%
,
03/15/33
...................
11
11,053
Lehman
Brothers
Holdings,
Inc.,
6.88%,
07/17/37
(d)
(f)
(k)
....................
203
—
Morgan
Stanley
(a)
(1-day
SOFR
+
0.88%),
1.59%
,
05/04/27
..
267
262,785
(1-day
SOFR
+
1.01%),
5.65%
,
04/13/28
..
37
37,829
(3-mo.
CME
Term
SOFR
+
1.40%),
3.77%
,
01/24/29
......................
348
344,984
(1-day
SOFR
+
1.38%),
4.99%
,
04/12/29
..
405
413,089
(1-day
SOFR
+
1.59%),
5.16%
,
04/20/29
..
5
5,118
(1-day
SOFR
+
1.26%),
5.66%
,
04/18/30
..
500
522,107
(1-day
SOFR
+
1.22%),
5.04%
,
07/19/30
..
1,158
1,186,789
(1-day
SOFR
+
1.10%),
4.65%
,
10/18/30
..
1,127
1,139,319
(1-day
SOFR
+
1.11%),
5.23%
,
01/15/31
..
1,784
1,841,355
(1-day
SOFR
+
1.51%),
5.19%
,
04/17/31
..
845
872,541
(1-day
SOFR
+
1.42%),
5.59%
,
01/18/36
..
105
109,936
(1-day
SOFR
+
1.36%),
2.48%
,
09/16/36
..
45
39,088
Nasdaq,
Inc.
5.35%
,
06/28/28
...................
149
153,633
5.55%
,
02/15/34
...................
49
51,449
UBS
AG,
7.50%,
02/15/28
.............
431
464,038
UBS
Group
AG
(a)(b)
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.05%),
4.70%
,
08/05/27
......................
700
702,327
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.85%),
1.49%
,
08/10/27
......................
400
390,576
(1-day
SOFR
+
3.70%),
6.44%
,
08/11/28
..
250
259,759
(USISSO05
+
3.08%),
7.00%
(i)
.........
200
204,950
(1-day
SOFR
+
1.06%),
4.40%
,
09/23/31
..
845
842,133
(USISSO05
+
3.18%),
7.13%
(i)
.........
225
231,515
(USISSO05
+
3.30%),
7.00%
(i)
.........
200
203,886
(1-day
SOFR
+
1.76%),
5.58%
,
05/09/36
..
200
208,182
23,213,586
Chemicals
—
0.2%
Dow
Chemical
Co.
(The),
4.80%,
01/15/31
...
175
174,266
DuPont
de
Nemours,
Inc.,
4.73%,
11/15/28
...
794
800,149
Eastman
Chemical
Co.,
5.00%,
08/01/29
....
19
19,349
Ecolab,
Inc.,
4.30%,
06/15/28
...........
60
60,478
FMC
Corp.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.37%),
8.45%,
11/01/55
(a)
.................
260
274,400
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(b)
.....
5
5,016
LYB
Finance
Co.
BV,
8.10%,
03/15/27
(b)
.....
171
179,187
LYB
International
Finance
II
BV,
3.50%,
03/02/27
17
16,798
LYB
International
Finance
III
LLC,
5.63%,
05/15/33
.......................
25
25,705
Nutrien
Ltd.
5.20%
,
06/21/27
...................
19
19,305
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
4.90%
,
03/27/28
...................
USD
18
$
18,312
2.95%
,
05/13/30
...................
20
18,846
1,611,811
Commercial
Services
&
Supplies
—
0.0%
Republic
Services,
Inc.,
2.30%,
03/01/30
....
57
52,732
Communications
Equipment
—
0.2%
Motorola
Solutions,
Inc.
5.00%
,
04/15/29
...................
355
363,495
4.85%
,
08/15/30
...................
333
339,346
2.75%
,
05/24/31
...................
447
408,047
5.20%
,
08/15/32
...................
482
496,747
5.40%
,
04/15/34
...................
25
25,914
1,633,549
Construction
Materials
—
0.0%
Cemex
SAB
de
CV,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.52%),
7.20%
(a)
(b)
(i)
................
200
207,480
Consumer
Finance
—
1.6%
AerCap
Ireland
Capital
DAC
2.45%
,
10/29/26
...................
250
245,621
4.38%
,
11/15/30
...................
150
149,252
5.00%
,
11/15/35
...................
275
271,977
Ally
Financial,
Inc.
(a)
Series
B
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.87%),
4.70%
(i)
.......................
132
128,558
(SOFR
Index
+
1.96%),
5.74%
,
05/15/29
..
245
250,778
(SOFR
Index
+
1.73%),
5.54%
,
01/17/31
..
1,349
1,374,242
(1-day
SOFR
+
1.78%),
5.55%
,
07/31/33
..
445
446,648
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.45%),
6.65%
,
01/17/40
......................
41
40,986
American
Express
Co.
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.85%),
3.55%
(i)
....
113
110,840
(1-day
SOFR
+
0.93%),
5.04%
,
07/26/28
..
299
304,102
(1-day
SOFR
+
1.22%),
4.92%
,
07/20/33
..
170
172,959
(1-day
SOFR
+
1.42%),
5.28%
,
07/26/35
..
220
227,087
Capital
One
Financial
Corp.
3.75%
,
07/28/26
...................
375
373,498
Series
M
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.16%),
3.95%
(a)
(i)
......................
49
48,102
(1-day
SOFR
+
1.25%),
4.49%
,
09/11/31
(a)
.
1,290
1,279,566
(1-day
SOFR
+
2.04%),
6.18%
,
01/30/36
(a)
.
155
160,790
(1-day
SOFR
+
1.63%),
5.20%
,
09/11/36
(a)
.
170
168,130
Ford
Motor
Credit
Co.
LLC
3.38%
,
11/13/25
...................
455
454,163
5.80%
,
03/05/27
...................
620
626,272
7.35%
,
11/04/27
...................
400
417,195
6.80%
,
05/12/28
...................
788
818,403
5.11%
,
05/03/29
...................
1,452
1,441,231
5.30%
,
09/06/29
...................
1,010
1,007,484
7.35%
,
03/06/30
...................
335
358,584
7.20%
,
06/10/30
...................
222
237,336
4.00%
,
11/13/30
...................
225
209,882
6.05%
,
03/05/31
...................
222
227,135
3.63%
,
06/17/31
...................
232
211,005
General
Motors
Financial
Co.,
Inc.
4.35%
,
01/17/27
...................
196
196,223
5.40%
,
05/08/27
...................
145
147,458
4.90%
,
10/06/29
...................
665
672,688
5.85%
,
04/06/30
...................
372
389,069
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
Synchrony
Financial
(1-day
SOFR
+
1.40%),
5.02%
,
07/29/29
(a)
.
USD
155
$
156,336
7.25%
,
02/02/33
...................
327
348,940
Toyota
Motor
Credit
Corp.,
1.65%,
01/10/31
...
53
46,422
13,718,962
Consumer
Staples
Distribution
&
Retail
—
0.0%
Target
Corp.,
2.35%,
02/15/30
...........
26
24,206
Containers
&
Packaging
—
0.2%
Amcor
Flexibles
North
America,
Inc.
4.80%
,
03/17/28
...................
188
190,108
5.50%
,
03/17/35
...................
375
386,140
Berry
Global,
Inc.
5.50%
,
04/15/28
...................
501
515,108
5.80%
,
06/15/31
...................
551
582,568
Graham
Packaging
Co.,
Inc.,
7.13%,
08/15/28
(b)
10
10,018
Sonoco
Products
Co.,
2.25%,
02/01/27
.....
135
131,495
1,815,437
Diversified
REITs
—
0.4%
GLP
Capital
LP
5.75%
,
06/01/28
...................
165
169,575
5.30%
,
01/15/29
...................
638
649,668
4.00%
,
01/15/30
...................
174
168,507
Simon
Property
Group
LP,
4.38%,
10/01/30
...
640
641,464
VICI
Properties
LP
4.75%
,
02/15/28
...................
649
654,457
4.75%
,
04/01/28
...................
45
45,469
3.88%
,
02/15/29
(b)
..................
55
53,699
4.63%
,
12/01/29
(b)
..................
37
36,635
4.13%
,
08/15/30
(b)
..................
740
715,162
3,134,636
Diversified
Telecommunication
Services
—
0.1%
Sprint
Capital
Corp.,
6.88%,
11/15/28
.......
780
839,006
Electric
Utilities
—
2.3%
AEP
Transmission
Co.
LLC,
5.38%,
06/15/35
..
55
56,904
Alabama
Power
Co.,
3.75%,
09/01/27
......
100
99,811
Alliant
Energy
Corp.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.08%),
5.75%,
04/01/56
(a)
............
190
190,238
American
Electric
Power
Co.,
Inc.
(a)
Series
C
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.13%),
5.80%
,
03/15/56
.................
300
298,949
Series
D
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.94%),
6.05%
,
03/15/56
.................
140
140,197
Arizona
Public
Service
Co.,
5.70%,
08/15/34
..
245
256,699
Baltimore
Gas
&
Electric
Co.
2.40%
,
08/15/26
...................
400
394,742
2.25%
,
06/15/31
...................
14
12,533
CenterPoint
Energy
Houston
Electric
LLC,
5.05%,
03/01/35
..................
110
111,172
DTE
Electric
Co.
5.20%
,
03/01/34
...................
25
25,874
Series
A
,
6.63%
,
06/01/36
.............
23
26,006
Duke
Energy
Carolinas
LLC
4.85%
,
03/15/30
...................
132
135,580
4.95%
,
01/15/33
...................
123
126,456
4.85%
,
01/15/34
...................
56
56,695
Duke
Energy
Florida
LLC,
1.75%,
06/15/30
...
125
111,891
Duke
Energy
Kentucky,
Inc.,
(Acquired
08/11/25,
cost
$497,000),
6.01%,
09/15/35
(f)
(g)
......
497
505,698
Duke
Energy
Progress
LLC
2.00%
,
08/15/31
...................
116
101,980
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
3.40%
,
04/01/32
...................
USD
68
$
64,203
Enel
Finance
International
NV,
4.38%,
09/30/30
(b)
1,036
1,028,954
Eversource
Energy
4.60%
,
07/01/27
...................
210
211,185
Series
M
,
3.30%
,
01/15/28
............
133
130,195
5.45%
,
03/01/28
...................
79
81,147
Exelon
Corp.
2.75%
,
03/15/27
...................
40
39,213
5.15%
,
03/15/28
...................
200
204,563
FirstEnergy
Corp.
Series
B
,
3.90%
,
07/15/27
(l)
............
898
892,493
2.65%
,
03/01/30
...................
782
725,536
FirstEnergy
Transmission
LLC
4.55%
,
01/15/30
...................
141
141,902
5.00%
,
01/15/35
...................
153
153,091
Georgia
Power
Co.
4.55%
,
03/15/30
...................
795
807,301
4.70%
,
05/15/32
...................
216
218,608
4.95%
,
05/17/33
...................
67
68,346
5.25%
,
03/15/34
...................
28
28,883
Interstate
Power
&
Light
Co.,
4.95%,
09/30/34
.
182
180,970
MidAmerican
Energy
Co.,
5.75%,
11/01/35
...
21
22,470
NextEra
Energy
Capital
Holdings,
Inc.
1.88%
,
01/15/27
...................
20
19,449
3.55%
,
05/01/27
...................
300
297,476
4.69%
,
09/01/27
...................
260
262,828
2.75%
,
11/01/29
...................
37
34,973
5.00%
,
02/28/30
...................
57
58,764
2.44%
,
01/15/32
...................
50
44,180
5.05%
,
02/28/33
...................
57
58,221
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.55%),
3.80%
,
03/15/82
(a)
.....................
152
148,225
NRG
Energy,
Inc.,
2.45%,
12/02/27
(b)
.......
256
245,400
Ohio
Power
Co.
Series
P
,
2.60%
,
04/01/30
.............
18
16,740
5.00%
,
06/01/33
...................
177
179,413
5.65%
,
06/01/34
...................
25
26,139
Series
F
,
5.85%
,
10/01/35
.............
9
9,447
Pacific
Gas
&
Electric
Co.
2.10%
,
08/01/27
...................
228
219,163
4.20%
,
03/01/29
...................
685
678,766
5.55%
,
05/15/29
...................
288
296,450
4.55%
,
07/01/30
...................
1,378
1,368,428
2.50%
,
02/01/31
...................
444
395,561
3.25%
,
06/01/31
...................
146
134,253
5.80%
,
05/15/34
...................
672
696,302
PECO
Energy
Co.,
4.90%,
06/15/33
.......
85
86,806
PG&E
Corp.
5.25%
,
07/01/30
...................
88
86,781
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.88%),
7.38%
,
03/15/55
(a)
.....................
527
541,413
Pinnacle
West
Capital
Corp.,
5.15%,
05/15/30
.
360
370,220
PPL
Capital
Funding,
Inc.,
5.25%,
09/01/34
...
110
112,503
Public
Service
Electric
&
Gas
Co.
3.20%
,
05/15/29
...................
99
95,966
2.45%
,
01/15/30
...................
39
36,397
4.90%
,
12/15/32
...................
210
214,779
Series
Q
,
5.05%
,
03/01/35
............
200
203,993
Southern
California
Edison
Co.
4.88%
,
02/01/27
(j)
..................
171
171,987
Series
B
,
3.65%
,
03/01/28
(j)
............
193
189,659
Series
G
,
2.50%
,
06/01/31
............
337
298,815
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
Southern
Co.
(The)
Series
21-B
,
1.75%
,
03/15/28
..........
USD
150
$
141,606
5.20%
,
06/15/33
...................
94
96,637
4.85%
,
03/15/35
...................
349
345,420
4.25%
,
07/01/36
...................
116
107,788
System
Energy
Resources,
Inc.
6.00%
,
04/15/28
...................
135
140,436
5.30%
,
12/15/34
...................
80
80,524
Trans-Allegheny
Interstate
Line
Co.,
5.00%,
01/15/31
(b)
......................
523
536,232
Vistra
Operations
Co.
LLC
(b)
5.05%
,
12/30/26
...................
892
897,126
4.38%
,
05/01/29
...................
1,047
1,025,077
5.70%
,
12/30/34
...................
357
369,432
18,990,260
Entertainment
—
0.1%
Netflix,
Inc.,
5.88%,
11/15/28
............
43
45,343
Warnermedia
Holdings,
Inc.,
3.76%,
03/15/27
.
429
423,101
468,444
Financial
Services
—
0.4%
AT&T
Reign
II
Multi-Property
Lease-Backed
Pass-Through
Trust,
6.09%,
12/15/44
(b)
....
595
601,025
Fidelity
National
Information
Services,
Inc.
1.65%
,
03/01/28
...................
135
127,230
3.75%
,
05/21/29
...................
85
83,166
5.10%
,
07/15/32
...................
234
239,806
Fiserv,
Inc.
3.50%
,
07/01/29
...................
123
119,549
5.63%
,
08/21/33
...................
47
49,343
5.45%
,
03/15/34
...................
77
79,573
5.15%
,
08/12/34
...................
80
80,956
Global
Payments,
Inc.
1.20%
,
03/01/26
...................
53
52,299
3.20%
,
08/15/29
...................
73
69,327
Nationwide
Building
Society,
(1-day
SOFR
+
1.06%),
4.65%,
07/14/29
(a)
(b)
...........
650
655,311
NTT
Finance
Corp.
(b)
4.57%
,
07/16/27
...................
695
700,012
4.62%
,
07/16/28
...................
200
201,978
4.88%
,
07/16/30
...................
200
203,214
5.17%
,
07/16/32
...................
200
204,833
PayPal
Holdings,
Inc.,
2.85%,
10/01/29
.....
17
16,207
3,483,829
Food
Products
—
0.2%
Kraft
Heinz
Foods
Co.
3.75%
,
04/01/30
...................
523
507,239
5.40%
,
03/15/35
...................
433
442,409
Mars,
Inc.,
4.80%,
03/01/30
(b)
...........
848
863,923
1,813,571
Gas
Utilities
—
0.0%
Atmos
Energy
Corp.,
5.90%,
11/15/33
......
47
50,967
CenterPoint
Energy
Resources
Corp.,
5.25%,
03/01/28
.......................
18
18,464
69,431
Ground
Transportation
—
0.3%
CSX
Corp.
3.80%
,
03/01/28
...................
19
18,923
4.25%
,
03/15/29
...................
19
19,072
Penske
Truck
Leasing
Co.
LP
(b)
5.75%
,
05/24/26
...................
275
277,180
4.40%
,
07/01/27
...................
33
33,084
5.88%
,
11/15/27
...................
25
25,783
5.70%
,
02/01/28
...................
241
247,949
Security
Par
(000)
Par
(000)
Value
Ground
Transportation
(continued)
5.35%
,
03/30/29
...................
USD
111
$
114,155
5.25%
,
07/01/29
...................
175
179,949
5.25%
,
02/01/30
...................
54
55,695
Ryder
System,
Inc.
1.75%
,
09/01/26
...................
80
78,305
2.85%
,
03/01/27
...................
135
132,620
6.60%
,
12/01/33
...................
134
150,077
SMBC
Aviation
Capital
Finance
DAC,
1.90%,
10/15/26
(b)
......................
200
194,943
Uber
Technologies,
Inc.
4.30%
,
01/15/30
...................
696
698,014
4.80%
,
09/15/34
...................
49
49,092
2,274,841
Health
Care
Equipment
&
Supplies
—
0.3%
Baxter
International,
Inc.
1.92%
,
02/01/27
...................
76
73,662
2.27%
,
12/01/28
...................
93
87,291
3.95%
,
04/01/30
...................
63
61,758
1.73%
,
04/01/31
...................
7
6,018
Becton
Dickinson
&
Co.,
4.87%,
02/08/29
....
384
391,580
DENTSPLY
SIRONA,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.38%),
8.38%,
09/12/55
(a)
............
75
77,298
Solventum
Corp.
5.45%
,
02/25/27
...................
39
39,633
5.40%
,
03/01/29
...................
854
881,320
5.45%
,
03/13/31
...................
881
918,708
5.60%
,
03/23/34
...................
211
219,678
2,756,946
Health
Care
Providers
&
Services
—
1.4%
Banner
Health,
1.90%,
01/01/31
..........
128
113,522
Centene
Corp.
4.25%
,
12/15/27
...................
1,250
1,227,522
2.45%
,
07/15/28
...................
21
19,514
3.38%
,
02/15/30
...................
1,467
1,349,181
3.00%
,
10/15/30
...................
242
216,236
2.50%
,
03/01/31
...................
187
161,084
2.63%
,
08/01/31
...................
158
135,726
CommonSpirit
Health
6.07%
,
11/01/27
...................
35
36,295
3.35%
,
10/01/29
...................
69
66,642
2.78%
,
10/01/30
...................
161
148,793
Elevance
Health,
Inc.
4.10%
,
03/01/28
...................
111
110,940
4.00%
,
09/15/28
...................
675
672,049
4.10%
,
05/15/32
...................
229
222,451
4.60%
,
09/15/32
...................
450
447,266
4.75%
,
02/15/33
...................
27
27,083
HCA,
Inc.
3.13%
,
03/15/27
...................
987
973,122
4.13%
,
06/15/29
...................
268
265,677
5.25%
,
03/01/30
...................
835
862,072
3.50%
,
09/01/30
...................
356
340,038
5.45%
,
09/15/34
...................
838
859,612
5.75%
,
03/01/35
...................
341
356,507
Humana,
Inc.
4.88%
,
04/01/30
...................
45
45,542
5.88%
,
03/01/33
...................
149
156,763
Nationwide
Children's
Hospital,
Inc.,
4.56%,
11/01/52
.......................
90
78,138
Sutter
Health,
Series
2018,
3.70%,
08/15/28
..
127
125,891
UnitedHealth
Group,
Inc.
4.40%
,
06/15/28
...................
170
171,655
4.70%
,
04/15/29
...................
195
198,627
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
2.88%
,
08/15/29
...................
USD
480
$
457,981
4.80%
,
01/15/30
...................
17
17,366
4.65%
,
01/15/31
...................
778
788,435
4.95%
,
01/15/32
...................
606
620,926
5.30%
,
06/15/35
...................
70
72,361
11,345,017
Health
Care
REITs
—
0.3%
Healthpeak
OP
LLC
1.35%
,
02/01/27
...................
262
252,190
5.25%
,
12/15/32
...................
67
68,897
Ventas
Realty
LP
3.25%
,
10/15/26
...................
64
63,331
3.85%
,
04/01/27
...................
94
93,633
4.00%
,
03/01/28
...................
126
125,422
3.00%
,
01/15/30
...................
160
151,467
4.75%
,
11/15/30
...................
70
70,859
5.63%
,
07/01/34
...................
120
124,954
5.00%
,
01/15/35
...................
255
255,118
Welltower
OP
LLC
3.10%
,
01/15/30
...................
122
116,528
4.50%
,
07/01/30
...................
1,170
1,180,915
3.85%
,
06/15/32
...................
276
264,424
2,767,738
Hotels,
Restaurants
&
Leisure
—
0.1%
Carnival
Corp.,
5.75%,
08/01/32
(b)
.........
