BlackRock Funds II NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22061

Name of Fund: BlackRock Funds II

BlackRock Managed Income Fund

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds II, 55 East 52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 441-7762

Date of fiscal year end: 12/31/2021

Date of reporting period: 12/31/2021

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

December

31,

2021

Not

FDIC

Insured

May

Lose

Value

Bank

Guarantee

2021

Annual

Report

BlackRock

Funds

BlackRock

Managed

Income

Fund

Dear

Shareholder,

The

12-month

reporting

period

December

31,

2021

saw

continuation

the

resurgent

growth

that

followed

the

initial

coronavirus

(or

“COVID-19”)

pandemic

reopening,

albeit

slower

pace.

The

global

economy

weathered

the

emergence

several

variant

strains

and

the

resulting

peaks

and

troughs

infections

amid

optimism

that

increasing

vaccinations

and

economic

adaptation

could

help

contain

the

pandemic’s

disruptions.

Continued

growth

meant

that

the

U.S.

economy

regained

and

then

surpassed

its

pre-pandemic

output.

However,

rapid

rebound

consumer

spending

pushed

against

supply

constraints

and

led

elevated

inflation.

Equity

prices

rose

with

the

broader

economy,

the

implementation

mass

vaccination

campaigns

and

passage

additional

fiscal

stimulus

package

and

infrastructure

bill

further

boosted

stocks.

the

United

States,

both

large-

and

small-capitalization

stocks

posted

strong

advance,

and

many

equity

indices

neared

surpassed

all-time

highs

late

the

reporting

period.

International

equities

from

developed

markets

also

gained,

although

emerging

market

stocks

declined,

pressured

strengthening

U.S.

dollar.

The

10-year

U.S.

Treasury

yield

(which

inversely

bond

prices)

rose

during

the

reporting

period

the

economy

expanded

rapidly

and

inflation

reached

its

highest

annualized

reading

decades.

the

corporate

bond

market,

support

from

the

U.S.

Federal

Reserve

(the

“Fed”)

assuaged

credit

concerns

and

led

solid

returns

for

high-yield

corporate

bonds,

outpacing

investment-grade

corporate

bonds,

which

declined.

The

Fed

maintained

accommodative

monetary

policy

during

the

reporting

period

maintaining

near-zero

interest

rates

and

asserting

that

inflation

could

exceed

its

target

for

sustained

period

without

triggering

rate

increase.

However,

the

Fed’s

tone

shifted

late

the

year,

reduced

its

bond-buying

program

and

used

its

market

guidance

raise

the

prospect

higher

rates

2022.

Looking

ahead,

believe

that

the

global

expansion

will

continue

broaden

Europe

and

other

developed

market

economies

gain

momentum,

although

the

Delta

and

Omicron

variants

the

coronavirus

remain

threat,

particularly

emerging

markets.

While

expect

inflation

abate

somewhat

supply

bottlenecks

are

resolved,

anticipate

that

inflation

will

remain

higher

than

the

pre-COVID

norm.

The

Fed

poised

raise

interest

rates

year

response,

but

the

Fed’s

policy

shift

means

that

tightening

likely

less

aggressive

than

what

we’ve

seen

cycles.

this

environment,

favor

overweight

equities,

believe

low

interest

rates

and

continued

economic

growth

will

support

further

gains,

albeit

likely

modest

than

what

saw

2021.

Sectors

that

are

better

poised

manage

the

transition

lower-carbon

world,

such

technology

and

health

care,

are

particularly

attractive

the

long

term.

U.S.

and

other

developed-market

equities

have

room

for

further

growth,

while

believe

Chinese

equities

stand

gain

from

accommodative

monetary

and

fiscal

environment

the

Chinese

economy

slows.

are

underweight

long-term

credit,

but

inflation-protected

U.S.

Treasuries,

Asian

fixed

income,

and

emerging

market

local-currency

bonds

offer

potential

opportunities.

believe

that

international

diversification

and

focus

sustainability

can

help

provide

portfolio

resilience,

and

the

disruption

created

the

coronavirus

appears

accelerating

the

shift

toward

sustainable

investments.

this

environment,

our

view

that

investors

need

think

globally,

extend

their

scope

across

broad

array

asset

classes,

and

nimble

market

conditions

change.

encourage

you

talk

with

your

financial

advisor

and

visit

blackrock.com

for

further

insight

about

investing

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock

Advisors,

LLC

The

Markets

Review

Rob

Kapito

President,

BlackRock

Advisors,

LLC

Past

performance

not

indication

future

results.

Index

performance

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

index.

Total

Returns

December

31,

2021

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

Index)

11.67%

28.71%

U.S.

small

cap

equities

(Russell

2000

Index)

(2.31)

14.82

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

2.24

11.26

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(9.30)

(2.54)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.02

0.05

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

0.44

(3.68)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

0.06

(1.54)

Tax-exempt

municipal

bonds

(S&P

Municipal

Bond

Index)

0.52

1.77

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

Issuer

Capped

Index)

1.59

5.26

This

Page

not

Part

Your

Fund

Report

Table

Contents

Page

The

Markets

Review

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

Annual

Report:

Fund

Summary

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

About

Fund

Performance

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

Disclosure

Expenses

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

Derivative

Financial

Instruments

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

Financial

Statements:

Schedule

Investments

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

Statement

Assets

and

Liabilities

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

Statement

Operations

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

Statements

Changes

Net

Assets

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

Financial

Highlights

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

Notes

Financial

Statements

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

Report

Independent

Registered

Public

Accounting

Firm

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

Important

Tax

Information

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

Statement

Regarding

Liquidity

Risk

Management

Program

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

Trustee

and

Officer

Information

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

Additional

Information

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

Glossary

Terms

Used

this

Report

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

Fund

Summary

December

31,

2021

BlackRock

Annual

Report

Shareholders

BlackRock

Managed

Income

Fund

Investment

Objective

BlackRock

Managed

Income

Fund’s

(the

“Fund”)

investment

objective

seek

maximize

current

income

with

consideration

for

risk-managed

total

return.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

ended

December

31,

2021,

the

Fund

underperformed

its

Customized

Reference

Benchmark,

blend

30%

S&P

500

Index/70%

Bloomberg

U.S.

Aggregate

Bond

Index.

For

the

same

period,

the

Fund

outperformed

the

Bloomberg

U.S.

Aggregate

Bond

Index.

Performance

reviewed

absolute

basis

due

the

nature

the

Fund’s

strategy.

The

Fund

managed

within

risk-controlled

framework,

and

strives

maintain

consistent

yield

with

risk

profile

below

that

the

benchmark.

What

factors

influenced

performance?

The

Fund’s

positions

higher-quality

investments

were

the

primary

reason

for

underperformance

year

characterized

strong,

sustained

rally

risk

assets.

Investment-grade

bonds

and

agency

mortgage-backed

securities,

which

the

Fund

held

for

the

purposes

diversification

and

risk

mitigation,

were

the

largest

detractors.

The

Fund’s

allocation

equities

was

the

leading

contributor

performance.

Most

notably,

U.S.

equities,

covered

calls,

and

developed-market

international

stocks

aided

results.

(Covered

calls

involve

the

use

derivatives

and

are

intended

alternative

source

income.)

U.S.

high

yield

and

floating

rate

loan

interests

(“bank

loans”)

also

contributed,

although

lesser

extent

than

equities.

Holdings

preferred

stocks

and

diversified

securitized

debt

fund

added

value,

well.

The

Fund

used

derivatives

manage

duration

risk.

This

strategy

helped

performance,

yields

moved

higher

due

the

strong

economic

backdrop

and

expectations

for

eventual

change

monetary

policy.

The

Fund's

practice

maintaining

specified

level

monthly

distributions

shareholders

did

not

have

material

impact

the

Fund's

investment

strategy.

The

distribution

policy

did

not

result

return

capital

for

the

period.

Refer

the

financial

highlights

and

income

tax

information

sections

this

report

for

further

information

about

the

distributions.

Describe

recent

portfolio

activity.

The

Fund

maintained

pro-risk

stance

over

the

period,

with

its

equity

weighting

averaging

the

highest

level

since

the

strategy’s

inception

2016.

The

Fund

also

added

allocation

real

estate

investment

trusts

during

the

fourth

quarter

2021.

the

credit

markets,

the

Fund

added

floating

rate

bank

loans

and

reduced

its

weighting

lower

yielding,

richly

valued

areas

such

investment-grade

debt.

Although

the

investment

adviser

continued

favor

high

yield

bonds,

reduced

the

Fund’s

allocation

this

area

during

the

second

half

the

year

yields

became

less

attractive.

The

Fund

maintained

low

duration

profile

throughout

2021.

(Duration

measure

interest-rate

sensitivity.)

After

increasing

duration

modestly

early

the

year,

the

investment

adviser

reduced

duration

the

fourth

quarter

2021

after

the

bond

market

briefly

rallied

due

fears

about

the

Omicron

variant

COVID-19.

Describe

portfolio

positioning

period

end.

The

Fund

was

diversified

across

several

income-producing

asset

classes

—

including

investment-grade

debt,

floating

rate

bank

loans,

high

yield

bonds,

global

equities,

covered

calls,

mortgage-backed

securities,

preferred

stocks

and

cash

—

and

continued

employ

risk-management

strategies.

The

Fund’s

duration

stood

approximately

1.8

years

the

end

the

period.

The

views

expressed

reflect

the

opinions

BlackRock

the

date

this

report

and

are

subject

change

based

changes

market,

economic

other

conditions.

These

views

are

not

intended

forecast

future

events

and

are

guarantee

future

results.

Fund

Summary

December

31,

2021

(continued)

Fund

Summary

BlackRock

Managed

Income

Fund

Assuming

maximum

sales

charge,

any,

transaction

costs

and

other

operating

expenses,

including

investment

advisory

fees

and

administration

fees,

any.

Institutional

not

have

sales

charge.

TOTAL

RETURN

BASED

$10,000

INVESTMENT

Performance

N/A

—

Not

applicable

class

and

Index

not

have

sales

charge.

Past

performance

not

indication

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

accordance

with

U.S.

generally

accepted

accounting

principles.

(a)

(b)

The

Fund

may

invest

100%

its

assets

fixed-income

securities

and

30%

its

assets

equity

securities.

The

Fund’s

returns

between

July

29,

2013

and

October

2016

are

the

returns

the

Fund

when

followed

different

investment

objective

and

different

investment

strategies

under

the

name

“BlackRock

Investment

Grade

Bond

Portfolio”.

The

Fund’s

returns

prior

July

29,

2013

are

the

returns

the

Fund

when

followed

different

investment

strategies

under

the

name

“BlackRock

Long

Duration

Bond

Portfolio”.

(c)

customized

performance

benchmark

comprised

the

returns

the

Bloomberg

U.S.

Aggregate

Bond

Index

(70%)

and

the

S&P

500

Index

(30%).

(d)

Bloomberg

U.S.

Aggregate

Bond

Index

(formerly

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index),

broad-based

flagship

benchmark

that

measures

the

investment

grade,

U.S.

dollar-

denominated,

fixed-rate

taxable

bond

market.

Average

Annual

Total

Returns

(a)

Year

Years

Standardized

30-Day

Yields

Unsubsidized

30-Day

Yields

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

3.04‌%

2.83‌%

5.61‌%

N/A‌

5.10‌%

N/A‌

4.53‌%

N/A‌

Investor

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

2.68‌

2.52‌

5.36‌

1.14‌%

4.84‌

3.98‌%

4.21‌

3.78‌%

Investor

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

2.05‌

1.87‌

4.50‌

3.50‌

4.04‌

3.45‌

Class

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

3.09‌

2.92‌

5.66‌

N/A‌

5.15‌

N/A‌

4.59‌

N/A‌

Bloomberg

U.S.

Aggregate

Bond

Index

.....

—‌

(1.54‌)

N/A‌

3.57‌

N/A‌

2.90‌

N/A‌

Customized

Reference

Benchmark

........

—‌

6.88‌

N/A‌

8.12‌

N/A‌

7.03‌

N/A‌

(a)

Assuming

maximum

sales

charges,

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

detailed

description

classes,

including

any

sales

charges

and

fees,

and

how

performance

was

calculated

for

certain

classes.

The

Fund’s

returns

between

July

29,

2013

and

October

2016

are

the

returns

the

Fund

when

followed

different

investment

objective

and

different

investment

strategies

under

the

name

“BlackRock

Investment

Grade

Bond

Portfolio”.

The

Fund’s

returns

prior

July

29,

2013

are

the

returns

the

Fund

when

followed

different

investment

strategies

under

the

name

“BlackRock

Long

Duration

Bond

Portfolio”.

Fund

Summary

December

31,

2021

(continued)

2021

BlackRock

Annual

Report

Shareholders

BlackRock

Managed

Income

Fund

Expense

Example

See

“Disclosure

Expenses”

for

further

information

how

expenses

were

calculated.

Portfolio

Information

Actual

Hypothetical

(a)

Beginning

Account

Value

(07/01/21)

Ending

Account

Value

(12/31/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(07/01/21)

Ending

Account

Value

(12/31/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Institutional

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

1,000.00‌

1,020.60‌

2.04‌

1,000.00‌

1,023.19‌

2.04‌

0.40‌%

Investor

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

1,000.00‌

1,019.40‌

3.31‌

1,000.00‌

1,021.93‌

3.31‌

0.65‌

Investor

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

1,000.00‌

1,014.80‌

7.11‌

1,000.00‌

1,018.15‌

7.12‌

1.40‌

Class

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

1,000.00‌

1,019.90‌

1.78‌

1,000.00‌

1,023.44‌

1.79‌

0.35‌

(a)

Hypothetical

annual

return

before

expenses

calculated

prorating

the

number

days

the

most

recent

fiscal

half

year

divided

365.

(b)

For

each

class

the

Fund,

expenses

are

equal

the

annualized

expense

ratio

for

the

class,

multiplied

the

average

account

value

over

the

period,

multiplied

184/365

(to

reflect

the

six-month

period

shown).

PORTFOLIO

COMPOSITION

Asset

Type

Percent

Total

Investments

(a)

Corporate

Bonds

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

41‌

Investment

Companies

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

20‌

Floating

Rate

Loan

Interests

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

14‌

Common

Stocks

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

9‌

Asset-Backed

Securities

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

8‌

Equity-Linked

Notes

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

6‌

Preferred

Securities

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

2‌

Foreign

Agency

Obligations

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

—‌

(b)

Warrants

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

—‌

(b)

(a)

Excludes

short-term

securities.

(b)

Represents

less

than

the

Fund's

total

investments.

CREDIT

QUALITY

ALLOCATION

Credit

Rating

(a)

Percent

Total

Investments

(b)

AAA/

Aaa

(c)

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

5‌

AA/Aa

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

4‌

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

16‌

BBB/Baa

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

23‌

BB/Ba

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

15‌

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

20‌

CCC/

Caa

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

4‌

CC/Ca

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

—‌

(d)

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

13‌

(a)

For

financial

reporting

purposes,

credit

quality

ratings

shown

above

reflect

the

highest

rating

assigned

either

S&P

Global

Ratings

Moody’s

Investors

Service

ratings

differ.

These

rating

agencies

are

independent,

nationally

recognized

statistical

rating

organizations

and

are

widely

used.

Investment

grade

ratings

are

credit

ratings

BBB/

Baa

higher.

Below

investment

grade

ratings

are

credit

ratings

BB/Ba

lower.

Investments

designated

are

not

rated

either

rating

agency.

Unrated

investments

not

necessarily

indicate

low

credit

quality.

Credit

quality

ratings

are

subject

change.

(b)

Excludes

short-term

securities,

Equity-Linked

Notes

and

Investment

Companies.

(c)

The

investment

adviser

evaluates

the

credit

quality

unrated

investments

based

upon

certain

factors

including,

but

not

limited

to,

credit

ratings

for

similar

investments

and

financial

analysis

sectors,

individual

investments

and/or

issuers.

Using

this

approach,

the

investment

adviser

has

deemed

unrated

U.S.

Government

Sponsored

Agency

Securities

and

U.S.

Treasury

Obligations

similar

credit

quality

investments

rated

AAA/Aaa.

(d)

Represents

less

than

the

Fund's

total

investments.

About

Fund

Performance

About

Fund

Performance

Disclosure

Expenses

Institutional

and

Class

are

not

subject

any

sales

charge.

These

bear

ongoing

distribution

service

fees

and

are

available

only

certain

eligible

investors.

Investor

are

subject

maximum

initial

sales

charge

(front-end

load)

4.00%

and

service

fee

0.25%

per

year

(but

distribution

fee).

Certain

redemptions

these

may

subject

contingent

deferred

sales

charge

("CDSC")

where

initial

sales

charge

was

paid

the

time

purchase.

These

are

generally

available

through

financial

intermediaries

Investor

are

subject

1.00%

CDSC

redeemed

within

one

year

purchase.

addition,

these

are

subject

distribution

fee

0.75%

per

year

and

service

fee

0.25%

per

year.

These

are

generally

available

through

financial

intermediaries.

Investor

performance

shown

prior

the

Investor

inception

date

October

2016

that

Class

(which

have

distribution

service

fees)

and

was

restated

reflect

Investor

fees.

These

automatically

convert

Investor

after

approximately

eight

years.

Past

performance

not

indication

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

extended

period

time

and

may

continue

affect

adversely

the

value

and

liquidity

the

Fund's

investments.

result,

current

performance

may

lower

higher

than

the

performance

data

quoted.

Refer

blackrock.com

obtain

performance

data

current

the

most

recent

month-end.

Performance

results

not

reflect

the

deduction

taxes

that

shareholder

would

pay

Fund

distributions

the

redemption

Fund

shares.

Figures

shown

the

performance

table(s) assume

reinvestment

all

distributions,

any,

net

asset

value

("NAV")

the

ex-dividend

date

payable

date,

applicable.

Investment

return

and

principal

value

will

fluctuate

that

shares,

when

redeemed,

may

worth

less

than

their

original

cost.

Distributions

paid

each

class

will

vary

because

the

different

levels

service,

distribution

and

transfer

agency

fees

applicable

each

class,

which

are

deducted

from

the

income

available

paid

shareholders.

BlackRock

Advisors,

LLC

(the

"Manager”),

the

Fund's

investment

adviser,

has

contractually

and/or

voluntarily

agreed

waive

and/or

reimburse

portion

the

Fund’s

expenses.

Without

such

waiver(s)

and/or

reimbursement(s),

the

Fund's

performance

would

have

been

lower.

With

respect

the

Fund's

voluntary

waiver(s),

any,

the

Manager

under

obligation

waive

and/or

reimburse

continue

waiving

and/or

reimbursing

its

fees

and

such

voluntary

waiver(s)

may

reduced

discontinued

any

time.

With

respect

the

Fund's

contractual

waiver(s),

any,

the

Manager

under

obligation

continue

waiving

and/or

reimbursing

its

fees

after

the

applicable

termination

date

such

agreement.

See

the

Notes

Financial

Statements

for

additional

information

waivers

and/or

reimbursements.

The

standardized

30-day

yield

includes

the

effects

any

waivers

and/or

reimbursements.

The

unsubsidized

30-day

yield

excludes

the

effects

any

waivers

and/or

reimbursements.

Disclosure

Expenses

Shareholders

the

Fund

may

incur

the

following

charges:

(a)

transactional

expenses,

such

sales

charges;

and

(b)

operating

expenses,

including

investment

advisory

fees, service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

example

shown

(which

based

hypothetical

investment

$1,000

invested

the

beginning

the

period

(or

from

the

commencement

operations

less

than

months)

and

held

through

the

end

the

period)

intended

assist

shareholders

both

calculating

expenses

based

investment

the

Fund

and

comparing

these

expenses

with

similar

costs

investing

other

mutual

funds.

The

expense

example

provides

information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

any.

order

estimate

the

expenses

shareholder

paid

during

the

period

covered

this

report,

shareholders

can

divide

their

account

value

$1,000

and

then

multiply

the

result

the

number

corresponding

their share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.”

The

expense

example

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on the

Fund’s

actual

expense

ratio

and

assumed

rate

return

per

year

before

expenses.

order

assist

shareholders

comparing

the

ongoing

expenses

investing

the

Fund

and

other

funds,

compare

the

hypothetical

example

with

the

hypothetical

examples

that

appear

shareholder

reports

other

funds.

The

expenses

shown

the

expense

example

are

intended

highlight

shareholders’

ongoing

costs

only

and

not

reflect

transactional

expenses,

such

sales

charges,

any.

Therefore,

the

hypothetical

example is

useful

comparing

ongoing

expenses

only

and

will

not

help

shareholders

determine

the

relative

total

expenses

owning

different

funds.

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Derivative

Financial

Instruments

2021

BlackRock

Annual

Report

Shareholders

The

Fund

may

invest

various

derivative

financial

instruments.

These

instruments

are

used

obtain

exposure

security,

commodity,

index,

market,

and/or

other

assets

without

owning

taking

physical

custody

securities,

commodities

and/or

other

referenced

assets

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

form

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

derivative

financial

instrument

and

the

underlying

asset,

possible

default

the

counterparty

the

transaction

illiquidity

the

instrument.

The

Fund’s

successful

use

derivative

financial

instrument

depends

the

investment

adviser’s

ability

predict

pertinent

market

movements

accurately,

which

cannot

assured.

The

use

these

instruments

may

result

losses

greater

than

they

had

not

been

used,

may

limit

the

amount

appreciation the

Fund

can

realize

investment

and/or

may

result

lower

distributions

paid

shareholders.

The

Fund’s

investments

these

instruments,

any,

are

discussed

detail

the

Notes

Financial

Statements.

BlackRock

Managed

Income

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

—

7.5%

AIG

CLO

Ltd.

(a)(b)

Series

2021-2A,

Class

(LIBOR

USD

Month

1.75%),

1.84%,

07/20/34

...

USD

1,000

999,994

Series

2021-2A,

Class

(LIBOR

USD

Month

2.00%),

2.09%,

07/20/34

...

1,000

1,003,958

AIMCO

CLO

(a)(b)

Series

2015-AA,

Class

CR2,

(LIBOR

USD

Month

2.00%),

2.12%,

10/17/34

...

1,000

1,000,001

Series

2017-AA,

Class

AR,

(LIBOR

USD

Month

1.05%),

1.18%,

04/20/34

...