355
361,276
Expedia
Group,
Inc.
3.80%
,
02/15/28
...................
35
34,696
3.25%
,
02/15/30
...................
402
384,089
780,061
Household
Durables
—
0.1%
DR
Horton,
Inc.
1.30%
,
10/15/26
...................
353
343,185
5.50%
,
10/15/35
...................
186
192,845
536,030
Independent
Power
and
Renewable
Electricity
Producers
—
0.2%
AES
Corp.
(The)
5.45%
,
06/01/28
...................
295
302,140
2.45%
,
01/15/31
...................
196
175,526
Calpine
Corp.,
5.13%,
03/15/28
(b)
.........
657
657,335
Southern
Power
Co.,
Series
A,
4.25%,
10/01/30
275
273,342
Vistra
Corp.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
6.93%),
8.00%
(a)
(b)
(i)
.....................
320
327,314
1,735,657
Industrial
Conglomerates
—
0.3%
3M
Co.
3.63%
,
09/14/28
...................
136
134,441
4.80%
,
03/15/30
...................
100
102,246
5.15%
,
03/15/35
...................
720
737,483
Honeywell
International,
Inc.
4.88%
,
09/01/29
...................
179
184,058
4.70%
,
02/01/30
...................
435
443,434
4.95%
,
09/01/31
...................
255
263,621
Siemens
Funding
BV,
4.60%,
05/28/30
(b)
.....
714
726,847
2,592,130
Industrial
REITs
—
0.0%
Prologis
LP
4.88%
,
06/15/28
...................
42
42,961
4.75%
,
01/15/31
...................
21
21,447
4.75%
,
06/15/33
...................
27
27,234
5.13%
,
01/15/34
...................
56
57,513
Security
Par
(000)
Par
(000)
Value
Industrial
REITs
(continued)
5.00%
,
03/15/34
...................
USD
73
$
74,174
223,329
Insurance
—
0.3%
Aegon
Funding
Co.
LLC,
5.50%,
04/16/27
(b)
...
586
596,249
Aon
Corp.
2.85%
,
05/28/27
...................
113
110,797
2.60%
,
12/02/31
...................
104
93,648
5.35%
,
02/28/33
...................
109
113,800
Arthur
J
Gallagher
&
Co.
4.85%
,
12/15/29
...................
50
51,022
5.15%
,
02/15/35
...................
250
252,956
Marsh
&
McLennan
Cos.,
Inc.
5.88%
,
08/01/33
...................
21
22,708
5.40%
,
09/15/33
...................
26
27,282
5.15%
,
03/15/34
...................
47
48,664
Met
Tower
Global
Funding,
5.25%,
04/12/29
(b)
.
758
783,787
2,100,913
IT
Services
—
0.0%
IBM
International
Capital
Pte.
Ltd.,
4.60%,
02/05/29
.......................
192
194,587
Machinery
—
0.1%
Daimler
Truck
Finance
North
America
LLC,
5.00%,
01/15/27
(b)
.................
155
156,584
Ingersoll
Rand,
Inc.
5.18%
,
06/15/29
...................
239
246,944
5.45%
,
06/15/34
...................
73
76,112
Otis
Worldwide
Corp.,
2.57%,
02/15/30
.....
73
67,967
547,607
Media
—
0.7%
Charter
Communications
Operating
LLC
2.25%
,
01/15/29
...................
789
733,802
6.10%
,
06/01/29
...................
917
962,294
2.80%
,
04/01/31
...................
1,530
1,380,445
2.30%
,
02/01/32
...................
489
418,391
6.55%
,
06/01/34
...................
737
785,433
Comcast
Corp.
3.55%
,
05/01/28
...................
50
49,495
2.65%
,
02/01/30
...................
29
27,193
3.40%
,
04/01/30
...................
83
80,299
4.25%
,
10/15/30
...................
60
60,103
1.95%
,
01/15/31
...................
62
55,071
1.50%
,
02/15/31
...................
37
31,990
5.50%
,
11/15/32
...................
84
89,016
Cox
Communications,
Inc.,
5.45%,
09/01/34
(b)
.
550
548,009
Discovery
Communications
LLC,
3.95%,
03/20/28
.......................
345
336,806
Grupo
Televisa
SAB,
8.50%,
03/11/32
......
8
8,660
Interpublic
Group
of
Cos.,
Inc.
(The)
4.65%
,
10/01/28
...................
303
305,159
4.75%
,
03/30/30
...................
26
26,118
Paramount
Global
3.70%
,
06/01/28
...................
31
30,332
4.20%
,
05/19/32
...................
125
116,447
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.00%),
6.38%
,
03/30/62
(a)
.....................
53
52,912
6,097,975
Metals
&
Mining
—
0.5%
Anglo
American
Capital
plc,
4.50%,
03/15/28
(b)
.
264
265,165
Freeport-McMoRan,
Inc.
4.13%
,
03/01/28
...................
303
301,230
5.40%
,
11/14/34
...................
19
19,473
Glencore
Canada
Corp.,
6.20%,
06/15/35
....
73
77,672
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Metals
&
Mining
(continued)
Glencore
Funding
LLC
(b)
4.00%
,
03/27/27
...................
USD
248
$
246,820
5.37%
,
04/04/29
...................
323
332,818
5.63%
,
04/04/34
...................
440
457,932
Rio
Tinto
Finance
USA
plc
4.88%
,
03/14/30
...................
90
92,228
5.00%
,
03/14/32
...................
215
221,014
Steel
Dynamics,
Inc.
3.45%
,
04/15/30
...................
510
491,088
5.38%
,
08/15/34
...................
655
677,137
Vale
Overseas
Ltd.
3.75%
,
07/08/30
...................
390
375,570
6.13%
,
06/12/33
...................
203
216,824
3,774,971
Multi-Utilities
—
0.4%
Algonquin
Power
&
Utilities
Corp.,
5.37%,
06/15/26
(l)
......................
218
219,568
Berkshire
Hathaway
Energy
Co.
3.25%
,
04/15/28
...................
97
95,273
1.65%
,
05/15/31
...................
146
126,485
CenterPoint
Energy,
Inc.
(a)
Series
B
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.95%),
6.85%
,
02/15/55
.................
56
59,399
Series
A
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.25%),
7.00%
,
02/15/55
.................
182
189,651
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.59%),
6.70%
,
05/15/55
......................
42
43,374
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.22%),
5.95%
,
04/01/56
......................
335
335,000
Consumers
Energy
Co.
4.60%
,
05/30/29
...................
110
111,674
4.70%
,
01/15/30
...................
270
275,728
Dominion
Energy,
Inc.
4.60%
,
05/15/28
...................
440
444,427
Series
B
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.51%),
7.00%
,
06/01/54
(a)
................
80
86,743
NiSource,
Inc.
5.25%
,
03/30/28
...................
398
408,332
5.40%
,
06/30/33
...................
45
46,651
5.35%
,
04/01/34
...................
106
109,134
Sempra,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.79%),
6.88%,
10/01/54
(a)
......................
516
534,664
WEC
Energy
Group,
Inc.,
4.75%,
01/15/28
...
9
9,126
3,095,229
Oil,
Gas
&
Consumable
Fuels
—
2.3%
Cheniere
Corpus
Christi
Holdings
LLC
5.13%
,
06/30/27
...................
536
541,849
3.70%
,
11/15/29
...................
82
79,691
Cheniere
Energy
Partners
LP
4.50%
,
10/01/29
...................
498
496,405
3.25%
,
01/31/32
...................
154
140,296
5.95%
,
06/30/33
...................
57
60,340
5.75%
,
08/15/34
...................
250
259,897
5.55%
,
10/30/35
(b)
..................
85
86,837
Cheniere
Energy,
Inc.
4.63%
,
10/15/28
...................
497
495,446
5.65%
,
04/15/34
...................
426
439,138
DCP
Midstream
Operating
LP
5.63%
,
07/15/27
...................
615
628,185
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
8.13%
,
08/16/30
...................
USD
32
$
36,744
3.25%
,
02/15/32
...................
783
713,568
Diamondback
Energy,
Inc.
3.50%
,
12/01/29
...................
18
17,366
5.15%
,
01/30/30
...................
150
154,481
3.13%
,
03/24/31
...................
384
356,784
5.40%
,
04/18/34
...................
270
275,638
Enbridge,
Inc.,
Series
20-A,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.31%),
5.75%,
07/15/80
(a)
............
335
338,220
Energy
Transfer
LP
4.40%
,
03/15/27
...................
400
401,358
5.55%
,
02/15/28
...................
422
434,384
3.75%
,
05/15/30
...................
727
705,968
Series
G
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.31%),
7.13%
(a)
(i)
......................
322
332,721
5.60%
,
09/01/34
...................
177
181,657
5.70%
,
04/01/35
...................
790
815,738
Enterprise
Products
Operating
LLC,
Series
E,
(3-mo.
CME
Term
SOFR
+
3.29%),
5.25%,
08/16/77
(a)
......................
339
338,635
EOG
Resources,
Inc.,
4.38%,
04/15/30
.....
15
15,082
EQT
Corp.
3.13%
,
05/15/26
(b)
..................
242
239,783
3.90%
,
10/01/27
...................
119
118,236
4.50%
,
01/15/29
...................
100
100,014
5.00%
,
01/15/29
...................
462
468,450
7.00%
,
02/01/30
(l)
..................
374
407,190
4.75%
,
01/15/31
...................
540
538,899
3.63%
,
05/15/31
(b)
..................
250
233,768
5.75%
,
02/01/34
...................
609
637,355
Expand
Energy
Corp.
5.38%
,
02/01/29
...................
1,254
1,254,387
5.88%
,
02/01/29
(b)
..................
406
407,509
6.75%
,
04/15/29
(b)
..................
743
750,753
5.38%
,
03/15/30
...................
1,907
1,939,055
4.75%
,
02/01/32
...................
243
238,814
5.70%
,
01/15/35
...................
171
175,756
Hess
Corp.,
4.30%,
04/01/27
............
467
468,542
Kinder
Morgan,
Inc.
4.30%
,
03/01/28
...................
163
163,702
5.10%
,
08/01/29
...................
255
262,051
5.15%
,
06/01/30
...................
150
154,737
5.40%
,
02/01/34
...................
355
366,001
5.85%
,
06/01/35
...................
115
121,117
Occidental
Petroleum
Corp.
8.50%
,
07/15/27
...................
47
49,289
5.20%
,
08/01/29
...................
130
131,911
Repsol
E&P
Capital
Markets
US
LLC
(b)
4.81%
,
09/16/28
...................
200
200,866
5.20%
,
09/16/30
...................
465
468,366
Sabine
Pass
Liquefaction
LLC
5.00%
,
03/15/27
...................
100
100,605
4.50%
,
05/15/30
...................
96
96,335
Targa
Resources
Corp.
5.50%
,
02/15/35
...................
107
108,877
5.55%
,
08/15/35
...................
18
18,359
Transcanada
Trust,
Series
16-A,
5.88%,
08/15/76
(a)
......................
337
337,203
Viper
Energy
Partners
LLC,
4.90%,
08/01/30
..
295
297,200
Williams
Cos.,
Inc.
(The)
3.75%
,
06/15/27
...................
100
99,321
5.30%
,
08/15/28
...................
59
60,831
19,361,710
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Passenger
Airlines
—
0.1%
AS
Mileage
Plan
IP
Ltd.,
5.31%,
10/20/31
(b)
...
USD
311
$
309,562
United
Airlines
Pass-Through
Trust,
Series
2024-
1,
Class
A,
5.88%,
02/15/37
...........
367
374,272
683,834
Pharmaceuticals
—
0.6%
Bayer
US
Finance
II
LLC,
4.38%,
12/15/28
(b)
..
360
358,717
Bayer
US
Finance
LLC
(b)
6.13%
,
11/21/26
...................
2,227
2,265,498
6.25%
,
01/21/29
...................
220
231,337
Pfizer
Investment
Enterprises
Pte.
Ltd.
4.45%
,
05/19/28
(j)
..................
187
189,131
4.65%
,
05/19/30
...................
86
87,613
4.75%
,
05/19/33
...................
313
316,209
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
8.13%,
09/15/31
..................
1,093
1,246,621
Teva
Pharmaceutical
Finance
Netherlands
IV
BV,
5.75%,
12/01/30
..................
365
375,950
5,071,076
Professional
Services
—
0.0%
Verisk
Analytics,
Inc.,
5.25%,
06/05/34
......
58
59,796
Residential
REITs
—
0.2%
American
Homes
4
Rent
LP
4.25%
,
02/15/28
...................
243
242,409
4.90%
,
02/15/29
...................
91
92,555
5.50%
,
07/15/34
...................
215
221,550
AvalonBay
Communities,
Inc.,
5.00%,
02/15/33
192
196,102
Camden
Property
Trust,
4.10%,
10/15/28
....
88
88,137
Invitation
Homes
Operating
Partnership
LP
2.30%
,
11/15/28
...................
260
245,467
2.70%
,
01/15/34
...................
44
37,309
4.88%
,
02/01/35
...................
177
174,788
1,298,317
Retail
REITs
—
0.1%
Realty
Income
Corp.
3.65%
,
01/15/28
...................
136
134,869
4.70%
,
12/15/28
...................
83
84,492
4.75%
,
02/15/29
...................
106
108,011
3.25%
,
01/15/31
...................
96
90,874
2.85%
,
12/15/32
...................
69
61,573
5.13%
,
04/15/35
...................
70
71,181
Regency
Centers
LP
4.13%
,
03/15/28
...................
238
237,989
5.25%
,
01/15/34
...................
36
36,999
5.10%
,
01/15/35
...................
155
156,964
982,952
Semiconductors
&
Semiconductor
Equipment
—
0.7%
AP
Grange
Holdings
LLC,
(Acquired
06/21/24,
cost
$203,000),
6.50%,
03/20/45
(f)
(g)
......
203
210,369
Applied
Materials,
Inc.
4.00%
,
01/15/31
...................
300
297,034
4.60%
,
01/15/36
...................
170
168,240
Broadcom,
Inc.
4.00%
,
04/15/29
(b)
..................
570
567,351
5.05%
,
07/12/29
...................
80
82,407
5.05%
,
04/15/30
...................
65
67,224
4.60%
,
07/15/30
...................
590
598,920
4.20%
,
10/15/30
...................
135
134,770
2.45%
,
02/15/31
(b)
..................
686
623,926
3.42%
,
04/15/33
(b)
..................
581
537,700
Foundry
JV
Holdco
LLC
(b)
5.90%
,
01/25/30
...................
657
692,812
5.88%
,
01/25/34
...................
200
208,353
Security
Par
(000)
Par
(000)
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
Micron
Technology,
Inc.
5.33%
,
02/06/29
...................
USD
195
$
200,912
4.66%
,
02/15/30
...................
175
176,609
6.05%
,
11/01/35
...................
499
533,151
QUALCOMM,
Inc.,
5.00%,
05/20/35
.......
419
427,778
5,527,556
Software
—
0.9%
AppLovin
Corp.
5.13%
,
12/01/29
...................
828
847,049
5.50%
,
12/01/34
...................
720
743,218
Cloud
Software
Group,
Inc.,
9.00%,
09/30/29
(b)
.
57
59,121
Oracle
Corp.
3.25%
,
11/15/27
...................
390
383,211
2.30%
,
03/25/28
...................
678
648,224
4.45%
,
09/26/30
...................
225
224,890
2.88%
,
03/25/31
...................
768
705,206
4.80%
,
09/26/32
...................
440
440,529
Roper
Technologies,
Inc.,
4.25%,
09/15/28
...
130
130,607
Stripe,
Inc.,
(Acquired
09/26/25,
cost
$500,000),
5.04%,
09/26/30
(g)
.................
500
500,000
Synopsys,
Inc.
4.85%
,
04/01/30
...................
475
483,821
5.00%
,
04/01/32
...................
659
673,430
TER
Finance
Jersey
Ltd.,
Series
22,
0.00%,
10/02/25
(b)
(m)
....................
926
925,841
VMware
LLC
3.90%
,
08/21/27
...................
329
327,784
2.20%
,
08/15/31
...................
308
271,663
Workday,
Inc.,
3.50%,
04/01/27
..........
20
19,823
7,384,417
Specialized
REITs
—
0.4%
American
Tower
Corp.
1.45%
,
09/15/26
...................
12
11,709
3.65%
,
03/15/27
...................
147
145,907
5.50%
,
03/15/28
...................
700
721,407
5.20%
,
02/15/29
...................
596
613,277
5.00%
,
01/31/30
...................
70
71,635
2.30%
,
09/15/31
...................
132
116,630
5.40%
,
01/31/35
...................
476
491,852
Crown
Castle,
Inc.
2.90%
,
03/15/27
...................
35
34,325
4.80%
,
09/01/28
...................
6
6,085
5.60%
,
06/01/29
...................
87
90,400
4.90%
,
09/01/29
...................
42
42,603
2.25%
,
01/15/31
...................
57
50,729
2.50%
,
07/15/31
...................
84
74,782
5.10%
,
05/01/33
...................
33
33,395
5.80%
,
03/01/34
...................
37
38,932
Equinix,
Inc.,
2.00%,
05/15/28
...........
148
140,280
Extra
Space
Storage
LP
5.70%
,
04/01/28
...................
671
693,018
4.95%
,
01/15/33
...................
255
256,504
5.40%
,
02/01/34
...................
130
133,775
3,767,245
Specialty
Retail
—
0.0%
Group
1
Automotive,
Inc.,
4.00%,
08/15/28
(b)
..
14
13,605
Technology
Hardware,
Storage
&
Peripherals
—
0.1%
Dell
International
LLC
5.00%
,
04/01/30
...................
153
156,718
4.75%
,
10/06/32
...................
265
263,815
Hewlett
Packard
Enterprise
Co.
4.55%
,
10/15/29
...................
94
94,509
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Technology
Hardware,
Storage
&
Peripherals
(continued)
5.00%
,
10/15/34
...................
USD
128
$
127,005
642,047
Tobacco
—
0.7%
Altria
Group,
Inc.
4.50%
,
08/06/30
...................
539
541,087
2.45%
,
02/04/32
...................
704
619,710
BAT
Capital
Corp.
3.22%
,
09/06/26
...................
1,511
1,499,358
4.70%
,
04/02/27
...................
458
461,032
3.56%
,
08/15/27
...................
150
148,466
2.26%
,
03/25/28
...................
58
55,425
6.34%
,
08/02/30
...................
145
156,531
6.42%
,
08/02/33
...................
45
49,402
6.00%
,
02/20/34
...................
69
73,708
BAT
International
Finance
plc,
5.93%,
02/02/29
230
241,543
Philip
Morris
International,
Inc.
4.13%
,
04/28/28
...................
365
365,654
4.38%
,
04/30/30
...................
1,196
1,201,321
4.75%
,
11/01/31
...................
591
601,131
Reynolds
American,
Inc.,
5.70%,
08/15/35
....
115
119,710
6,134,078
Trading
Companies
&
Distributors
—
0.4%
Air
Lease
Corp.
1.88%
,
08/15/26
...................
664
650,192
5.85%
,
12/15/27
...................
46
47,381
3.00%
,
02/01/30
...................
33
30,730
Aviation
Capital
Group
LLC
(b)
1.95%
,
09/20/26
...................
683
667,411
4.80%
,
10/24/30
...................
1,215
1,213,888
GATX
Corp.,
5.40%,
03/15/27
...........
257
260,719
United
Rentals
North
America,
Inc.,
6.00%,
12/15/29
(b)
......................
266
273,902
3,144,223
Transportation
Infrastructure
—
0.0%
Incora
Top
Holdco
LLC,
6.00%,
01/31/33
(f)
....
28
6,927
Wireless
Telecommunication
Services
—
0.2%
America
Movil
SAB
de
CV,
3.63%,
04/22/29
...
262
255,364
Rogers
Communications,
Inc.
3.20%
,
03/15/27
...................
126
124,203
3.80%
,
03/15/32
...................
132
124,692
Series
NC5
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.65%),
7.00%
,
04/15/55
(a)
................
107
111,548
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.62%),
7.13%
,
04/15/55
(a)
.....................
58
61,489
T-Mobile
USA,
Inc.
2.05%
,
02/15/28
...................
186
177,335
3.88%
,
04/15/30
...................
240
235,341
2.55%
,
02/15/31
...................
13
11,812
2.25%
,
11/15/31
...................
246
216,412
2.70%
,
03/15/32
...................
24
21,514
6.70%
,
12/15/33
...................
91
101,760
1,441,470
Total
Corporate
Bonds
—
26
.9
%
(Cost:
$
220,336,720
)
..............................
224,074,879
Security
Par
(000)
Par
(000)
Value
Equity-Linked
Notes
Aerospace
&
Defense
—
0.1%
(b)(e)
Barclays
Bank
plc
(
ATI,
Inc.
)
,
22.60
%
,
10/29/25
USD
2
$
145,999
JPMorgan
Structured
Products
BV
(
GE
Aerospace
)
,
13.28
%
,
10/22/25
..........