500

498,099

Aimco

CLO

Ltd.,

Series

2020-12A,

Class

(LIBOR

USD

Month

1.55%),

1.67%,

01/17/32

(a)(b)

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

1,000

999,042

Aimco

CLO

Ltd.,

Series

2021-15A,

Class

(LIBOR

USD

Month

1.95%),

2.04%,

10/17/34

(a)(b)

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

1,000

996,115

AMSR

Trust

(b)

Series

2020-SFR1,

Class

3.22%,

04/17/37

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

1,000

1,005,192

Series

2020-SFR1,

Class

3.57%,

04/17/37

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

1,000

1,000,455

Anchorage

Capital

CLO

Ltd.,

Series

2018-10A,

Class

A1A,

(LIBOR

USD

Month

1.20%),

1.32%,

10/15/31

(a)(b)

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

500

499,999

Ares

XXXIR

CLO

Ltd.,

Series

2014-31RA,

Class

A2,

(LIBOR

USD

Month

1.30%),

1.47%,

05/24/30

(a)(b)

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

500

499,542

Ares

XXXVII

CLO

Ltd.,

Series

2015-4A,

Class

A1R,

(LIBOR

USD

Month

1.17%),

1.29%,

10/15/30

(a)(b)

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

250

250,004

Ares

XXXVR

CLO

Ltd.,

Series

2015-35RA,

Class

A2,

(LIBOR

USD

Month

1.40%),

1.52%,

07/15/30

(a)(b)

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

1,000

999,295

Assurant

CLO

Ltd.,

Series

2019-5A,

Class

A1,

(LIBOR

USD

Month

1.39%),

1.51%,

01/15/33

(a)(b)

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

1,500

1,500,770

Bardot

CLO

Ltd.,

Series

2019-2A,

Class

CR,

(LIBOR

USD

Month

1.90%),

2.03%,

10/22/32

(a)(b)

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

1,000

1,000,000

Battalion

CLO

Ltd.,

Series

2021-20A,

Class

(LIBOR

USD

Month

1.18%),

1.32%,

07/15/34

(a)(b)

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

500

500,476

Battalion

CLO

XXII

Ltd.,

Series

2021-22A,

Class

(LIBOR

USD

Month

1.18%),

1.30%,

01/20/35

(a)(b)

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

1,000

1,001,247

Bayview

Financial

Revolving

Asset

Trust,

Series

2005-A,

Class

A1,

(LIBOR

USD

Month

1.00%),

1.10%,

02/28/40

(a)(b)

...

759

733,750

Benefit

Street

Partners

CLO

VIII

Ltd.,

Series

2015-8A,

Class

A1AR,

(LIBOR

USD

Month

1.10%),

1.23%,

01/20/31

(a)(b)

...

500

499,874

Buckhorn

Park

CLO

Ltd.

(a)(b)

Series

2019-1A,

Class

B1R,

(LIBOR

USD

Month

1.65%),

1.77%,

07/18/34

...

1,000

1,001,546

Series

2019-1A,

Class

CR,

(LIBOR

USD

Month

2.00%),

2.12%,

07/18/34

...

500

498,105

Canyon

CLO

Ltd.,

Series

2020-2A,

Class

AR,

(LIBOR

USD

Month

1.19%),

1.31%,

10/15/34

(a)(b)

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

1,000

1,000,000

CBAM

Ltd.,

Series

2020-13A,

Class

(LIBOR

USD

Month

1.43%),

1.56%,

01/20/34

(a)(b)

1,000

1,002,985

CIFC

Funding

Ltd.

(a)(b)

Series

2013-4A,

Class

A2RR,

(LIBOR

USD

Month

1.30%),

1.43%,

04/27/31

650

649,450

Series

2017-3A,

Class

A1,

(LIBOR

USD

Month

1.22%),

1.35%,

07/20/30

...

1,850

1,850,078

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2018-4A,

Class

(LIBOR

USD

Month

2.10%),

2.22%,

10/17/31

...

USD

500

497,242

Series

2021-1A,

Class

(LIBOR

USD

Month

1.80%),

1.92%,

04/25/33

...

1,000

991,198

Dryden

Senior

Loan

Fund,

Series

2017-49A,

Class

CR,

(LIBOR

USD

Month

2.05%),

2.17%,

07/18/30

(a)(b)

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

500

500,041

Dryden

CLO

Ltd.,

Series

2020-83A,

Class

(LIBOR

USD

Month

1.22%),

1.34%,

01/18/32

(a)(b)

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

1,000

1,000,164

Dryden

Senior

Loan

Fund,

Series

2017-47A,

Class

CR,

(LIBOR

USD

Month

2.05%),

2.17%,

04/15/28

(a)(b)

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

500

500,040

Dryden

XXVI

Senior

Loan

Fund,

Series

2013-

26A,

Class

CR,

(LIBOR

USD

Month

1.85%),

1.97%,

04/15/29

(a)(b)

.........

500

499,809

Eaton

Vance

CLO

Ltd.,

Series

2013-1A,

Class

B3R,

(LIBOR

USD

Month

2.15%),

2.27%,

01/15/34

(a)(b)

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

1,000

1,000,544

Elevation

CLO

Ltd.,

Series

2017-8A,

Class

(LIBOR

USD

Month

2.05%),

2.17%,

10/25/30

(a)(b)

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

1,000

990,392

Elmwood

CLO

Ltd.,

Series

2019-2A,

Class

CR,

(LIBOR

USD

Month

2.00%),

2.13%,

04/20/34

(a)(b)

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

700

694,805

First

Franklin

Mortgage

Loan

Trust,

Series

2005-FF10,

Class

A6M,

(LIBOR

USD

Month

0.70%),

0.80%,

11/25/35

(a)

.....

765

747,654

Flatiron

CLO

Ltd.,

Series

2017-1A,

Class

CR,

(LIBOR

USD

Month

1.90%),

2.06%,

05/15/30

(a)(b)

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

400

399,819

Galaxy

XXII

CLO

Ltd.

(a)(b)

Series

2016-22A,

Class

ARR,

(LIBOR

USD

Month

1.20%),

1.32%,

04/16/34

750

750,375

Series

2016-22A,

Class

BRR,

(LIBOR

USD

Month

1.70%),

1.82%,

04/16/34

500

500,339

Generate

CLO

Ltd.

(a)(b)

Series

9A,

Class

(LIBOR

USD

Month

1.20%),

1.34%,

10/20/34

.........

1,000

999,993

Series

9A,

Class

(LIBOR

USD

Month

1.70%),

1.96%,

10/20/34

.........

1,500

1,499,978

Series

9A,

Class

(LIBOR

USD

Month

2.25%),

2.39%,

10/20/34

.........

1,000

999,976

Gilbert

Park

CLO

Ltd.,

Series

2017-1A,

Class

(LIBOR

USD

Month

1.19%),

1.31%,

10/15/30

(a)(b)

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

750

750,043

GoldenTree

Loan

Management

CLO

Ltd.,

Series

2017-1A,

Class

CR2,

(LIBOR

USD

Month

1.80%),

1.93%,

04/20/34

(a)(b)

...

1,500

1,483,655

Golub

Capital

Partners

CLO

53B

Ltd.,

Series

2021-53A,

Class

(LIBOR

USD

Month

1.80%),

1.93%,

07/20/34

(a)(b)

.........

1,000

999,989

Greywolf

CLO

Ltd.,

Series

2013-1A,

Class

A2AR,

(LIBOR

USD

Month

1.60%),

1.72%,

04/15/34

(a)(b)

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

300

299,975

Greywolf

CLO

VII

Ltd.,

Series

2018-2A,

Class

A1,

(LIBOR

USD

Month

1.18%),

1.31%,

10/20/31

(a)(b)

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

500

499,842

Gulf

Stream

Meridian

Ltd.,

Series

2021-4A,

Class

A1,

(LIBOR

USD

Month

1.20%),

1.32%,

07/15/34

(a)(b)

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

1,000

1,000,170

Halsey

Point

CLO

Ltd.,

Series

2021-4A,

Class

(LIBOR

USD

Month

1.22%),

1.35%,

04/20/34

(a)(b)

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

500

500,640

2021

BlackRock

Annual

Report

Shareholders

BlackRock

Managed

Income

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Highbridge

Loan

Management

Ltd.,

Series

12A-18,

Class

A2,

(LIBOR

USD

Month

1.50%),

1.62%,

07/18/31

(a)(b)

.........

USD

500

498,809

Invesco

CLO

Ltd.,

Series

2021-2A,

Class

(LIBOR

USD

Month

1.12%),

1.24%,

07/15/34

(a)(b)

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

1,000

998,628

Kayne

CLO

III

Ltd.,

Series

2019-3A,

Class

(LIBOR

USD

Month

1.48%),

1.60%,

04/15/32

(a)(b)

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

1,000

1,001,774

Milos

CLO

Ltd.,

Series

2017-1A,

Class

BR,

(LIBOR

USD

Month

1.55%),

1.68%,

10/20/30

(a)(b)

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

1,000

997,784

Neuberger

Berman

Loan

Advisers

CLO

Ltd.,

Series

2017-26A,

Class

(LIBOR

USD

Month

1.75%),

1.87%,

10/18/30

(a)(b)

...

1,000

997,538

OCP

CLO

Ltd.,

Series

2021-22A,

Class

(LIBOR

USD

Month

2.05%),

2.17%,

12/02/34

(a)(b)

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

500

499,995

Octagon

Investment

Partners

Ltd.,

Series

2016-1A,

Class

BR,

(LIBOR

USD

Month

1.60%),

1.72%,

07/15/30

(a)(b)

.........

500

497,821

Octagon

Investment

Partners

Ltd.

(a)(b)

Series

2019-2A,

Class

B1R,

(LIBOR

USD

Month

1.70%),

1.82%,

10/15/33

...

1,500

1,500,000

Series

2019-2A,

Class

CR,

(LIBOR

USD

Month

2.15%),

2.27%,

10/15/33

...

1,000

1,000,000

Octagon

Investment

Partners

Ltd.,

Series

2019-1A,

Class

(LIBOR

USD

Month

1.33%),

1.45%,

10/15/32

(a)(b)

.........

500

500,069

OHA

Loan

Funding

Ltd.,

Series

2013-1A,

Class

BR2,

(LIBOR

USD

Month

1.60%),

1.72%,

07/23/31

(a)(b)

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

1,000

997,553

Palmer

Square

CLO

Ltd.

(a)(b)

Series

2019-1A,

Class

A1R,

(LIBOR

USD

Month

1.15%),

1.34%,

11/14/34

(c)

1,000

1,000,000

Series

2019-1A,

Class

A2R,

(LIBOR

USD

Month

1.70%),

1.89%,

11/14/34

(c)

1,000

1,000,000

Series

2021-2A,

Class

(LIBOR

USD

Month

1.80%),

1.92%,

07/15/34

...

1,000

988,572

Park

Avenue

Institutional

Advisers

CLO

Ltd.,

Series

2021-2A,

Class

(LIBOR

USD

Month

2.25%),

2.35%,

07/15/34

(a)(b)

...

1,000

996,900

Pikes

Peak

CLO

(a)(b)

Series

2020-6A,

Class

AR2,

(LIBOR

USD

Month

1.17%),

1.33%,

05/18/34

...

500

499,458

Series

2020-6A,

Class

BR2,

(LIBOR

USD

Month

1.70%),

1.86%,

05/18/34

...

500

498,282

Pikes

Peak

CLO

Series

2021-8A,

Class

(LIBOR

USD

Month

1.75%),

1.90%,

07/20/34

(a)(b)

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

500

499,995

PPM

CLO

Ltd.,

Series

2020-4A,

Class

CR,

(LIBOR

USD

Month

2.10%),

2.26%,

10/18/34

(a)(b)

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

750

750,000

Progress

Residential

Trust

(b)

Series

2020-SFR1,

Class

3.43%,

04/17/37

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

1,000

1,001,541

Series

2020-SFR2,

Class

2.08%,

06/17/37

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

1,000

1,003,491

Series

2020-SFR2,

Class

2.58%,

06/17/37

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

1,000

1,004,026

Prudential

plc,

Series

2021-5A,

Class

(LIBOR

USD

Month

1.20%),

1.32%,

10/18/34

(a)(b)

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

1,500

1,500,000

Rad

CLO

Ltd.,

Series

2021-12A,

Class

(LIBOR

USD

Month

2.05%),

2.19%,

10/30/34

(a)(b)

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

1,000

999,848

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Regatta

VIII

Funding

Ltd.,

Series

2017-1A,

Class

(LIBOR

USD

Month

1.25%),

1.37%,

10/17/30

(a)(b)

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

USD

500

500,034

Regatta

Funding

Ltd.,

Series

2018-1A,

Class

(LIBOR

USD

Month

1.65%),

1.77%,

07/17/31

(a)(b)

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

650

650,014

Regatta

XIV

Funding

Ltd.,

Series

2018-3A,

Class

(LIBOR

USD

Month

1.19%),

1.31%,

10/25/31

(a)(b)

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

1,000

999,501

Regatta

Funding

Ltd.,

Series

2018-4A,

Class

A2,

(LIBOR

USD

Month

1.85%),

1.97%,

10/25/31

(a)(b)

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

700

700,211

Rockford

Tower

CLO

Ltd.

(a)(b)

Series

2017-3A,

Class

(LIBOR

USD

Month

1.80%),

1.93%,

10/20/30

...

1,000

997,573

Series

2019-2A,

Class

CR,

(LIBOR

USD

Month

2.00%),

2.16%,

08/20/32

...

500

499,701

Series

2021-3A,

Class

A1,

(LIBOR

USD

Month

1.18%),

1.31%,

10/20/34

...

1,250

1,250,101

Series

2021-3A,

Class

(LIBOR

USD

Month

2.15%),

2.28%,

10/20/34

...

1,000

1,000,067

Signal

Peak

CLO

Ltd.,

Series

2021-9A,

Class

(LIBOR

USD

Month

1.70%),

1.80%,

07/21/34

(a)(b)

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

500

499,628

Sixth

Street

CLO

XIX

Ltd.,

Series

2021-19A,

Class

(LIBOR

USD

Month

1.70%),

1.84%,

07/20/34

(a)(b)

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

1,000

1,000,008

Sound

Point

CLO

XXIII,

Series

2019-2A,

Class

AR,

(LIBOR

USD

Month

1.17%),

1.29%,

07/15/34

(a)(b)

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

1,000

1,000,324

TCI-Flatiron

CLO

Ltd.,

Series

2018-1A,

Class

CR,

(LIBOR

USD

Month

1.75%),

1.88%,

01/29/32

(a)(b)

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

1,000

997,096

TCW

CLO

Ltd.,

Series

2021-1A,

Class

(LIBOR

USD

Month

1.90%),

2.03%,

03/18/34

(a)(b)

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

500

490,743

TICP

CLO

VII

Ltd.,

Series

2017-7A,

Class

ASR,

(LIBOR

USD

Month

1.27%),

1.39%,

04/15/33

(a)(b)

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

1,300

1,300,977

Webster

Park

CLO

Ltd.,

Series

2015-1A,

Class

A1BR,

(LIBOR

USD

Month

1.35%),

1.48%,

07/20/30

(a)(b)

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

1,000

999,096

Total

Asset-Backed

Securities

—

7.5%

(Cost:

$73,174,416)

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

73,213,818

Common

Stocks

—

8.2%

Banks

—

0.5%

Bank

Rakyat

Indonesia

Persero

Tbk.

...

2,986,700

859,949

Citizens

Financial

Group,

Inc.

..........

41,398

1,956,056

DBS

Group

Holdings

Ltd.

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

36,300

879,148

M&T

Bank

Corp.

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

10,524

1,616,276

5,311,429

Beverages

—

0.2%

Diageo

plc

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

43,847

2,397,382

Biotechnology

—

0.3%

AbbVie,

Inc.

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

20,899

2,829,725

Building

Products

—

0.0%

AZEK

Co.,

Inc.

(The)

(d)

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

2,497

Capital

Markets

—

0.3%

Intercontinental

Exchange,

Inc.

.........

18,072

2,471,707

BlackRock

Managed

Income

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Value

Consumer

Finance

—

0.1%

Synchrony

Financial

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

26,283

1,219,268

Diversified

Telecommunication

Services

—

0.2%

TELUS

Corp.

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

91,557

2,156,198

Electric

Utilities

—

0.2%

EDP

Energias

Portugal

.........

379,766

2,086,171

Electrical

Equipment

—

0.2%

Schneider

Electric

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

7,886

1,550,353

Electronic

Equipment,

Instruments

Components

—

0.1%

Connectivity

Ltd.

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

8,536

1,377,198

Energy

Equipment

Services

—

0.1%

Baker

Hughes

Co.

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

25,629

616,634

Equity

Real

Estate

Investment

Trusts

(REITs)

—

0.1%

American

Tower

Corp.

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

4,104

1,200,420

Food

Staples

Retailing

—

0.1%

Wal-Mart

Mexico

SAB

.........

228,723

851,421

Gas

Utilities

—

0.1%

ENN

Energy

Holdings

Ltd.

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

48,300

910,538

Health

Care

Equipment

Supplies

—

0.2%

Medtronic

plc

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

21,608

2,235,348

Health

Care

Providers

Services

—

0.3%

UnitedHealth

Group,

Inc.

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

5,343

2,682,934

Household

Durables

—

0.1%

Taylor

Wimpey

plc

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

344,910

822,310

Household

Products

—

0.2%

Reckitt

Benckiser

Group

plc

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

20,398

1,755,934

Insurance

—

0.5%

Assurant,

Inc.

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

10,551

1,644,479

Progressive

Corp.

(The)

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

11,341

1,164,154

Prudential

plc

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

116,538

2,015,275

4,823,908

Services

—

0.6%

Amadeus

Group

(d)

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

9,853

666,696

Fidelity

National

Information

Services,

Inc.

18,328

2,000,501

Paychex,

Inc.

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

6,291

858,722

Visa,

Inc.,

Class

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

10,020

2,171,434

5,697,353

Leisure

Products

—

0.2%

Hasbro,

Inc.

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

20,505

2,086,999

Machinery

—

0.2%

Otis

Worldwide

Corp.

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

20,355

1,772,310

Media

—

0.1%

Comcast

Corp.,

Class

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

28,761

1,447,541

Oil,

Gas

Consumable

Fuels

—

0.0%

California

Resources

Corp.

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

106

4,527

Energy

Transfer

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

2,317

19,069

23,596

Personal

Products

—

0.4%

Estee

Lauder

Cos.,

Inc.

(The),

Class

....

3,674

1,360,115

Unilever

plc

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

40,646

2,180,515

3,540,630

Pharmaceuticals

—

0.7%

AstraZeneca

plc

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

17,397

2,031,438

Novo

Nordisk

A/S,

Class

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

23,023

2,586,078

Security

Value

Pharmaceuticals

(continued)

Sanofi

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

26,334

2,642,460

7,259,976

Professional

Services

—

0.3%

NMG,

Inc.

(d)

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

265

38,796

RELX

plc

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

80,571

2,616,124

2,654,920

Semiconductors

Semiconductor

Equipment

—

0.5%

MediaTek,

Inc.

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

20,000

858,190

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

99,000

2,189,979

Texas

Instruments,

Inc.

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

10,195

1,921,452

4,969,621

Software

—

0.5%

Intuit,

Inc.

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

2,173

1,397,717

Microsoft

Corp.

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

9,486

3,190,332

4,588,049

Technology

Hardware,

Storage

Peripherals

—

0.1%

Logitech

International

(Registered)

.....

8,005

671,521

Textiles,

Apparel

Luxury

Goods

—

0.4%

EssilorLuxottica

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

6,585

1,401,795

Kering

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

2,056

1,649,636

LVMH

Moet

Hennessy

Louis

Vuitton

....

1,382

1,142,132

4,193,563

Tobacco

—

0.1%

Philip

Morris

International,

Inc.

..........

14,515

1,378,925

Trading

Companies

Distributors

—

0.2%

Ferguson

plc

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

9,988

1,774,136

Wireless

Telecommunication

Services

—

0.1%

KDDI

Corp.

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

27,500

804,202

Total

Common

Stocks

—

8.2%

(Cost:

$70,039,327)

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

80,164,717

Par

(000)

Par

(000)

Corporate

Bonds

—

39.1%

Aerospace

Defense

—

0.7%

Bombardier,

Inc.

(b)

7.50%,

12/01/24

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

USD

87,518

7.50%,

03/15/25

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

10,187

7.13%,

06/15/26

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

275

285,288

7.88%,

04/15/27

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

77,783

6.00%,

02/15/28

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

145

145,439

7.45%,

05/01/34

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

100

122,500

Howmet

Aerospace,

Inc.,

5.13%,

10/01/24

2,155

Kratos

Defense

Security

Solutions,

Inc.,

6.50%,

11/30/25

(b)

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

177

181,867

L3Harris

Technologies,

Inc.

3.83%,

04/27/25

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

79,958

3.85%,

12/15/26

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

100

108,745

4.40%,

06/15/28

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

1,255

1,408,630

2.90%,

12/15/29

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

25,777

1.80%,

01/15/31

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

1,025

978,287

5.05%,

04/27/45

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

65,537

Rolls-Royce

plc,

5.75%,

10/15/27

(b)

......

400

442,360

Spirit

AeroSystems,

Inc.,

5.50%,

01/15/25

(b)

59,066

TransDigm,

Inc.

8.00%,

12/15/25

(b)

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

557

587,619

6.25%,

03/15/26

(b)

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

1,774

1,843,851

6.38%,

06/15/26

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

23,632

7.50%,

03/15/27

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

40,755

2021

BlackRock

Annual

Report

Shareholders

BlackRock

Managed

Income

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Aerospace

Defense

(continued)

4.63%,

01/15/29

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

USD

87,708

4.88%,

05/01/29

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

104

104,447

Triumph

Group,

Inc.,

8.88%,

06/01/24

(b)

...

378

412,277

7,181,386

Air

Freight

Logistics

—

0.0%

FedEx

Corp.

3.10%,

08/05/29

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

42,262

4.25%,

05/15/30

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

150

170,566

4.55%,

04/01/46

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

195

233,675

5.25%,

05/15/50

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

33,445

479,948

Airlines

—

0.4%

Air

Canada,

3.88%,

08/15/26

(b)

.........

176

179,520

Air

Canada

Pass-Through

Trust,

Series

2017-1,

Class

AA,

3.30%,

01/15/30

(b)

........

15,479

American

Airlines

Pass-Through

Trust

Series

2019-1,

Class

3.85%,

02/15/28

65,596

Series

2017-1,

Class

AA,

3.65%,

02/15/29

63,584

American

Airlines,

Inc.

(b)

11.75%,

07/15/25

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

363

447,851

5.50%,

04/20/26

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

171

177,309

5.75%,

04/20/29

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

479

512,061

British

Airways

Pass-Through

Trust,

Series

2019-1,

Class

3.35%,

06/15/29

(b)

....

37,557

Delta

Air

Lines,

Inc.