3
903,475
1,049,474
Automobile
Components
—
0.0%
JPMorgan
Structured
Products
BV
(
BorgWarner,
Inc.
)
,
11.71
%
,
10/31/25
(b)
(e)
............
3
147,724
Banks
—
0.2%
(b)(e)
BNP
Paribas
SA
(
Wells
Fargo
&
Co.
)
,
13.14
%
,
10/15/25
..................
3
291,282
Citigroup,
Inc.
(
JPMorgan
Chase
&
Co.
)
,
13.83
%
,
10/15/25
..................
3
885,920
Royal
Bank
of
Canada
(
KeyCorp
)
,
13.90
%
,
10/16/25
..................
5
85,730
Royal
Bank
of
Canada
(
Royal
Bank
of
Canada
)
,
10.24
%
,
12/10/25
..................
—
(n)
584,042
1,846,974
Beverages
—
0.0%
Societe
Generale
SA
(
Molson
Coors
Beverage
Co.
)
,
14.08
%
,
11/07/25
(b)
(e)
.............
3
138,418
Biotechnology
—
0.1%
(b)(e)
Citigroup,
Inc.
(
AbbVie,
Inc.
)
,
15.00
%
,
10/30/25
2
415,895
Goldman
Sachs
International
(
Biogen,
Inc.
)
,
20.52
%
,
10/30/25
..................
3
363,747
779,642
Broadline
Retail
—
0.3%
(b)(e)
Citigroup,
Inc.
(
Etsy,
Inc.
)
,
26.13
%
,
10/30/25
...
2
151,167
Goldman
Sachs
International
(
eBay,
Inc.
)
,
14.10
%
,
10/30/25
..................
4
393,936
Nomura
Holdings,
Inc.
(
MercadoLibre,
Inc.
)
,
13.19
%
,
10/29/25
..................
—
(n)
141,802
Societe
Generale
SA
(
Amazon.com,
Inc.
)
,
15.15
%
,
10/31/25
..................
7
1,549,564
2,236,469
Building
Products
—
0.1%
(b)(e)
Barclays
Bank
plc
(
Lennox
International,
Inc.
)
,
20.96
%
,
10/23/25
..................
—
(n)
108,471
BNP
Paribas
SA
(
Trane
Technologies
plc
)
,
11.33
%
,
10/31/25
..................
1
397,981
JPMorgan
Structured
Products
BV
(
Johnson
Controls
International
plc
)
,
11.38
%
,
11/06/25
1
87,269
Societe
Generale
SA
(
Owens
Corning
)
,
25.19
%
,
11/06/25
..................
1
169,843
763,564
Capital
Markets
—
0.5%
(b)(e)
Barclays
Bank
plc
(
Blackstone,
Inc.
)
,
16.55
%
,
10/17/25
..................
1
172,503
Barclays
Bank
plc
(
CME
Group,
Inc.
)
,
13.28
%
,
10/23/25
..................
1
144,153
Barclays
Bank
plc
(
Moody's
Corp.
)
,
10.59
%
,
10/22/25
..................
—
(n)
109,737
Barclays
Bank
plc
(
Nasdaq,
Inc.
)
,
11.66
%
,
10/24/25
..................
2
135,811
BNP
Paribas
SA
(
Charles
Schwab
Corp.
(The)
)
,
11.26
%
,
10/16/25
..................
7
678,185
BNP
Paribas
SA
(
Morgan
Stanley
)
,
13.87
%
,
10/16/25
..................
5
739,349
BNP
Paribas
SA
(
State
Street
Corp.
)
,
20.72
%
,
10/16/25
..................
1
114,849
Citigroup,
Inc.
(
Bank
of
New
York
Mellon
Corp.
(The)
)
,
7.64
%
,
10/17/25
..............
3
290,432
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
Citigroup,
Inc.
(
Intercontinental
Exchange,
Inc.
)
,
8.03
%
,
10/31/25
...................
USD
1
$
247,775
JPMorgan
Structured
Products
BV
(
Goldman
Sachs
Group,
Inc.
(The)
)
,
18.65
%
,
10/15/25
.
1
592,416
Nomura
Holdings,
Inc.
(
S&P
Global,
Inc.
)
,
7.62
%
,
10/27/25
...................
1
410,474
Royal
Bank
of
Canada
(
Evercore,
Inc.
)
,
21.88
%
,
10/23/25
..................
1
204,098
Royal
Bank
of
Canada
(
Stifel
Financial
Corp.
)
,
14.28
%
,
10/23/25
..................
2
174,139
Societe
Generale
SA
(
Moelis
&
Co.
)
,
19.16
%
,
10/23/25
..................
2
141,465
4,155,386
Chemicals
—
0.1%
(b)(e)
Nomura
Holdings,
Inc.
(
CF
Industries
Holdings,
Inc.
)
,
16.79
%
,
11/05/25
...............
1
117,453
Societe
Generale
SA
(
DuPont
de
Nemours,
Inc.
)
,
16.09
%
,
11/05/25
..................
2
145,176
Societe
Generale
SA
(
Linde
plc
)
,
7.61
%
,
10/31/25
...................
1
258,249
520,878
Commercial
Services
&
Supplies
—
0.0%
(b)(e)
Goldman
Sachs
International
(
Waste
Management,
Inc.
)
,
10.46
%
,
10/29/25
.....
1
173,897
Morgan
Stanley
&
Co.
LLC
(
Cintas
Corp.
)
,
10.37
%
,
12/19/25
..................
1
174,321
348,218
Communications
Equipment
—
0.1%
Barclays
Bank
plc
(
Arista
Networks,
Inc.
)
,
32.87
%
,
11/07/25
(b)
(e)
................
3
405,939
Construction
&
Engineering
—
0.0%
Societe
Generale
SA
(
MasTec,
Inc.
)
,
19.79
%
,
10/30/25
(b)
(e)
................
1
180,388
Construction
Materials
—
0.0%
(b)(e)
Barclays
Bank
plc
(
Vulcan
Materials
Co.
)
,
9.75
%
,
10/30/25
...................
—
(n)
117,056
Toronto-Dominion
Bank
(The)
(
Vulcan
Materials
Co.
)
,
10.93
%
,
10/30/25
...............
1
235,581
352,637
Consumer
Finance
—
0.1%
(b)(e)
Barclays
Bank
plc
(
Capital
One
Financial
Corp.
)
,
16.17
%
,
10/24/25
..................
1
271,103
Barclays
Bank
plc
(
Synchrony
Financial
)
,
20.46
%
,
10/16/25
..................
2
136,668
407,771
Consumer
Staples
Distribution
&
Retail
—
0.2%
(b)(e)
BNP
Paribas
SA
(
Target
Corp.
)
,
18.22
%
,
10/02/25
..................
3
261,526
JPMorgan
Structured
Products
BV
(
Costco
Wholesale
Corp.
)
,
9.72
%
,
12/12/25
.......
1
705,773
Nomura
Holdings,
Inc.
(
US
Foods
Holding
Corp.
)
,
8.38
%
,
11/07/25
...................
2
139,006
Societe
Generale
SA
(
Target
Corp.
)
,
30.77
%
,
11/19/25
..................
5
448,769
1,555,074
Containers
&
Packaging
—
0.0%
(b)(e)
Barclays
Bank
plc
(
Crown
Holdings,
Inc.
)
,
13.63
%
,
10/17/25
..................
1
84,845
Barclays
Bank
plc
(
Packaging
Corp.
of
America
)
,
14.43
%
,
10/22/25
..................
1
118,709
203,554
Security
Par
(000)
Par
(000)
Value
Diversified
Consumer
Services
—
0.0%
Barclays
Bank
plc
(
Bright
Horizons
Family
Solutions,
Inc.
)
,
20.51
%
,
11/05/25
(b)
(e)
.....
USD
1
$
143,362
Diversified
Telecommunication
Services
—
0.1%
(b)(e)
Nomura
Holdings,
Inc.
(
AT&T,
Inc.
)
,
16.24
%
,
10/22/25
..................
13
355,341
Royal
Bank
of
Canada
(
Verizon
Communications,
Inc.
)
,
19.52
%
,
10/22/25
...............
8
343,047
698,388
Electric
Utilities
—
0.1%
(b)(e)
JPMorgan
Structured
Products
BV
(
Entergy
Corp.
)
,
10.00
%
,
10/31/25
.............
3
238,000
Royal
Bank
of
Canada
(
American
Electric
Power
Co.,
Inc.
)
,
8.05
%
,
11/06/25
............
2
236,934
474,934
Electrical
Equipment
—
0.1%
(b)(e)
Bank
of
Montreal
(
GE
Vernova,
Inc.
)
,
24.40
%
,
10/23/25
(a)
.................
—
(n)
167,360
Nomura
Holdings,
Inc.
(
GE
Vernova,
Inc.
)
,
29.15
%
,
10/23/25
..................
1
351,304
Nomura
Holdings,
Inc.
(
Regal
Rexnord
Corp.
)
,
17.78
%
,
11/05/25
..................
1
135,021
Royal
Bank
of
Canada
(
Emerson
Electric
Co.
)
,
15.69
%
,
11/05/25
..................
2
230,845
Royal
Bank
of
Canada
(
Generac
Holdings,
Inc.
)
,
17.92
%
,
10/31/25
..................
1
158,327
UBS
AG
(
Eaton
Corp.
plc
)
,
10.20
%
,
10/31/25
..
—
(n)
117,386
1,160,243
Electronic
Equipment,
Instruments
&
Components
—
0.1%
(b)(e)
BMO
Capital
Markets
Corp.
(
Corning,
Inc.
)
,
14.23
%
,
10/29/25
..................
2
179,711
Toronto-Dominion
Bank
(The)
(
Amphenol
Corp.
)
,
18.12
%
,
10/23/25
..................
5
598,945
778,656
Energy
Equipment
&
Services
—
0.0%
Barclays
Bank
plc
(
Baker
Hughes
Co.
)
,
13.91
%
,
10/22/25
(b)
(e)
................
4
176,439
Entertainment
—
0.1%
(b)(e)
JPMorgan
Structured
Products
BV
(
Electronic
Arts,
Inc.
)
,
12.82
%
,
10/29/25
...........
2
275,391
JPMorgan
Structured
Products
BV
(
Netflix,
Inc.
)
,
9.92
%
,
10/17/25
...................
—
(n)
169,471
Royal
Bank
of
Canada
(
Walt
Disney
Co.
(The)
)
,
12.59
%
,
11/14/25
..................
2
230,277
675,139
Financial
Services
—
0.3%
(b)(e)
Barclays
Bank
plc
(
Fiserv,
Inc.
)
,
17.40
%
,
10/22/25
..................
3
355,307
Barclays
Bank
plc
(
Global
Payments,
Inc.
)
,
19.91
%
,
10/30/25
..................
4
339,602
Goldman
Sachs
International
(
Mastercard,
Inc.
)
,
9.87
%
,
10/30/25
...................
1
562,783
Goldman
Sachs
International
(
PayPal
Holdings,
Inc.
)
,
16.32
%
,
10/29/25
...............
6
425,572
JPMorgan
Structured
Products
BV
(
Visa,
Inc.
)
,
11.31
%
,
10/29/25
..................
1
347,829
2,031,093
Food
Products
—
0.0%
Royal
Bank
of
Canada
(
Bunge
Global
SA
)
,
17.41
%
,
10/30/25
(b)
(e)
................
2
173,586
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ground
Transportation
—
0.1%
(b)(e)
Barclays
Bank
plc
(
Lyft,
Inc.
)
,
43.57
%
,
11/06/25
USD
14
$
321,118
BNP
Paribas
SA
(
Uber
Technologies,
Inc.
)
,
20.67
%
,
10/31/25
..................
4
357,922
Societe
Generale
SA
(
Knight-Swift
Transportation
Holdings,
Inc.
)
,
22.72
%
,
10/23/25
........
3
132,480
Societe
Generale
SA
(
XPO,
Inc.
)
,
24.68
%
,
10/30/25
..................
1
142,462
953,982
Health
Care
Equipment
&
Supplies
—
0.3%
(b)(e)
BNP
Paribas
SA
(
ResMed,
Inc.
)
,
15.06
%
,
10/24/25
..................
—
(n)
116,761
JPMorgan
Structured
Products
BV
(
Medtronic
plc
)
,
9.45
%
,
11/19/25
................
6
587,631
Nomura
Holdings,
Inc.
(
Boston
Scientific
Corp.
)
,
11.33
%
,
10/22/25
..................
5
471,398
Nomura
Holdings,
Inc.
(
Medtronic
plc
)
,
14.72
%
,
10/02/25
..................
4
416,126
Societe
Generale
SA
(Becton
Dickinson
&
Co.)
13.19
%
,
11/06/25
..................
1
110,525
14.02
%
,
11/06/25
..................
1
231,700
Societe
Generale
SA
(
Boston
Scientific
Corp.
)
,
8.32
%
,
10/23/25
...................
2
162,550
Societe
Generale
SA
(
IDEXX
Laboratories,
Inc.
)
,
16.13
%
,
10/30/25
..................
—
(n)
198,002
UBS
AG
(
Stryker
Corp.
)
,
7.60
%
,
10/29/25
....
—
(n)
110,870
2,405,563
Health
Care
Providers
&
Services
—
0.4%
(b)(e)
Barclays
Bank
plc
(
Elevance
Health,
Inc.
)
,
21.27
%
,
10/17/25
..................
1
301,686
Barclays
Bank
plc
(
Tenet
Healthcare
Corp.
)
,
14.89
%
,
10/29/25
..................
1
120,506
Citigroup,
Inc.
(
CVS
Health
Corp.
)
,
24.23
%
,
10/29/25
..................
9
667,246
Citigroup,
Inc.
(
Humana,
Inc.
)
,
33.29
%
,
11/05/25
2
502,331
Goldman
Sachs
International
(
Universal
Health
Services,
Inc.
)
,
18.36
%
,
10/24/25
........
1
149,920
JPMorgan
Structured
Products
BV
(
Humana,
Inc.
)
,
21.65
%
,
11/05/25
...............
—
(n)
105,978
JPMorgan
Structured
Products
BV
(
UnitedHealth
Group,
Inc.
)
,
24.52
%
,
10/15/25
.........
1
248,848
Nomura
Holdings,
Inc.
(
McKesson
Corp.
)
,
10.80
%
,
11/06/25
..................
—
(n)
88,428
Royal
Bank
of
Canada
(
Quest
Diagnostics,
Inc.
)
,
13.00
%
,
10/22/25
..................
2
353,732
Royal
Bank
of
Canada
(
UnitedHealth
Group,
Inc.
)
,
32.43
%
,
10/16/25
...............
1
517,910
UBS
AG
(
Tenet
Healthcare
Corp.
)
,
14.80
%
,
10/29/25
..................
1
214,582
3,271,167
Health
Care
REITs
—
0.1%
(b)(e)
Barclays
Bank
plc
(
Alexandria
Real
Estate
Equities,
Inc.
)
,
27.57
%
,
10/28/25
........
2
175,526
Nomura
Holdings,
Inc.
(
Welltower,
Inc.
)
,
10.36
%
,
10/29/25
..................
1
236,433
411,959
Health
Care
Technology
—
0.0%
Nomura
Holdings,
Inc.
(
Veeva
Systems,
Inc.
)
,
18.31
%
,
10/15/25
(b)
(e)
................
1
298,665
Hotels,
Restaurants
&
Leisure
—
0.4%
(b)(e)
Barclays
Bank
plc
(
DoorDash,
Inc.
)
,
24.30
%
,
10/30/25
..................
1
204,527
Barclays
Bank
plc
(
Dutch
Bros,
Inc.
)
,
32.15
%
,
11/06/25
..................
2
131,236
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Barclays
Bank
plc
(
Hilton
Worldwide
Holdings,
Inc.
)
,
11.99
%
,
10/23/25
...............
USD
1
$
134,880
Barclays
Bank
plc
(
Hyatt
Hotels
Corp.
)
,
18.61
%
,
10/31/25
..................
1
115,927
BNP
Paribas
SA
(
Carnival
Corp.
)
,
16.25
%
,
10/01/25
..................
5
142,255
BNP
Paribas
SA
(
McDonald's
Corp.
)
,
11.66
%
,
10/29/25
..................
1
292,505
Citigroup,
Inc.
(
Cheesecake
Factory,
Inc.
(The)
)
,
21.00
%
,
10/29/25
..................
2
109,106
JPMorgan
Structured
Products
BV
(
Carnival
Corp.
)
,
39.88
%
,
11/06/25
.............
5
145,245
JPMorgan
Structured
Products
BV
(
Wingstop,
Inc.
)
,
26.80
%
,
10/30/25
...............
—
(n)
78,906
Mizuho
Markets
Cayman
LP
(
Las
Vegas
Sands
Corp.
)
,
18.00
%
,
10/23/25
.............
4
224,525
Mizuho
Markets
Cayman
LP
(
MGM
Resorts
International
)
,
19.72
%
,
10/30/25
.........
6
197,891
Morgan
Stanley
&
Co.
LLC
(
Brinker
International,
Inc.
)
,
31.35
%
,
10/30/25
...............
1
142,000
Nomura
Holdings,
Inc.
(
Papa
John's
International,
Inc.
)
,
30.00
%
,
11/07/25
.....
3
122,455
Royal
Bank
of
Canada
(
Booking
Holdings,
Inc.
)
,
13.77
%
,
10/30/25
..................
—
(n)
221,367
Royal
Bank
of
Canada
(
Domino's
Pizza,
Inc.
)
,
18.40
%
,
10/10/25
..................
—
(n)
212,928
Societe
Generale
SA
(
Boyd
Gaming
Corp.
)
,
14.45
%
,
10/24/25
..................
2
175,557
Societe
Generale
SA
(
Yum!
Brands,
Inc.
)
,
10.40
%
,
11/05/25
..................
1
175,117
Toronto-Dominion
Bank
(The)
(
Aristocrat
Leisure
Ltd.
)
,
9.18
%
,
11/05/25
...............
2
330,221
3,156,648
Household
Durables
—
0.1%
(b)(e)
Barclays
Bank
plc
(
DR
Horton,
Inc.
)
,
15.98
%
,
10/28/25
..................
1
142,863
JPMorgan
Structured
Products
BV
(
Toll
Brothers,
Inc.
)
,
16.93
%
,
12/09/25
...............
1
175,714
Royal
Bank
of
Canada
(
PulteGroup,
Inc.
)
,
17.97
%
,
10/22/25
..................
1
144,098
Societe
Generale
SA
(
Toll
Brothers,
Inc.
)
,
17.69
%
,
10/02/25
..................
1
147,224
609,899
Household
Products
—
0.0%
Goldman
Sachs
International
(
Procter
&
Gamble
Co.
(The)
)
,
7.80
%
,
10/24/25
(b)
(e)
.........
2
334,012
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
BNP
Paribas
SA
(
AES
Corp.
(The)
)
,
28.38
%
,
10/31/25
(b)
(e)
................
11
145,413
Insurance
—
0.2%
(b)(e)
BNP
Paribas
SA
(
Admiral
Group
plc
)
,
15.96
%
,
11/05/25
..................
2
142,885
BNP
Paribas
SA
(
Progressive
Corp.
(The)
)
,
13.84
%
,
10/15/25
..................
1
281,724
Nomura
Holdings,
Inc.
(
Progressive
Corp.
(The)
)
,
17.37
%
,
10/16/25
..................
2
577,502
Nomura
Holdings,
Inc.
(
Travelers
Cos.,
Inc.
(The)
)
,
13.10
%
,
10/20/25
.............
1
232,426
Toronto-Dominion
Bank
(The)
(
Genworth
Financial,
Inc.
)
,
17.34
%
,
11/06/25
........
13
117,053
1,351,590
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Interactive
Media
&
Services
—
0.6%
(b)(e)
Barclays
Bank
plc
(
Alphabet,
Inc.
)
,
16.54
%
,
10/29/25
..................
USD
9
$
2,064,472
Barclays
Bank
plc
(
Match
Group,
Inc.
)
,
28.32
%
,
11/06/25
..................
9
329,446
Goldman
Sachs
International
(
Meta
Platforms,
Inc.
)
,
16.14
%
,
10/30/25
...............
3
2,256,752
4,650,670
IT
Services
—
0.1%
(b)(e)
Bank
of
Montreal
(
Twilio,
Inc.
)
,
20.57
%
,
10/30/25
2
167,071
BMO
Capital
Markets
Corp.
(
Gartner,
Inc.
)
,
19.80
%
,
11/05/25
..................
1
178,031
Goldman
Sachs
International
(
Cognizant
Technology
Solutions
Corp.
)
,
13.46
%
,
10/30/25
..................
3
222,796
JPMorgan
Structured
Products
BV
(
International
Business
Machines
Corp.
)
,
10.42
%
,
10/23/25
2
601,952
1,169,850
Life
Sciences
Tools
&
Services
—
0.1%
(b)(e)
Barclays
Bank
plc
(
Danaher
Corp.
)
,
16.72
%
,
10/22/25
..................
1
283,364
Barclays
Bank
plc
(
Thermo
Fisher
Scientific,
Inc.