3.80%,

04/19/23

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

100

102,242

7.00%,

05/01/25

(b)

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

67,461

4.75%,

10/20/28

(b)

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

242

264,260

Hawaiian

Brand

Intellectual

Property

Ltd.,

5.75%,

01/20/26

(b)

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

89,977

Mileage

Plus

Holdings

LLC,

6.50%,

06/20/27

(b)

253

270,078

Spirit

Loyalty

Cayman

Ltd.,

8.00%,

09/20/25

(b)

14,514

United

Airlines

Pass-Through

Trust

Series

2020-1,

Class

4.88%,

01/15/26

32,722

Series

2020-1,

Class

5.88%,

10/15/27

570

624,343

Series

2019-2,

Class

AA,

2.70%,

05/01/32

41,733

United

Airlines,

Inc.

(b)

4.38%,

04/15/26

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

173

180,393

4.63%,

04/15/29

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

232

239,250

3,425,930

Auto

Components

—

0.3%

Adient

LLC,

9.00%,

04/15/25

(b)

......

22,312

Allison

Transmission,

Inc.

(b)

5.88%,

06/01/29

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

210

228,375

3.75%,

01/30/31

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

89,700

Aptiv

plc

5.40%,

03/15/49

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

33,113

3.10%,

12/01/51

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

230

219,082

BorgWarner,

Inc.,

5.00%,

10/01/25

(b)

.....

100

111,811

Clarios

Global

(b)

6.75%,

05/15/25

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

198

207,405

6.25%,

05/15/26

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

479

501,154

8.50%,

05/15/27

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

914

968,840

Dealer

Tire

LLC,

8.00%,

02/01/28

(b)

......

69,742

Dornoch

Debt

Merger

Sub,

Inc.,

6.63%,

10/15/29

(b)

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

41,475

Goodyear

Tire

Rubber

Co.

(The)

9.50%,

05/31/25

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

50,807

5.00%,

07/15/29

(b)

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

52,636

5.25%,

07/15/31

(b)

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

66,228

5.63%,

04/30/33

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

141

153,866

Icahn

Enterprises

4.75%,

09/15/24

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

18,675

6.25%,

05/15/26

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

80,176

Security

Par

(000)

Par

(000)

Value

Auto

Components

(continued)

5.25%,

05/15/27

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

USD

247

254,022

4.38%,

02/01/29

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

61,425

Patrick

Industries,

Inc.,

4.75%,

05/01/29

(b)

23,880

Tenneco,

Inc.,

7.88%,

01/15/29

(b)

.......

19,440

3,274,164

Automobiles

—

0.8%

BMW

Capital

LLC,

1.25%,

08/12/26

(b)

59,042

Daimler

Finance

North

America

LLC

(b)

3.25%,

08/01/24

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

175

183,339

1.45%,

03/02/26

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

150

148,500

Ford

Motor

Co.

0.00%,

03/15/26

(b)(e)(f)

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

104,548

4.35%,

12/08/26

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

182

198,516

3.25%,

02/12/32

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

320

327,680

4.75%,

01/15/43

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

23,179

5.29%,

12/08/46

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

70,515

General

Motors

Co.

5.40%,

10/02/23

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

325

347,868

6.13%,

10/01/25

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

57,437

6.25%,

10/02/43

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

351

480,322

6.75%,

04/01/46

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

85,733

5.95%,

04/01/49

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

135,509

Hyundai

Capital

America

(b)

0.80%,

01/08/24

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

675

665,231

1.00%,

09/17/24

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

655

643,680

1.80%,

10/15/25

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

395

392,864

1.65%,

09/17/26

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

63,706

Nissan

Motor

Acceptance

Co.

LLC

(b)

3.88%,

09/21/23

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

81,139

2.00%,

03/09/26

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

400

394,004

2.75%,

03/09/28

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

130

129,067

2.45%,

09/15/28

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

115

111,770

Nissan

Motor

Co.

Ltd.

(b)

3.04%,

09/15/23

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

1,180

1,210,778

3.52%,

09/17/25

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

385

403,549

4.35%,

09/17/27

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

285

307,671

Stellantis

Finance

US,

Inc.,

1.71%,

01/29/27

(b)

200

196,584

Thor

Industries,

Inc.,

4.00%,

10/15/29

(b)

...

63,360

Volkswagen

Group

America

Finance

LLC

(b)

0.75%,

11/23/22

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

300

299,951

1.25%,

11/24/25

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

600

586,857

Winnebago

Industries,

Inc.,

6.25%,

07/15/28

(b)

40,688

7,813,087

Banks

—

6.2%

AIB

Group

plc,

(LIBOR

USD

Month

1.87%),

4.26%,

04/10/25

(a)(b)

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

675

710,788

Banco

Bilbao

Vizcaya

Argentaria

SA,

(USD

Swap

Semi

Year

3.87%),

6.13%

(a)(g)

800

845,000

Banco

Nacional

Panama,

2.50%,

08/11/30

(b)

300

280,837

Banco

Santander

3.13%,

02/23/23

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

200

204,705

3.85%,

04/12/23

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

200

206,869

2.71%,

06/27/24

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

200

207,076

2.75%,

05/28/25

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

200

206,718

1.85%,

03/25/26

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

400

398,165

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

0.90%),

1.72%,

09/14/27

(a)

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

200

196,361

3.31%,

06/27/29

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

200

211,381

Bank

America

Corp.

(SOFR

0.41%),

0.52%,

06/14/24

(a)

...

715

710,255

(LIBOR

USD

Month

0.94%),

3.86%,

07/23/24

(a)

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

400

416,743

4.20%,

08/26/24

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

300

321,558

BlackRock

Managed

Income

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

4.00%,

01/22/25

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

USD

250

266,997

(LIBOR

USD

Month

0.97%),

3.46%,

03/15/25

(a)

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

83,665

Series

3.95%,

04/21/25

..........

473

505,590

(LIBOR

USD

Month

1.09%),

3.09%,

10/01/25

(a)

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

795

827,188

(LIBOR

USD

Month

0.87%),

2.46%,

10/22/25

(a)

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

225

231,089

(SOFR

0.65%),

1.53%,

12/06/25

(a)

...

60,098

(LIBOR

USD

Month

0.81%),

3.37%,

01/23/26

(a)

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

290

305,079

(LIBOR

USD

Month

0.64%),

2.01%,

02/13/26

(a)

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

300

303,861

4.45%,

03/03/26

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

312

343,499

(SOFR

1.15%),

1.32%,

06/19/26

(a)

...

140

138,513

4.25%,

10/22/26

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

100,409

(SOFR

1.01%),

1.20%,

10/24/26

(a)

...

100

98,004

Series

4.18%,

11/25/27

..........

100

109,414

(LIBOR

USD

Month

1.51%),

3.71%,

04/24/28

(a)

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

150

162,785

(LIBOR

USD

Month

1.37%),

3.59%,

07/21/28

(a)

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

300

322,884

(LIBOR

USD

Month

1.04%),

3.42%,

12/20/28

(a)

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

875

934,207

(LIBOR

USD

Month

1.21%),

3.97%,

02/07/30

(a)

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

145

159,722

(LIBOR

USD

Month

1.18%),

3.19%,

07/23/30

(a)

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

300

316,377

(SOFR

2.15%),

2.59%,

04/29/31

(a)

...

295

298,002

(SOFR

1.32%),

2.69%,

04/22/32

(a)

...

420

426,227

Series

4.75%,

04/21/45

..........

110

137,074

(LIBOR

USD

Month

3.15%),

4.08%,

03/20/51

(a)

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

440

529,244

(SOFR

1.88%),

2.83%,

10/24/51

(a)

...

105

103,088

Bank

Ireland

Group

plc,

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.10%),

2.03%,

09/30/27

(a)(b)

.......

520

510,674

Banque

Federative

Credit

Mutuel

SA,

2.13%,

11/21/22

(b)

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

200

202,774

Barclays

Bank

plc

(e)(f)

0.00%,

02/04/25

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

234

407,789

Series

VUN,

0.00%,

02/18/25

........

369

398,141

Barclays

plc

(USD

Swap

Semi

Year

6.77%),

7.88%

(a)

(g)(h)

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

525

530,906

3.68%,

01/10/23

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

200

200,093

(LIBOR

USD

Month

1.40%),

4.61%,

02/15/23

(a)

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

380

381,625

(USD

Swap

Semi

Year

4.84%),

7.75%

(a)

(g)

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

475

509,732

(LIBOR

USD

Month

1.36%),

4.34%,

05/16/24

(a)

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

255

265,449

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

0.80%),

1.01%,

12/10/24

(a)

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

200

198,541

(LIBOR

USD

Month

1.61%),

3.93%,

05/07/25

(a)

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

200

210,331

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

5.87%),

6.13%

(a)(g)

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

325

351,682

4.38%,

01/12/26

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

200

218,639

5.20%,

05/12/26

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

270

301,285

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.41%),

4.38%

(a)(g)

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

475

465,262

4.84%,

05/09/28

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

200

220,316

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(LIBOR

USD

Month

3.05%),

5.09%,

06/20/30

(a)

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

USD

400

453,733

BNP

Paribas

4.25%,

10/15/24

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

200

215,691

3.38%,

01/09/25

(b)

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

200

209,999

(LIBOR

USD

Month

2.24%),

4.70%,

01/10/25

(a)(b)

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

200

212,922

(LIBOR

USD

Month

1.11%),

2.82%,

11/19/25

(a)(b)

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

200

205,829

(SOFR

1.00%),

1.32%,

01/13/27

(a)(b)

200

194,612

(USD

Swap

Semi

Year

3.98%),

7.00%

(a)

(b)(g)

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

200

234,090

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.34%),

4.62%

(a)(b)(g)

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

1,150

1,153,450

BofA

Finance

LLC,

0.13%,

09/01/22

(e)

....

262

293,702

Citigroup,

Inc.

(LIBOR

USD

Month

0.90%),

3.35%,

04/24/25

(a)

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

650

678,697

(SOFR

2.84%),

3.11%,

04/08/26

(a)

....

950

995,910

3.20%,

10/21/26

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

100

105,969

4.30%,

11/20/26

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

155

171,504

(SOFR

0.77%),

1.12%,

01/28/27

(a)

...

375

365,244

4.45%,

09/29/27

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

850

947,767

(LIBOR

USD

Month

1.56%),

3.89%,

01/10/28

(a)

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

75,892

(LIBOR

USD

Month

1.39%),

3.67%,

07/24/28

(a)

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

125

134,818

4.13%,

07/25/28

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

100

109,741

(LIBOR

USD

Month

1.15%),

3.52%,

10/27/28

(a)

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

125

134,085

(SOFR

1.42%),

2.98%,

11/05/30

(a)

....

250

259,614

(SOFR

3.91%),

4.41%,

03/31/31

(a)

...

200

228,412

(SOFR

2.11%),

2.57%,

06/03/31

(a)

....

595

600,146

(SOFR

1.17%),

2.56%,

05/01/32

(a)

...

190

190,985

(SOFR

1.38%),

2.90%,

11/03/42

(a)

....

130

128,717

Commonwealth

Bank

Australia,

1.13%,

06/15/26

(b)

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

115

112,822

Cooperatieve

Rabobank

(a)(b)

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.00%),

1.34%,

06/24/26

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

295

290,760

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

0.55%),

1.11%,

02/24/27

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

250

242,524

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

0.73%),

1.98%,

12/15/27

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

555

555,150

Credit

Agricole

(a)(b)

(USD

Swap

Semi

Year

6.19%),

8.12%

(g)

1,225

1,450,706

(SOFR

0.89%),

1.25%,

01/26/27

.....

250

243,265

Danske

Bank

A/S

5.00%,

01/12/22

(b)

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

200

200,177

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.03%),

1.17%,

12/08/23

(a)(b)

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

485

484,888

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.13%),

7.00%

(a)(g)(h)

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

725

795,869

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.35%),

1.62%,

09/11/26

(a)(b)

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

200

197,038

Discover

Bank,

4.20%,

08/08/23

........

250

262,541

DNB

Bank

ASA,

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

0.72%),

1.54%,

05/25/27

(a)(b)

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

200

197,158

2021

BlackRock

Annual

Report

Shareholders

BlackRock

Managed

Income

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

HSBC

Holdings

plc

4.25%,

03/14/24

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

USD

225

237,582

(SOFR

0.53%),

0.73%,

08/17/24

(a)

...

555

550,085

(SOFR

0.58%),

1.16%,

11/22/24

(a)

....

200

199,407

(LIBOR

USD

Month

1.21%),

3.80%,

03/11/25

(a)

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

200

209,874

(SOFR

1.40%),

2.63%,

11/07/25

(a)

....

450

461,559

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.22%),

4.00%

(a)(g)

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

200

198,750

(SOFR

1.54%),

1.64%,

04/18/26

(a)

...

300

297,513

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.65%),

4.60%

(a)(g)

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

260

259,787

(SOFR

1.19%),

2.80%,

05/24/32

(a)

...

320

320,993

ING

Groep

4.10%,

10/02/23

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

200

210,521

3.55%,

04/09/24

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

200

209,648

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.10%),

1.40%,

07/01/26

(a)(b)

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

400

395,772

(SOFR

1.01%),

1.73%,

04/01/27

(a)

...

200

198,656

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.86%),

3.88%

(a)(g)

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

860

818,075

Intesa

Sanpaolo

SpA

(b)

3.13%,

07/14/22

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

620

627,059

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.60%),

4.20%,

06/01/32

(a)

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

435

438,773

JPMorgan

Chase

Co.

(LIBOR

USD

Month

1.00%),

4.02%,

12/05/24

(a)

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

400

421,747

(SOFR

1.16%),

2.30%,

10/15/25

(a)

...

550

562,489

(SOFR

1.59%),

2.00%,

03/13/26

(a)

...

435

440,130

(SOFR

0.80%),

1.05%,

11/19/26

(a)

....

200

194,842

4.13%,

12/15/26

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

400

441,188

(SOFR

0.70%),

1.04%,

02/04/27

(a)

...

100

96,785

(SOFR

0.89%),

1.58%,

04/22/27

(a)

...

300

296,464

(SOFR

0.77%),

1.47%,

09/22/27

(a)

...

200

196,045

4.25%,

10/01/27

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

175

196,307

3.63%,

12/01/27

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

180

193,954

(LIBOR

USD

Month

1.34%),

3.78%,

02/01/28

(a)

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

490

530,441

(SOFR

1.02%),

2.07%,

06/01/29

(a)

...

225

223,123

(SOFR

2.52%),

2.96%,

05/13/31

(a)

...

100

103,537

(SOFR

1.25%),

2.58%,

04/22/32

(a)

...

355

359,562

6.40%,

05/15/38

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

87,297

(LIBOR

USD

Month

1.36%),

3.88%,

07/24/38

(a)

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

455

516,425

(SOFR

2.46%),

3.11%,

04/22/41

(a)

....

535

554,073

5.63%,

08/16/43

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

69,890

4.85%,

02/01/44

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

84,914

4.95%,

06/01/45

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

110,612

Series

(LIBOR

USD

Month

1.00%),

1.16%,

05/15/47

(a)

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

117

98,350

Lloyds

Banking

Group

plc

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.10%),

1.33%,

06/15/23

(a)

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

200

200,336

4.05%,

08/16/23

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

510

534,328

4.50%,

11/04/24

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

200

215,467

4.45%,

05/08/25

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

400

434,495

(USD

Swap

Semi

Year

4.50%),

7.50%

(a)

(g)

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

200

226,043

4.58%,

12/10/25

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

540

589,050

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.00%),

2.44%,

02/05/26

(a)

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

USD

200

203,896

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.82%),

6.75%

(a)(g)

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

200

225,380

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

0.85%),

1.63%,

05/11/27

(a)

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

200

196,891

Mitsubishi

UFJ

Financial

Group,

Inc.

3.76%,

07/26/23

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

220

229,432

3.41%,

03/07/24

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

73,278

1.41%,

07/17/25

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

400

397,776

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

0.67%),

1.64%,

10/13/27

(a)

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

200

197,387

3.96%,

03/02/28

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

105

116,437

2.05%,

07/17/30

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

400

388,499

Mizuho

Financial

Group,

Inc.,

(SOFR

1.25%),

1.24%,

07/10/24

(a)

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

220

220,533

NatWest

Group

plc

3.88%,

09/12/23

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

650

677,785

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.15%),

2.36%,

05/22/24

(a)

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

380

386,066

(LIBOR

USD

Month

1.76%),

4.27%,

03/22/25

(a)

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

500

529,124

4.80%,

04/05/26

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

200

222,453

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.55%),

3.07%,

05/22/28

(a)

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

400

416,036

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.10%),

3.75%,

11/01/29

(a)

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

200

208,541

(LIBOR

USD

Month

1.91%),

5.08%,

01/27/30

(a)

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

200

231,958

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.35%),

3.03%,

11/28/35

(a)

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

400

394,675

Nordea

Bank

Abp

(b)

3.75%,

08/30/23

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

220

229,712

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.11%),

6.63%

(a)(g)

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

550

624,938

1.50%,

09/30/26

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

800

786,188

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.60%),

3.75%

(a)(g)

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

260

246,480

PNC

Financial

Services

Group,

Inc.

(The)

2.20%,

11/01/24

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

100

102,674

3.45%,

04/23/29

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

76,219

Royal

Bank

Canada,

2.25%,

11/01/24

...

170

174,499

Santander

Group

Holdings

plc,

(LIBOR

USD

Month

1.57%),

4.80%,

11/15/24

(a)

200

212,272

Santander

plc,

5.00%,

11/07/23

(b)

.....

487

517,920

Skandinaviska

Enskilda

Banken

(b)

0.85%,

09/02/25

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

200

195,300

1.20%,

09/09/26

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

200

195,766

Societe

Generale

(a)(b)

(USD

Swap

Rate

Year

5.87%),

8.00%

(g)

400

462,364

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.93%),

4.75%

(g)

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

685

695,556

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.00%),

1.79%,

06/09/27

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

325

318,043

BlackRock

Managed

Income

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.51%),

5.38%

(g)

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

USD

400

420,160

Standard

Chartered

plc,

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.14%),

4.30%

(a)(b)(g)

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

400

385,000

Sumitomo

Mitsui

Financial

Group,

Inc.

2.45%,

09/27/24

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

250

257,110

2.35%,

01/15/25

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

200

204,931

1.40%,

09/17/26

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

200

195,211

3.54%,

01/17/28

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

100

107,896

3.94%,

07/19/28

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

100

110,731

2.75%,

01/15/30

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

250

255,860

Svenska

Handelsbanken

AB,

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

0.63%),

1.42%,

06/11/27

(a)(b)

....

250

245,917

UniCredit

SpA

6.57%,

01/14/22

(b)

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

440

440,638

3.75%,

04/12/22

(b)

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

705

710,331

(USD

Swap

Semi

Year

5.18%),

8.00%

(a)

(g)(h)

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

400

437,000

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.20%),

1.98%,

06/03/27

(a)(b)

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

285

277,668

Bancorp,

1.38%,

07/22/30

.........

4,705

Wells

Fargo

Co.

3.75%,

01/24/24

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

700

734,971

3.00%,

02/19/25

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

210

219,241

(LIBOR

USD

Month

0.75%),

2.16%,

02/11/26

(a)

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

320

324,776

(LIBOR

USD

Month

0.50%),

0.62%,

01/15/27

(a)

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

19,390

4.30%,

07/22/27

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

131

145,951

(SOFR

2.10%),

2.39%,

06/02/28

(a)

...

150

152,449

4.15%,

01/24/29

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

83,956

(SOFR

1.43%),

2.88%,

10/30/30

(a)

...

77,969

5.61%,

01/15/44

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

67,658

4.40%,

06/14/46

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

360

426,654

4.75%,

12/07/46

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

100

124,805

(SOFR

4.50%),

5.01%,

04/04/51

(a)

...

225

307,245

Westpac

Banking

Corp.

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.75%),

2.67%,

11/15/35

(a)

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

135

131,510

3.13%,

11/18/41

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

84,243

61,107,140

Beverages

—

0.3%

Anheuser-Busch

Cos.

LLC

3.65%,

02/01/26

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

245

263,045

4.70%,

02/01/36

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

445

537,031

4.90%,

02/01/46

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

307

388,028

Anheuser-Busch

InBev

Finance,

Inc.

3.65%,

02/01/26

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

195

209,363

4.90%,

02/01/46

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

115

144,369

Anheuser-Busch

InBev

Worldwide,

Inc.

4.75%,

01/23/29

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

140

162,951

4.95%,

01/15/42

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

31,358

4.44%,

10/06/48

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

65,737

5.55%,

01/23/49

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

96,842

4.50%,

06/01/50

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

205

252,728

4.75%,

04/15/58

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

320

395,637

5.80%,

01/23/59

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

105

151,814

Fomento

Economico

Mexicano

SAB

CV,

3.50%,

01/16/50

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

150

156,281

Keurig

Pepper,

Inc.,

4.42%,

05/25/25

...

130

141,436

Security

Par

(000)

Par

(000)

Value

Beverages

(continued)

Triton

Water

Holdings,

Inc.,

6.25%,

04/01/29

(b)

USD

40,282

3,036,902

Biotechnology

—

0.5%

AbbVie,

Inc.

2.60%,

11/21/24

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

100

103,763

3.80%,

03/15/25

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

965

1,027,220

3.60%,

05/14/25

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

465

494,492

3.20%,

05/14/26

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

225

238,529

2.95%,

11/21/26

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

145

152,811

4.50%,

05/14/35

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

405

484,470

4.05%,

11/21/39

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

115

131,943

4.75%,

03/15/45

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

100

124,728

4.45%,

05/14/46

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

155

187,446

4.88%,

11/14/48

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

150

193,829

4.25%,

11/21/49

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

357

429,175

Amgen,

Inc.

2.00%,

01/15/32

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

120

116,198

4.56%,

06/15/48

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

43,386

4.66%,

06/15/51

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

31,981

Baxalta,

Inc.,

3.60%,

06/23/22

.........

9,076

Gilead

Sciences,

Inc.

3.70%,

04/01/24

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

100

105,118

3.50%,

02/01/25

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

185

195,570

3.65%,

03/01/26

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

80,802

4.80%,

04/01/44

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

31,556

4.50%,

02/01/45

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

99,965

4.75%,

03/01/46

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

254

321,849

4,603,907

Building

Products

—

0.2%

Advanced

Drainage

Systems,

Inc.,

5.00%,

09/30/27

(b)

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

66,160

Builders

FirstSource,

Inc.,

6.75%,

06/01/27

(b)

18,990

Carlisle

Cos.,

Inc.,

2.20%,

03/01/32

......

265

255,209

Carrier

Global

Corp.,

2.24%,

02/15/25

....

71,679

Cornerstone

Building

Brands,

Inc.,

6.13%,

01/15/29

(b)

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

188

200,944

Atlas

Buyer,

Inc.,

7.00%,

12/01/28

(b)

...

144

143,280

Forterra

Finance

LLC,

6.50%,

07/15/25

(b)

136

144,337

JELD-WEN,

Inc.

(b)

6.25%,

05/15/25

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

31,350

4.63%,

12/15/25

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

16,120

4.88%,

12/15/27

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

6,157

Masonite

International

Corp.

(b)

5.38%,

02/01/28

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

24,121

3.50%,

02/15/30

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

80,089

New

Enterprise

Stone

Lime

Co.,

Inc.

(b)

5.25%,

07/15/28

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

31,434

9.75%,

07/15/28

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

38,520

SRM

Escrow

Issuer

LLC,

6.00%,

11/01/28

(b)

190

202,834

Standard

Industries,

Inc.

(b)

5.00%,

02/15/27

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

56,617

4.38%,

07/15/30

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

212

216,347

3.38%,

01/15/31

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

12,523

Summit

Materials

LLC,

5.25%,

01/15/29

(b)

60,749

Victors

Merger

Corp.,

6.38%,

05/15/29

(b)

...

56,400

1,733,860

Capital

Markets

—

2.3%

Aretec

Escrow

Issuer,

Inc.,

7.50%,

04/01/29

(b)

39,911

Bank

New

York

Mellon

Corp.

(The),

1.60%,

04/24/25

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

140

141,286

Charles

Schwab

Corp.

(The),

1.15%,

05/13/26

300

295,957

Compass

Group

Diversified

Holdings

LLC,

5.25%,

04/15/29

(b)

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

77,515

2021

BlackRock

Annual

Report

Shareholders

BlackRock

Managed

Income

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Credit

Suisse

2.95%,

04/09/25

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

USD

250

261,684

1.25%,

08/07/26

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

375

365,562

Credit

Suisse

Group

3.80%,

06/09/23

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

600

621,630

(USD

Swap

Semi

Year

3.46%),

6.25%

(a)

(b)(g)

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

400

426,000

(SOFR

1.56%),

2.59%,

09/11/25

(a)(b)

250

255,288

4.55%,

04/17/26

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

250

275,435

(SOFR

2.04%),

2.19%,

06/05/26

(a)(b)

485

487,711

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.82%),

6.37%

(a)(b)(g)

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

550

592,790

(SOFR

0.98%),

1.31%,

02/02/27

(a)(b)

330

318,833

(SOFR

3.73%),

4.19%,

04/01/31

(a)(b)

250

275,710

(SOFR

1.73%),

3.09%,

05/14/32

(a)(b)

250

254,388

Deutsche

Bank

(a)

(SOFR

2.16%),

2.22%,

09/18/24

.....

390

395,016

(SOFR

1.13%),

1.45%,

04/01/25

.....

555

551,555

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.52%),

6.00%

(g)

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

800

831,000

(SOFR

1.87%),

2.13%,

11/24/26

.....

150

149,754

Goldman

Sachs

Group,

Inc.

(The)

(LIBOR

USD

Month

1.05%),

2.91%,

06/05/23

(a)

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

260

262,165

1.22%,

12/06/23

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

235

235,600

(SOFR

0.57%),

0.67%,

03/08/24

(a)

...

300

298,645

3.50%,

01/23/25

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

350

368,984

3.50%,

04/01/25

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

460

486,420

(LIBOR

USD

Month

1.20%),

3.27%,

09/29/25

(a)

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

295

309,527

4.25%,

10/21/25

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

100

109,055

(SOFR

0.61%),

0.86%,

02/12/26

(a)

...

100

98,041

3.75%,

02/25/26

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

100

107,691

Series

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.92%),

3.65%

(a)(g)

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

400

396,000

3.50%,

11/16/26

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

285

303,724

(SOFR

0.91%),

1.95%,

10/21/27

(a)

...

250

248,900

(LIBOR

USD

Month

1.16%),

3.81%,

04/23/29

(a)

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

81,581

(LIBOR

USD

Month

1.30%),

4.22%,

05/01/29

(a)

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

225

249,936

(SOFR

1.09%),

1.99%,

01/27/32

(a)

...

575

551,297

(SOFR

1.28%),

2.62%,

04/22/32

(a)

...

195

196,400

(SOFR

1.25%),

2.38%,

07/21/32

(a)

...

100

98,460

6.13%,

02/15/33

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

118,499

6.75%,

10/01/37

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

125

177,237

5.15%,

05/22/45

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

84,530

Intercontinental

Exchange,

Inc.,

4.25%,

09/21/48

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

79,447

Morgan

Stanley

(SOFR

0.46%),

0.53%,

01/25/24

(a)

...

650

647,766

(LIBOR

USD

Month

0.85%),

3.74%,

04/24/24

(a)

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

100

103,454

(SOFR

0.53%),

0.79%,

05/30/25

(a)

...

455

449,054

(SOFR

1.15%),

2.72%,

07/22/25

(a)

...

454

467,845

4.00%,

07/23/25

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

430

466,008

3.88%,

01/27/26

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

250

270,333

(SOFR

1.99%),

2.19%,

04/28/26

(a)

...

575

586,280

(SOFR

0.72%),

0.98%,

12/10/26

(a)

...

420

407,373

3.63%,

01/20/27

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

275

298,144

3.95%,

04/23/27

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

93,575

(SOFR

0.88%),

1.59%,

05/04/27

(a)

...

460

455,465

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

(SOFR

0.86%),

1.51%,

07/20/27

(a)

...

USD

465

457,671

(LIBOR

USD

Month

1.34%),

3.59%,

07/22/28

(a)

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

80,857

(LIBOR

USD

Month

1.14%),

3.77%,

01/24/29

(a)

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

300

326,453

(SOFR

3.12%),

3.62%,

04/01/31

(a)

...

165

179,799

(SOFR

1.02%),

1.93%,

04/28/32

(a)

...

160

152,882

(SOFR

1.49%),

3.22%,

04/22/42

(a)

...

57,621

(SOFR

1.43%),

2.80%,

01/25/52

(a)

...

39,248

MSCI,

Inc.

(b)

4.00%,

11/15/29

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

12,540

3.63%,

09/01/30

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

59,305

3.88%,

02/15/31

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

21,866

3.63%,

11/01/31

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

50,838

3.25%,

08/15/33

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

104

105,170

Nomura

Holdings,

Inc.

1.65%,

07/14/26

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

200

196,334

2.61%,

07/14/31

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

200

197,364

Northern

Trust

Corp.,

3.15%,

05/03/29

....

53,823

State

Street

Corp.

(a)

(LIBOR

USD

Month

0.77%),

3.78%,

12/03/24

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

57,903

(LIBOR

USD

Month

1.00%),

1.20%,

06/15/47

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

1,388

1,183,529

UBS

AG,

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.31%),

4.38%

(a)(b)

(g)

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

200

197,560

UBS

Group

(a)

(LIBOR

USD

Month

0.95%),

2.86%,

08/15/23

(b)

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

925

936,089

(USD

Swap

Semi

Year

4.34%),

7.00%

(b)

(g)

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

800

862,600

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

0.83%),

1.01%,

07/30/24

(b)

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

640

637,957

(USD

Swap

Semi

Year

4.87%),

7.00%

(g)

(h)

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

200

222,450

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

0.85%),

1.49%,

08/10/27

(b)

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

255

248,760

22,063,080

Chemicals

—

0.5%

Air

Products

Chemicals,

Inc.,

1.50%,

10/15/25

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

50,159

Ashland

LLC,

3.38%,

09/01/31

(b)

........

132

131,010

Axalta

Coating

Systems

LLC

(b)

4.75%,

06/15/27

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

200

208,500

3.38%,

02/15/29

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

150

145,125

Chemours

Co.

(The),

5.75%,

11/15/28

(b)

...

38,716

Diamond

BV,

4.63%,

10/01/29

(b)

......

100

99,197

Dow

Chemical

Co.

(The),

3.60%,

11/15/50

21,658

DuPont

Nemours,

Inc.

4.21%,

11/15/23

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

500

528,735

5.32%,

11/15/38

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

110

141,738

5.42%,

11/15/48

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

50,376

Eastman

Chemical

Co.,

4.80%,

09/01/42

77,877

Ecolab,

Inc.,

2.70%,

12/15/51

.........

190

186,518

Element

Solutions,

Inc.,

3.88%,

09/01/28

(b)

562

564,810

EverArc

Escrow

SARL,

5.00%,

10/30/29

(b)

201

201,149

Gates

Global

LLC,

6.25%,

01/15/26

(b)

.....

180

185,850

GCP

Applied

Technologies,

Inc.,

5.50%,

04/15/26

(b)

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

47,150

Fuller

Co.,

4.25%,

10/15/28

........

32,960

Illuminate

Buyer

LLC,

9.00%,

07/01/28

(b)

...

139

148,232

Ingevity

Corp.,

3.88%,

11/01/28

(b)

.......

25,317

BlackRock

Managed

Income

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

International

Flavors

Fragrances,

Inc.

(b)

1.23%,

10/01/25

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

USD

800

782,330

2.30%,

11/01/30

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

93,153

3.47%,

12/01/50

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

191

200,096

Kobe

U.S.

Midco

Inc.,

9.25%,

11/01/26

(a)(b)

88,740

LSF11

HoldCo

LLC,

6.63%,

10/15/29

(b)

42,355

LYB

International

Finance

III

LLC

1.25%,

10/01/25

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

241

236,920

4.20%,

10/15/49

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

86,624

LyondellBasell

Industries

NV,

4.63%,

02/26/55

30,479

Minerals

Technologies,

Inc.,

5.00%,

07/01/28

(b)

47,681

NOVA

Chemicals

Corp.,

4.88%,

06/01/24

(b)

9,293

PPG

Industries,

Inc.,

1.20%,

03/15/26

....

44,016

SCIH

Salt

Holdings,

Inc.,

6.63%,

05/01/29

(b)

52,360

Scotts

Miracle-Gro

Co.

(The)

(b)

4.00%,

04/01/31

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

89,863

4.38%,

02/01/32

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

9,975

Sherwin-Williams

Co.

(The)

2.75%,

06/01/22

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

5,034

2.30%,

05/15/30

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

44,875

4.50%,

06/01/47

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

100

124,621

Grace

Holdings

LLC,

5.63%,

08/15/29

(b)

422

432,023

5,305,515

Commercial

Services

Supplies

—

0.6%

ADT

Security

Corp.

(The),

4.13%,

06/15/23

14,541

Allied

Universal

Holdco

LLC

(b)

6.63%,

07/15/26

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

516

541,387

9.75%,

07/15/27

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

425

454,081

4.63%,

06/01/28

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

607

603,045

6.00%,

06/01/29

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

200

194,500

APi

Escrow

Corp.,

4.75%,

10/15/29

(b)

.....

38,760

APi

Group

DE,

Inc.,

4.13%,

07/15/29

(b)

....

50,250

APX

Group,

Inc.

(b)

6.75%,

02/15/27

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

95,550

5.75%,

07/15/29

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

101

99,485

Aramark

Services,

Inc.

(b)

5.00%,

04/01/25

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

310

316,262

6.38%,

05/01/25

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

36,575

5.00%,

02/01/28

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

52,721

Brink's

Co.

(The),

5.50%,

07/15/25

(b)

.....

14,560

Clean

Harbors,

Inc.

(b)

4.88%,

07/15/27

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

67,980

5.13%,

07/15/29

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

139

147,340

Covanta

Holding

Corp.,

5.00%,

09/01/30

45,900

Covert

Mergeco,

Inc.,

4.88%,

12/01/29

(b)

...

28,420

Garda

World

Security

Corp.

(b)

4.63%,

02/15/27

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

83,580

9.50%,

11/01/27

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

115

123,991

GFL

Environmental,

Inc.

(b)

4.25%,

06/01/25

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

18,521

3.75%,

08/01/25

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

53,530

5.13%,

12/15/26

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

270

280,800

4.00%,

08/01/28

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

166

162,680

3.50%,

09/01/28

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

109

107,365

4.75%,

06/15/29

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

98,858

4.38%,

08/15/29

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

111

109,959

IAA,

Inc.,

5.50%,

06/15/27

(b)

..........

141

146,111

Legends

Hospitality

Holding

Co.

LLC,

5.00%,

02/01/26

(b)

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

27,135

Madison

IAQ

LLC

(b)

4.13%,

06/30/28

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

37,092

5.88%,

06/30/29

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

341

341,000

Nielsen

Finance

LLC

(b)

5.63%,

10/01/28

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

75,372

5.88%,

10/01/30

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

203

214,336

Security

Par

(000)

Par

(000)

Value

Commercial

Services

Supplies

(continued)

Prime

Security

Services

Borrower

LLC

(b)

5.25%,

04/15/24

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

USD

25,540

5.75%,

04/15/26

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

23,621

3.38%,

08/31/27

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

13,515

6.25%,

01/15/28

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

278

289,815

RELX

Capital,

Inc.,

3.50%,

03/16/23

.....

41,174

Republic

Services,

Inc.

0.88%,

11/15/25

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

87,473

3.38%,

11/15/27

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

37,506

3.95%,

05/15/28

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

140

155,051

2.30%,

03/01/30

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

100

100,253

2.38%,

03/15/33

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

19,906

Ritchie

Bros

Auctioneers,

Inc.,

5.38%,

01/15/25

(b)

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

25,263

Stericycle,

Inc.,

3.88%,

01/15/29

(b)

.......

50,235

Waste

Management,

Inc.

1.50%,

03/15/31

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

180

169,480

2.50%,

11/15/50

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

33,297

Waste

Pro

USA,

Inc.,

5.50%,

02/15/26

(b)

...

208

206,960

5,960,776

Communications

Equipment

—

0.2%

Avaya,

Inc.,

6.13%,

09/15/28

(b)

.........

414

438,840

CommScope

Technologies

LLC,

6.00%,

06/15/25

(b)

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

23,000

CommScope,

Inc.

(b)

6.00%,

03/01/26

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

60,770

8.25%,

03/01/27

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

117

120,240

7.13%,

07/01/28

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

159

156,217

4.75%,

09/01/29

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

176

174,911

Motorola

Solutions,

Inc.

4.60%,

02/23/28

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

100

112,903

4.60%,

05/23/29

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

285

325,614

2.30%,

11/15/30

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

120

115,931

2.75%,

05/24/31

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

200

200,360

5.50%,

09/01/44

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

13,017

Nokia

OYJ,

6.63%,

05/15/39

..........

44,280

ViaSat,

Inc.

(b)

5.63%,

04/15/27

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

84,517

6.50%,

07/15/28

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

337

337,843

Viavi

Solutions,

Inc.,

3.75%,

10/01/29

(b)

...

110

109,994

2,318,437

Construction

Engineering

—

0.0%

(b)

Arcosa,

Inc.,

4.38%,

04/15/29

.........

130

131,788

Brand

Industrial

Services,

Inc.,

8.50%,

07/15/25

157

156,854

Dycom

Industries,

Inc.,

4.50%,

04/15/29

...

35,656

MasTec,

Inc.,

4.50%,

08/15/28

.........

60,247

384,545

Consumer

Finance

—

1.3%

AerCap

Ireland

Capital

DAC

4.13%,

07/03/23

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

150

155,792

4.88%,

01/16/24

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

175

186,105

3.50%,

01/15/25

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

410

427,989

1.75%,

01/30/26

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

335

328,572

3.65%,

07/21/27

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

220

231,841

3.00%,

10/29/28

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

165

167,332

Ally

Financial,

Inc.

5.75%,

11/20/25

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

280

315,792

2.20%,

11/02/28

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

160

158,932

American

Express

Co.

3.40%,

02/22/24

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

200

209,745

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.85%),

3.55%

(a)(g)

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

1,275

1,277,231

2021

BlackRock

Annual

Report

Shareholders

BlackRock

Managed

Income

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

American

Honda

Finance

Corp.

2.15%,

09/10/24

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

USD

100

102,465

1.20%,

07/08/25

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

100

99,608

1.00%,

09/10/25

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

625

614,993

Capital

One

Financial

Corp.

3.90%,

01/29/24

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

180

189,419

3.30%,

10/30/24

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

300

315,739

(SOFR

0.69%),

1.34%,

12/06/24

(a)

...

430

432,598

Series

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.16%),

3.95%

(a)(g)

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

1,000

1,005,000

3.80%,

01/31/28

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

195

212,291

(SOFR

1.27%),

2.62%,

11/02/32

(a)

....

100

99,726

Castlelake

Aviation

Finance

DAC,

5.00%,

04/15/27

(b)

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

27,790

Caterpillar

Financial

Services

Corp.,

1.45%,

05/15/25

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

174

174,507

Ford

Motor

Credit

Co.

LLC

3.35%,

11/01/22

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

300

303,750

3.81%,

01/09/24

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

200

207,448

5.58%,

03/18/24

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

400

431,000

4.13%,

08/04/25

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

200

212,250

3.38%,

11/13/25

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

255

264,925

2.70%,

08/10/26

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

200

201,750

2.90%,

02/16/28

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

200

200,500

5.11%,

05/03/29

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

200

227,250

4.00%,

11/13/30

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

200

215,160

General

Motors

Financial

Co.,

Inc.

3.25%,

01/05/23

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

175

178,786

4.15%,

06/19/23

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

800

832,028

3.95%,

04/13/24

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

200

210,446

4.00%,

01/15/25

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

235

249,643

4.35%,

04/09/25

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

535

575,597

4.30%,

07/13/25

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

37,728

1.25%,

01/08/26

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

130

127,197

Global

Aircraft

Leasing

Co.

Ltd.,

6.50%,

(6.50%

Cash

7.25%

PIK),

09/15/24

(b)(i)

......

80,825

Navient

Corp.

6.13%,

03/25/24

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

21,325

5.88%,

10/25/24

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

24,524

5.50%,

03/15/29

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

103

102,742

OneMain

Finance

Corp.

6.88%,

03/15/25

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

38,937

7.13%,

03/15/26

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

39,900

3.50%,

01/15/27

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

110

108,763

6.63%,

01/15/28

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

282

315,840

5.38%,

11/15/29

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

6,524

SLM

Corp.,

3.13%,

11/02/26

..........

64,350

Synchrony

Financial

4.25%,

08/15/24

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

150

158,869

3.95%,

12/01/27

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

96,644

Toyota

Motor

Credit

Corp.

1.80%,

02/13/25

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

100

101,497

0.80%,

10/16/25

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

115

112,277

1.15%,

08/13/27

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

340

329,983

2.15%,

02/13/30

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

190

190,396

13,002,321

Containers

Packaging

—

0.4%

ARD

Finance

SA,

6.50%,

06/30/27

(b)

.....

400

412,000

Ardagh

Metal

Packaging

Finance

USA

LLC,

4.00%,

09/01/29

(b)

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

310

307,133

Ardagh

Packaging

Finance

plc

(b)

4.13%,

08/15/26

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

259

264,827

5.25%,

08/15/27

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

400

402,500

Security

Par

(000)

Par

(000)

Value

Containers

Packaging

(continued)

Ball

Corp.

2.88%,

08/15/30

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

USD

11,640

3.13%,

09/15/31

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

155

153,062

Berry

Global,

Inc.,

1.57%,

01/15/26

......

430

420,764

Crown

Americas

LLC,

4.25%,

09/30/26

...

36,295

Crown

Cork

Seal

Co.,

Inc.,

7.38%,

12/15/26

9,650

Graham

Packaging

Co.,

Inc.,

7.13%,

08/15/28

(b)

10,351

Graphic

Packaging

International

LLC

(b)

4.75%,

07/15/27

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

16,200

3.50%,

03/15/28

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

2,993

International

Paper

Co.,

4.35%,

08/15/48

91,865

Intertape

Polymer

Group,

Inc.,

4.38%,

06/15/29

(b)

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

51,000

LABL,

Inc.,

5.88%,

11/01/28

(b)

.........

101,001

Mauser

Packaging

Solutions

Holding

Co.,

5.50%,

04/15/24

(b)

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

174

175,596

Sealed

Air

Corp.,

4.00%,

12/01/27

(b)

.....

27,095

Silgan

Holdings,

Inc.,

4.13%,

02/01/28

....

8,170

Trivium

Packaging

Finance

(b)(j)

5.50%,

08/15/26

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

400

416,000

8.50%,

08/15/27

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

600

634,500

WRKCo,

Inc.

3.75%,

03/15/25

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

155

165,136

3.90%,

06/01/28

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

209

228,819

3.00%,

06/15/33

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

200

205,663

4,152,260

Distributors

—

0.0%

(b)

American

Builders

Contractors

Supply

Co.,

Inc.

4.00%,

01/15/28

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

5,116

3.88%,

11/15/29

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

16,958

BCPE

Empire

Holdings,

Inc.,

7.63%,

05/01/27

41,864

Wolverine

Escrow

LLC,

9.00%,

11/15/26

...

87,400

151,338

Diversified

Consumer

Services

—

0.1%

Graham

Holdings

Co.,

5.75%,

06/01/26

(b)

25,969

Metis

Merger

Sub

LLC,

6.50%,

05/15/29

(b)

79,557

Service

Corp.

International,

4.00%,

05/15/31

232

234,900

Sotheby's

(b)

7.38%,

10/15/27

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

600

639,000

5.88%,

06/01/29

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

200

204,000

Trustees

Boston

University,

Series

CC,

4.06%,

10/01/48

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

25,470

1,208,896

Diversified

Financial

Services

—

0.4%

Blackstone

Private

Credit

Fund,

3.25%,

03/15/27

(b)

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

470

474,855

Jefferies

Finance

LLC,

5.00%,

08/15/28

(b)

200

205,000

LSEGA

Financing

plc,

1.38%,

04/06/26

(b)

300

294,033

MPH

Acquisition

Holdings

LLC,

5.50%,

09/01/28

(b)

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

123

124,691

NTT

Finance

Corp.,

1.16%,

04/03/26

(b)

....

835

819,173

Sabre

GLBL,

Inc.

(b)

9.25%,

04/15/25

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

158

178,540

7.38%,

09/01/25

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

82,555

Shell

International

Finance

3.25%,

05/11/25

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

120

127,710

2.38%,

11/07/29

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

10,214

2.75%,

04/06/30

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

10,445

3.63%,

08/21/42

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

27,457

3.00%,

11/26/51

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

15,241

Shift4

Payments

LLC,

4.63%,

11/01/26

(b)

...

113

117,069

Siemens

Financieringsmaatschappij

(b)

1.20%,

03/11/26

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

510

501,678

BlackRock

Managed

Income

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Diversified

Financial

Services

(continued)

2.88%,

03/11/41

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

USD

250

254,975

Verscend

Escrow

Corp.,

9.75%,

08/15/26

(b)

665

706,855

3,950,491

Diversified

Telecommunication

Services

—

1.8%

Altice

France

Holding

(b)

10.50%,

05/15/27

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

1,325

1,424,375

6.00%,

02/15/28

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

200

191,000

Altice

France

(b)

5.13%,

07/15/29

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

380

370,671

5.50%,

10/15/29

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

200

197,000

AT&T,

Inc.