)
,
13.43
%
,
10/23/25
...............
1
400,106
BNP
Paribas
SA
(
Charles
River
Laboratories
International,
Inc.
)
,
22.57
%
,
11/06/25
.....
1
173,552
857,022
Machinery
—
0.2%
(b)(e)
Barclays
Bank
plc
(
Caterpillar,
Inc.
)
,
15.58
%
,
10/29/25
..................
—
(n)
211,418
Barclays
Bank
plc
(
PACCAR,
Inc.
)
,
13.49
%
,
10/22/25
..................
1
114,383
BNP
Paribas
SA
(
Pentair
plc
)
,
12.53
%
,
10/22/25
1
145,815
Goldman
Sachs
International
(
Flowserve
Corp.
)
,
19.05
%
,
10/29/25
..................
4
223,386
Goldman
Sachs
International
(
Xylem,
Inc.
)
,
9.04
%
,
10/31/25
...................
2
236,584
Royal
Bank
of
Canada
(
Fortive
Corp.
)
,
14.58
%
,
10/30/25
..................
4
175,572
Societe
Generale
SA
(
Cummins,
Inc.
)
,
14.75
%
,
11/05/25
..................
—
(n)
175,235
Societe
Generale
SA
(
Parker-Hannifin
Corp.
)
,
16.88
%
,
11/06/25
..................
—
(n)
203,310
UBS
AG
(
Flowserve
Corp.
)
,
19.80
%
,
10/28/25
.
2
84,842
1,570,545
Media
—
0.1%
(b)(e)
Goldman
Sachs
International
(
Comcast
Corp.
)
,
20.51
%
,
10/31/25
..................
7
219,161
Royal
Bank
of
Canada
(
Interpublic
Group
of
Cos.,
Inc.
(The)
)
,
15.00
%
,
10/22/25
......
5
148,143
367,304
Oil,
Gas
&
Consumable
Fuels
—
0.1%
(b)(e)
Barclays
Bank
plc
(
Valero
Energy
Corp.
)
,
16.88
%
,
10/24/25
..................
1
177,967
BNP
Paribas
SA
(
Exxon
Mobil
Corp.
)
,
8.47
%
,
11/03/25
...................
4
457,044
Citigroup,
Inc.
(
Kinder
Morgan,
Inc.
)
,
9.12
%
,
10/17/25
...................
9
237,707
872,718
Pharmaceuticals
—
0.1%
(b)(e)
Citigroup,
Inc.
(
Johnson
&
Johnson
)
,
10.09
%
,
10/15/25
..................
1
175,023
JPMorgan
Structured
Products
BV
(Eli
Lilly
&
Co.)
16.22
%
,
10/30/25
..................
—
(n)
242,874
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
(continued)
16.63
%
,
10/30/25
..................
USD
—
(n)
$
243,333
661,230
Real
Estate
Management
&
Development
—
0.1%
(b)(e)
Royal
Bank
of
Canada
(
CBRE
Group,
Inc.
)
,
14.04
%
,
10/24/25
..................
2
281,715
Societe
Generale
SA
(
Zillow
Group,
Inc.
)
,
23.04
%
,
11/06/25
..................
2
130,349
412,064
Semiconductors
&
Semiconductor
Equipment
—
0.4%
(b)(e)
BNP
Paribas
SA
(
Analog
Devices,
Inc.
)
,
18.49
%
,
10/02/25
..................
2
439,410
BNP
Paribas
SA
(
KLA
Corp.
)
,
20.62
%
,
10/30/25
—
(n)
215,177
BNP
Paribas
SA
(
Monolithic
Power
Systems,
Inc.
)
,
23.08
%
,
10/30/25
...............
—
(n)
244,651
BNP
Paribas
SA
(
NVIDIA
Corp.
)
,
12.45
%
,
10/15/25
..................
10
1,783,858
Mizuho
Markets
Cayman
LP
(
Lam
Research
Corp.
)
,
26.72
%
,
10/23/25
.............
3
367,121
Mizuho
Markets
Cayman
LP
(
Texas
Instruments,
Inc.
)
,
10.57
%
,
10/22/25
...............
1
168,425
Societe
Generale
SA
(
Analog
Devices,
Inc.
)
,
15.74
%
,
11/26/25
..................
2
440,049
3,658,691
Software
—
0.7%
(b)(e)
Barclays
Bank
plc
(
Fortinet,
Inc.
)
,
24.56
%
,
11/07/25
..................
2
144,515
Barclays
Bank
plc
(
Roper
Technologies,
Inc.
)
,
10.26
%
,
10/23/25
..................
—
(n)
166,100
Goldman
Sachs
International
(
Microsoft
Corp.
)
,
9.94
%
,
10/30/25
...................
6
2,951,765
JPMorgan
Structured
Products
BV
(
Intuit,
Inc.
)
,
9.89
%
,
11/24/25
...................
1
458,791
Mizuho
Markets
Cayman
LP
(
ServiceNow,
Inc.
)
,
14.57
%
,
10/23/25
..................
—
(n)
404,426
Nomura
Holdings,
Inc.
(
Manhattan
Associates,
Inc.
)
,
15.15
%
,
10/22/25
...............
1
112,675
Royal
Bank
of
Canada
(
Cadence
Design
Systems,
Inc.
)
,
17.07
%
,
10/29/25
........
1
392,949
Societe
Generale
SA
(
AppLovin
Corp.
)
,
36.33
%
,
11/06/25
..................
—
(n)
249,543
Societe
Generale
SA
(
Palo
Alto
Networks,
Inc.
)
,
15.52
%
,
11/20/25
..................
3
650,809
5,531,573
Specialized
REITs
—
0.0%
Toronto-Dominion
Bank
(The)
(
Equinix,
Inc.
)
,
12.05
%
,
10/30/25
(b)
(e)
................
—
(n)
341,426
Specialty
Retail
—
0.3%
(b)(e)
Barclays
Bank
plc
(
Lowe's
Cos.,
Inc.
)
,
13.28
%
,
10/02/25
..................
1
277,593
Societe
Generale
SA
(
Asbury
Automotive
Group,
Inc.
)
,
19.31
%
,
10/29/25
...............
1
145,624
Societe
Generale
SA
(Home
Depot,
Inc.
(The))
13.18
%
,
10/02/25
..................
1
566,336
10.66
%
,
11/19/25
..................
1
582,663
Societe
Generale
SA
(
Lowe's
Cos.,
Inc.
)
,
15.97
%
,
11/19/25
..................
1
292,022
Societe
Generale
SA
(TJX
Cos.,
Inc.
(The))
8.29
%
,
10/02/25
...................
2
296,743
9.13
%
,
11/19/25
...................
3
379,851
2,540,832
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
20
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Technology
Hardware,
Storage
&
Peripherals
—
0.2%
(b)(e)
BNP
Paribas
SA
(
Apple,
Inc.
)
,
10.69
%
,
10/31/25
USD
6
$
1,361,776
Goldman
Sachs
International
(
Western
Digital
Corp.
)
,
26.62
%
,
10/24/25
.............
3
313,111
JPMorgan
Structured
Products
BV
(
Seagate
Technology
Holdings
plc
)
,
28.20
%
,
10/22/25
1
187,930
1,862,817
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
JPMorgan
Structured
Products
BV
(
VF
Corp.
)
,
33.75
%
,
10/29/25
(b)
(e)
................
12
167,846
Tobacco
—
0.0%
Royal
Bank
of
Canada
(
Altria
Group,
Inc.
)
,
18.36
%
,
10/31/25
(b)
(e)
................
5
347,687
Transportation
Infrastructure
—
0.0%
Royal
Bank
of
Canada
(
Aeroports
de
Paris
SA
)
,
12.22
%
,
10/30/25
(b)
(e)
................
1
289,616
Wireless
Telecommunication
Services
—
0.0%
Mizuho
Markets
Cayman
LP
(
T-Mobile
US,
Inc.
)
,
11.50
%
,
10/23/25
(b)
(e)
................
1
137,018
Total
Equity-Linked
Notes
—
7
.2
%
(Cost:
$
59,695,901
)
...............................
59,781,757
Fixed
Rate
Loan
Interests
Health
Care
Technology
—
0.0%
Cotiviti,
Inc.,
1st
Lien
Term
Loan
,
7.63
%
,
05/01/31
...................
172
172,483
IT
Services
—
0.0%
X
Corp.,
1st
Lien
Term
Loan
B3
,
9.50
%
,
10/26/29
30
30,071
Software
—
0.1%
Clover
Holdings
2
LLC,
1st
Lien
Term
Loan
,
7.75
%
,
12/09/31
...................
312
313,975
Total
Fixed
Rate
Loan
Interests
—
0
.1
%
(Cost:
$
513,437
)
.................................
516,529
Floating
Rate
Loan
Interests
Aerospace
&
Defense
—
0.5%
(a)
Arcline
FM
Holdings
LLC,
1st
Lien
Term
Loan
,
(6-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
7.58
%
,
06/24/30
.............
167
166,453
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
8.83
%
,
05/25/29
.............
418
237,961
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
C
,
(3-mo.
CME
Term
SOFR
+
4.25%),
8.83
%
,
05/25/29
...................
57
32,272
Bleriot
US
Bidco,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.77
%
,
10/31/30
...................
193
193,198
Cobham
Ultra
SeniorCo
SARL,
Facility
1st
Lien
Term
Loan
B
,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.37
%
,
08/03/29
...
255
254,593
Dynasty
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.16
%
,
10/31/31
.............
532
531,518
Dynasty
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.16
%
,
10/31/31
.............
203
202,717
Goat
Holdco
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.91
%
,
01/27/32
...................
85
84,621
Security
Par
(000)
Par
(000)
Value
Aerospace
&
Defense
(continued)
Kaman
Corp.,
1st
Lien
Term
Loan
,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
6.79
%
-
7.21
%
,
02/26/32
...................
USD
114
$
113,893
Kaman
Corp.,
Delayed
Draw
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.83
%
,
02/26/32
.............
1
1,005
Peraton
Corp.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.01
%
,
02/01/28
...................
311
261,563
Propulsion
BC
Newco
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.04
%
,
09/14/29
.............
22
21,734
Setanta
Aircraft
Leasing
DAC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.75
%
,
11/06/28
........
50
50,631
TransDigm,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
2.50%),
6.50
%
,
08/19/32
548
547,298
TransDigm,
Inc.,
1st
Lien
Term
Loan
J
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.50
%
,
02/28/31
...................
957
956,450
TransDigm,
Inc.,
1st
Lien
Term
Loan
K
,
(3-mo.
CME
Term
SOFR
+
2.25%),
6.25
%
,
03/22/30
624
622,957
TransDigm,
Inc.,
1st
Lien
Term
Loan
L
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.50
%
,
01/19/32
...................
149
149,387
4,428,251
Automobile
Components
—
0.2%
(a)
Champions
Financing,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.75%),
8.95
%
,
02/06/29
.............
26
24,525
Clarios
Global
LP,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.82
%
,
05/06/30
...........
653
652,032
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.91
%
,
01/28/32
...........
285
284,912
Garrett
Motion
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.56
%
,
01/30/32
............
112
111,441
Gates
Corp.,
1st
Lien
Term
Loan
B5
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.91
%
,
06/04/31
...................
415
414,347
Gates
Global
LLC,
1st
Lien
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.91
%
,
11/16/29
...................
69
68,774
RealTruck
Group,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
9.28
%
,
01/31/28
.............
75
70,052
Tenneco,
Inc.,
1st
Lien
Term
Loan
B
,
11/17/28
(o)
270
263,841
1,889,924
Automobiles
—
0.0%
(a)
Bombardier
Recreational
Products,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.25%),
0.00
%
,
01/22/31
.............
99
99,062
Dealer
Tire
Financial
LLC,
1st
Lien
Term
Loan
B5
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.32
%
,
07/02/31
.............
196
195,027
294,089
Beverages
—
0.1%
(a)
Naked
Juice
LLC,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.65
%
,
01/24/29
...........
149
112,052
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Beverages
(continued)
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.50%),
9.80
%
,
01/24/29
...........
USD
279
$
280,031
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.00%),
5.40
%
,
01/24/30
...........
104
42,113
Sazerac
Co.,
Inc.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.70
%
,
06/25/32
...................
193
194,073
628,269
Biotechnology
—
0.1%
Phoenix
Newco,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.66
%
,
11/15/28
(a)
..................
409
409,198
Broadline
Retail
—
0.1%
StubHub
Holdco
Sub
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.75%),
9.07
%
,
03/15/30
(a)
............
404
399,438
Building
Products
—
0.2%
(a)
AZZ,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.91
%
,
05/14/29
...................
21
20,685
Chariot
Buyer
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.88
%
-
7.22
%
,
09/08/32
.............
541
541,203
CP
Atlas
Buyer,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.25%),
9.41
%
,
07/08/30
.............
183
178,882
CP
Iris
Holdco
I,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.66
%
,
10/02/28
...................
221
221,110
Wilsonart
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.25
%
,
08/05/31
...................
544
524,704
1,486,584
Capital
Markets
—
0.4%
(a)
AllSpring
Buyer
LLC,
1st
Lien
Term
Loan
,
11/01/30
(o)
.......................
108
107,864
Ardonagh
Group
Finco
Pty.
Ltd.,
Facility
1st
Lien
Term
Loan
B
,
02/18/31
(o)
..............
407
404,669
Aretec
Group,
Inc.,
1st
Lien
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.66
%
,
08/09/30
.............
75
74,759
Ascensus
Holdings,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.16
%
,
08/02/28
.............
342
341,127
Axalta
Coating
Systems
US
Holdings,
Inc.,
Facility
1st
Lien
Term
Loan
B7
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.75
%
,
12/20/29
...................
330
330,745
BCPE
Pequod
Buyer,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.16
%
,
11/25/31
..............
220
220,723
Citadel
Securities
Global
Holdings
LLC,
Facility
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.16
%
,
10/31/31
..
243
243,561
Edelman
Financial
Engines
Center
LLC
(The),
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.17
%
-
7.32
%
,
04/07/28
...................
272
271,704
Focus
Financial
Partners
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.91
%
,
09/15/31
........
346
345,823
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
GTCR
Everest
Borrower
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
2.75%),
6.75
%
,
09/05/31
...................
USD
85
$
84,781
Jane
Street
Group
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.20
%
,
12/15/31
.............
395
391,380
Osaic
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.16
%
,
08/02/32
...................
363
362,731
3,179,867
Chemicals
—
0.5%
(a)
Aruba
Investments
Holdings
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
8.26
%
,
11/24/27
............
189
183,194
Chemours
Co.
(The),
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.16
%
,
08/18/28
.............
117
116,552
Derby
Buyer
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.18
%
,
11/01/30
...................
307
307,040
Discovery
Purchaser
Corp.,
1st
Lien
Term
Loan
,
10/04/29
(o)
.......................
58
57,255
Element
Solutions,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.91
%
,
12/18/30
.............
292
293,239
Fortis
333,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.50
%
,
03/29/32
...................
109
108,002
HB
Fuller
Co.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.91
%
,
02/15/30
...................
203
203,686
INEOS
US
Finance
LLC,
1st
Lien
Term
Loan
,
02/18/30
(o)
.......................
64
57,977
INEOS
US
Petrochem
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.41
%
,
10/07/31
.............
90
76,715
Lonza
Group
AG,
Facility
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.93%),
8.03
%
,
07/03/28
.............
280
251,619
Minerals
Technologies,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.16
%
,
11/26/31
(f)
.............
189
188,575
Momentive
Performance
Materials,
Inc.,
1st
Lien
Term
Loan
,
03/29/28
(o)
...............
244
244,237
Nouryon
Finance
BV,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.50
%
,
04/03/28
.............
207
207,212
Olympus
Water
US
Holding
Corp.,
1st
Lien
Term
Loan
B
,
07/23/32
(o)
..................
271
268,775
Olympus
Water
US
Holding
Corp.,
1st
Lien
Term
Loan
B6
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.30
%
,
06/23/31
........
394
389,550
OQ
Chemicals
International
Holding
GmbH,
1st
Lien
Term
Loan
B2
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.64
%
,
04/08/31
..
113
103,334
Paint
Intermediate
III
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.24
%
,
10/09/31
.............
87
86,349
Solstice
Advanced
Materials,
Inc.,
1st
Lien
Term
Loan
B
,
09/17/32
(o)
..................
153
153,096
Sparta
US
HoldCo
LLC,
1st
Lien
Term
Loan
,
08/02/30
(o)
.......................
340
334,651
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
22
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
WR
Grace
Holdings
LLC,
1st
Lien
Term
Loan
B1
,
(3-mo.
CME
Term
SOFR
+
3.00%),
7.00
%
,
08/19/32
...................
USD
144
$
144,241
3,775,299
Commercial
Services
&
Supplies
—
0.6%
(a)
Action
Environmental
Group,
Inc.
(The),
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.25
%
,
10/24/30
(f)
.......
99
98,875
Allied
Universal
Holdco
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.25%),
7.51
%
,
08/20/32
...................
871
874,029
Anticimex
Global
AB,
1st
Lien
Term
Loan
B6
,
(1-day
SOFR
at
0.50%
Floor
+
3.40%),
7.76
%
,
11/16/28
...................
109
109,610
Aramark
Services,
Inc.,
1st
Lien
Term
Loan
B8
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.16
%
-
6.32
%
,
06/24/30
........
440
440,159
Aramark
Services,
Inc.,
1st
Lien
Term
Loan
B9
,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.07
%
,
04/06/28
...................
81
80,633
Asplundh
Tree
Expert
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.01
%
,
09/06/27
.............
240
239,416
Citrin
Cooperman
Advisors
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.00
%
,
04/01/32
............
138
137,298
Clean
Harbors,
Inc.,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.91
%
,
10/10/28
...........
131
131,263
09/24/32
(o)
.......................
128
128,160
Deep
Blue
Operating
I
LLC,
1st
Lien
Term
Loan
,
09/17/32
(o)
.......................
53
53,000
Garda
World
Security
Corp.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.17
%
,
02/01/29
.............
344
343,976
Grant
Thornton
Advisors
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.66
%
,
06/02/31
............
200
199,037
JFL-Tiger
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
7.89
%
,
10/17/30
............
73
73,273
LABL,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
9.42
%
,
10/30/28
...................
306
250,002
Novelis,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.75
%
,
03/11/32
...................
443
443,426
Prime
Security
Services
Borrower
LLC,
1st
Lien
Term
Loan
B1
,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.13
%
,
10/15/30
...
59
59,220
Prime
Security
Services
Borrower
LLC,
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.00
%
,
03/08/32
...
388
384,391
Quartz
AcquireCo
LLC,
1st
Lien
Term
Loan
B2
,
06/28/30
(o)
.......................
298
296,909
Reworld
Holding
Corp.,
1st
Lien
Term
Loan
,
01/15/31
(o)
.......................
67
66,791
Reworld
Holding
Corp.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.39
%
,
11/30/28
..............
167
167,331
Reworld
Holding
Corp.,
1st
Lien
Term
Loan
C
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.39
%
,
11/30/28
..............
13
13,177
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
Ryan
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.82
%
,
11/14/30
...................
USD
9
$
8,876
Summer
BC
Holdco
B
SARL,
Facility
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.00%),
9.26
%
,
02/15/29
...
47
45,906
Tempo
Acquisition
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.91
%
,
08/31/28
.............
171
167,277
TruGreen
LP,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
8.26
%
,
11/02/27
...................
62
60,337
4,872,372
Communications
Equipment
—
0.0%
Ciena
Corp.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.89
%
-
8.00
%
,
10/24/30
(a)
..................
161
161,268
Construction
&
Engineering
—
0.1%
(a)
Brand
Industrial
Services,
Inc.,
1st
Lien
Term
Loan
C
,
08/01/30
(o)
..................
411
371,605
Construction
Partners,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.66
%
,
11/03/31
..............
66
65,648
Legence
Holdings
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
7.16
%
,
12/15/28
.............
60
60,301
Pike
Corp.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.28
%
,
01/21/28
...................
189
190,122
687,676
Construction
Materials
—
0.2%
(a)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.91
%
,
01/31/31
...................
300
300,603
NEW
AMI
I
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
10.16
%
,
03/08/29
..................
64
59,362
Potters
Borrower
LP,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
7.16
%
,
12/14/27
...................
47
47,391
Quikrete
Holdings,
Inc.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.41
%
,
04/14/31
.............
258
257,494
Quikrete
Holdings,
Inc.,
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.41
%
,
03/19/29
.............
223
222,911
Quikrete
Holdings,
Inc.,
1st
Lien
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.41
%
,
02/10/32
.............
222
221,734
Standard
Industries,
Inc./NY,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.50%),
5.64
%
,
09/22/28
.............
45
44,585
White
Cap
Supply
Holdings
LLC,
Facility
1st
Lien
Term
Loan
C
,
10/19/29
(o)
..............
698
698,193
1,852,273
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Consumer
Staples
Distribution
&
Retail
—
0.0%
(a)
EG
America
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.70
%
,
02/07/28
...................
USD
55
$
55,698
US
Foods,
Inc.,
1st
Lien
Term
Loan
B
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.91
%
,
11/22/28
............
41
41,346
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.91
%
,
10/03/31
...........
198
199,633
296,677
Containers
&
Packaging
—
0.2%
(a)
Charter
Next
Generation,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
6.93
%
,
11/29/30
............
666
667,812
Clydesdale
Acquisition
Holdings,
Inc.,
1st
Lien
Term
Loan
B
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.18%),
7.34
%
,
04/13/29
...........
35
34,941
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.41
%
,
04/01/32
...........
304
303,246
Clydesdale
Acquisition
Holdings,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.41
%
-
7.57
%
,
04/01/32
...................
—
(n)
159
Colossus
Acquireco
LLC,
1st
Lien
Term
Loan
,
07/30/32
(o)
.......................
291
289,135
Mauser
Packaging
Solutions
Holding
Co.,
Facility
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.28
%
,
04/15/27
..
173
172,966
Pregis
Topco
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
8.16
%
,
02/01/29
...................
135
135,788
ProAmpac
PG
Borrower
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
+
4.00%),
8.19
%
-
8.32
%
,
09/15/28
...................
33
33,000
Reynolds
Consumer
Products
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.91
%
,
03/04/32
............
55
54,988
Ring
Container
Technologies
Group
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.50%),
6.66
%
,
09/15/32
.............
91
90,818
Trident
TPI
Holdings,
Inc.,
1st
Lien
Term
Loan
B7
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
7.75
%
,
09/15/28
.............
153
149,615
1,932,468
Distributors
—
0.0%
Pai
HoldCo,
Inc.,
1st
Lien
Term
Loan
B
,
10/28/27
(a)
(o)
......................
85
70,494
Diversified
Consumer
Services
—
0.1%
(a)
Bright
Horizons
Family
Solutions
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
1.75%),
5.91
%
,
08/23/32
.............
235
235,769
KUEHG
Corp.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
6.75
%
,
06/12/30
...................
76
75,558
Learning
Care
Group
US
No.
2,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
8.00
%
-
8.32
%
,
08/11/28
(f)
..................
16
15,368
OMNIA
Partners
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.81
%
,
07/25/30
.............
154
153,747
Security
Par
(000)
Par
(000)
Value
Diversified
Consumer
Services
(continued)
PG
Polaris
BidCo
SARL,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.05
%
,
03/26/31
.............
USD
116
$
116,355
Planet
US
Buyer
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.20
%
,
02/07/31
.............
145
145,181
Wand
NewCo
3,
Inc.,
1st
Lien
Term
Loan
,
01/30/31
(o)
.......................
364
362,354
1,104,332
Diversified
REITs
—
0.0%
RHP
Hotel
Properties
LP,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
2.00
%
-
6.32
%
,
05/18/30
(a)
.......
201
201,093
Diversified
Telecommunication
Services
—
0.3%
(a)
Altice
Financing
SA,
1st
Lien
Term
Loan
,
(US
Prime
Rate
at
0.00%
Floor
+
1.75%),
9.00
%
,
01/30/26
(f)
..................
81
77,790
Level
3
Financing,
Inc.,
1st
Lien
Term
Loan
B4
,
03/29/32
(o)
.......................
614
614,000
Lumen
Technologies,
Inc.,
1st
Lien
Term
Loan
A
,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
6.00%),
10.16
%
,
06/01/28
.............
7
7,058
Lumen
Technologies,
Inc.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.35%),
6.78
%
,
04/16/29
.............
175
174,068
Lumen
Technologies,
Inc.,
1st
Lien
Term
Loan
B2
,
04/15/30
(o)
.....................
232
230,387
Orbcomm,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
8.53
%
-
8.71
%
,
09/01/28
...................
86
77,006
Radiate
Holdco
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.55
%
-
7.93
%
09/25/29
..............
267
214,637
Virgin
Media
Bristol
LLC,
Facility
1st
Lien
Term
Loan
Q
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.51
%
,
01/31/29
........
44
43,958
Zayo
Group
Holdings,
Inc.,
1st
Lien
Term
Loan
,
03/25/30
(o)
.......................
694
672,121
2,111,025
Electric
Utilities
—
0.1%
(a)
NRG
Energy,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.06
%
-
6.07
%
,
04/16/31
.............
566
565,330
Vistra
Operations
Co.
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.91
%
,
12/20/30
.............
219
219,629
784,959
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%),
5.92
%
,
06/20/31
(f)
..................
274
275,578
Coherent
Corp.,
1st
Lien
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.91
%
,
07/02/29
...................
161
160,309
Sanmina
Corp.,
1st
Lien
Term
Loan
B
,
08/06/32
(f)
(o)
.......................
144
143,640
579,527
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Energy
Equipment
&
Services
—
0.0%
(a)
Covia
Holdings
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
2.75%),
6.95
%
,
02/26/32
USD
71
$
71,088
Stakeholder
Midstream
LLC,
1st
Lien
Term
Loan
,
(6-mo.
CME
Term
SOFR
+
4.00%),
8.04
%
,
01/02/31
...................
115
114,856
185,944
Entertainment
—
0.4%
(a)
City
Football
Group
Ltd.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.78
%
,
07/22/30
.............
184
184,169
Creative
Artists
Agency
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.66
%
,
10/01/31
.............
578
578,619
Delta
2
(Lux)
SARL,
1st
Lien
Term
Loan
B
,
09/30/31
(o)
.......................
555
555,187
Live
Nation
Entertainment,
Inc.,
1st
Lien
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.99
%
,
10/19/26
........
239
238,394
Motion
Finco
SARL,
Facility
1st
Lien
Term
Loan
B3
,
11/13/29
(o)
.....................
372
332,638
TKO
Worldwide
Holdings
LLC,
1st
Lien
Term
Loan
B5
,
(3-mo.
CME
Term
SOFR
+
2.00%),
6.04
%
,
11/21/31
...................
634
634,991
WMG
Acquisition
Corp.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.21
%
,
01/24/31
.............
577
577,333
3,101,331
Financial
Services
—
0.7%
(a)
ABG
Intermediate
Holdings
2
LLC,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.41
%
,
12/21/28
........
219
218,334
ABG
Intermediate
Holdings
2
LLC,
Delayed
Draw
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.41
%
,
02/13/32
..
114
114,062
Acuren
Delaware
Holdco,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.91
%
,
07/30/31
............
70
69,876
Apex
Group
Treasury
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.75
%
,
02/27/32
.............
282
275,727
APi
Group
DE,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.91
%
,
01/03/29
...................
459
459,043
Belron
Finance
2019
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
+
2.50%),
6.74
%
,
10/16/31
...................
621
623,562
Boost
Newco
Borrower
LLC,
1st
Lien
Term
Loan
B2
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.00
%
,
01/31/31
.............
831
831,495
CPI
Holdco
B
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.16
%
,
05/19/31
...................
514
512,866
EOC
BORROWER
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.16
%
,
03/24/32
.............
649
649,048
Gryphon
Debt
Merger
Sub,
Inc.,
1st
Lien
Term
Loan
,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.88
%
,
09/13/32
............
135
135,296
Guardian
US
Holdco
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.50
%
,
01/31/30
.............
59
59,383
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
Hyperion
Refinance
SARL,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.75%),
6.63
%
-
7.07
%
,
02/17/31
...................
USD
400
$
399,943
Hyperion
Refinance
SARL,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.66
%
,
04/18/30
.............
32
31,807
ION
Platform
Finance
US,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
3.75%),
0.00
%
,
09/30/32
(f)
..................
604
597,960
Orion
US
Finco,
Inc.,
1st
Lien
Term
Loan
,
05/21/32
(o)
.......................
170
170,850
Sotera
Health
Holdings
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.50%),
6.66
%
,
05/30/31
...................
420
419,939
Summit
Acquisition,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.83
%
,
10/16/31
.............
26
26,076
WEX,
Inc.,
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.91
%
,
04/03/28
...................
55
54,499
WEX,
Inc.,
1st
Lien
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.91
%
,
03/05/32
...................
100
99,033
5,748,799
Food
Products
—
0.2%
(a)
Chobani
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.76
%
,
10/25/27
...................
550
550,946
Froneri
International
Ltd.,
1st
Lien
Term
Loan
,
07/16/32
(o)
.......................
169
168,550
Froneri
International
Ltd.,
Facility
1st
Lien
Term
Loan
B4
,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.24
%
,
09/30/31
........
581
576,454
MP
Midco
Holdings
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
6.50%),
10.81
%
,
03/29/30
.............
13
12,921
Nomad
Foods
US
LLC,
Facility
1st
Lien
Term
Loan
B4
,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.54
%
,
11/13/29
........
104
104,161
Primo
Brands
Corp.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.55
%
-
6.96
%
,
03/31/28
.............
177
176,494
Utz
Quality
Foods
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.50
%
,
01/29/32
.............
336
336,183
Wellness
Pet
LLC,
1st
Lien
Term
Loan
A
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.95%),
8.28
%
,
12/31/29
...................
21
16,812
Wellness
Pet
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.34
%
,
12/31/29
...................
12
5,093
1,947,614
Gas
Utilities
—
0.0%
M6
ETX
Holdings
II
Midco
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.13
%
-
7.32
%
,
03/25/32
(a)
.....
107
106,733
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
25
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ground
Transportation
—
0.1%
(a)
Genesee
&
Wyoming,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.75
%
,
04/10/31
.............
USD
794
$
790,757
Hertz
Corp.
(The),
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
8.07
%
,
06/30/28
...................
194
173,826
Hertz
Corp.
(The),
1st
Lien
Term
Loan
C
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
8.07
%
,
06/30/28
...................
38
34,213
SIRVA
Worldwide,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
8.00%),
12.20
%
,
08/20/29
.............
31
11,882
1,010,678
Health
Care
Equipment
&
Supplies
—
0.1%
(a)
Bausch
+
Lomb
Corp.,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
8.16
%
,
09/29/28
...........
125
124,785
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.41
%
,
01/15/31
...........
343
343,044
QuidelOrtho
Corp.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
+
4.00%),
8.00
%
,
08/20/32
131
130,236
598,065
Health
Care
Providers
&
Services
—
0.5%
(a)
ACP
Tara
Holdings,
Inc.,
1st
Lien
Term
Loan
B
,
09/17/32
(f)
(o)
.......................
46
46,000
AHP
Health
Partners,
Inc.,
1st
Lien
Term
Loan
B
,
09/20/32
(o)
.......................
31
31,525
CHG
Healthcare
Services,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
2.75%),
7.05
%
,
09/29/28
...................
134
133,755
CNT
Holdings
I
Corp.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.25%),
6.56
%
-
6.81
%
,
11/08/32
..............
252
252,013
Concentra
Health
Services,
Inc.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.16
%
,
07/28/31
........
110
110,639
Ensemble
RCM
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.31
%
,
08/01/29
.............
277
277,228
Examworks
Bidco,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.91
%
,
11/01/28
..............
362
362,374
EyeCare
Partners
LLC,
1st
Lien
Term
Loan
A
,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.75%),
9.88
%
,
08/31/28
.............
23
22,842
EyeCare
Partners
LLC,
1st
Lien
Term
Loan
B
,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.00%),
5.23
%
11/30/28
..............
97
60,064
EyeCare
Partners
LLC,
1st
Lien
Term
Loan
C
,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
6.75%),
10.98
%
11/30/28
(d)
(k)
...........
7
1,462
Ingenovis
Health,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
8.71
%
,
03/06/28
.............
64
19,941
LifePoint
Health,
Inc.,
1st
Lien
Term
Loan
B1
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
8.07
%
,
05/19/31
.............
194
193,630
Medical
Solutions
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.91
%
,
11/01/28
............
39
13,471
Medical
Solutions
Holdings,
Inc.,
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
7.00%),
11.31
%
,
11/01/29
............
110
22,184
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
+
2.00%),
6.32
%
,
10/23/28
...........
USD
1,461
$
1,461,230
(1-mo.
CME
Term
SOFR
+
2.00%),
6.16
%
,
10/23/30
.................
60
59,813
Option
Care
Health,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.89
%
,
09/16/32
.............
412
411,015
Raven
Acquisition
Holdings
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.16
%
,
11/19/31
............
92
92,436
Surgery
Center
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.50%),
6.66
%
,
12/19/30
...................
301
300,799
Team
Health
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.50%),
8.80
%
,
06/30/28
.............
80
79,584
Vizient,
Inc.,
1st
Lien
Term
Loan
B8
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.91
%
,
08/01/31
...................
82
82,375
4,034,380
Health
Care
Technology
—
0.3%
(a)
AthenaHealth
Group,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
6.91
%
,
02/15/29
.............
749
747,436
Cotiviti,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.03
%
,
05/01/31
...................
533
522,645
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
8.10
%
,
10/01/27
.............
139
136,748
PointClickCare
Technologies,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.75
%
,
11/03/31
............
153
152,761
Polaris
Newco
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
8.57
%
,
06/02/28
...................
272
262,174
Waystar
Technologies,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.00%),
6.32
%
,
10/22/29
...................
254
253,550
Waystar
Technologies,
Inc.,
1st
Lien
Term
Loan
B
,
10/22/29
(o)
.....................
84
83,871
2,159,185
Hotels,
Restaurants
&
Leisure
—
0.9%
(a)
1011778
BC
ULC,
1st
Lien
Term
Loan
B5
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.91
%
,
09/20/30
...................
377
375,040
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.50%),
9.76
%
,
03/11/30
............
36
35,939
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
7.61%),
11.76
%
,
03/11/30
...........
33
32,911
Alterra
Mountain
Co.,
1st
Lien
Term
Loan
B8
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.66
%
,
05/31/30
(f)
.............
184
183,913
Bally's
Corp.,
Facility
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.84
%
,
10/02/28
.............
145
140,509
Caesars
Entertainment,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.41
%
,
02/06/30
.............
196
195,483
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
26
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Caesars
Entertainment,
Inc.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.41
%
,
02/06/31
.............
USD
729
$
726,348
Crown
Finance
US,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.50%),
8.78
%
,
12/02/31
.............
169
168,479
DK
Crown
Holdings,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.00
%
,
03/04/32
.............
340
339,654
Entain
plc,
1st
Lien
Term
Loan
B5
,
07/30/32
(o)
..
61
60,878
Fertitta
Entertainment
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.41
%
,
01/29/29
.............
747
745,883
Flutter
Financing
BV,
1st
Lien
Term
Loan
B
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.75
%
,
12/02/30
...........
573
570,769
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
6.00
%
,
06/04/32
...........
226
225,993
Four
Seasons
Hotels
Ltd.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.91
%
,
09/22/32
.............
495
495,327
Great
Canadian
Gaming
Corp.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.75%),
8.75
%
,
11/01/29
........
144
138,130
Herschend
Entertainment
Co.
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.41
%
,
05/27/32
............
158
158,032
Hilton
Domestic
Operating
Co.,
Inc.,
1st
Lien
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.91
%
,
11/08/30
....
364
363,898
IRB
Holding
Corp.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
6.66
%
,
12/15/27
...................
280
279,990
Light
&
Wonder
International,
Inc.,
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.39
%
,
04/16/29
........
301
301,391
Ontario
Gaming
GTA
LP,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
8.24
%
,
08/01/30
.............
85
82,512
Packers
Holdings
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
7.66
%
,
03/02/28
.............
69
21,400
Penn
Entertainment,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.66
%
,
05/03/29
.............
217
216,260
Scientific
Games
Holdings
LP,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.04
%
-
7.28
%
,
04/04/29
......
150
149,145
SeaWorld
Parks
&
Entertainment,
Inc.,
1st
Lien
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
6.16
%
,
12/04/31
...
128
127,522
Six
Flags
Entertainment
Corp.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.16
%
,
05/01/31
........
70
69,060
Station
Casinos
LLC,
Facility
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.16
%
,
03/14/31
.............
441
440,609
Turquoise
Topco
Ltd.,
1st
Lien
Term
Loan
B
,
08/13/32
(o)
.......................
137
137,086
Voyager
Parent
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.75%),
8.75
%
,
07/01/32
.............
205
205,281
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Whatabrands
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.81
%
-
6.82
%
,
08/03/28
.............
USD
193
$
192,786
Wyndham
Hotels
&
Resorts,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.91
%
,
05/24/30
............
348
348,865
7,529,093
Household
Durables
—
0.1%
(a)
Hunter
Douglas,
Inc.,
1st
Lien
Term
Loan
B1
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.25
%
,
01/16/32
.............
379
378,642
Madison
Safety
&
Flow
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.91
%
,
09/26/31
.............
94
93,575
Somnigroup
International,
Inc.,
1st
Lien
Term
Loan
B
,
(1-day
SOFR
at
0.00%
Floor
+
2.25%),
6.64
%
,
10/24/31
.............
101
101,511
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan
A1
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.50%),
8.66
%
,
12/19/29
.............
30
29,653
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan
A2
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.00%),
8.28
%
,
10/06/28
.............
100
81,229
Weber-Stephen
Products
LLC,
1st
Lien
Term
Loan
B
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
7.53
%
,
10/29/27
...........
159
157,299
09/17/32
(o)
.......................
276
272,895
1,114,804
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
(a)
Calpine
Construction
Finance
Co.
LP,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.16
%
,
07/19/30
........
286
285,550
Calpine
Corp.,
Facility
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.91
%
,
01/31/31
.............
128
127,634
Constellation
Renewables
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
2.00%),
6.45
%
,
12/15/27
............
136
135,488
Talen
Energy
Supply
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.73
%
,
12/11/31
..............
105
105,227
653,899
Industrial
Conglomerates
—
0.2%
(a)
Beach
Acquisition
Bidco
LLC,
1st
Lien
Term
Loan
B1
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.31
%
,
09/13/32
.............
59
59,246
Cube
A&D
Buyer,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.58
%
,
10/18/31
.............
60
59,849
EMRLD
Borrower
LP,
1st
Lien
Term
Loan
,
08/04/31
(o)
.......................
401
398,996
EMRLD
Borrower
LP,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.45
%
,
05/31/30
.............
671
668,375
LSF12
Crown
US
Commercial
Bidco
LLC,
1st
Lien
Term
Loan
,
12/02/31
(o)
............
129
129,081
Pinnacle
Buyer,
LLC,
1st
Lien
Term
Loan
,
09/13/32
(o)
.......................
157
157,205
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
27
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Industrial
Conglomerates
(continued)
Resideo
Funding,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
2.00%),
6.04
%
,
08/13/32
...................
USD
182
$
181,887
1,654,639
Insurance
—
0.6%
(a)
Alliant
Holdings
Intermediate
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.50%),
6.67
%
,
09/19/31
...................
1,264
1,260,122
AmWINS
Group,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.25%),
6.25
%
,
01/30/32
...................
579
578,246
Amynta
Agency
Borrower,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.75%),
6.91
%
,
12/29/31
...................
387
384,927
Baldwin
Insurance
Group
Holdings
LLC
(The),
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
+
2.50%),
6.64
%
,
05/26/31
.......
169
168,680
CRC
Insurance
Group
LLC,
1st
Lien
Term
Loan
B
,
05/06/31
(o)
.....................
745
743,862
HUB
International
Ltd.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.25%),
6.58
%
-
6.71
%
,
06/20/30
........
771
772,418
Jones
DesLauriers
Insurance
Management,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.06
%
,
03/15/30
...................
165
164,556
OneDigital
Borrower
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.32
%
,
07/02/31
.............
43
42,947
Ryan
Specialty
LLC,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.16
%
,
09/15/31
.............
389
388,494
USI,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.25
%
,
09/27/30
...................
334
332,983
USI,
Inc.,
1st
Lien
Term
Loan
D
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.25
%
,
11/21/29
...................
499
498,581
5,335,816
Interactive
Media
&
Services
—
0.0%
Camelot
US
Acquisition
LLC,
1st
Lien
Term
Loan
B
,
01/31/31
(a)
(o)
....................
144
142,619
IT
Services
—
0.7%
(a)
Asurion
LLC,
1st
Lien
Term
Loan
B11
,
08/21/28
(o)
255
255,254
Asurion
LLC,
1st
Lien
Term
Loan
B12
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.41
%
,
09/19/30
...................
55
54,493
Asurion
LLC,
1st
Lien
Term
Loan
B13
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.41
%
,
09/19/30
...................
310
308,065
Asurion
LLC,
1st
Lien
Term
Loan
B9
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.53
%
,
07/30/27
...................
301
300,431
Asurion
LLC,
2nd
Lien
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.25%),
9.53
%
,
01/31/28
...................
69
67,103
Asurion
LLC,
2nd
Lien
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.25%),
9.53
%
,
01/19/29
...................
129
123,213
Central
Parent
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.25
%
,
07/06/29
...................
506
436,955
Security
Par
(000)
Par
(000)
Value
IT
Services
(continued)
Clearwater
Analytics
LLC,
1st
Lien
Term
Loan
,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.46
%
,
04/21/32
.............
USD
166
$
166,000
Ecovyst
Catalyst
Technologies
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.31
%
,
06/12/31
........
224
224,145
Epicor
Software
Corp.,
1st
Lien
Term
Loan
E
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
6.66
%
,
05/30/31
.............