3.40%,

05/15/25

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

150

158,463

3.60%,

07/15/25

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

260

277,537

1.70%,

03/25/26

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

69,638

4.35%,

03/01/29

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

140

157,259

2.55%,

12/01/33

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

253

247,445

4.50%,

05/15/35

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

655

756,654

4.85%,

03/01/39

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

100

119,528

5.35%,

09/01/40

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

473

599,222

3.50%,

06/01/41

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

415

426,514

3.10%,

02/01/43

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

100

97,214

4.65%,

06/01/44

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

19,910

4.75%,

05/15/46

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

30,191

3.55%,

09/15/55

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

275

275,998

3.80%,

12/01/57

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

73,915

CCO

Holdings

LLC

4.75%,

03/01/30

(b)

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

178

185,120

4.50%,

08/15/30

(b)

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

123

125,852

4.25%,

02/01/31

(b)

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

321

323,818

4.50%,

05/01/32

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

418

430,018

4.50%,

06/01/33

(b)

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

75,497

4.25%,

01/15/34

(b)

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

406

399,434

Consolidated

Communications,

Inc.,

6.50%,

10/01/28

(b)

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

380

402,800

Frontier

Communications

Corp.

(b)

5.88%,

10/15/27

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

215

227,362

5.00%,

05/01/28

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

270

278,100

6.75%,

05/01/29

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

146

151,840

Frontier

Communications

Holdings

LLC,

6.00%,

01/15/30

(b)

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

173

173,865

Iliad

Holding

SAS

(b)

6.50%,

10/15/26

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

200

210,146

7.00%,

10/15/28

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

200

210,314

Intelsat

Jackson

Holdings

SA,

8.00%,

02/15/24

(b)(j)

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

108

109,485

Level

Financing,

Inc.

(b)

4.63%,

09/15/27

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

35,700

4.25%,

07/01/28

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

285

282,150

3.63%,

01/15/29

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

21,850

3.75%,

07/15/29

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

13,300

Lumen

Technologies,

Inc.

Series

6.75%,

12/01/23

..........

29,160

Series

7.50%,

04/01/24

..........

2,190

5.13%,

12/15/26

(b)

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

338

351,733

4.00%,

02/15/27

(b)

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

129

130,877

Series

6.88%,

01/15/28

..........

56,738

4.50%,

01/15/29

(b)

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

267

258,322

5.38%,

06/15/29

(b)

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

181

181,000

Series

7.60%,

09/15/39

..........

15,015

Series

7.65%,

03/15/42

..........

52,729

Sprint

Capital

Corp.

6.88%,

11/15/28

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

394

498,410

8.75%,

03/15/32

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

499

748,500

Switch

Ltd.

(b)

3.75%,

09/15/28

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

100

100,750

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

4.13%,

06/15/29

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

USD

289

295,503

Telecom

Italia

Capital

6.38%,

11/15/33

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

90,452

6.00%,

09/30/34

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

178

188,264

7.20%,

07/18/36

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

33,250

7.72%,

06/04/38

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

24,681

Telefonica

Emisiones

4.10%,

03/08/27

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

150

165,105

5.52%,

03/01/49

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

150

195,268

Telesat

Canada,

4.88%,

06/01/27

(b)

......

48,565

Verizon

Communications,

Inc.

0.85%,

11/20/25

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

135

131,706

1.45%,

03/20/26

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

390

388,023

1.50%,

09/18/30

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

100

93,812

2.55%,

03/21/31

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

100

100,891

4.27%,

01/15/36

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

1,265

1,483,826

2.65%,

11/20/40

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

250

237,554

3.40%,

03/22/41

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

140

146,572

2.85%,

09/03/41

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

130

128,249

2.99%,

10/30/56

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

325

307,642

3.70%,

03/22/61

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

367

397,908

Zayo

Group

Holdings,

Inc.

(b)

4.00%,

03/01/27

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

864

851,705

6.13%,

03/01/28

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

619

609,715

17,493,300

Electric

Utilities

—

1.7%

Alabama

Power

Co.,

3.75%,

03/01/45

....

27,663

Alliant

Energy

Finance

LLC,

3.75%,

06/15/23

(b)

245

253,774

Baltimore

Gas

Electric

Co.

3.35%,

07/01/23

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

300

309,042

3.20%,

09/15/49

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

52,211

2.90%,

06/15/50

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

94,387

Duke

Energy

Carolinas

LLC

6.10%,

06/01/37

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

32,537

6.05%,

04/15/38

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

100

138,592

3.75%,

06/01/45

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

55,282

3.70%,

12/01/47

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

66,719

3.95%,

03/15/48

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

57,596

3.20%,

08/15/49

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

200

206,995

3.45%,

04/15/51

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

27,340

Duke

Energy

Corp.

3.95%,

10/15/23

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

335

349,718

3.75%,

04/15/24

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

360

378,047

2.65%,

09/01/26

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

100

103,531

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.32%),

3.25%,

01/15/82

(a)

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

335

326,524

Duke

Energy

Florida

LLC

2.50%,

12/01/29

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

395

405,902

1.75%,

06/15/30

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

140

134,347

6.40%,

06/15/38

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

115,332

5.65%,

04/01/40

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

67,290

Duke

Energy

Progress

LLC

3.45%,

03/15/29

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

313

337,762

4.10%,

05/15/42

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

58,378

4.10%,

03/15/43

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

28,883

2.50%,

08/15/50

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

27,711

Edison

International

2.40%,

09/15/22

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

250

252,400

Series

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.90%),

5.00%

(a)(g)

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

66,417

Emera

Finance

LP,

0.83%,

06/15/24

...

265

260,064

Enel

Finance

International

NV,

1.38%,

07/12/26

(b)

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

695

676,804

2021

BlackRock

Annual

Report

Shareholders

BlackRock

Managed

Income

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

Entergy

Corp.

0.90%,

09/15/25

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

USD

375

363,200

2.40%,

06/15/31

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

100

98,489

Eversource

Energy,

Series

3.15%,

01/15/25

200

208,339

Exelon

Corp.

4.05%,

04/15/30

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

55,553

4.70%,

04/15/50

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

87,874

FirstEnergy

Corp.

Series

3.35%,

07/15/22

(j)

.........

17,052

Series

4.40%,

07/15/27

(j)

.........

185

199,252

2.65%,

03/01/30

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

316

312,050

Series

2.25%,

09/01/30

..........

6,739

Series

7.38%,

11/15/31

..........

37,783

Series

5.35%,

07/15/47

(j)

.........

59,438

Series

3.40%,

03/01/50

..........

331

324,380

FirstEnergy

Transmission

LLC

(b)

4.35%,

01/15/25

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

205

217,948

5.45%,

07/15/44

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

193

243,555

4.55%,

04/01/49

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

63,928

Florida

Power

Light

Co.

4.13%,

02/01/42

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

120

142,807

3.70%,

12/01/47

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

28,621

3.95%,

03/01/48

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

59,295

3.15%,

10/01/49

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

100

106,164

2.88%,

12/04/51

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

140

141,981

Interstate

Power

and

Light

Co.

3.25%,

12/01/24

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

100

104,976

3.50%,

09/30/49

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

26,791

MidAmerican

Energy

Co.

3.65%,

04/15/29

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

225

247,939

4.25%,

07/15/49

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

260

320,814

Mid-Atlantic

Interstate

Transmission

LLC,

4.10%,

05/15/28

(b)

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

265

291,064

NextEra

Energy

Capital

Holdings,

Inc.

1.88%,

01/15/27

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

90,534

3.55%,

05/01/27

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

32,499

1.90%,

06/15/28

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

185

183,050

2.44%,

01/15/32

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

235

235,525

3.00%,

01/15/52

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

59,893

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.55%),

3.80%,

03/15/82

(a)

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

725

737,569

NextEra

Energy

Operating

Partners

LP,

4.25%,

09/15/24

(b)

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

4,140

Northern

States

Power

Co.

2.90%,

03/01/50

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

62,594

2.60%,

06/01/51

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

57,238

NRG

Energy,

Inc.

(b)

2.45%,

12/02/27

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

145

143,675

3.63%,

02/15/31

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

93,600

3.88%,

02/15/32

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

142

139,160

Ohio

Power

Co.

Series

2.60%,

04/01/30

..........

200

204,959

4.00%,

06/01/49

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

120

137,851

Series

2.90%,

10/01/51

..........

120

115,718

Oncor

Electric

Delivery

Co.

LLC

2.75%,

06/01/24

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

240

248,772

2.75%,

05/15/30

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

132

137,125

4.10%,

11/15/48

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

146

175,980

3.10%,

09/15/49

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

100

104,348

3.70%,

05/15/50

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

264

303,470

Pacific

Gas

Electric

Co.

1.37%,

03/10/23

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

460

457,128

3.40%,

08/15/24

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

190

196,470

3.45%,

07/01/25

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

274

284,182

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

3.30%,

12/01/27

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

USD

440

447,220

4.50%,

07/01/40

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

52,070

4.45%,

04/15/42

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

86,283

4.00%,

12/01/46

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

44,641

4.95%,

07/01/50

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

254

276,620

Pattern

Energy

Operations

LP,

4.50%,

08/15/28

(b)

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

86,112

PECO

Energy

Co.,

2.85%,

09/15/51

.....

39,610

PG&E

Corp.,

5.25%,

07/01/30

.........

50,338

PPL

Electric

Utilities

Corp.,

3.95%,

06/01/47

29,198

Progress

Energy,

Inc.,

6.00%,

12/01/39

...

105

143,845

Public

Service

Co.

Colorado

3.80%,

06/15/47

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

67,603

Series

34,

3.20%,

03/01/50

.........

78,192

2.70%,

01/15/51

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

71,957

Southern

California

Edison

Co.

Series

0.70%,

08/01/23

..........

230

228,557

1.10%,

04/01/24

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

505

503,082

Series

3.70%,

08/01/25

..........

300

320,312

4.00%,

04/01/47

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

50,720

Series

4.13%,

03/01/48

..........

10,096

Series

4.88%,

03/01/49

..........

79,350

Series

20A,

2.95%,

02/01/51

........

71,413

Series

3.65%,

06/01/51

..........

135

146,266

Tampa

Electric

Co.

4.45%,

06/15/49

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

100

125,666

3.45%,

03/15/51

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

38,215

Virginia

Electric

Power

Co.

8.88%,

11/15/38

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

205

361,507

4.45%,

02/15/44

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

100

122,068

2.45%,

12/15/50

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

23,031

Vistra

Operations

Co.

LLC,

4.38%,

05/01/29

(b)

86,140

Wisconsin

Electric

Power

Co.,

2.05%,

12/15/24

250

255,806

16,778,678

Electrical

Equipment

—

0.0%

(b)

Sensata

Technologies

5.63%,

11/01/24

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

9,894

5.00%,

10/01/25

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

4,340

4.00%,

04/15/29

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

44,935

Vertiv

Group

Corp.,

4.13%,

11/15/28

.....

254

256,540

315,709

Electronic

Equipment,

Instruments

Components

—

0.1%

Amphenol

Corp.,

2.05%,

03/01/25

.......

71,316

II-VI,

Inc.,

5.00%,

12/15/29

(b)

..........

136

138,886

Sensata

Technologies,

Inc.

(b)

4.38%,

02/15/30

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

235

246,750

3.75%,

02/15/31

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

64,769

521,721

Energy

Equipment

Services

—

0.2%

Archrock

Partners

(b)

6.88%,

04/01/27

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

61,950

6.25%,

04/01/28

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

422

440,028

ChampionX

Corp.,

6.38%,

05/01/26

......

16,640

Halliburton

Co.

3.50%,

08/01/23

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

21,680

3.80%,

11/15/25

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

4,300

2.92%,

03/01/30

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

165

169,740

5.00%,

11/15/45

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

101,552

Nabors

Industries

Ltd.

(b)

7.25%,

01/15/26

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

18,500

7.50%,

01/15/28

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

47,060

Nabors

Industries,

Inc.,

7.38%,

05/15/27

(b)

80,745

Schlumberger

Finance

Canada

Ltd.,

1.40%,

09/17/25

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

39,852

BlackRock

Managed

Income

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Energy

Equipment

Services

(continued)

Tervita

Corp.,

11.00%,

12/01/25

(b)

.......

USD

40,294

Transocean,

Inc.,

11.50%,

01/30/27

(b)

.....

18,620

USA

Compression

Partners

6.88%,

04/01/26

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

225

234,000

6.88%,

09/01/27

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

158

166,887

Weatherford

International

Ltd.

(b)

6.50%,

09/15/28

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

5,290

8.63%,

04/30/30

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

82,014

1,549,152

Entertainment

—

0.2%

AMC

Entertainment

Holdings,

Inc.,

10.00%,

06/15/26

(b)

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

96,829

Lions

Gate

Capital

Holdings

LLC,

5.50%,

04/15/29

(b)

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

53,928

Live

Nation

Entertainment,

Inc.

(b)

4.88%,

11/01/24

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

9,090

6.50%,

05/15/27

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

312

341,250

4.75%,

10/15/27

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

180

184,950

3.75%,

01/15/28

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

44,662

Netflix,

Inc.,

4.38%,

11/15/26

..........

237

262,478

Playtika

Holding

Corp.,

4.25%,

03/15/29

(b)

220

215,600

TWDC

Enterprises

Corp.,

4.13%,

06/01/44

65,687

Walt

Disney

Co.

(The)

4.63%,

03/23/40

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

114,356

3.50%,

05/13/40

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

201

220,134

WMG

Acquisition

Corp.,

3.88%,

07/15/30

(b)

4,065

1,613,029

Equity

Real

Estate

Investment

Trusts

(REITs)

—

1.3%

Alexandria

Real

Estate

Equities,

Inc.

3.80%,

04/15/26

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

200

216,413

2.75%,

12/15/29

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

175

180,341

4.90%,

12/15/30

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

185

222,218

2.00%,

05/18/32

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

71,626

1.88%,

02/01/33

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

160

150,344

American

Finance

Trust,

Inc.,

4.50%,

09/30/28

(b)

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

25,184

American

Tower

Corp.

3.00%,

06/15/23

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

35,986

5.00%,

02/15/24

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

285

306,656

2.40%,

03/15/25

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

330

338,849

4.00%,

06/01/25

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

175

187,270

1.30%,

09/15/25

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

100

98,476

1.45%,

09/15/26

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

88,063

3.38%,

10/15/26

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

185

196,567

3.95%,

03/15/29

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

255

278,032

1.88%,

10/15/30

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

150

141,744

2.70%,

04/15/31

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

170

170,517

2.95%,

01/15/51

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

56,833

Boston

Properties

4.50%,

12/01/28

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

155

174,682

3.40%,

06/21/29

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

31,842

3.25%,

01/30/31

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

10,477

2.45%,

10/01/33

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

195

188,834

Brookfield

Property

REIT,

Inc.,

4.50%,

04/01/27

(b)

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

65,732

Camden

Property

Trust,

2.80%,

05/15/30

72,796

Crown

Castle

International

Corp.

3.20%,

09/01/24

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

280

292,236

1.05%,

07/15/26

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

400

386,285

4.30%,

02/15/29

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

50,233

3.10%,

11/15/29

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

62,647

2.25%,

01/15/31

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

250

243,562

2.50%,

07/15/31

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

240

238,220

2.90%,

04/01/41

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

125

121,566

Security

Par

(000)

Par

(000)

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

4.15%,

07/01/50

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

USD

67,471

CTR

Partnership

LP,

3.88%,

06/30/28

(b)

...

63,240

Diversified

Healthcare

Trust,

9.75%,

06/15/25

22,721

Duke

Realty

LP,

2.88%,

11/15/29

.......

51,950

Equinix,

Inc.

1.25%,

07/15/25

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

495

486,158

2.90%,

11/18/26

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

77,697

1.55%,

03/15/28

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

150

144,278

3.00%,

07/15/50

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

23,915

2.95%,

09/15/51

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

185

174,603

3.40%,

02/15/52

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

25,488

ERP

Operating

2.85%,

11/01/26

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

94,670

4.15%,

12/01/28

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

56,400

2.50%,

02/15/30

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

51,293

Global

Net

Lease,

Inc.,

3.75%,

12/15/27

(b)

45,901

GLP

Capital

4.00%,

01/15/30

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

500

529,023

3.25%,

01/15/32

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

40,216

HAT

Holdings

LLC,

3.38%,

06/15/26

(b)

...

74,740

Healthpeak

Properties,

Inc.

3.00%,

01/15/30

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

57,736

2.88%,

01/15/31

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

51,996

Iron

Mountain

Information

Management

Services,

Inc.,

5.00%,

07/15/32

(b)

......

137

140,215

Iron

Mountain,

Inc.

(b)

5.25%,

07/15/30

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

71,660

5.63%,

07/15/32

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

196

209,756

MGM

Growth

Properties

Operating

Partnership

5.63%,

05/01/24

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

59,848

4.63%,

06/15/25

(b)

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

95,948

4.50%,

09/01/26

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

353

379,475

4.50%,

01/15/28

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

135

145,800

3.88%,

02/15/29

(b)

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

101,850

Mid-America

Apartments

LP,

1.70%,

02/15/31

42,972

MPT

Operating

Partnership

5.00%,

10/15/27

.................

23,018

4.63%,

08/01/29

.................

290

305,950

3.50%,

03/15/31

.................

313

316,521

Prologis

3.88%,

09/15/28

.................

56,016

2.25%,

04/15/30

.................

100

100,508

Realty

Income

Corp.

3.00%,

01/15/27

.................

125

131,867

3.95%,

08/15/27

.................

155

171,858

2.20%,

06/15/28

.................

110

111,029

2.85%,

12/15/32

.................

98,581

Regency

Centers

LP,

4.13%,

03/15/28

....

78,100

RHP

Hotel

Properties

4.75%,

10/15/27

.................

293

298,860

4.50%,

02/15/29

(b)

................

126

126,000

RLJ

Lodging

Trust

(b)

3.75%,

07/01/26

.................

51,280

4.00%,

09/15/29

.................

36,605

SBA

Communications

Corp.,

3.88%,

02/15/27

325

334,750

Service

Properties

Trust

4.35%,

10/01/24

.................

9,800

7.50%,

09/15/25

.................

129

139,763

5.50%,

12/15/27

.................

42,078

Simon

Property

Group

3.75%,

02/01/24

.................

240

251,273

3.80%,

07/15/50

.................

175

196,238

UDR,

Inc.,

2.10%,

08/01/32

...........

66,537

2021

BlackRock

Annual

Report

Shareholders

BlackRock

Managed

Income

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Uniti

Group

(b)

7.88%,

02/15/25

.................

USD

29,225

4.75%,

04/15/28

.................

156

154,710

6.50%,

02/15/29

.................

235

234,193

6.00%,

01/15/30

.................

62,552

Ventas

Realty

3.00%,

01/15/30

.................

56,763

4.75%,

11/15/30

.................

100

116,467

VICI

Properties

(b)

3.50%,

02/15/25

.................

436

442,540

4.25%,

12/01/26

.................

127

132,267

3.75%,

02/15/27

.................

96,055

4.63%,

12/01/29

.................

208

221,359

4.13%,

08/15/30

.................

353

373,297

Welltower,

Inc.,

2.05%,

01/15/29

........

140

137,785

13,095,096

Food

Staples

Retailing

—

0.2%

7-Eleven,

Inc.

(b)

0.80%,

02/10/24

.................

225

222,431

0.95%,

02/10/26

.................

550

532,580

Albertsons

Cos.,

Inc.

(b)

3.25%,

03/15/26

.................

109

111,044

4.63%,

01/15/27

.................

261

273,904

5.88%,

02/15/28

.................

115

121,900

4.88%,

02/15/30

.................

6,478

Performance

Food

Group,

Inc.,

4.25%,

08/01/29

(b)

....................

127

125,992

United

Natural

Foods,

Inc.,

6.75%,

10/15/28

(b)

31,053

Foods,

Inc.

(b)

6.25%,

04/15/25

.................

30,196

4.75%,

02/15/29

.................

101

102,641

Walmart,

Inc.

2.50%,

09/22/41

.................

85,699

2.65%,

09/22/51

.................

170

173,816

1,817,734

Food

Products

—

0.4%

Chobani

LLC

(b)

7.50%,

04/15/25

.................

207

213,096

4.63%,

11/15/28

.................

80,142

General

Mills,

Inc.

4.00%,

04/17/25

.................

102,006

2.25%,

10/14/31

.................

9,881

JBS

USA

LUX

SA,

3.75%,

12/01/31

(b)

.....

147

149,205

JDE

Peet's

NV,

1.38%,

01/15/27

(b)

.......

330

318,686

Kraft

Heinz

Foods

Co.

3.00%,

06/01/26

.................

67,987

6.88%,

01/26/39

.................

69,077

4.63%,

10/01/39

.................

18,792

6.50%,

02/09/40

.................

49,779

5.00%,

06/04/42

.................

29,855

5.20%,

07/15/45

.................

100,446

4.38%,

06/01/46

.................

159

186,189

4.88%,

10/01/49

.................

386

484,794

5.50%,

06/01/50

.................

648

877,318

Lamb

Weston

Holdings,

Inc.

(b)

4.13%,

01/31/30

.................

64,650

4.38%,

01/31/32

.................

62,907

McCormick

Co.,

Inc.,

0.90%,

02/15/26

...

91,813

Pilgrim's

Pride

Corp.

(b)

4.25%,

04/15/31

.................

10,500

3.50%,

03/01/32

.................

211

213,110

Post

Holdings,

Inc.

(b)

5.63%,

01/15/28

.................

64,644

5.50%,

12/15/29

.................

26,266

Security

Par

(000)

Par

(000)

Value

Food

Products

(continued)

4.50%,

09/15/31

.................

USD

48,632

Simmons

Foods,

Inc.,

4.63%,

03/01/29

(b)

96,530

Tyson

Foods,

Inc.,

3.90%,

09/28/23

......

41,866

3,478,171

Gas

Utilities

—

0.1%

Atmos

Energy

Corp.

2.63%,

09/15/29

.................

41,124

2.85%,

02/15/52

.................

72,882

CenterPoint

Energy

Resources

Corp.,

1.75%,

10/01/30

.....................

130

123,127

ONE

Gas,

Inc.,

1.10%,

03/11/24

........

310

308,311

Piedmont

Natural

Gas

Co.,

Inc.,

3.35%,

06/01/50

.....................

51,262

Suburban

Propane

Partners

LP,

5.00%,

06/01/31

(b)

....................

50,562

647,268

Health

Care

Equipment

Supplies

—

0.3%

Abbott

Laboratories

3.75%,

11/30/26

.................