568
568,664
Fortress
Intermediate
3,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.25
%
,
06/27/31
.............
101
101,600
Go
Daddy
Operating
Co.
LLC,
1st
Lien
Term
Loan
B7
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.91
%
,
05/30/31
........
399
398,126
Go
Daddy
Operating
Co.
LLC,
1st
Lien
Term
Loan
B8
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.91
%
,
11/09/29
........
140
139,670
Magenta
Security
Holdings
LLC,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
6.50%),
11.07
%
,
07/27/28
(d)
(k)
.........
69
13,702
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.00%),
11.57
%
,
07/27/28
...........
17
7,285
Mitchell
International,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.41
%
,
06/17/31
.............
417
416,199
Mitchell
International,
Inc.,
2nd
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
9.41
%
,
06/07/32
.............
64
63,168
Modena
Buyer
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.81
%
,
07/01/31
...................
94
92,738
Project
Alpha
Intermediate
Holding,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.55
%
,
10/28/30
........
151
151,824
Project
Boost
Purchaser
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.07
%
,
07/16/31
............
388
386,358
Sedgwick
Claims
Management
Services,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.82
%
,
07/31/31
...
751
750,006
Shift4
Payments
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.80
%
-
7.05
%
,
06/30/32
.............
130
130,920
X
Corp.,
1st
Lien
Term
Loan
B1
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.50%),
10.96
%
,
10/26/29
..................
512
502,315
x.AI
Corp.,
1st
Lien
Term
Loan
,
06/28/30
(o)
....
182
175,466
5,833,700
Leisure
Products
—
0.0%
Hayward
Industries,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.76
%
,
05/30/28
(a)
............
49
49,073
Life
Sciences
Tools
&
Services
—
0.0%
(a)
Avantor
Funding,
Inc.,
1st
Lien
Term
Loan
B6
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
6.26
%
,
11/08/27
..............
8
7,543
ICON
Luxembourg
SARL,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
6.00
%
,
07/03/28
.............
45
44,547
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Life
Sciences
Tools
&
Services
(continued)
Pra
Health
Sciences,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
6.00
%
,
07/03/28
.............
USD
11
$
11,099
Star
Parent,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
8.00
%
,
09/27/30
...................
152
152,025
215,214
Machinery
—
0.6%
(a)
Aggreko
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.21
%
,
05/21/31
.............
257
257,514
AI
Aqua
Merger
Sub,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.28
%
,
07/31/28
.............
503
503,708
Chart
Industries,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.79
%
,
03/15/30
...................
78
78,295
Columbus
McKinnon
Corp.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.50
%
,
05/15/28
(f)
.............
55
55,023
Filtration
Group
Corp.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
2.75%),
6.91
%
,
10/23/28
...................
552
554,348
Generac
Power
Systems,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.03
%
,
06/12/31
............
99
99,371
Husky
Injection
Molding
Systems
Ltd.,
1st
Lien
Term
Loan
,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
7.92
%
,
02/15/29
........
647
647,966
Indicor
LLC,
1st
Lien
Term
Loan
D
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
6.75
%
,
11/22/29
...................
136
136,068
Innio
North
America
Holding,
Inc.,
Facility
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.39
%
,
11/02/28
....
148
147,935
Madison
IAQ
LLC,
1st
Lien
Term
Loan
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.70
%
,
06/21/28
...........
550
550,191
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.45
%
,
05/06/32
...........
275
276,452
Rexnord
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
6.28
%
,
10/04/28
...................
75
75,674
SPX
FLOW,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.75%),
6.91
%
,
04/05/29
477
478,439
TK
Elevator
Midco
GmbH,
1st
Lien
Term
Loan
B1
,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.20
%
,
04/30/30
.............
443
443,743
Vertiv
Group
Corp.,
1st
Lien
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.03
%
,
08/12/32
...................
662
662,853
Vortex
Opco
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
8.37
%
,
12/18/28
...................
98
21,603
WEC
US
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.53
%
,
01/27/31
.............
332
332,563
5,321,746
Security
Par
(000)
Par
(000)
Value
Media
—
0.3%
(a)
Altice
France
SA,
1st
Lien
Term
Loan
B14
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.50%),
9.82
%
,
08/15/28
(f)
.............
USD
346
$
333,661
Charter
Communications
Operating
LLC,
1st
Lien
Term
Loan
B4
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.29
%
,
12/09/30
...
85
84,724
Charter
Communications
Operating
LLC,
1st
Lien
Term
Loan
B5
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.54
%
,
12/15/31
...
147
147,103
Clear
Channel
Outdoor
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
8.28
%
,
08/23/28
........
48
47,943
CSC
Holdings
LLC,
1st
Lien
Term
Loan
,
01/18/28
(o)
.......................
71
70,543
CSC
Holdings
LLC,
1st
Lien
Term
Loan
B5
,
04/15/27
(o)
.......................
479
463,225
DirecTV
Financing
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
9.57
%
,
08/02/27
.............
7
6,581
ECL
Entertainment
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
3.00%),
7.16
%
,
08/30/30
...................
58
58,135
Fleet
Midco
I
Ltd.,
1st
Lien
Term
Loan
B2
,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.54
%
,
02/21/31
(f)
..................
61
61,380
Gray
Television,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.25%),
9.53
%
,
05/23/29
.............
1
700
Learfield
Communications
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
4.50%),
8.82
%
,
06/30/28
............
122
122,737
Outfront
Media
Capital
LLC,
1st
Lien
Term
Loan
B
,
09/16/32
(o)
.....................
131
130,919
Speedster
Bidco
GmbH,
Facility
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.24
%
,
11/13/31
........
414
414,473
Telenet
Financing
USD
LLC,
Facility
1st
Lien
Term
Loan
,
05/01/28
(o)
...............
60
59,462
Ziggo
Financing
Partnership,
1st
Lien
Term
Loan
I
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.76
%
,
04/28/28
.............
78
77,757
2,079,343
Multi-Utilities
—
0.1%
GFL
Environmental
Services,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.67
%
,
03/03/32
(a)
...........
513
512,328
Oil,
Gas
&
Consumable
Fuels
—
0.1%
(a)
Buckeye
Partners
LP,
1st
Lien
Term
Loan
B6
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.91
%
,
11/22/30
..............
69
69,327
Buckeye
Partners
LP,
1st
Lien
Term
Loan
B7
,
(1-mo.
CME
Term
SOFR
+
1.75%),
0.00
%
,
11/22/32
...................
23
22,912
Freeport
LNG
Investments
LLLP,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.58
%
,
12/21/28
........
369
368,798
GIP
Pilot
Acquisition
Partners
LP,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.29
%
,
10/04/30
............
18
17,726
Hilcorp
Energy
I
LP,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.15
%
,
02/06/30
...................
143
143,280
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
29
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Meade
Pipeline
Co
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
2.00%),
6.00
%
,
09/17/32
...................
USD
50
$
49,937
Murphy
USA,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
6.03
%
,
01/31/28
...................
56
56,408
Oryx
Midstream
Services
Permian
Basin
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.42
%
,
10/05/28
...
265
264,363
WhiteWater
Matterhorn
Holdings
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.63
%
,
06/16/32
...
46
45,950
1,038,701
Passenger
Airlines
—
0.2%
(a)
AAdvantage
Loyalty
IP
Ltd.,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.58
%
,
04/20/28
...........
136
135,506
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.58
%
,
05/28/32
...........
118
118,146
Air
Canada,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.17
%
,
03/21/31
...................
269
268,919
American
Airlines,
Inc.,
1st
Lien
Term
Loan
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.98
%
,
01/29/27
...........
128
127,201
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.50
%
,
02/15/28
...........
354
353,317
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.26
%
,
06/04/29
...........
202
201,518
JetBlue
Airways
Corp.,
1st
Lien
Term
Loan
,
08/13/29
(o)
.......................
195
186,343
Stonepeak
Nile
Parent
LLC,
1st
Lien
Term
Loan
,
04/09/32
(o)
.......................
93
92,884
United
Airlines,
Inc.,
Facility
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.20
%
,
02/24/31
.............
213
213,125
1,696,959
Pharmaceuticals
—
0.2%
(a)
Amneal
Pharmaceuticals
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.66
%
,
08/02/32
............
380
379,365
Boots
Group
Bidco
Ltd.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.70
%
,
08/30/32
.............
213
213,443
Elanco
Animal
Health,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.13
%
,
08/02/27
.............
176
176,216
Endo
Finance
Holdings,
Inc.,
1st
Lien
Term
Loan
,
04/23/31
(o)
.......................
115
114,878
Jazz
Financing
Lux
SARL,
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.41
%
,
05/05/28
.............
352
352,333
Opal
LLC,
Facility
1st
Lien
Term
Loan
B2
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.25
%
,
04/23/32
...................
320
320,640
Organon
&
Co.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.41
%
,
05/19/31
...................
91
88,183
Perrigo
Investments
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.16
%
,
04/20/29
.............
151
151,004
1,796,062
Security
Par
(000)
Par
(000)
Value
Professional
Services
—
0.4%
(a)
AlixPartners
LLP,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.16
%
,
08/12/32
...................
USD
426
$
423,379
Amentum
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.41
%
,
09/29/31
.............
227
226,930
Celestial-
Saturn
Parent,
Inc.,
2nd
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
6.50%),
10.93
%
,
06/04/29
...........
115
114,102
CoreLogic,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.78
%
,
06/02/28
...................
343
342,254
Corpay
Technologies
Operating
Co.
LLC,
1st
Lien
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.91
%
,
04/28/28
..
549
547,773
Dayforce,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.31
%
,
03/01/31
(f)
..................
430
429,653
Element
Materials
Technology
Group
US
Holdings,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.68%),
7.68
%
,
06/22/29
...................
104
104,208
Galaxy
US
Opco,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
6.31
%
07/31/30
..............
100
90,223
Skopima
Consilio
Parent
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
7.91
%
,
05/12/28
............
160
135,031
TransUnion
LLC,
1st
Lien
Term
Loan
B8
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.91
%
,
06/24/31
...................
218
217,646
TransUnion
LLC,
1st
Lien
Term
Loan
B9
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.91
%
,
06/24/31
...................
498
497,653
Zelis
Cost
Management
Buyer,
Inc.,
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.07
%
,
09/28/29
...
208
207,067
Zelis
Payments
Buyer,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.03
%
-
7.57
%
,
11/26/31
........
359
359,105
3,695,024
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%),
6.91
%
,
01/31/30
(a)
..
40
39,870
Semiconductors
&
Semiconductor
Equipment
—
0.1%
(a)
Entegris,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.75
%
-
6.05
%
,
07/06/29
...................
143
144,334
MKS,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
6.17
%
,
08/17/29
...................
404
403,720
Qnity
Electronics,
Inc.,
1st
Lien
Term
Loan
B
,
08/12/32
(o)
.......................
289
288,639
836,693
Software
—
1.3%
(a)
Applied
Systems,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.25
%
,
02/24/31
.............
618
618,632
Avalara,
Inc.,
1st
Lien
Term
Loan
,
03/26/32
(o)
..
20
19,994
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
30
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Barracuda
Networks,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
8.81
%
,
08/15/29
.............
USD
212
$
176,924
Boxer
Parent
Co.,
Inc.,
1st
Lien
Term
Loan
,
07/30/31
(o)
.......................
583
581,793
Capstone
Borrower,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.75
%
,
06/17/30
.............
236
235,544
CCC
Intelligent
Solutions,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
6.16
%
,
01/23/32
............
529
528,643
Cloud
Software
Group,
Inc.,
1st
Lien
Term
Loan
B
(1-mo.
CME
Term
SOFR
+
3.25%),
7.48
%
,
03/21/31
.................
496
497,394
(3-mo.
CME
Term
SOFR
+
3.25%),
7.25
%
,
08/16/32
.................
761
763,201
Cloudera,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.17
%
,
10/09/28
...................
116
114,061
Clover
Holdings
2
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
7.94
%
,
12/09/31
.............
617
616,945
DS
Admiral
Bidco
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.41
%
,
06/26/31
.............
105
105,167
Ellucian
Holdings,
Inc.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
6.91
%
,
10/09/29
.............
564
563,818
Ellucian
Holdings,
Inc.,
2nd
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.75%),
8.91
%
,
11/15/32
..............
87
88,812
Gen
Digital,
Inc.,
1st
Lien
Term
Loan
B
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
6.07
%
,
09/12/29
...........
570
567,930
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.91
%
-
6.07
%
,
04/16/32
......
87
86,370
Genesys
Cloud
Services,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.66
%
,
01/30/32
............
928
921,087
Informatica
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.41
%
,
10/27/28
...................
223
223,046
Kaseya,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.41
%
,
03/22/32
...................
574
574,775
McAfee
Corp.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.22
%
,
03/01/29
...................
327
311,871
MH
Sub
I
LLC,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
8.25
%
,
05/03/28
...........
118
112,885
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
8.41
%
,
12/31/31
...........
90
82,901
Planview
Parent,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.51
%
,
12/17/27
.............
57
56,541
Proofpoint,
Inc.,
1st
Lien
Term
Loan
08/31/28
(o)
.......................
62
62,162
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.16
%
,
08/31/28
...........
550
551,871
QXO
Building
Products,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.16
%
,
04/30/32
.............
80
80,316
Security
Par
(000)
Par
(000)
Value
Software
(continued)
RealPage,
Inc.,
1st
Lien
Term
Loan
,
04/24/28
(o)
.
USD
298
$
297,468
Sabre
GLBL,
Inc.,
1st
Lien
Term
Loan
B1
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.78
%
,
12/17/27
...........
33
30,966
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
10.26
%
,
11/15/29
(f)
..........
86
81,222
Sabre
GLBL,
Inc.,
1st
Lien
Term
Loan
B2
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.78
%
,
12/17/27
...........
11
10,138
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
9.26
%
,
06/30/28
...........
5
4,433
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
6.00%),
10.26
%
,
11/15/29
(f)
..........
46
42,920
SS&C
Technologies,
Inc.,
1st
Lien
Term
Loan
B8
,
(1-mo.
CME
Term
SOFR
+
2.00%),
6.32
%
,
05/09/31
...................
565
565,847
UKG,
Inc.,
1st
Lien
Term
Loan
,
02/10/31
(o)
....
764
763,179
VS
Buyer
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
2.25%),
6.56
%
,
04/14/31
....
532
530,210
10,869,066
Specialty
Retail
—
0.1%
(a)
Lavender
Dutch
BorrowerCo
BV,
1st
Lien
Term
Loan
,
09/29/32
(f)
(o)
..................
155
155,000
LS
Group
OpCo
Acquistion
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.66
%
-
6.96
%
,
04/23/31
..
167
166,964
Mavis
Tire
Express
Services
Topco
Corp.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
7.20
%
,
05/04/28
...
561
560,371
Peer
Holding
III
BV,
1st
Lien
Term
Loan
B
,
(12-mo.
CME
Term
SOFR
+
2.25%),
0.00
%
,
09/27/32
...................
61
61,000
Restoration
Hardware,
Inc.,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.78
%
,
10/20/28
...........
71
68,824
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.51
%
,
10/20/28
...........
45
43,571
Spectris,
1st
Lien
Term
Loan
,
09/24/32
(f)
(o)
....
43
43,054
1,098,784
Technology
Hardware,
Storage
&
Peripherals
—
0.1%
Finastra
USA,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
8.04
%
,
09/15/32
(a)
..................
694
690,780
Trading
Companies
&
Distributors
—
0.2%
(a)
Core
&
Main
LP,
1st
Lien
Term
Loan
D
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.17
%
,
07/27/28
...................
262
261,826
Core
&
Main
LP,
1st
Lien
Term
Loan
E
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.17
%
,
02/10/31
...................
415
414,136
Foundation
Building
Materials,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.00%),
8.31
%
-
8.32
%
,
01/29/31
.............
421
421,770
Gulfside
Supply,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.00
%
,
06/17/31
...................
50
50,009
Herc
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.25
%
,
06/02/32
...................
51
51,191
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
31
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Trading
Companies
&
Distributors
(continued)
TMK
Hawk
Parent
Corp.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
2.00%),
6.16
%
06/29/29
..............
USD
85
$
29,821
1,228,753
Transportation
Infrastructure
—
0.2%
(a)
Apple
Bidco
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.66
%
,
09/23/31
...................
645
644,541
Brown
Group
Holding
LLC,
1st
Lien
Term
Loan
,
07/01/31
(o)
.......................
230
230,096
Brown
Group
Holding
LLC,
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
6.91
%
-
7.07
%
,
07/01/31
........
404
404,422
OLA
Netherlands
BV,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
6.25%),
10.51
%
,
12/15/26
(f)
.................
121
119,622
Rand
Parent
LLC,
1st
Lien
Term
Loan
B
,
03/18/30
(o)
.......................
229
227,438
1,626,119
Wireless
Telecommunication
Services
—
0.1%
(a)
Digicel
International
Finance
Ltd.,
1st
Lien
Term
Loan
,
08/09/32
(o)
...................
116
115,855
Gogo
Intermediate
Holdings
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.18
%
,
05/01/28
............
82
81,459
SBA
Senior
Finance
II
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.92
%
,
01/27/31
.............
370
370,986
Windstream
Services
LLC,
1st
Lien
Term
Loan
B
,
09/24/32
(f)
(o)
.......................
232
229,680
797,980
Total
Floating
Rate
Loan
Interests
—
12
.7
%
(Cost:
$
106,682,303
)
..............................
105,894,877
Foreign
Agency
Obligations
Mexico
—
0.3%
Petroleos
Mexicanos
5.35
%
,
02/12/28
...................
1,165
1,158,010
6.50
%
,
01/23/29
...................
1,044
1,061,748
6.84
%
,
01/23/30
...................
231
235,045
6.70
%
,
02/16/32
...................
333
330,086
2,784,889
Total
Foreign
Agency
Obligations
—
0
.3
%
(Cost:
$
2,741,633
)
...............................
2,784,889
Foreign
Government
Obligations
Hungary
—
0.0%
Hungary
Government
Bond
,
5.38
%
,
09/26/30
(b)
.
363
373,532
Kuwait
—
0.1%
State
of
Kuwait
,
4.14
%
,
10/09/30
(b)
.........
627
627,000
Mexico
—
0.1%
United
Mexican
States
5.00
%
,
05/07/29
...................
200
203,800
6.00
%
,
05/13/30
...................
309
325,222
529,022
Peru
—
0.0%
Republic
of
Peru
,
2.84
%
,
06/20/30
.........
395
371,300
Total
Foreign
Government
Obligations
—
0
.2
%
(Cost:
$
1,872,864
)
...............................
1,900,854
Security
Shares
Shares
Value
Investment
Companies
(p)
BlackRock
Allocation
Target
Shares
-
BATS
Series
A
.........................
4,748,824
$
45,493,731
BlackRock
Floating
Rate
Income
Portfolio,
Class
K
Shares
........................
33,857
324,347
BlackRock
High
Equity
Income
Fund,
Class
K
Shares
..........................
666,922
19,607,511
BlackRock
Mortgage-Backed
Securities
Fund,
Class
K
Shares
....................
5,051,266
40,612,182
iShares
1-5
Year
Investment
Grade
Corporate
Bond
ETF
........................
284,261
15,074,361
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
............................
743,531
28,090,601
iShares
Core
Dividend
Growth
ETF
(c)
.......
54,061
3,680,473
Total
Investment
Companies
—
18
.3
%
(Cost:
$
152,566,504
)
..............................
152,883,206
Par
(000)
Par
(000)
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
2.3%
(b)
Angel
Oak
Mortgage
Trust
Series
2023-5,
Class
A1,
4.80%,
09/25/67
(l)
.
USD
968
962,918
Series
2025-7,
Class
A1,
5.51%,
06/25/70
(a)
.
726
731,779
BRAVO
Residential
Funding
Trust,
Series
2025-
NQM6,
Class
A1,
5.33%,
06/25/65
(l)
......
941
946,243
CHNGE
Mortgage
Trust,
Series
2022-2,
Class
A1,
3.76%,
03/25/67
(a)
...............
624
612,606
CIM
Trust,
Series
2023-I2,
Class
A1,
6.64%,
12/25/67
(l)
........................
247
248,650
COLT
Mortgage
Loan
Trust
Series
2022-5,
Class
A1,
4.55%,
04/25/67
(a)
.
197
196,698
Series
2022-9,
Class
A1,
6.79%,
12/25/67
(l)
.
482
481,508
Series
2025-6,
Class
A1,
5.53%,
08/25/70
(l)
.
742
749,105
Cross
Mortgage
Trust,
Series
2025-H5,
Class
A1,
5.51%,
07/25/70
(a)
..................
966
973,440
Ellington
Financial
Mortgage
Trust
(a)
Series
2021-2,
Class
A1,
0.93%,
06/25/66
..
99
83,645
Series
2025-NQM2,
Class
A1,
5.60%,
06/25/70
(l)
......................
930
938,253
GCAT
Trust
Series
2022-NQM3,
Class
A1,
4.35%,
04/25/67
(a)
.....................
697
694,232
Series
2025-NQM3,
Class
A1,
0.00%,
05/25/70
(l)
......................
961
969,824
GS
Mortgage-Backed
Securities
Trust
Series
2025-NQM2,
Class
A1,
5.65%,
06/25/65
(a)
.....................
606
611,129
Series
2025-RPL3,
Class
A1,
4.10%,
07/25/65
(l)
......................
981
955,098
HOMES
Trust
(l)
Series
2025-AFC2,
Class
A1A,
5.47%,
06/25/60
......................
951
957,729
Series
2025-NQM3,
Class
A1,
5.63%,
02/25/70
......................
620
624,936
J.P.
Morgan
Mortgage
Trust,
Series
2022-DSC1,
Class
A1,
4.75%,
01/25/63
(a)
...........
658
650,377
MFA
Trust
(l)
Series
2022-CHM1,
Class
A1,
4.88%,
09/25/56
......................
559
550,173
Series
2023-NQM2,
Class
A1,
4.40%,
03/25/68
......................
280
277,627
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
32
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Mill
City
Mortgage
Loan
Trust
(l)
Series
2023-NQM1,
Class
A1,
6.05%,
10/25/67
......................
USD
108
$
108,027
Series
2023-NQM2,
Class
A1,
6.24%,
12/25/67
......................
162
162,052
Morgan
Stanley
Residential
Mortgage
Loan
Trust,
Series
2025-NQM4,
Class
A1,
5.59%,
06/25/70
(l)
........................
724
730,487
OBX
Trust
(l)
Series
2022-NQM7,
Class
A1,
5.11%,
08/25/62
......................
272
272,058
Series
2022-NQM9,
Class
A1A,
6.45%,
09/25/62
......................
859
856,520
PRKCM
Trust,
Series
2022-AFC2,
Class
A1,
5.33%,
08/25/57
(a)
..................
665
664,211
Santander
Mortgage
Asset
Receivable
Trust,
Series
2025-NQM3,
Class
A1,
5.60%,
05/25/65
(l)
........................
723
729,301
SG
Residential
Mortgage
Trust,
Series
2022-2,
Class
A1,
5.35%,
08/25/62
(l)
............
825
825,526
Spruce
Hill
Mortgage
Loan
Trust,
Series
2022-
SH1,
Class
A1A,
4.10%,
07/25/57
(l)
.......
850
842,842
Verus
Securitization
Trust
(l)
Series
2022-3,
Class
A1,
4.13%,
02/25/67
..
506
487,535
Series
2022-INV2,
Class
A1,
6.79%,
10/25/67
662
660,061
19,554,590
Commercial
Mortgage-Backed
Securities
—
4.6%
1301
Trust,
Series
2025-1301,
Class
A,
5.06%,
08/11/42
(a)
(b)
......................
243
246,127
1345T,
Series
2025-AOA,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.50%
Floor
+
4.50%),
8.65%,
06/15/42
(a)
(b)
......................
200
201,582
Atrium
Hotel
Portfolio
Trust,
Series
2025-ATRM,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
5.80%,
08/15/42
(a)
(b)
......
123
122,973
BAHA
Trust
(a)(b)
Series
2024-MAR,
Class
A,
6.17%,
12/10/41
1,080
1,116,781
Series
2024-MAR,
Class
C,
7.77%,
12/10/41
770
801,652
BANK,
Series
2020-BN26,
Class
AS,
2.69%,
03/15/63
........................
109
97,467
BAY
Mortgage
Trust,
Series
2025-LIVN,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
5.95%,
05/15/35
(a)
(b)
...........
100
100,260
BFLD
Commercial
Mortgage
Trust,
Series
2025-
5MW,
Class
A,
4.67%,
10/10/42
(a)
(b)
.......
250
249,559
BHMS
Commercial
Mortgage
Trust,
Series
2025-
ATLS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
6.00%,
08/15/42
(a)
(b)
.
253
253,713
BOCA
Commercial
Mortgage
Trust,
Series
2024-
BOCA,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.92%
Floor
+
1.92%),
6.07%,
08/15/41
(a)
(b)
.
520
522,275
BPR
Trust,
Series
2021-TY,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.05%
Floor
+
1.16%),
5.32%,
09/15/38
(a)
(b)
......................
400
399,750
BX
Commercial
Mortgage
Trust
(b)
Series
2020-VIV4,
Class
A,
2.84%,
03/09/44
790
729,663
Series
2024-AIRC,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.69%
Floor
+
1.69%),
5.84%,
08/15/39
(a)
.....................
1,081
1,083,333
Series
2024-BRBK,
Class
C,
(1-mo.
CME
Term
SOFR
at
4.87%
Floor
+
4.87%),
9.02%,
10/15/41
(a)
................
76
76,094
Series
2024-GPA3,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.29%
Floor
+
1.29%),
5.44%,
12/15/39
(a)
................
297
297,399
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2024-MDHS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.64%
Floor
+
1.64%),
5.79%,
05/15/41
(a)
................
USD
76
$
76,137
Series
2024-MF,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.59%,
02/15/39
(a)
.....................
885
886,008
Series
2024-PALM,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.69%,
06/15/37
(a)
................
1,038
1,040,084
Series
2025-SPOT,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.59%,
04/15/40
(a)
................
419
420,085
BX
Trust
(a)(b)
Series
2024-PAT,
Class
C,
(1-mo.
CME
Term
SOFR
at
4.44%
Floor
+
4.44%),
8.59%,
03/15/41
......................
144
144,541
Series
2024-PAT,
Class
D,
(1-mo.
CME
Term
SOFR
at
5.39%
Floor
+
5.39%),
9.54%,
03/15/41
......................
122
122,814
Series
2025-LIFE,
Class
A,
5.88%,
06/13/47
148
152,427
Series
2025-OMG,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.50%,
10/15/27
......................
314
314,000
Series
2025-VLT6,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.59%,
03/15/42
......................
102
101,968
CFSP
Mortgage
Trust,
Series
2024-AHP1,
Class
A,
6.50%,
04/15/37
.................
301
291,317
COAST
Commercial
Mortgage
Trust,
Series
2023-2HTL,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.59%
Floor
+
2.59%),
6.74%,
08/15/36
(a)
(b)
370
370,000
Commercial
Mortgage
Trust
(b)
Series
2024-WCL1,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.84%
Floor
+
1.84%),
5.99%,
06/15/41
(a)
................
914
911,429
Series
2025-167G,
Class
A,
5.50%,
08/10/40
131
131,487
CONE
Trust,
Series
2024-DFW1,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.64%
Floor
+
1.64%),
5.79%,
08/15/41
(a)
(b)
.................
200
199,842
DBGS,
Series
2024-SBL,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.88%
Floor
+
1.88%),
6.03%,
08/15/34
(a)
(b)
......................
1,400
1,404,375
DBWF
Mortgage
Trust,
Series
2024-LCRS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.74%
Floor
+
1.74%),
5.89%,
04/15/37
(a)
(b)
...........
640
640,200
DGWD
Trust,
Series
2025-INFL,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
5.75%,
08/15/35
(a)
(b)
.................
355
355,666
DK
Trust,
Series
2025-LXP,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.59%
Floor
+
1.59%),
5.74%,
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%),
5.45%,
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%),
5.60%,
12/15/39
(a)
(b)
......................
770
770,241
FS
Trust,
Series
2024-HULA,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.81%
Floor
+
1.81%),
5.96%,
08/15/39
(a)
(b)
.................
570
570,891
GS
Mortgage
Securities
Corp.
Trust,
Series
2021-DM,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.89%
Floor
+
1.00%),
5.15%,
11/15/36
(a)
(b)
400
399,751
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
33
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
GSAT
Trust,
Series
2025-BMF,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
5.65%,
07/15/40
(a)
(b)
.................
USD
1,371
$
1,370,921
GSMS
Trust,
Series
2024-FAIR,
Class
A,
5.88%,
07/15/29
(a)
(b)
......................
117
120,630
HIH
Trust,
Series
2024-61P,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.84%
Floor
+
1.84%),
5.99%,
10/15/41
(a)
(b)
.................
759
761,253
HILT
Commercial
Mortgage
Trust,
Series
2024-
ORL,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.69%,
05/15/37
(a)
(b)
.
770
771,203
Houston
Galleria
Mall
Trust,
Series
2025-HGLR,
Class
A,
5.46%,
02/05/45
(a)
(b)
...........
770
796,176
JW
Commercial
Mortgage
Trust,
Series
2024-
MRCO,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.62%
Floor
+
1.62%),
5.77%,
06/15/39
(a)
(b)
.
770
772,403
KSL
Commercial
Mortgage
Trust,
Series
2024-
HT2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.69%,
12/15/39
(a)
(b)
.
852
852,221
LBA
Trust,
Series
2024-BOLT,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.59%
Floor
+
1.59%),
5.74%,
06/15/39
(a)
(b)
.................
1,473
1,474,841
LEX
Mortgage
Trust,
Series
2024-BBG,
Class
A,
5.04%,
10/13/33
(a)
(b)
.................
1,000
1,005,977
LoanCore
2025
Issuer
LLC,
Series
2025-CRE8,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.53%,
08/17/42
(a)
(b)
......
630
631,168
MHP
Commercial
Mortgage
Trust,
Series
2025-
MHIL2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
5.65%,
09/15/40
(a)
(b)
.
593
592,865
Morgan
Stanley
Capital
I,
Series
2017-HR2,
Class
B,
4.06%,
12/15/50
(a)
............
990
964,815
Morgan
Stanley
Capital
I
Trust,
Series
2024-
NSTB,
Class
A,
3.90%,
09/24/57
(a)
(b)
......
401
394,582
NCMF
Trust,
Series
2025-MFS,
Class
A,
5.05%,
06/10/33
(a)
(b)
......................
976
978,126
NJ
Trust,
Series
2023-GSP,
Class
A,
6.70%,
01/06/29
(a)
(b)
......................
833
874,291
NRTH
Commercial
Mortgage
Trust,
Series
2025-
PARK,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.54%,
10/15/40
(a)
(b)
.
860
857,850
NYC
Commercial
Mortgage
Trust,
Series
2025-
3BP,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.21%
Floor
+
1.21%),
5.36%,
02/15/42
(a)
(b)
.
1,146
1,143,107
NYC
Trust,
Series
2024-3ELV,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.99%
Floor
+
1.99%),
6.14%,
08/15/29
(a)
(b)
.................
442
443,628
ORL
Trust,
Series
2024-GLKS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.49%
Floor
+
1.49%),
5.64%,
12/15/39
(a)
(b)
.................
790
790,247
PENN
Commercial
Mortgage
Trust,
Series
2025-
P11,
Class
A,
5.52%,
08/10/42
(a)
(b)
........
241
245,278
PGA
Trust,
Series
2024-RSR2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.89%
Floor
+
1.89%),
6.04%,
06/15/39
(a)
(b)
.................
600
600,000
SCG
Mortgage
Trust,
Series
2024-MSP,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.74%
Floor
+
1.74%),
5.89%,
04/15/41
(a)
(b)
...........
980
980,612
SHR
Trust,
Series
2024-LXRY,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.95%
Floor
+
1.95%),
6.10%,
10/15/41
(a)
(b)
.................
770
770,963
TCO
Commercial
Mortgage
Trust,
Series
2024-
DPM,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.24%),
5.39%,
12/15/39
(a)
(b)
.
770
770,963
VEGAS
Trust,
Series
2024-TI,
Class
A,
5.52%,
11/10/39
(b)
.......................
510
517,597
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Velocity
Commercial
Capital
Loan
Trust,
Series
2025-3,
Class
A,
5.87%,
06/25/55
(a)
(b)
.....
USD
474
$
477,997
VTR
Commercial
Mortgage
Trust,
Series
2025-
STEM,
Class
A,
1.00%,
10/13/41
(a)
(b)
......
535
535,000
Willobrook
Mall,
Series
2025-WBRK,
Class
A,
5.87%,
03/05/35
(a)
(b)
.................
1,000
1,038,052
37,914,657
Total
Non-Agency
Mortgage-Backed
Securities
—
6
.9
%
(Cost:
$
56,940,530
)
...............................
57,469,247
Beneficial
Interest
(000)
Other
Interests
(q)
Capital
Markets
—
0.0%
Lehman
Brothers
Holdings,
Inc.,
Capital
Trust
VII
(d)
(f)
(k)
..........................
15
—
Total
Other
Interests
—
0.0
%
(Cost:
$
—
)
.....................................
—
Par
(000)
Pa
r
(
000)
Preferred
Securities
Capital
Trusts
—
0.1%
Consumer
Finance
—
0.0%
General
Motors
Financial
Co.,
Inc.
,
Series
C
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.00%),
5.70
%
(a)
(i)
.....
149
148,342
Electric
Utilities
—
0.1%
Edison
International
,
Series
A
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.70%),
5.38
%
(a)
(i)
...........
597
579,609
Total
Capital
Trusts
—
0
.1
%
(Cost:
$
708,726
)
.................................
727,951
Shares
Shares
Preferred
Stocks
—
0.0%
Chemicals
—
0.0%
FUCHS
SE
(Preference)
................
352
15,783
IT
Services
—
0.0%
(d)(f)
Veritas
Newco
.......................
171
3,892
Veritas
Newco,
Series
G-1
...............
118
2,688
6,580
Machinery
—
0.0%
Jungheinrich
AG
(Preference)
(d)
...........
976
34,036
Sirva-Bgrs
Holdings,
Inc.
,
15.25
%
..........
13
2,329
36,365
Total
Preferred
Stocks
—
0.0
%
(Cost:
$
72,829
)
.................................
58,728
Total
Preferred
Securities
—
0
.1
%
(Cost:
$
781,555
)
.................................
786,679
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Rights
Specialized
REITs
—
0.0%
Keppel
DC
REIT
(
Expires
10/13/25
,
Strike
Price
SGD
2.24
)
(d)
......................
6,096
$
718
Total
Rights
—
0.0
%
(Cost:
$
—
)
.....................................
718
Par
(000)
Par
(000)
U.S.
Government
Sponsored
Agency
Securities
Mortgage-Backed
Securities
—
0.0%
Federal
National
Mortgage
Association
,
2.02
%
,
05/01/30
...................
USD
204
185,764
Total
U.S.
Government
Sponsored
Agency
Securities
—
0.0
%
(Cost:
$
185,342
)
.................................
185,764
Security
Shares
Shares
Value
Warrants
Diversified
Consumer
Services
—
0.0
%
Service
King
Midas
International
(
Issued/
Exercisable
07/14/22
,
1
Share
for
1
Warrant,
Expires
04/26/27
,
Strike
Price
USD
10.00
)
(d)
(f)
394
$
—
Total
Warrants
—
0.0
%
(Cost:
$
—
)
.....................................
—
Total
Long-Term
Investments
—
94.7%
(Cost:
$
773,656,654
)
..............................
790,490,559
Short-Term
Securities
Money
Market
Funds
—
6.2%
(p)(r)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.26
%
(s)
...................
1,737,020
1,737,889
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
4.01
%
.....................
49,599,558
49,599,558
Total
Short-Term
Securities
—
6
.2
%
(Cost:
$
51,337,474
)
...............................
51,337,447
Total
Investments
—
100
.9
%
(Cost:
$
824,994,128
)
..............................
841,828,006
Liabilities
in
Excess
of
Other
Assets
—
(
0.9
)
%
.............
(
7,391,779
)
Net
Assets
—
100.0%
...............................
$
834,436,227
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Non-income
producing
security.
(e)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(f)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(g)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$1,276,022,
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)
Perpetual
security
with
no
stated
maturity
date.
(j)
All
or
a
portion
of
the
security
has
been
pledged
in
connection
with
outstanding
centrally
cleared
swaps.
(k)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(l)
Step
coupon
security.
Coupon
rate
will
either
increase
(step-up
bond)
or
decrease
(step-down
bond)
at
regular
intervals
until
maturity.
Interest
rate
shown
reflects
the
rate
currently
in
effect.
(m)
Zero-coupon
bond.
(n)
Rounds
to
less
than
1,000.
(o)
Represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate.
(p)
Affiliate
of
the
Fund.
(q)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(r)
Annualized
7-day
yield
as
of
period
end.
(s)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
35
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
September
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/25
Shares
Held
at
09/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
—
$
1,730,242
(a)
$
—
$
7,674
$
(
27
)
$
1,737,889
1,737,020
$
6,337
(b)
$
—
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
57,838,901
—
(
8,239,343
)
(a)
—
—
49,599,558
49,599,558
1,788,311
—
BlackRock
Allocation
Target
Shares
-
BATS
Series
A
..
44,971,360
—
—
—
522,371
45,493,731
4,748,824
2,018,321
—
BlackRock
Floating
Rate
Income
Portfolio,
Class
K
Shares
..............
24,027,867
381,239
(
23,642,181
)
(
442,216
)
(
362
)
324,347
33,857
381,231
—
BlackRock
High
Equity
Income
Fund,
Class
K
Shares
...
36,051,261
1,679,792
(
18,386,749
)
(
461,728
)
724,935
19,607,511
666,922
1,679,744
—
BlackRock
Mortgage-Backed
Securities
Fund,
Class
K
Shares
..............
59,136,243
1,681,672
(
21,717,800
)
(
3,733,514
)
5,245,581
40,612,182
5,051,266
1,681,667
—
iShares
1-5
Year
Investment
Grade
Corporate
Bond
ETF
—
14,855,224
—
—
219,137
15,074,361
284,261
333,853
—
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
....
—
26,990,161
—
—
1,100,440
28,090,601
743,531
648,430
—
iShares
Core
Dividend
Growth
ETF
................
13,525,777
34,417,215
(
44,854,468
)
152,104
439,845
3,680,473
54,061
116,605
—
$
(
4,477,680
)
$
8,251,920
$
204,220,653
$
8,654,499
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
collateral
investment
fees,
and
other
payments
to
and
from
borrowers
of
securities.
For
purposes
of
this
report,
industry
and
sector
sub-classifications
may
differ
from
those
utilized
by
the
Fund
for
compliance
purposes.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
36
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
Euro-Bund
..............................................................
322
12/08/25
$
48,605
$
254,599
JPY
Currency
............................................................
345
12/15/25
29,385
(
174,887
)
S&P
500
E-Mini
Index
.......................................................
5
12/19/25
1,685
5,881
U.S.
Treasury
10-Year
Note
...................................................
1,565
12/19/25
176,038
597,828
U.S.
Treasury
Ultra
Bond
.....................................................
113
12/19/25
13,571
346,497
$
1,029,918
Centrally
Cleared
Credit
Default
Swaps
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Markit
CDX
North
American
Investment
Grade
Index
Series
45.V1
................
1
.00
%
Quarterly
12/20/30
USD
5,025
$
(
115,490
)
$
(
114,764
)
$
(
726
)
Markit
CDX
North
American
Investment
Grade
Index
Series
45.V1
................
1
.00
Quarterly
12/20/30
USD
1,455
(
33,440
)
(
33,231
)
(
209
)
$
(
148,930
)
$
(
147,995
)
$
(
935
)
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
$
7,035
$
5,648
$
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.
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
43.V1
...
5
.00
%
Quarterly
JPMorgan
Chase
Bank
12/20/29
USD
2,258
$
(
350,820
)
$
(
327,849
)
$
(
22,971
)
Markit
CDX
North
American
High
Yield
Index
Series
43.V1
...
5
.00
Quarterly
JPMorgan
Chase
Bank
12/20/29
USD
1,470
(
228,390
)
(
213,818
)
(
14,572
)
Markit
CDX
North
American
High
Yield
Index
Series
43.V1
...
5
.00
Quarterly
JPMorgan
Chase
Bank
12/20/29
USD
1,190
(
184,887
)
(
170,091
)
(
14,796
)
Toll
Brothers
Finance
Corp.
...
1
.00
Quarterly
Bank
of
America
NA
06/20/30
USD
23
(
264
)
10
(
274
)
Toll
Brothers
Finance
Corp.
...
1
.00
Quarterly
Bank
of
America
NA
06/20/30
USD
15
(
172
)
6
(
178
)
Toll
Brothers
Finance
Corp.
...
1
.00
Quarterly
Bank
of
America
NA
06/20/30
USD
22
(
252
)
18
(
270
)
Toll
Brothers
Finance
Corp.
...
1
.00
Quarterly
Bank
of
America
NA
06/20/30
USD
34
(
390
)
28
(
418
)
Conagra
Brands,
Inc.
.......
1
.00
Quarterly
JPMorgan
Chase
Bank
12/20/30
USD
117
(
1,130
)
(
1,261
)
131
Conagra
Brands,
Inc.
.......
1
.00
Quarterly
JPMorgan
Chase
Bank
12/20/30
USD
474
(
4,576
)
(
5,372
)
796
Conagra
Brands,
Inc.
.......
1
.00
Quarterly
JPMorgan
Chase
Bank
12/20/30
USD
275
(
2,655
)
(
3,234
)
579
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
37
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)
Markit
CDX
North
American
Investment
Grade
Index
Series
45.V1
...........