75,142

4.75%,

11/30/36

.................

105

133,993

4.90%,

11/30/46

.................

95,704

Avantor

Funding,

Inc.

(b)

4.63%,

07/15/28

.................

388

404,490

3.88%,

11/01/29

.................

107

108,168

Becton

Dickinson

and

Co.

3.73%,

12/15/24

.................

55,272

3.70%,

06/06/27

.................

559

609,183

4.67%,

06/06/47

.................

63,042

3.79%,

05/20/50

.................

180

201,973

Hologic,

Inc.,

3.25%,

02/15/29

(b)

........

27,000

Medtronic,

Inc.

4.38%,

03/15/35

.................

108

132,855

4.63%,

03/15/45

.................

32,741

Mozart

Debt

Merger

Sub,

Inc.

(b)

3.88%,

04/01/29

.................

153

152,460

5.25%,

10/01/29

.................

510

516,956

Ortho-Clinical

Diagnostics,

Inc.

(b)

7.38%,

06/01/25

.................

87,565

7.25%,

02/01/28

.................

436

468,700

Teleflex,

Inc.,

4.63%,

11/15/27

.........

20,800

3,186,044

Health

Care

Providers

Services

—

1.6%

Acadia

Healthcare

Co.,

Inc.

(b)

5.50%,

07/01/28

.................

23,124

5.00%,

04/15/29

.................

42,127

AdaptHealth

LLC

(b)

6.13%,

08/01/28

.................

21,200

5.13%,

03/01/30

.................

19,333

Aetna,

Inc.

2.75%,

11/15/22

.................

25,325

4.13%,

11/15/42

.................

56,394

3.88%,

08/15/47

.................

136

151,283

AHP

Health

Partners,

Inc.,

5.75%,

07/15/29

(b)

117

115,830

Akumin

Escrow,

Inc.,

7.50%,

08/01/28

(b)

...

20,625

Akumin,

Inc.,

7.00%,

11/01/25

(b)

........

23,792

Anthem,

Inc.

2.38%,

01/15/25

.................

615

634,164

4.10%,

03/01/28

.................

120

133,051

2.25%,

05/15/30

.................

14,946

2.75%,

10/15/42

(e)

................

289,124

4.65%,

01/15/43

.................

68,724

3.70%,

09/15/49

.................

1,113

3.13%,

05/15/50

.................

126

129,103

Banner

Health,

Series

2020,

3.18%,

01/01/50

26,407

BlackRock

Managed

Income

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

Services

(continued)

Cano

Health

LLC,

6.25%,

10/01/28

(b)

.....

USD

47,001

Centene

Corp.

4.25%,

12/15/27

.................

207

215,798

2.45%,

07/15/28

.................

329

324,065

4.63%,

12/15/29

.................

437

471,287

3.38%,

02/15/30

.................

30,552

3.00%,

10/15/30

.................

241

244,979

2.50%,

03/01/31

.................

727

707,745

2.63%,

08/01/31

.................

191

187,180

Cigna

Corp.

4.13%,

11/15/25

.................

545

596,021

1.25%,

03/15/26

.................

300

295,669

4.80%,

08/15/38

.................

61,500

4.90%,

12/15/48

.................

145

187,358

CommonSpirit

Health

3.35%,

10/01/29

.................

200

212,676

2.78%,

10/01/30

.................

40,941

3.91%,

10/01/50

.................

205

228,070

Community

Health

Systems,

Inc.

(b)

6.63%,

02/15/25

.................

875

905,625

8.00%,

03/15/26

.................

231

242,839

5.63%,

03/15/27

.................

111

117,475

6.00%,

01/15/29

.................

165

175,931

6.88%,

04/15/29

.................

36,675

6.13%,

04/01/30

.................

113

111,793

CVS

Health

Corp.

3.88%,

07/20/25

.................

370

397,634

1.30%,

08/21/27

.................

72,707

4.30%,

03/25/28

.................

153

171,695

3.75%,

04/01/30

.................

250

274,088

1.88%,

02/28/31

.................

710

681,179

4.78%,

03/25/38

.................

73,035

5.13%,

07/20/45

.................

175

227,476

5.05%,

03/25/48

.................

265

346,471

DaVita,

Inc.,

4.63%,

06/01/30

(b)

........

4,095

Encompass

Health

Corp.

4.50%,

02/01/28

.................

20,575

4.75%,

02/01/30

.................

180

185,400

4.63%,

04/01/31

.................

76,312

HCA,

Inc.

5.38%,

02/01/25

.................

29,673

5.38%,

09/01/26

.................

185

207,894

5.63%,

09/01/28

.................

123

143,724

3.50%,

09/01/30

.................

421

444,944

5.50%,

06/15/47

.................

189

247,314

5.25%,

06/15/49

.................

215

276,129

3.50%,

07/15/51

.................

285

290,550

HealthEquity,

Inc.,

4.50%,

10/01/29

(b)

.....

148

146,520

Humana,

Inc.,

2.15%,

02/03/32

........

72,520

Legacy

LifePoint

Health

LLC

(b)

6.75%,

04/15/25

.................

41,700

4.38%,

02/15/27

.................

36,270

LifePoint

Health,

Inc.,

5.38%,

01/15/29

(b)

...

145

144,275

MEDNAX,

Inc.,

6.25%,

01/15/27

(b)

.......

40,804

ModivCare

Escrow

Issuer,

Inc.,

5.00%,

10/01/29

(b)

....................

64,339

ModivCare,

Inc.,

5.88%,

11/15/25

(b)

......

24,150

Molina

Healthcare,

Inc.

(b)

4.38%,

06/15/28

.................

72,100

3.88%,

11/15/30

.................

81,962

3.88%,

05/15/32

.................

75,469

Northwell

Healthcare,

Inc.,

4.26%,

11/01/47

22,431

Option

Care

Health,

Inc.,

4.38%,

10/31/29

(b)

50,125

Prime

Healthcare

Services,

Inc.,

7.25%,

11/01/25

(b)

....................

180

190,800

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

Services

(continued)

RegionalCare

Hospital

Partners

Holdings,

Inc.,

9.75%,

12/01/26

(b)

...............

USD

34,871

Surgery

Center

Holdings,

Inc.

(b)

6.75%,

07/01/25

.................

350

352,625

10.00%,

04/15/27

................

229

243,312

Sutter

Health

Series

20A,

2.29%,

08/15/30

........

223

222,676

Series

20A,

3.36%,

08/15/50

........

71,254

Tenet

Healthcare

Corp.

(b)

4.63%,

09/01/24

.................

19,428

7.50%,

04/01/25

.................

33,678

4.88%,

01/01/26

.................

496

509,456

5.13%,

11/01/27

.................

319

332,159

4.63%,

06/15/28

.................

12,330

6.13%,

10/01/28

.................

135

142,588

4.25%,

06/01/29

.................

61,945

UnitedHealth

Group,

Inc.

3.70%,

12/15/25

.................

140

152,235

3.10%,

03/15/26

.................

10,689

2.30%,

05/15/31

.................

120

122,090

3.50%,

08/15/39

.................

105

116,423

2.75%,

05/15/40

.................

105

106,594

3.05%,

05/15/41

.................

52,331

4.38%,

03/15/42

.................

200

243,665

4.75%,

07/15/45

.................

105

137,453

4.25%,

06/15/48

.................

24,774

3.70%,

08/15/49

.................

57,535

3.25%,

05/15/51

.................

48,682

3.88%,

08/15/59

.................

31,115

Vizient,

Inc.,

6.25%,

05/15/27

(b)

........

114

118,988

15,730,101

Health

Care

Technology

—

0.0%

IQVIA,

Inc.,

5.00%,

05/15/27

(b)

.........

200

207,060

Hotels,

Restaurants

Leisure

—

1.0%

1011778

ULC

(b)

5.75%,

04/15/25

.................

100

103,750

3.88%,

01/15/28

.................

159

161,029

4.38%,

01/15/28

.................

260

265,200

Affinity

Gaming,

6.88%,

12/15/27

(b)

......

53,040

Airbnb,

Inc.,

0.00%,

03/15/26

(b)(e)(f)

.......

213

208,421

Booking

Holdings,

Inc.,

0.75%,

05/01/25

(e)

143

209,996

Boyd

Gaming

Corp.

8.63%,

06/01/25

(b)

................

52,504

4.75%,

12/01/27

.................

64,260

4.75%,

06/15/31

(b)

................

228

232,560

Boyne

USA,

Inc.,

4.75%,

05/15/29

(b)

.....

96,820

Caesars

Entertainment,

Inc.

(b)

6.25%,

07/01/25

.................

502

526,912

8.13%,

07/01/27

.................

584

646,745

4.63%,

10/15/29

.................

224

224,000

Caesars

Resort

Collection

LLC,

5.75%,

07/01/25

(b)

....................

210

219,306

Carnival

Corp.

(b)

10.50%,

02/01/26

................

176

200,903

5.75%,

03/01/27

.................

337

337,000

9.88%,

08/01/27

.................

178

203,403

4.00%,

08/01/28

.................

485

481,363

6.00%,

05/01/29

.................

204

202,980

CCM

Merger,

Inc.,

6.38%,

05/01/26

(b)

.....

56,228

Cedar

Fair

5.50%,

05/01/25

(b)

................

251

259,785

6.50%,

10/01/28

.................

19,170

Churchill

Downs,

Inc.

(b)

5.50%,

04/01/27

.................

93,730

2021

BlackRock

Annual

Report

Shareholders

BlackRock

Managed

Income

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

Leisure

(continued)

4.75%,

01/15/28

.................

USD

133

137,655

Everi

Holdings,

Inc.,

5.00%,

07/15/29

(b)

....

20,200

Expedia

Group,

Inc.

3.60%,

12/15/23

.................

67,534

4.50%,

08/15/24

.................

325

347,291

6.25%,

05/01/25

(b)

................

84,612

3.25%,

02/15/30

.................

205

209,203

2.95%,

03/15/31

.................

84,879

Golden

Nugget,

Inc.,

6.75%,

10/15/24

(b)

...

301

301,000

Hilton

Domestic

Operating

Co.,

Inc.

5.38%,

05/01/25

(b)

................

56,192

5.75%,

05/01/28

(b)

................

54,489

4.88%,

01/15/30

.................

384

410,400

4.00%,

05/01/31

(b)

................

36,812

Hilton

Worldwide

Finance

LLC,

4.88%,

04/01/27

.....................

42,230

Life

Time,

Inc.

(b)

5.75%,

01/15/26

.................

94,185

8.00%,

04/15/26

.................

70,211

MajorDrive

Holdings

LLC,

6.38%,

06/01/29

(b)

67,725

McDonald's

Corp.,

1.45%,

09/01/25

......

320

322,850

MGM

Resorts

International

7.75%,

03/15/22

.................

88,088

6.00%,

03/15/23

.................

8,360

5.75%,

06/15/25

.................

31,211

Midwest

Gaming

Borrower

LLC,

4.88%,

05/01/29

(b)

....................

90,450

NCL

Corp.

Ltd.

(b)

10.25%,

02/01/26

................

22,100

5.88%,

03/15/26

.................

98,561

NCL

Finance

Ltd.,

6.13%,

03/15/28

(b)

.....

154

151,690

Peninsula

Pacific

Entertainment

LLC,

8.50%,

11/15/27

(b)

....................

89,640

Penn

National

Gaming,

Inc.,

4.13%,

07/01/29

(b)

32,980

Powdr

Corp.,

6.00%,

08/01/25

(b)

........

108

112,320

Premier

Entertainment

Sub

LLC

(b)

5.63%,

09/01/29

.................

43,656

5.88%,

09/01/31

.................

44,153

Raptor

Acquisition

Corp.,

4.88%,

11/01/26

(b)

67,670

Royal

Caribbean

Cruises

Ltd.

(b)

10.88%,

06/01/23

................

38,238

9.13%,

06/15/23

.................

45,472

11.50%,

06/01/25

................

44,800

5.50%,

08/31/26

.................

43,722

5.50%,

04/01/28

.................

178

180,058

Scientific

Games

International,

Inc.

(b)

8.63%,

07/01/25

.................

58,713

5.00%,

10/15/25

.................

123

126,628

8.25%,

03/15/26

.................

117

123,143

7.00%,

05/15/28

.................

103,305

7.25%,

11/15/29

.................

30,105

Six

Flags

Theme

Parks,

Inc.,

7.00%,

07/01/25

(b)

422

450,672

Station

Casinos

LLC

(b)

4.50%,

02/15/28

.................

33,188

4.63%,

12/01/31

.................

91,746

Travel

Leisure

Co.,

6.63%,

07/31/26

(b)

...

38,809

Vail

Resorts,

Inc.,

6.25%,

05/15/25

(b)

.....

34,320

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

02/15/29

(b)

....................

66,916

Wyndham

Hotels

Resorts,

Inc.,

4.38%,

08/15/28

(b)

....................

50,470

Wynn

Las

Vegas

LLC,

5.25%,

05/15/27

(b)

90,986

Wynn

Resorts

Finance

LLC

(b)

7.75%,

04/15/25

.................

46,145

5.13%,

10/01/29

.................

265

268,975

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

Leisure

(continued)

Yum!

Brands,

Inc.

4.75%,

01/15/30

(b)

................

USD

2,165

5.35%,

11/01/43

.................

15,481

10,191,509

Household

Durables

—

0.2%

Ashton

Woods

USA

LLC

(b)

6.63%,

01/15/28

.................

11,605

4.63%,

08/01/29

.................

37,525

4.63%,

04/01/30

.................

37,335

Brookfield

Residential

Properties,

Inc.

(b)

5.00%,

06/15/29

.................

79,055

4.88%,

02/15/30

.................

102

104,327

CD&R

Smokey

Buyer,

Inc.,

6.75%,

07/15/25

(b)

75,600

Horton,

Inc.,

1.30%,

10/15/26

.......

53,706

Installed

Building

Products,

Inc.,

5.75%,

02/01/28

(b)

....................

21,840

Hovnanian

Enterprises,

Inc.,

7.75%,

02/15/26

(b)

....................

66,880

Lennar

Corp.,

4.50%,

04/30/24

........

100

106,218

Mattamy

Group

Corp.

(b)

5.25%,

12/15/27

.................

50,484

4.63%,

03/01/30

.................

20,369

Meritage

Homes

Corp.,

5.13%,

06/06/27

...

18,722

New

Home

Co.,

Inc.

(The),

7.25%,

10/15/25

(b)

22,440

Newell

Brands,

Inc.,

6.00%,

04/01/46

(j)

....

53,888

Panasonic

Corp.,

2.54%,

07/19/22

(b)

.....

200

201,586

Picasso

Finance

Sub,

Inc.,

6.13%,

06/15/25

(b)

153

159,885

SWF

Escrow

Issuer

Corp.,

6.50%,

10/01/29

(b)

104

99,965

Taylor

Morrison

Communities,

Inc.

(b)

5.88%,

06/15/27

.................

23,520

5.13%,

08/01/30

.................

12,100

Tempur

Sealy

International,

Inc.

(b)

4.00%,

04/15/29

.................

95,645

3.88%,

10/15/31

.................

104

104,197

TRI

Pointe

Group,

Inc.,

5.88%,

06/15/24

...

21,775

TRI

Pointe

Homes,

Inc.

5.25%,

06/01/27

.................

20,401

5.70%,

06/15/28

.................

15,400

Williams

Scotsman

International,

Inc.,

4.63%,

08/15/28

(b)

....................

112

115,640

1,630,108

Household

Products

—

0.0%

Central

Garden

Pet

Co.

4.13%,

10/15/30

.................

60,525

4.13%,

04/30/31

(b)

................

74,370

Energizer

Holdings,

Inc.

(b)

4.75%,

06/15/28

.................

29,616

4.38%,

03/31/29

.................

5,856

Spectrum

Brands,

Inc.

5.75%,

07/15/25

.................

6,127

5.00%,

10/01/29

(b)

................

60,828

5.50%,

07/15/30

(b)

................

45,045

3.88%,

03/15/31

(b)

................

15,800

298,167

Independent

Power

and

Renewable

Electricity

Producers

—

0.2%

AES

Corp.

(The)

1.38%,

01/15/26

.................

390

378,478

2.45%,

01/15/31

.................

205

199,733

Alexander

Funding

Trust,

1.84%,

11/15/23

(b)

200

200,679

Calpine

Corp.

(b)

5.25%,

06/01/26

.................

4,104

4.50%,

02/15/28

.................

48,763

5.13%,

03/15/28

.................

536

544,126

5.00%,

02/01/31

.................

11,000

BlackRock

Managed

Income

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Independent

Power

and

Renewable

Electricity

Producers

(continued)

3.75%,

03/01/31

.................

USD

1,927

Clearway

Energy

Operating

LLC

(b)

4.75%,

03/15/28

.................

34,691

3.75%,

01/15/32

.................

98,258

Colbun

SA,

3.15%,

01/19/32

(b)

.........

300

296,212

1,817,971

Industrial

Conglomerates

—

0.1%

Capital

International

Funding

Co.

Unlimited

Co.,

4.42%,

11/15/35

.............

379

452,284

General

Electric

Co.,

6.75%,

03/15/32

....

108

147,285

Roper

Technologies,

Inc.

3.65%,

09/15/23

.................

165

171,759

1.00%,

09/15/25

.................

24,426

3.80%,

12/15/26

.................

54,772

1.75%,

02/15/31

.................

79,815

930,341

Insurance

—

0.8%

Acrisure

LLC,

6.00%,

08/01/29

(b)

........

85,913

Alliant

Holdings

Intermediate

LLC

(b)

4.25%,

10/15/27

.................

454

454,000

6.75%,

10/15/27

.................

653

677,487

5.88%,

11/01/29

.................

442

449,691

Allianz

(a)(b)(g)

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.97%),

3.50%

......................

400

400,500

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.17%),

3.20%

......................

400

384,000

Allstate

Corp.

(The),

Series

(LIBOR

USD

Month

2.94%),

5.75%,

08/15/53

(a)

....

250

260,000

American

International

Group,

Inc.

2.50%,

06/30/25

.................

200

206,219

3.40%,

06/30/30

.................

320

346,036

4.50%,

07/16/44

.................

252

310,351

4.80%,

07/10/45

.................

74,317

4.75%,

04/01/48

.................

63,685

AmWINS

Group,

Inc.,

4.88%,

06/30/29

(b)

...

107

108,070

Aon

Corp.

3.75%,

05/02/29

.................

100

109,621

2.60%,

12/02/31

.................

215

218,739

Aon

plc,

4.45%,

05/24/43

............

140

164,233

AssuredPartners,

Inc.,

5.63%,

01/15/29

(b)

45,708

BroadStreet

Partners,

Inc.,

5.88%,

04/15/29

(b)

48,143

GTCR

Finance,

Inc.,

8.00%,

05/15/27

(b)

178

184,675

Hartford

Financial

Services

Group,

Inc.

(The)

4.40%,

03/15/48

.................

24,493

2.90%,

09/15/51

.................

14,780

HUB

International

Ltd.,

7.00%,

05/01/26

(b)

376

386,340

Liberty

Mutual

Group,

Inc.,

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.32%),

4.12%,

12/15/51

(a)(b)

.......

400

399,000

Marsh

McLennan

Cos.,

Inc.

3.50%,

06/03/24

.................

100

105,432

3.50%,

03/10/25

.................

210

222,267

4.38%,

03/15/29

.................

85,492

2.25%,

11/15/30

.................

190

189,602

2.38%,

12/15/31

.................

55,522

Met

Tower

Global

Funding,

1.25%,

09/14/26

(b)

180

176,102

MetLife,

Inc.,

4.72%,

12/15/44

(j)

........

45,448

NFP

Corp.

(b)

4.88%,

08/15/28

.................

199

200,990

6.88%,

08/15/28

.................

568

569,465

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

Principal

Life

Global

Funding

II,

2.25%,

11/21/24

(b)

....................

USD

110

112,388

Prudential

Financial,

Inc.

3.94%,

12/07/49

.................

58,324

4.35%,

02/25/50

.................

118,501

3.70%,

03/13/51

.................

85,341

Teachers

Insurance

Annuity

Association

America

(b)

6.85%,

12/16/39

.................

10,443

4.27%,

05/15/47

.................

125

150,979

Travelers

Cos.,

Inc.

(The)

4.30%,

08/25/45

.................

43,180

2.55%,

04/27/50

.................

14,261

7,659,738

Interactive

Media

Services

—

0.1%

Alphabet,

Inc.

1.90%,

08/15/40

.................

280

254,968

2.05%,

08/15/50

.................

44,622

Rackspace

Technology

Global,

Inc.,

5.38%,

12/01/28

(b)

....................

54,600

Tencent

Holdings

Ltd.,

3.84%,

04/22/51

(b)

200

209,620

Twitter,

Inc.,

3.88%,

12/15/27

(b)

.........

110

114,634

678,444

Internet

Direct

Marketing

Retail

—

0.2%

Alibaba

Group

Holding

Ltd.,

3.15%,

02/09/51

300

278,625

Amazon.com,

Inc.

3.15%,

08/22/27

.................

405

437,409

3.88%,

08/22/37

.................

119

139,865

4.05%,

08/22/47

.................

36,373

2.50%,

06/03/50

.................

110

104,735

3.10%,

05/12/51

.................

342

365,127

2.70%,

06/03/60

.................

57,816

3.25%,

05/12/61

.................

245

263,729

ANGI

Group

LLC,

3.88%,

08/15/28

(b)

.....

81,132

eBay,

Inc.,

3.60%,

06/05/27

..........

100

108,730

Daddy

Operating

Co.

LLC

(b)

5.25%,

12/01/27

.................

51,687

3.50%,

03/01/29

.................

42,671

Match

Group

Holdings

LLC

(b)

4.63%,

06/01/28

.................

262

272,585

4.13%,

08/01/30

.................

38,380

3.63%,

10/01/31

.................

39,821

2,318,685

Services

—

0.8%

Acuris

Finance

US,

Inc.,

5.00%,

05/01/28

(b)

200

199,000

Ahead

Holdings

LLC,

6.63%,

05/01/28

(b)

41,685

Arches

Buyer,

Inc.,

4.25%,

06/01/28

(b)

....

34,982

Austin

BidCo,

Inc.,

7.13%,

12/15/28

(b)

.....

23,747

Black

Knight

InfoServ

LLC,

3.63%,

09/01/28

(b)

120

119,843

Booz

Allen

Hamilton,

Inc.

(b)

3.88%,

09/01/28

.................

80,382

4.00%,

07/01/29

.................

244

252,024

Magnum

Holdings,

5.38%,

10/31/26

(b)

201

207,794

Cablevision

Lightpath

LLC

(b)

3.88%,

09/15/27

.................

200

194,000

5.63%,

09/15/28

.................

200

197,162

Endure

Digital,

Inc.,

6.00%,

02/15/29

(b)

....

46,500

Fidelity

National

Information

Services,

Inc.

1.15%,

03/01/26

.................

463

450,996

3.10%,

03/01/41

.................

80,776

Fiserv,

Inc.

2.75%,

07/01/24

.................

855

884,346

3.85%,

06/01/25

.................

150

160,190

3.20%,

07/01/26

.................

300

317,197

2021

BlackRock

Annual

Report

Shareholders

BlackRock

Managed

Income

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Services

(continued)

3.50%,

07/01/29

.................

USD

100

107,544

4.40%,

07/01/49

.................

47,654

Gartner,

Inc.

(b)

4.50%,

07/01/28

.................

119

124,282

3.63%,

06/15/29

.................

97,061

3.75%,

10/01/30

.................

105

107,352

Global

Payments,

Inc.

3.75%,

06/01/23

.................

36,068

2.65%,

02/15/25

.................

145

149,013

1.20%,

03/01/26

.................

365

354,292

4.80%,

04/01/26

.................

55,508

2.15%,

01/15/27

.................

60,239

3.20%,

08/15/29

.................

252

262,473

4.15%,

08/15/49

.................

130

148,287

International

Business

Machines

Corp.

3.00%,

05/15/24

.................

440

459,626

4.15%,

05/15/39

.................

100

115,484

2.85%,

05/15/40

.................

100

98,158

4.00%,

06/20/42

.................

34,506

4.25%,

05/15/49

.................

250

303,215

Mastercard,

Inc.

1.90%,

03/15/31

.................

90,491

3.65%,

06/01/49

.................

5,786

3.85%,

03/26/50

.................

54,082

MoneyGram

International,

Inc.,

5.38%,

08/01/26

(b)

....................

40,600

Northwest

Fiber

LLC

(b)

4.75%,

04/30/27

.................

114

112,860

6.00%,

02/15/28

.................

75,460

10.75%,

06/01/28

................

23,980

PayPal

Holdings,

Inc.

1.65%,

06/01/25

.................

390

394,766

2.85%,

10/01/29

.................

52,622

2.30%,

06/01/30

.................

200

203,130

3.25%,

06/01/50

.................

145

155,309

Shift4

Payments,

Inc.,

0.00%,

12/15/25

(b)(e)(f)

131

138,126

Square,

Inc.,

3.50%,

06/01/31

(b)

........

226

231,650

Tempo

Acquisition

LLC,

5.75%,

06/01/25

(b)

101

104,535

Twilio,

Inc.,

3.88%,

03/15/31

..........

131

132,271

Visa,

Inc.

2.05%,

04/15/30

.................

30,387

3.65%,

09/15/47

.................

17,456

7,714,897

Leisure

Products

—

0.0%

Mattel,

Inc.

5.88%,

12/15/27

(b)

................

73,097

3.75%,

04/01/29

(b)

................

73,574

6.20%,

10/01/40

.................

106

137,150

5.45%,

11/01/41

.................

109,825

393,646

Life

Sciences

Tools

Services

—

0.1%

Charles

River

Laboratories

International,

Inc.

(b)

4.25%,

05/01/28

.................

47,840

3.75%,

03/15/29

.................

12,120

4.00%,

03/15/31

.................

34,837

PRA

Health

Sciences,

Inc.,

2.88%,

07/15/26

(b)

200

200,250

Syneos

Health,

Inc.,

3.63%,

01/15/29

(b)

...

147

145,162

Thermo

Fisher

Scientific,

Inc.,

1.22%,

10/18/24

195

194,784

634,993

Machinery

—

0.2%

Amsted

Industries,

Inc.,

5.63%,

07/01/27

(b)

22,880

ATS

Automation

Tooling

Systems,

Inc.,

4.13%,

12/15/28

(b)

....................

34,255

Clark

Equipment

Co.,

5.88%,

06/01/25

(b)

...

17,638

Security

Par

(000)

Par

(000)

Value

Machinery

(continued)

Colfax

Corp.,

6.38%,

02/15/26

(b)

........

USD

31,012

Daimler

Trucks

Finance

North

America

LLC,

2.00%,

12/14/26

(b)

...............

180

180,768

EnPro

Industries,

Inc.,

5.75%,

10/15/26

...

108

112,860

GrafTech

Finance,

Inc.,

4.63%,

12/15/28

(b)

44,660

Husky

III

Holding

Ltd.,

13.00%,

(13.00%

Cash

13.75%

PIK),

02/15/25

(b)(i)

.........

131

137,550

Meritor,

Inc.,

4.50%,

12/15/28

(b)

........

24,060

Mueller

Water

Products,

Inc.,

4.00%,

06/15/29

(b)

39,390

Merger

Corp.,

7.88%,

10/15/29

(b)

.....

43,285

Otis

Worldwide

Corp.

2.57%,

02/15/30

.................

43,618

3.11%,

02/15/40

.................

16,412

Roller

Bearing

Co.

America,

Inc.,

4.38%,

10/15/29

(b)

....................

46,920

Stevens

Holding

Co.,

Inc.,

6.13%,

10/01/26

(b)

22,391

Terex

Corp.,

5.00%,

05/15/29

(b)

........

103

105,833

Titan

Acquisition

Ltd.,

7.75%,

04/15/26

(b)

...

352

357,280

Titan

International,

Inc.,

7.00%,

04/30/28

23,430

Elevator

Holdco

GmbH,

7.63%,

07/15/28

(b)

200

214,250

Elevator

Newco,

Inc.,

5.25%,

07/15/27

(b)

400

420,500

Wabash

National

Corp.,

4.50%,

10/15/28

(b)

83,830

2,022,822

Marine

—

0.0%

Seaspan

Corp.,

5.50%,

08/01/29

(b)

......

123

123,615

Media

—

1.9%

Advantage

Sales

Marketing,

Inc.,

6.50%,

11/15/28

(b)

....................

37,710

Altice

Financing

(b)

5.00%,

01/15/28

.................

200

195,178

5.75%,

08/15/29

.................

296

293,040

AMC

Networks,

Inc.

4.75%,

08/01/25

.................

84,764

4.25%,

02/15/29

.................

40,743

Block

Communications,

Inc.,

4.88%,

03/01/28

(b)

39,000

Cable

One,

Inc.,

1.13%,

03/15/28

(b)(e)

.....

387

383,063

Charter

Communications

Operating

LLC

4.50%,

02/01/24

.................

1,020

1,084,751

4.91%,

07/23/25

.................

401

441,544

5.05%,

03/30/29

.................

300

343,441

2.80%,

04/01/31

.................

335

331,480

6.38%,

10/23/35

.................

127,883

6.48%,

10/23/45

.................

661

902,653

5.75%,

04/01/48

.................

93,529

5.13%,

07/01/49

.................

125

144,996

6.83%,

10/23/55

.................

17,162

Clear

Channel

International

BV,

6.63%,

08/01/25

(b)

....................

200

207,500

Clear

Channel

Outdoor

Holdings,

Inc.

(b)

7.75%,

04/15/28

.................

209

223,630

7.50%,

06/01/29

.................

390

416,325

Clear

Channel

Worldwide

Holdings,

Inc.,

5.13%,

08/15/27

(b)

...............

899

930,249

Comcast

Corp.

3.95%,

10/15/25

.................

530

578,617

3.15%,

02/15/28

.................

185

198,574

4.15%,

10/15/28

.................

85,142

2.65%,

02/01/30

.................

300

311,129

3.20%,

07/15/36

.................

200

213,295

3.75%,

04/01/40

.................

500

559,763

4.00%,

03/01/48

.................

105,973

2.80%,

01/15/51

.................

170

163,779

2.89%,

11/01/51

(b)

................

488

472,377

4.05%,

11/01/52

.................

150

175,190

BlackRock

Managed

Income

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Media

(continued)

2.94%,

11/01/56

(b)

................

USD

249

237,181

CSC

Holdings

LLC

5.25%,

06/01/24

.................

28,080

5.75%,

01/15/30

(b)

................

400

398,500

4.13%,

12/01/30

(b)

................

200

195,250

4.63%,

12/01/30

(b)

................

246

232,777

DIRECTV

Holdings

LLC,

5.88%,

08/15/27

(b)

199

203,718

DISH

DBS

Corp.

5.88%,

07/15/22

.................

247

251,014

5.00%,

03/15/23

.................

102

104,550

7.75%,

07/01/26

.................

160

168,800

5.25%,

12/01/26

(b)

................

498

505,861

5.75%,

12/01/28

(b)

................

423

427,230

5.13%,

06/01/29

.................

164

149,240

DISH

Network

Corp.,

3.38%,

08/15/26

(e)

...

117

110,747

Fox

Corp.,

3.05%,

04/07/25

..........

125

131,211

GCI

LLC,

4.75%,

10/15/28

(b)

..........

29,761

Gray

Television,

Inc.,

7.00%,

05/15/27

(b)

...

28,856

iHeartCommunications,

Inc.,

8.38%,

05/01/27

12,652

Interpublic

Group

Cos.,

Inc.

(The)

3.38%,

03/01/41

.................

77,219

5.40%,

10/01/48

.................

20,361

LCPR

Senior

Secured

Financing

DAC

(b)

6.75%,

10/15/27

.................

180

189,000

5.13%,

07/15/29

.................

200

201,000

Liberty

Broadband

Corp.

(b)(e)

1.25%,

09/30/50

.................

141

139,026

2.75%,

09/30/50

.................

255

258,311

Midas

OpCo

Holdings

LLC,

5.63%,

08/15/29

(b)

38,903

Midcontinent

Communications,

5.38%,

08/15/27

(b)

....................

40,170

Omnicom

Group,

Inc.,

3.65%,

11/01/24

...

125

132,490

Outfront

Media

Capital

LLC

(b)

5.00%,

08/15/27

.................

73,676

4.25%,

01/15/29

.................

41,075

Radiate

Holdco

LLC

(b)

4.50%,

09/15/26

.................

365

368,650

6.50%,

09/15/28

.................

742

745,365

Scripps

Escrow

II,

Inc.,

3.88%,

01/15/29

(b)

3,995

Sinclair

Television

Group,

Inc.,

4.13%,

12/01/30

(b)

....................

109

103,277

Sirius

Radio,

Inc.

(b)

3.13%,

09/01/26

.................

244

244,071

4.00%,

07/15/28

.................

192

193,073

5.50%,

07/01/29

.................

72,193

4.13%,

07/01/30

.................

54,000

3.88%,

09/01/31

.................

292

286,291

Sky

Ltd.,

3.75%,

09/16/24

(b)

...........

200

212,960

Telenet

Finance

Luxembourg

Notes

SARL,

5.50%,

03/01/28

(b)

...............

200

206,000

Terrier

Media

Buyer,

Inc.,

8.88%,

12/15/27

(b)

382

412,854

Time

Warner

Cable

LLC

5.88%,

11/15/40

.................

87,354

4.50%,

09/15/42

.................

40,338

Univision

Communications,

Inc.

(b)

5.13%,

02/15/25

.................

58,580

6.63%,

06/01/27

.................

67,882

UPC

Broadband

Finco

BV,

4.88%,

07/15/31

(b)

200

204,000

ViacomCBS,

Inc.

3.88%,

04/01/24

.................

94,764

4.38%,

03/15/43

.................

150

170,652

5.85%,

09/01/43

.................

67,350

Videotron

Ltd.,

3.63%,

06/15/29

(b)

.......

111

111,555

Virgin

Media

Vendor

Financing

Notes

DAC,

5.00%,

07/15/28

(b)

...............

403

406,041

Security

Par

(000)

Par

(000)

Value

Media

(continued)

Ziggo

Bond

Co.

BV,

5.13%,

02/28/30

(b)

....

USD

200

201,000

Ziggo

BV,

5.50%,

01/15/27

(b)

..........

250

256,875

18,298,259

Metals

Mining

—

0.5%

Allegheny

Technologies,

Inc.

4.88%,

10/01/29

.................

38,038

5.13%,

10/01/31

.................

43,323

Arconic

Corp.

(b)

6.00%,

05/15/25

.................

63,745

6.13%,

02/15/28

.................

271

288,398

Barrick

Gold

Corp.,

5.25%,

04/01/42

.....

100

129,681

BHP

Billiton

Finance

USA

Ltd.,

5.00%,

09/30/43

66,122

Big

River

Steel

LLC,

6.63%,

01/31/29

(b)

...

509

550,356

Constellium

(b)

5.88%,

02/15/26

.................

250

253,307

3.75%,

04/15/29

.................

500

491,948

Freeport-McMoRan,

Inc.

5.40%,

11/14/34

.................

15,827

5.45%,

03/15/43

.................

475

597,118

Glencore

Funding

LLC,

2.63%,

09/23/31

(b)

205

199,234

Joseph

Ryerson

Son,

Inc.,

8.50%,

08/01/28

(b)

....................

73,950

Kaiser

Aluminum

Corp.

(b)

4.63%,

03/01/28

.................

24,240

4.50%,

06/01/31

.................

48,204

New

Gold,

Inc.

(b)

6.38%,

05/15/25

.................

8,220

7.50%,

07/15/27

.................

266

282,625

Newmont

Corp.

2.80%,

10/01/29

.................

111

114,129

2.25%,

10/01/30

.................

49,296

4.88%,

03/15/42

.................

31,312

Novelis

Corp.

(b)

3.25%,

11/15/26

.................

170

171,488

4.75%,

01/30/30

.................

399

419,449

3.88%,

08/15/31

.................

202

200,737

Nucor

Corp.,

2.00%,

06/01/25

.........

125

127,453

Southern

Copper

Corp.,

5.88%,

04/23/45

102,459

Steel

Dynamics,

Inc.

2.40%,

06/15/25

.................

20,462

1.65%,

10/15/27

.................

115

112,469

3.25%,

10/15/50

.................

100

100,783

United

States

Steel

Corp.,

6.88%,

03/01/29

145

156,056

4,780,429

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

Starwood

Property

Trust,

Inc.,

5.50%,

11/01/23

(b)

....................

10,350

Multiline

Retail

—

0.0%

NMG

Holding

Co.,

Inc.,

7.13%,

04/01/26

(b)

135

143,285

Multi-Utilities

—

0.3%

Berkshire

Hathaway

Energy

Co.,

2.85%,

05/15/51

.....................

48,121

CMS

Energy

Corp.

3.00%,

05/15/26

.................

125

130,339

3.45%,

08/15/27

.................

100

107,243

Consumers

Energy

Co.

3.25%,

08/15/46

.................

52,911

3.10%,

08/15/50

.................

83,298

2.50%,

05/01/60

.................

105

92,564

Dominion

Energy,

Inc.

3.07%,

08/15/24

(j)

................

36,228

3.90%,

10/01/25

.................

120

129,422

Series

1.45%,

04/15/26

..........

150

148,264

2021

BlackRock

Annual

Report

Shareholders

BlackRock

Managed

Income

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Multi-Utilities

(continued)

Series

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.20%),

4.35%

(a)(g)

....................

USD

365

376,863

Series

3.38%,

04/01/30

..........

100

106,121

NiSource,

Inc.

0.95%,

08/15/25

.................

140

136,271

3.60%,

05/01/30

.................

32,335

4.80%,

02/15/44

.................

107

131,086

4.38%,

05/15/47

.................

58,873

Puget

Sound

Energy,

Inc.,

4.22%,

06/15/48

29,556

San

Diego

Gas

Electric

Co.,

2.95%,

08/15/51

75,477

Sempra

Energy

3.25%,

06/15/27

.................

52,736

3.40%,

02/01/28

.................

440

468,387

3.80%,

02/01/38

.................

150

164,584

2,460,679

Oil,

Gas

Consumable

Fuels

—

3.7%

Aethon

United

LP,

8.25%,

02/15/26

(b)

...

289

310,444

Antero

Midstream

Partners

(b)

5.75%,

03/01/27

.................

78,755

5.75%,

01/15/28

.................

19,924

5.38%,

06/15/29

.................

82,291

Antero

Resources

Corp.

(b)

7.63%,

02/01/29

.................

74,370

5.38%,

03/01/30

.................

32,070

Apache

Corp.

4.25%,

01/15/30

.................

100,923

5.10%,

09/01/40

.................

242

273,460

5.25%,

02/01/42

.................

15,015

5.35%,

07/01/49

.................

18,280

Ascent

Resources

Utica

Holdings

LLC

(b)

9.00%,

11/01/27

.................

144

192,240

5.88%,

06/30/29

.................

206

198,211

Bonanza

Creek

Energy,

Inc.,

5.00%,

10/15/26

(b)

34,333

Capital

Markets

America,

Inc.

3.79%,

02/06/24

.................

89,478

3.54%,

04/06/27

.................

175

188,998

3.59%,

04/14/27

.................

37,796

3.94%,

09/21/28

.................

55,330

4.23%,

11/06/28

.................

135

152,379

1.75%,

08/10/30

.................

110

105,776

3.06%,

06/17/41

.................

455

460,464

3.38%,

02/08/61

.................

25,684

Capital

Markets

plc

3.81%,

02/10/24

.................

73,811

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.04%),

4.38%

(a)(g)

....................

350

365,750

3.28%,

09/19/27

.................

17,189

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.40%),

4.88%

(a)(g)

....................

300

324,000

Buckeye

Partners

4.13%,

03/01/25

(b)

................

7,227

5.85%,

11/15/43

.................

33,363

5.60%,

10/15/44

.................

37,001

Callon

Petroleum

Co.

6.13%,

10/01/24

.................

47,280

9.00%,

04/01/25

(b)

................

343

370,440

8.00%,

08/01/28

(b)

................

280

282,800

Cameron

LNG

LLC,

3.30%,

01/15/35

(b)

....

140

146,132

Canadian

Natural

Resources

Ltd.,

2.95%,

01/15/23

.....................

66,238

Cenovus

Energy,

Inc.,

3.75%,

02/15/52

...

115

115,280

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

Consumable

Fuels

(continued)

Centennial

Resource

Production

LLC,

3.25%,

04/01/28

(e)

....................

USD

180

223,088

Cheniere

Corpus

Christi

Holdings

LLC

5.88%,

03/31/25

.................

365

404,529

5.13%,

06/30/27

.................

150

169,248

Cheniere

Energy

Partners

4.50%,

10/01/29

.................

238

252,280

4.00%,

03/01/31

.................

265

277,972

3.25%,

01/31/32

(b)

................

242

244,420

Cheniere

Energy,

Inc.,

4.63%,

10/15/28

...

832

885,015

Chesapeake

Energy

Corp.,

5.88%,

02/01/29

(b)

17,116

Chevron

Corp.,

1.55%,

05/11/25

........

235

236,992

CITGO

Petroleum

Corp.

(b)

7.00%,

06/15/25

.................

64,833

6.38%,

06/15/26

.................

116

117,740

CNX

Midstream

Partners

LP,

4.75%,

04/15/30

(b)

34,869

CNX

Resources

Corp.

2.25%,

05/01/26

(e)

................

188

245,716

6.00%,

01/15/29

(b)

................

44,720

Colgate

Energy

Partners

III

LLC

(b)

7.75%,

02/15/26

.................

99,360

5.88%,

07/01/29

.................

172

177,160

Comstock

Resources,

Inc.

(b)

7.50%,

05/15/25

.................

49,500

6.75%,

03/01/29

.................

274

297,180

5.88%,

01/15/30

.................

130

133,250

ConocoPhillips

(b)

2.40%,

02/15/31

.................

30,095

4.85%,

08/15/48

.................

65,434

Coterra

Energy,

Inc.,

4.38%,

06/01/24

(b)

...

130

137,478

CQP

Holdco

LP,

5.50%,

06/15/31

(b)

......

250

260,937

Crestwood

Midstream

Partners

LP,

6.00%,

02/01/29

(b)

....................

3,116

CrownRock

LP,

5.63%,

10/15/25

(b)

......

354

361,965

DCP

Midstream

Operating

6.45%,

11/03/36

(b)

................

102,077

6.75%,

09/15/37

(b)

................

72,233

5.60%,

04/01/44

.................

12,440

Devon

Energy

Corp.

5.25%,

10/15/27

.................

300

316,468

4.75%,

05/15/42

.................

107,678

Diamondback

Energy,

Inc.

2.88%,

12/01/24

.................

780

809,183

4.75%,

05/31/25

.................

110

120,498

3.50%,

12/01/29

.................

475

503,693

3.13%,

03/24/31

.................

51,533

Midstream,

Inc.

(b)

4.13%,

06/15/29

.................

163

166,871

4.38%,

06/15/31

.................

278

289,120

Eastern

Gas

Transmission

Storage,

Inc.,

4.60%,

12/15/44

(b)

...............

59,438

Enbridge

Energy

Partners

LP,

7.38%,

10/15/45

77,972

Enbridge,

Inc.

4.00%,

10/01/23

.................

200

208,811

0.55%,

10/04/23

.................

105

104,183

2.50%,

01/15/25

.................

305

313,426

3.70%,

07/15/27

.................

53,909

Series

16-A,

(LIBOR

USD

Month

3.89%),

6.00%,

01/15/77

(a)

........

775

832,460

Energy

Transfer

5.00%,

10/01/22

.................

56,093

3.60%,

02/01/23

.................

30,582

5.88%,

01/15/24

.................

585

629,619

4.90%,

02/01/24

.................

330

349,092

4.25%,

04/01/24

.................

450

472,426

BlackRock

Managed

Income

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

Consumable

Fuels

(continued)

Series

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

5.69%),

6.50%

(a)(g)

....................

USD

436

443,630

4.00%,

10/01/27

.................

96,634

5.25%,

04/15/29

.................

57,270

3.75%,

05/15/30

.................

135

143,053

6.50%,

02/01/42

.................

110

141,717

5.95%,

10/01/43

.................

72,112

5.35%,

05/15/45

.................

57,422

5.30%,

04/15/47

.................

46,351

5.40%,

10/01/47

.................

200

234,693

6.25%,

04/15/49

.................

595

777,226

EnLink

Midstream

LLC,

5.63%,

01/15/28

(b)

57,200

EnLink

Midstream

Partners

4.40%,

04/01/24

.................

81,510

4.15%,

06/01/25

.................

39,385

4.85%,

07/15/26

.................

83,148

5.60%,

04/01/44

.................

7,060

5.05%,

04/01/45

.................

3,860

Enterprise

Products

Operating

LLC

3.90%,

02/15/24

.................

220

230,995

3.13%,

07/31/29

.................

171

181,585

6.45%,

09/01/40

.................

106

146,547

5.95%,

02/01/41

.................

86,278

4.45%,

02/15/43

.................

150

171,124

4.90%,

05/15/46

.................

48,367

4.25%,

02/15/48

.................

145

164,120

4.80%,

02/01/49

.................