1
.00
%
Quarterly
Goldman
Sachs
International
12/20/30
USD
5,838
$
(
89,886
)
$
(
81,662
)
$
(
8,224
)
$
–
$
–
$
–
$
(
863,422
)
$
(
803,225
)
$
(
60,197
)
$
–
$
–
$
–
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
$
4,170
$
3,789
$
381
Prudential
Financial,
Inc.
.
1
.00
Quarterly
Bank
of
America
NA
06/20/26
A
USD
470
2,925
2,658
267
AT&T,
Inc.
...........
1
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB
USD
39
730
468
262
AT&T,
Inc.
...........
1
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB
USD
182
3,405
1,972
1,433
AT&T,
Inc.
...........
1
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB
USD
39
730
466
264
AT&T,
Inc.
...........
1
.00
Quarterly
Deutsche
Bank
AG
06/20/29
BBB
USD
49
917
531
386
Ford
Motor
Co.
.......
5
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
38
4,852
4,368
484
Ford
Motor
Co.
.......
5
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
58
7,410
6,560
850
Ford
Motor
Co.
.......
5
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
92
11,748
10,520
1,228
Ford
Motor
Co.
.......
5
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
35
4,469
3,936
533
Ford
Motor
Co.
.......
5
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
81
10,343
9,317
1,026
Ford
Motor
Co.
.......
5
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
35
4,469
3,911
558
Ford
Motor
Co.
.......
5
.00
Quarterly
Deutsche
Bank
AG
06/20/29
BBB-
USD
33
4,188
3,738
450
Freeport-McMoRan,
Inc.
.
1
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
58
858
481
377
Freeport-McMoRan,
Inc.
.
1
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
38
562
289
273
Freeport-McMoRan,
Inc.
.
1
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
58
858
340
518
Freeport-McMoRan,
Inc.
.
1
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
183
2,706
1,316
1,390
Freeport-McMoRan,
Inc.
.
1
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
38
562
261
301
Freeport-McMoRan,
Inc.
.
1
.00
Quarterly
JPMorgan
Chase
Bank
06/20/29
BBB-
USD
61
902
464
438
Freeport-McMoRan,
Inc.
.
1
.00
Quarterly
JPMorgan
Chase
Bank
06/20/29
BBB-
USD
41
606
217
389
Kinder
Morgan,
Inc.
....
1
.00
Quarterly
JPMorgan
Chase
Bank
06/20/29
BBB
USD
110
2,092
1,596
496
Kinder
Morgan,
Inc.
....
1
.00
Quarterly
JPMorgan
Chase
Bank
06/20/29
BBB
USD
79
1,503
1,099
404
Teck
Resources
Ltd.
....
5
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
269
44,043
33,851
10,192
Verizon
Communications,
Inc.
.............
1
.00
Quarterly
Barclays
Bank
plc
06/20/29
BBB+
USD
90
1,666
1,246
420
Verizon
Communications,
Inc.
.............
1
.00
Quarterly
Barclays
Bank
plc
06/20/29
BBB+
USD
769
14,237
10,873
3,364
Verizon
Communications,
Inc.
.............
1
.00
Quarterly
Barclays
Bank
plc
06/20/29
BBB+
USD
436
8,072
6,542
1,530
Verizon
Communications,
Inc.
.............
1
.00
Quarterly
Barclays
Bank
plc
06/20/29
BBB+
USD
112
2,074
1,685
389
Verizon
Communications,
Inc.
.............
1
.00
Quarterly
Barclays
Bank
plc
06/20/29
BBB+
USD
123
2,277
1,889
388
Verizon
Communications,
Inc.
.............
1
.00
Quarterly
Barclays
Bank
plc
06/20/29
BBB+
USD
149
2,759
2,242
517
Boeing
Co.
(The)
......
1
.00
Quarterly
Bank
of
America
NA
12/20/30
BBB-
USD
138
2,335
2,116
219
Boeing
Co.
(The)
......
1
.00
Quarterly
Bank
of
America
NA
12/20/30
BBB-
USD
336
5,686
5,153
533
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
30
3,868
3,794
74
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
70
9,025
8,845
180
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
70
9,025
8,915
110
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
10
1,288
1,292
(
4
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
60
7,736
7,735
1
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
30
3,868
3,925
(
57
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
70
8,916
8,916
—
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
30
3,868
3,777
91
CCO
Holdings
LLC
....
5
.00
Quarterly
Barclays
Bank
plc
12/20/30
BB-
USD
40
5,157
5,255
(
98
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Citibank
NA
12/20/30
BB-
USD
30
3,868
3,773
95
CCO
Holdings
LLC
....
5
.00
Quarterly
JPMorgan
Chase
Bank
12/20/30
BB-
USD
50
6,446
6,189
257
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
38
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
OTC
Credit
Default
Swaps
—
Sell
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CCO
Holdings
LLC
....
5
.00
%
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/30
BB-
USD
60
$
7,736
$
7,427
$
309
CCO
Holdings
LLC
....
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/30
BB-
USD
10
1,289
1,316
(
27
)
Teva
Pharmaceutical
Finance
Netherlands
III
BV
.............
1
.00
Quarterly
Bank
of
America
NA
12/20/30
BB
USD
220
(
66
)
26
(
92
)
Teva
Pharmaceutical
Finance
Netherlands
III
BV
.............
1
.00
Quarterly
JPMorgan
Chase
Bank
12/20/30
BB
USD
20
(
6
)
2
(
8
)
Teva
Pharmaceutical
Finance
Netherlands
III
BV
.............
1
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/30
BB
USD
20
(
6
)
2
(
8
)
$
226,166
$
195,083
$
31,083
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Total
Return
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
SOFR
.......
Quarterly
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
12/20/25
USD
1,000
$
23,899
$
(
4,906
)
$
28,805
1-day
SOFR
.......
Quarterly
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
06/20/26
USD
3,500
(
234
)
(
36,182
)
35,948
$
23,665
$
(
41,088
)
$
64,753
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
SOFR
.........................................
Secured
Overnight
Financing
Rate
4
.31
%
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
39
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.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
83,689,975
$
—
$
83,689,975
Common
Stocks
Aerospace
&
Defense
....................................
885,915
1,473,582
—
2,359,497
Automobile
Components
..................................
60,837
240,753
—
301,590
Automobiles
..........................................
—
1,527,803
—
1,527,803
Banks
...............................................
2,406,149
3,973,833
—
6,379,982
Beverages
...........................................
1,426,411
253,131
—
1,679,542
Broadline
Retail
........................................
2,234,841
—
—
2,234,841
Building
Products
.......................................
1,412,588
262,067
—
1,674,655
Capital
Markets
........................................
2,893,348
116,978
—
3,010,326
Chemicals
............................................
138,713
1,341,417
—
1,480,130
Commercial
Services
&
Supplies
.............................
704,779
268,144
—
972,923
Communications
Equipment
................................
378,998
107,561
—
486,559
Construction
&
Engineering
................................
281,672
860,281
—
1,141,953
Construction
Materials
....................................
—
563,467
—
563,467
Consumer
Finance
......................................
279,330
—
—
279,330
Consumer
Staples
Distribution
&
Retail
........................
2,089,655
471,213
—
2,560,868
Containers
&
Packaging
..................................
237,307
—
—
237,307
Distributors
...........................................
290,762
—
—
290,762
Diversified
Consumer
Services
..............................
54,010
—
—
54,010
Diversified
REITs
.......................................
184,809
175,940
—
360,749
Diversified
Telecommunication
Services
........................
983,148
1,416,592
—
2,399,740
Electric
Utilities
........................................
1,249,943
172,078
—
1,422,021
Electrical
Equipment
.....................................
1,805,833
314,948
—
2,120,781
Electronic
Equipment,
Instruments
&
Components
.................
592,509
203,500
—
796,009
Energy
Equipment
&
Services
..............................
950,802
—
—
950,802
Financial
Services
......................................
748,934
—
135,386
884,320
Food
Products
.........................................
—
370,018
—
370,018
Gas
Utilities
...........................................
74,959
—
—
74,959
Ground
Transportation
...................................
1,123,230
48
—
1,123,278
Health
Care
Equipment
&
Supplies
...........................
662,159
156,422
—
818,581
Health
Care
Providers
&
Services
............................
3,439,449
30,778
—
3,470,227
Health
Care
REITs
......................................
872,029
—
—
872,029
Hotel
&
Resort
REITs
....................................
—
96,672
—
96,672
Hotels,
Restaurants
&
Leisure
..............................
347,192
122,500
—
469,692
Household
Durables
.....................................
82,976
701,707
—
784,683
Household
Products
.....................................
1,127,074
255,416
—
1,382,490
Industrial
Conglomerates
..................................
16,949
232,708
—
249,657
Industrial
REITs
........................................
712,946
826,891
—
1,539,837
Insurance
............................................
1,616,835
1,799,589
—
3,416,424
Interactive
Media
&
Services
...............................
4,354,761
—
—
4,354,761
IT
Services
...........................................
1,408,942
145,454
90,547
1,644,943
Life
Sciences
Tools
&
Services
..............................
273,832
—
—
273,832
Machinery
............................................
2,657,564
1,074,276
—
3,731,840
Media
...............................................
282,257
—
59,955
342,212
Metals
&
Mining
........................................
107,909
122,078
—
229,987
Multi-Utilities
..........................................
2,051,360
219,521
—
2,270,881
Office
REITs
..........................................
600,689
65,091
—
665,780
Oil,
Gas
&
Consumable
Fuels
...............................
2,148,477
1,221,977
—
3,370,454
Passenger
Airlines
......................................
—
63,574
—
63,574
Personal
Care
Products
..................................
—
274,323
—
274,323
Pharmaceuticals
.......................................
57,225
5,620,841
—
5,678,066
Professional
Services
....................................
598,785
1,275,532
—
1,874,317
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
40
Level
1
Level
2
Level
3
Total
Real
Estate
Management
&
Development
.......................
$
—
$
894,449
$
—
$
894,449
Residential
REITs
.......................................
956,029
156,268
—
1,112,297
Retail
REITs
..........................................
956,702
124,339
—
1,081,041
Semiconductors
&
Semiconductor
Equipment
....................
4,352,317
3,194,208
—
7,546,525
Software
.............................................
5,704,339
896,121
—
6,600,460
Specialized
REITs
......................................
2,017,964
320,204
—
2,338,168
Specialty
Retail
........................................
1,019,624
289,282
—
1,308,906
Technology
Hardware,
Storage
&
Peripherals
....................
1,648,219
178,126
—
1,826,345
Tobacco
.............................................
—
745,580
—
745,580
Trading
Companies
&
Distributors
............................
277,860
1,068,229
—
1,346,089
Transportation
Infrastructure
...............................
—
—
8,233
8,233
Water
Utilities
.........................................
—
99,608
—
99,608
Corporate
Bonds
Aerospace
&
Defense
....................................
—
5,085,549
—
5,085,549
Air
Freight
&
Logistics
....................................
—
94,434
—
94,434
Automobile
Components
..................................
—
971,072
—
971,072
Automobiles
..........................................
—
1,107,173
—
1,107,173
Banks
...............................................
—
48,102,816
—
48,102,816
Beverages
...........................................
—
232,536
—
232,536
Biotechnology
.........................................
—
921,662
—
921,662
Broadline
Retail
........................................
—
70,665
—
70,665
Building
Products
.......................................
—
69,748
—
69,748
Capital
Markets
........................................
—
23,213,586
—
23,213,586
Chemicals
............................................
—
1,611,811
—
1,611,811
Commercial
Services
&
Supplies
.............................
—
52,732
—
52,732
Communications
Equipment
................................
—
1,633,549
—
1,633,549
Construction
Materials
....................................
—
207,480
—
207,480
Consumer
Finance
......................................
—
13,718,962
—
13,718,962
Consumer
Staples
Distribution
&
Retail
........................
—
24,206
—
24,206
Containers
&
Packaging
..................................
—
1,815,437
—
1,815,437
Diversified
REITs
.......................................
—
3,134,636
—
3,134,636
Diversified
Telecommunication
Services
........................
—
839,006
—
839,006
Electric
Utilities
........................................
—
18,484,562
505,698
18,990,260
Entertainment
.........................................
—
468,444
—
468,444
Financial
Services
......................................
—
3,483,829
—
3,483,829
Food
Products
.........................................
—
1,813,571
—
1,813,571
Gas
Utilities
...........................................
—
69,431
—
69,431
Ground
Transportation
...................................
—
2,274,841
—
2,274,841
Health
Care
Equipment
&
Supplies
...........................
—
2,756,946
—
2,756,946
Health
Care
Providers
&
Services
............................
—
11,345,017
—
11,345,017
Health
Care
REITs
......................................
—
2,767,738
—
2,767,738
Hotels,
Restaurants
&
Leisure
..............................
—
780,061
—
780,061
Household
Durables
.....................................
—
536,030
—
536,030
Independent
Power
and
Renewable
Electricity
Producers
............
—
1,735,657
—
1,735,657
Industrial
Conglomerates
..................................
—
2,592,130
—
2,592,130
Industrial
REITs
........................................
—
223,329
—
223,329
Insurance
............................................
—
2,100,913
—
2,100,913
IT
Services
...........................................
—
194,587
—
194,587
Machinery
............................................
—
547,607
—
547,607
Media
...............................................
—
6,097,975
—
6,097,975
Metals
&
Mining
........................................
—
3,774,971
—
3,774,971
Multi-Utilities
..........................................
—
3,095,229
—
3,095,229
Oil,
Gas
&
Consumable
Fuels
...............................
—
19,361,710
—
19,361,710
Passenger
Airlines
......................................
—
683,834
—
683,834
Pharmaceuticals
.......................................
—
5,071,076
—
5,071,076
Professional
Services
....................................
—
59,796
—
59,796
Residential
REITs
.......................................
—
1,298,317
—
1,298,317
Retail
REITs
..........................................
—
982,952
—
982,952
Semiconductors
&
Semiconductor
Equipment
....................
—
5,317,187
210,369
5,527,556
Software
.............................................
—
7,384,417
—
7,384,417
Specialized
REITs
......................................
—
3,767,245
—
3,767,245
Specialty
Retail
........................................
—
13,605
—
13,605
Technology
Hardware,
Storage
&
Peripherals
....................
—
642,047
—
642,047
Tobacco
.............................................
—
6,134,078
—
6,134,078
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
41
Level
1
Level
2
Level
3
Total
Trading
Companies
&
Distributors
............................
$
—
$
3,144,223
$
—
$
3,144,223
Transportation
Infrastructure
...............................
—
—
6,927
6,927
Wireless
Telecommunication
Services
.........................
—
1,441,470
—
1,441,470
Equity-Linked
Notes
......................................
—
59,781,757
—
59,781,757
Fixed
Rate
Loan
Interests
...................................
—
516,529
—
516,529
Floating
Rate
Loan
Interests
Aerospace
&
Defense
....................................
—
4,428,251
—
4,428,251
Automobile
Components
..................................
—
1,889,924
—
1,889,924
Automobiles
..........................................
—
294,089
—
294,089
Beverages
...........................................
—
628,269
—
628,269
Biotechnology
.........................................
—
409,198
—
409,198
Broadline
Retail
........................................
—
399,438
—
399,438
Building
Products
.......................................
—
1,486,584
—
1,486,584
Capital
Markets
........................................
—
3,179,867
—
3,179,867
Chemicals
............................................
—
3,586,724
188,575
3,775,299
Commercial
Services
&
Supplies
.............................
—
4,773,497
98,875
4,872,372
Communications
Equipment
................................
—
161,268
—
161,268
Construction
&
Engineering
................................
—
687,676
—
687,676
Construction
Materials
....................................
—
1,852,273
—
1,852,273
Consumer
Staples
Distribution
&
Retail
........................
—
296,677
—
296,677
Containers
&
Packaging
..................................
—
1,932,468
—
1,932,468
Distributors
...........................................
—
70,494
—
70,494
Diversified
Consumer
Services
..............................
—
1,088,964
15,368
1,104,332
Diversified
REITs
.......................................
—
201,093
—
201,093
Diversified
Telecommunication
Services
........................
—
2,033,235
77,790
2,111,025
Electric
Utilities
........................................
—
784,959
—
784,959
Electronic
Equipment,
Instruments
&
Components
.................
—
160,309
419,218
579,527
Energy
Equipment
&
Services
..............................
—
185,944
—
185,944
Entertainment
.........................................
—
3,101,331
—
3,101,331
Financial
Services
......................................
—
5,150,839
597,960
5,748,799
Food
Products
.........................................
—
1,947,614
—
1,947,614
Gas
Utilities
...........................................
—
106,733
—
106,733
Ground
Transportation
...................................
—
1,010,678
—
1,010,678
Health
Care
Equipment
&
Supplies
...........................
—
598,065
—
598,065
Health
Care
Providers
&
Services
............................
—
3,988,380
46,000
4,034,380
Health
Care
Technology
..................................
—
2,159,185
—
2,159,185
Hotels,
Restaurants
&
Leisure
..............................
—
7,345,180
183,913
7,529,093
Household
Durables
.....................................
—
1,114,804
—
1,114,804
Independent
Power
and
Renewable
Electricity
Producers
............
—
653,899
—
653,899
Industrial
Conglomerates
..................................
—
1,654,639
—
1,654,639
Insurance
............................................
—
5,335,816
—
5,335,816
Interactive
Media
&
Services
...............................
—
142,619
—
142,619
IT
Services
...........................................
—
5,833,700
—
5,833,700
Leisure
Products
.......................................
—
49,073
—
49,073
Life
Sciences
Tools
&
Services
..............................
—
215,214
—
215,214
Machinery
............................................
—
5,266,723
55,023
5,321,746
Media
...............................................
—
1,684,302
395,041
2,079,343
Multi-Utilities
..........................................
—
512,328
—
512,328
Oil,
Gas
&
Consumable
Fuels
...............................
—
1,038,701
—
1,038,701
Passenger
Airlines
......................................
—
1,696,959
—
1,696,959
Pharmaceuticals
.......................................
—
1,796,062
—
1,796,062
Professional
Services
....................................
—
3,265,371
429,653
3,695,024
Real
Estate
Management
&
Development
.......................
—
39,870
—
39,870
Semiconductors
&
Semiconductor
Equipment
....................
—
836,693
—
836,693
Software
.............................................
—
10,744,924
124,142
10,869,066
Specialty
Retail
........................................
—
900,730
198,054
1,098,784
Technology
Hardware,
Storage
&
Peripherals
....................
—
690,780
—
690,780
Trading
Companies
&
Distributors
............................
—
1,228,753
—
1,228,753
Transportation
Infrastructure
...............................
—
1,506,497
119,622
1,626,119
Wireless
Telecommunication
Services
.........................
—
568,300
229,680
797,980
Foreign
Agency
Obligations
.................................
—
2,784,889
—
2,784,889
Foreign
Government
Obligations
..............................
—
1,900,854
—
1,900,854
Investment
Companies
....................................
152,883,206
—
—
152,883,206
Non-Agency
Mortgage-Backed
Securities
........................
—
57,469,247
—
57,469,247
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Managed
Income
Fund
42
Level
1
Level
2
Level
3
Total
Other
Interests
..........................................
$
—
$
—
$
—
$
—
Preferred
Securities
Chemicals
............................................
—
15,783
—
15,783
Consumer
Finance
......................................
—
148,342
—
148,342
Electric
Utilities
........................................
—
579,609
—
579,609
IT
Services
...........................................
—
—
6,580
6,580
Machinery
............................................
—
36,365
—
36,365
Rights
................................................
—
718
—
718
U.S.
Government
Sponsored
Agency
Securities
....................
—
185,764
—
185,764
Warrants
..............................................
—
—
—
—
Short-Term
Securities
Money
Market
Funds
......................................
51,337,447
—
—
51,337,447
Unfunded
Floating
Rate
Loan
Interests
(a)
...........................
—
117
—
117
Liabilities
Unfunded
Floating
Rate
Loan
Interests
(a)
...........................
—
(
39
)
—
(
39
)
$
268,062,599
$
569,562,876
$
4,202,609
$
841,828,084
Derivative
Financial
Instruments
(b)
Assets
Credit
contracts
...........................................
$
—
$
34,270
$
—
$
34,270
Equity
contracts
...........................................
5,881
—
—
5,881
Interest
rate
contracts
.......................................
1,198,924
64,753
—
1,263,677
Liabilities
Credit
contracts
...........................................
—
(
62,932
)
—
(
62,932
)
Foreign
currency
exchange
contracts
............................
(
174,887
)
—
—
(
174,887
)
$
1,029,918
$
36,091
$
—
$
1,066,009
(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
EUR
Euro
JPY
Japanese
Yen
USD
United
States
Dollar
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
CLO
Collateralized
Loan
Obligation
DAC
Designated
Activity
Company
ETF
Exchange-Traded
Fund
MSCI
Morgan
Stanley
Capital
International
Nasdaq
National
Association
of
Securities
Dealers
Automated
Quotations
OTC
Over-the-counter
REIT
Real
Estate
Investment
Trust
SCA
Svenska
Cellulosa
Aktiebolaget
SOFR
Secured
Overnight
Financing
Rate
Fair
Value
Hierarchy
as
of
Period
End
(continued)