30,425

4.20%,

01/31/50

.................

67,260

3.70%,

01/31/51

.................

78,685

3.30%,

02/15/53

.................

69,621

3.95%,

01/31/60

.................

64,776

EOG

Resources,

Inc.

4.38%,

04/15/30

.................

46,223

4.95%,

04/15/50

.................

27,170

EQM

Midstream

Partners

6.00%,

07/01/25

(b)

................

78,300

4.13%,

12/01/26

.................

12,300

6.50%,

07/01/27

(b)

................

178

199,360

4.50%,

01/15/29

(b)

................

114

118,560

4.75%,

01/15/31

(b)

................

270

285,525

EQT

Corp.

1.75%,

05/01/26

(e)

................

147

244,975

3.13%,

05/15/26

(b)

................

102

104,706

3.90%,

10/01/27

.................

137

146,935

5.00%,

01/15/29

.................

15,505

7.50%,

02/01/30

(j)

................

93,805

3.63%,

05/15/31

(b)

................

19,713

Exxon

Mobil

Corp.

2.99%,

03/19/25

.................

57,801

3.04%,

03/01/26

.................

10,579

3.45%,

04/15/51

.................

150

162,490

Genesis

Energy

LP,

7.75%,

02/01/28

.....

18,135

Great

Western

Petroleum

LLC,

12.00%,

09/01/25

(b)

....................

27,300

Harvest

Midstream

LP,

7.50%,

09/01/28

(b)

21,400

Hess

Corp.

4.30%,

04/01/27

.................

300

326,716

5.60%,

02/15/41

.................

202

249,381

5.80%,

04/01/47

.................

112

143,085

Hess

Midstream

Operations

LP,

4.25%,

02/15/30

(b)

....................

95,280

HollyFrontier

Corp.,

2.63%,

10/01/23

.....

155

157,924

Howard

Midstream

Energy

Partners

LLC,

6.75%,

01/15/27

(b)

...............

20,494

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

Consumable

Fuels

(continued)

Independence

Energy

Finance

LLC,

7.25%,

05/01/26

(b)

....................

USD

186

193,208

ITT

Holdings

LLC,

6.50%,

08/01/29

(b)

.....

130

128,700

Kinder

Morgan

Energy

Partners

4.25%,

09/01/24

.................

360

383,707

6.95%,

01/15/38

.................

145

200,621

6.38%,

03/01/41

.................

128,541

5.50%,

03/01/44

.................

85,812

Kinder

Morgan,

Inc.

3.15%,

01/15/23

.................

315

321,650

4.30%,

06/01/25

.................

215

232,338

5.55%,

06/01/45

.................

184

232,635

5.20%,

03/01/48

.................

76,579

3.60%,

02/15/51

.................

100

100,567

Marathon

Oil

Corp.

4.40%,

07/15/27

.................

291

318,755

6.60%,

10/01/37

.................

6,533

5.20%,

06/01/45

.................

11,967

Marathon

Petroleum

Corp.

4.70%,

05/01/25

.................

38,182

4.75%,

09/15/44

.................

63,548

Matador

Resources

Co.,

5.88%,

09/15/26

330

339,900

MPLX

3.50%,

12/01/22

.................

210

214,445

3.38%,

03/15/23

.................

51,271

1.75%,

03/01/26

.................

565

559,316

4.13%,

03/01/27

.................

190

207,874

4.00%,

03/15/28

.................

75,856

4.70%,

04/15/48

.................

23,075

Murphy

Oil

Corp.

5.75%,

08/15/25

.................

24,669

6.37%,

12/01/42

(j)

................

5,000

New

Fortress

Energy,

Inc.

(b)

6.75%,

09/15/25

.................

375

378,750

6.50%,

09/30/26

.................

390

387,075

NGL

Energy

Operating

LLC,

7.50%,

02/01/26

(b)

128

132,006

Northern

Oil

and

Gas,

Inc.,

8.13%,

03/01/28

(b)

246

259,530

NuStar

Logistics

5.75%,

10/01/25

.................

45,197

6.00%,

06/01/26

.................

42,315

6.38%,

10/01/30

.................

6,660

Occidental

Petroleum

Corp.

6.95%,

07/01/24

.................

23,348

5.50%,

12/01/25

.................

35,500

5.55%,

03/15/26

.................

12,246

8.88%,

07/15/30

.................

2,697

6.45%,

09/15/36

.................

31,875

4.30%,

08/15/39

.................

139

138,621

6.20%,

03/15/40

.................

299

367,770

4.50%,

07/15/44

.................

199

204,971

4.63%,

06/15/45

.................

475

492,813

6.60%,

03/15/46

.................

11,678

4.40%,

04/15/46

.................

294

301,350

4.10%,

02/15/47

.................

26,460

4.20%,

03/15/48

.................

250

250,000

4.40%,

08/15/49

.................

30,375

Ovintiv

Exploration,

Inc.,

5.38%,

01/01/26

13,302

Parkland

Corp.,

5.88%,

07/15/27

(b)

......

50,640

PDC

Energy,

Inc.,

6.13%,

09/15/24

......

17,212

Phillips

66,

0.90%,

02/15/24

..........

145

143,924

Pioneer

Natural

Resources

Co.

0.55%,

05/15/23

.................

170

169,350

0.25%,

05/15/25

(e)

................

106

188,879

1.13%,

01/15/26

.................

265

257,316

4.45%,

01/15/26

.................

54,557

2021

BlackRock

Annual

Report

Shareholders

BlackRock

Managed

Income

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

Consumable

Fuels

(continued)

1.90%,

08/15/30

.................

USD

61,733

2.15%,

01/15/31

.................

115

110,955

Plains

All

American

Pipeline

3.65%,

06/01/22

.................

200

200,982

4.30%,

01/31/43

.................

120

120,299

Range

Resources

Corp.

4.88%,

05/15/25

.................

11,357

9.25%,

02/01/26

.................

22,634

Rockcliff

Energy

LLC,

5.50%,

10/15/29

(b)

121

124,630

Sabine

Pass

Liquefaction

LLC

5.75%,

05/15/24

.................

255

277,325

5.63%,

03/01/25

.................

210

233,147

4.20%,

03/15/28

.................

104,060

Energy

Co.

10.00%,

01/15/25

(b)

...............

220

242,141

5.63%,

06/01/25

.................

22,165

6.75%,

09/15/26

.................

39,045

6.50%,

07/15/28

.................

28,980

Southwestern

Energy

Co.

6.45%,

01/23/25

(j)

................

4,396

5.38%,

02/01/29

.................

173

182,948

4.75%,

02/01/32

.................

92,673

Spectra

Energy

Partners

3.50%,

03/15/25

.................

300

315,389

3.38%,

10/15/26

.................

145

153,725

Summit

Midstream

Holdings

LLC,

8.50%,

10/15/26

(b)

....................

53,138

Sunoco

6.00%,

04/15/27

.................

11,472

5.88%,

03/15/28

.................

23,265

Tap

Rock

Resources

LLC,

7.00%,

10/01/26

(b)

314

326,560

Targa

Resources

Partners

6.50%,

07/15/27

.................

48,240

6.88%,

01/15/29

.................

61,533

5.50%,

03/01/30

.................

207

226,148

4.88%,

02/01/31

.................

131

142,259

Tennessee

Gas

Pipeline

Co.

LLC,

7.00%,

10/15/28

.....................

11,483

TerraForm

Power

Operating

LLC,

4.75%,

01/15/30

(b)

....................

36,693

TotalEnergies

Capital

International

SA,

3.13%,

05/29/50

.....................

79,952

TransCanada

PipeLines

Ltd.

4.63%,

03/01/34

.................

17,610

7.63%,

01/15/39

.................

31,122

Transcontinental

Gas

Pipe

Line

Co.

LLC,

4.00%,

03/15/28

................

140

152,975

Valero

Energy

Corp.,

4.00%,

04/01/29

....

21,763

Venture

Global

Calcasieu

Pass

LLC

(b)

3.88%,

08/15/29

.................

297

308,138

4.13%,

08/15/31

.................

270

286,200

3.88%,

11/01/33

.................

626

657,663

Vine

Energy

Holdings

LLC,

6.75%,

04/15/29

(b)

240

260,400

Western

Midstream

Operating

4.75%,

08/15/28

.................

8,840

5.45%,

04/01/44

.................

296

353,720

5.30%,

03/01/48

.................

87,965

5.50%,

08/15/48

.................

27,474

6.50%,

02/01/50

(j)

................

396

468,272

Williams

Cos.,

Inc.

(The)

3.35%,

08/15/22

.................

260

262,436

3.70%,

01/15/23

.................

225

229,962

4.30%,

03/04/24

.................

125

131,903

4.55%,

06/24/24

.................

150

160,515

3.90%,

01/15/25

.................

100

106,266

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

Consumable

Fuels

(continued)

3.75%,

06/15/27

.................

USD

195

210,518

36,626,501

Paper

Forest

Products

—

0.0%

Georgia-Pacific

LLC

(b)

3.73%,

07/15/23

.................

25,886

1.75%,

09/30/25

.................

160

160,627

0.95%,

05/15/26

.................

175

169,713

Suzano

Austria

GmbH,

2.50%,

09/15/28

...

115

110,939

467,165

Personal

Products

—

0.0%

(b)

Coty,

Inc.,

4.75%,

01/15/29

...........

57,926

Prestige

Brands,

Inc.,

3.75%,

04/01/31

....

50,440

108,366

Pharmaceuticals

—

0.8%

Astrazeneca

Finance

LLC

0.70%,

05/28/24

.................

600

595,222

2.25%,

05/28/31

.................

45,315

Bausch

Health

Americas,

Inc.,

8.50%,

01/31/27

(b)

....................

38,850

Bausch

Health

Cos.,

Inc.

(b)

9.00%,

12/15/25

.................

109

114,797

4.88%,

06/01/28

.................

43,860

5.00%,

02/15/29

.................

170

150,025

6.25%,

02/15/29

.................

180

171,043

7.25%,

05/30/29

.................

245

242,550

Bayer

Finance

LLC

(b)

2.20%,

07/15/22

.................

30,091

4.25%,

12/15/25

.................

400

432,635

Bayer

Finance

LLC,

3.38%,

10/08/24

(b)

400

418,076

Bristol-Myers

Squibb

Co.

2.90%,

07/26/24

.................

63,832

3.40%,

07/26/29

.................

32,850

Catalent

Pharma

Solutions,

Inc.

(b)

5.00%,

07/15/27

.................

101

104,939

3.13%,

02/15/29

.................

62,143

3.50%,

04/01/30

.................

210

209,405

Elanco

Animal

Health,

Inc.,

5.90%,

08/28/28

(j)

9,280

Endo

DAC,

9.50%,

07/31/27

(b)

.........

238

242,265

Endo

Luxembourg

Finance

Co.

SARL,

6.13%,

04/01/29

(b)

....................

231

226,380

Jazz

Securities

DAC,

4.38%,

01/15/29

(b)

...

203

210,194

Johnson

3.55%,

03/01/36

.................

28,597

3.63%,

03/03/37

.................

100

114,800

Merck

Co.,

Inc.

3.40%,

03/07/29

.................

54,394

2.15%,

12/10/31

.................

220

220,614

2.75%,

12/10/51

.................

89,054

Organon

Co.

(b)

4.13%,

04/30/28

.................

404

410,565

5.13%,

04/30/31

.................

200

208,936

P&L

Development

LLC,

7.75%,

11/15/25

(b)

96,120

Par

Pharmaceutical,

Inc.,

7.50%,

04/01/27

(b)

529

540,601

Roche

Holdings,

Inc.,

2.61%,

12/13/51

(b)

...

270

265,141

Shire

Acquisitions

Investments

Ireland

DAC

2.88%,

09/23/23

.................

945

971,912

3.20%,

09/23/26

.................

300

318,200

Takeda

Pharmaceutical

Co.

Ltd.

4.40%,

11/26/23

.................

425

449,691

3.18%,

07/09/50

.................

200

201,600

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

6.00%,

04/15/24

.............

405

424,877

BlackRock

Managed

Income

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

(continued)

Wyeth

LLC,

5.95%,

04/01/37

..........

USD

98,582

7,937,436

Professional

Services

—

0.1%

AMN

Healthcare,

Inc.,

4.00%,

04/15/29

(b)

29,399

ASGN,

Inc.,

4.63%,

05/15/28

(b)

.........

18,635

CoreLogic,

Inc.,

4.50%,

05/01/28

(b)

......

221

220,160

Dun

Bradstreet

Corp.

(The)

(b)

6.88%,

08/15/26

.................

157

163,280

5.00%,

12/15/29

.................

138

141,178

Science

Applications

International

Corp.,

4.88%,

04/01/28

(b)

...............

23,575

Verisk

Analytics,

Inc.,

4.13%,

09/12/22

....

51,135

647,362

Real

Estate

Management

Development

—

0.1%

Cushman

Wakefield

Borrower

LLC,

6.75%,

05/15/28

(b)

...............

101,650

Five

Point

Operating

Co.

LP,

7.88%,

11/15/25

(b)

141

147,077

Forestar

Group,

Inc.,

3.85%,

05/15/26

(b)

...

36,090

Howard

Hughes

Corp.

(The)

(b)

5.38%,

08/01/28

.................

6,390

4.13%,

02/01/29

.................

117

118,562

4.38%,

02/01/31

.................

81,810

Kennedy-Wilson,

Inc.,

4.75%,

02/01/30

...

52,713

Realogy

Group

LLC

(b)

7.63%,

06/15/25

.................

9,540

5.75%,

01/15/29

.................

99,425

WeWork

Cos.

LLC,

5.00%,

07/10/25

(b)

....

127

110,251

Zillow

Group,

Inc.,

1.38%,

09/01/26

(e)

.....

33,745

797,253

Road

Rail

—

0.7%

Avis

Budget

Car

Rental

LLC,

5.38%,

03/01/29

(b)

39,028

Burlington

Northern

Santa

LLC

5.75%,

05/01/40

.................

6,940

5.15%,

09/01/43

.................

125

167,405

4.90%,

04/01/44

.................

117,577

3.55%,

02/15/50

.................

84,005

3.30%,

09/15/51

.................

81,421

2.88%,

06/15/52

.................

90,017

Canadian

Pacific

Railway

Co.

1.75%,

12/02/26

.................

45,162

2.05%,

03/05/30

.................

29,568

3.00%,

12/02/41

.................

110

112,483

3.10%,

12/02/51

.................

120

123,399

CSX

Corp.

3.25%,

06/01/27

.................

64,338

3.80%,

03/01/28

.................

82,418

4.30%,

03/01/48

.................

97,650

2.50%,

05/15/51

.................

69,292

Hertz

Corp.

(The)

(b)

4.63%,

12/01/26

.................

47,294

5.00%,

12/01/29

.................

75,064

NESCO

Holdings

II,

Inc.,

5.50%,

04/15/29

(b)

83,633

Norfolk

Southern

Corp.

2.90%,

06/15/26

.................

175

184,614

3.80%,

08/01/28

.................

160

176,597

2.55%,

11/01/29

.................

71,642

4.15%,

02/28/48

.................

35,742

3.05%,

05/15/50

.................

205

208,812

PECF

USS

Intermediate

Holding

III

Corp.,

8.00%,

11/15/29

(b)

...............

86,982

Penske

Truck

Leasing

Co.

(b)

2.70%,

03/14/23

.................

265

270,076

3.90%,

02/01/24

.................

345

362,425

4.00%,

07/15/25

.................

820

880,109

Security

Par

(000)

Par

(000)

Value

Road

Rail

(continued)

1.20%,

11/15/25

.................

USD

100

97,429

4.20%,

04/01/27

.................

100

110,164

Ryder

System,

Inc.

3.40%,

03/01/23

.................

100

102,593

3.88%,

12/01/23

.................

250

262,544

3.65%,

03/18/24

.................

125

131,464

SMBC

Aviation

Capital

Finance

DAC,

1.90%,

10/15/26

(b)

....................

200

198,069

Uber

Technologies,

Inc.

7.50%,

05/15/25

(b)

................

95,630

0.00%,

12/15/25

(e)(f)

...............

596

584,974

8.00%,

11/01/26

(b)

................

27,690

7.50%,

09/15/27

(b)

................

250

272,074

6.25%,

01/15/28

(b)

................

140

150,290

4.50%,

08/15/29

(b)

................

245

249,493

Union

Pacific

Corp.

3.25%,

08/15/25

.................

100

106,126

3.55%,

08/15/39

.................

115

127,441

4.30%,

03/01/49

.................

12,420

3.80%,

10/01/51

.................

93,070

3.95%,

08/15/59

.................

29,565

3.84%,

03/20/60

.................

118

138,927

3.84%,

03/20/60

(b)

................

100

117,735

6,601,391

Semiconductors

Semiconductor

Equipment

—

0.8%

Analog

Devices,

Inc.

2.80%,

10/01/41

.................

70,800

2.95%,

10/01/51

.................

71,885

Applied

Materials,

Inc.,

3.30%,

04/01/27

...

280

302,323

Broadcom

Corp.,

3.88%,

01/15/27

......

375

406,609

Broadcom,

Inc.

4.70%,

04/15/25

.................

580

634,133

3.15%,

11/15/25

.................

230

240,798

4.75%,

04/15/29

.................

450

512,235

4.15%,

11/15/30

.................

245

271,719

3.42%,

04/15/33

(b)

................

630

660,430

Entegris,

Inc.

(b)

4.38%,

04/15/28

.................

56,512

3.63%,

05/01/29

.................

37,093

Intel

Corp.

2.45%,

11/15/29

.................

86,894

2.80%,

08/12/41

.................

34,914

4.75%,

03/25/50

.................

13,317

3.05%,

08/12/51

.................

155

158,548

3.10%,

02/15/60

.................

19,985

3.20%,

08/12/61

.................

56,323

KLA

Corp.

4.65%,

11/01/24

.................

144

156,116

4.10%,

03/15/29

.................

185

208,825

3.30%,

03/01/50

.................

268

286,348

Lam

Research

Corp.

3.80%,

03/15/25

.................

270

290,351

3.75%,

03/15/26

.................

110

119,741

1.90%,

06/15/30

.................

14,751

2.88%,

06/15/50

.................

49,820

Microchip

Technology,

Inc.

(e)

0.13%,

11/15/24

.................

120,037

1.63%,

02/15/25

.................

58,115

1.63%,

02/15/27

.................

91,575

NVIDIA

Corp.,

3.50%,

04/01/40

........

152

170,819

NXP

(b)

4.88%,

03/01/24

.................

335

360,188

2.70%,

05/01/25

.................

235

242,608

5.35%,

03/01/26

.................

100

112,737

3.15%,

05/01/27

.................

100

105,118

2021

BlackRock

Annual

Report

Shareholders

BlackRock

Managed

Income

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Semiconductors

Semiconductor

Equipment

(continued)

5.55%,

12/01/28

.................

USD

120

143,798

4.30%,

06/18/29

.................

85,063

2.50%,

05/11/31

.................

760

759,985

2.65%,

02/15/32

.................

170

170,244

3.25%,

05/11/41

.................

92,042

Semiconductor

Corp.,

3.88%,

09/01/28

(b)

71,750

QUALCOMM,

Inc.

4.80%,

05/20/45

.................

66,246

4.30%,

05/20/47

.................

129

161,532

Synaptics,

Inc.,

4.00%,

06/15/29

(b)

.......

66,990

Texas

Instruments,

Inc.

1.13%,

09/15/26

.................

24,758

2.70%,

09/15/51

.................

80,002

TSMC

Arizona

Corp.,

3.25%,

10/25/51

....

200

210,460

7,954,537

Software

—

1.0%

ACI

Worldwide,

Inc.,

5.75%,

08/15/26

(b)

...

128

133,440

Autodesk,

Inc.

3.60%,

12/15/22

.................

51,009

3.50%,

06/15/27

.................

80,591

2.40%,

12/15/31

.................

365

363,935

Boxer

Parent

Co.,

Inc.

(b)

7.13%,

10/02/25

.................

105

110,119

9.13%,

03/01/26

.................

268

279,390

Camelot

Finance

SA,

4.50%,

11/01/26

(b)

...

158

163,530

Castle

Holding

Corp.,

9.50%,

02/15/28

(b)

56,295

Change

Healthcare

Holdings

LLC,

5.75%,

03/01/25

(b)

....................

535

539,590

Clarivate

Science

Holdings

Corp.

(b)

3.88%,

07/01/28

.................

148

148,740

4.88%,

07/01/29

.................

221

224,121

Consensus

Cloud

Solutions,

Inc.

(b)

6.00%,

10/15/26

.................

28,083

6.50%,

10/15/28

.................

25,080

Crowdstrike

Holdings,

Inc.,

3.00%,

02/15/29

107

105,662

Elastic

NV,

4.13%,

07/15/29

(b)

.........

142

140,492

Fair

Isaac

Corp.,

4.00%,

06/15/28

(b)

......

79,151

Microsoft

Corp.

3.45%,

08/08/36

.................

129

148,485

4.25%,

02/06/47

.................

64,524

2.53%,

06/01/50

.................

151

147,254

2.92%,

03/17/52

.................

561

595,624

MicroStrategy,

Inc.,

6.13%,

06/15/28

(b)

....

121

121,302

NCR

Corp.

(b)

5.00%,

10/01/28

.................

36,050

5.13%,

04/15/29

.................

73,499

6.13%,

09/01/29

.................

173

184,875

Open

Text

Corp.,

3.88%,

12/01/29

(b)

.....

59,737

Open

Text

Holdings,

Inc.,

4.13%,

02/15/30

(b)

79,310

Oracle

Corp.

2.50%,

04/01/25

.................

230

235,389

1.65%,

03/25/26

.................

755

749,162

2.65%,

07/15/26

.................

66,800

2.95%,

04/01/30

.................

250

252,842

3.90%,

05/15/35

.................

26,776

3.85%,

07/15/36

.................

5,282

3.60%,

04/01/40

.................

300

300,856

3.65%,

03/25/41

.................

136

137,514

4.13%,

05/15/45

.................

100

105,494

4.00%,

07/15/46

.................

164

170,219

4.00%,

11/15/47

.................

285

295,900

3.60%,

04/01/50

.................

705

690,293

3.95%,

03/25/51

.................

166

172,326

3.85%,

04/01/60

.................

78,996

PTC,

Inc.,

4.00%,

02/15/28

(b)

..........

96,662

Security

Par

(000)

Par

(000)

Value

Software

(continued)

Rocket

Software,

Inc.,

6.50%,

02/15/29

(b)

USD

51,707

salesforce.com,

Inc.

0.63%,

07/15/24

.................

115

113,929

2.70%,

07/15/41

.................

94,879

2.90%,

07/15/51

.................

105

106,859

3.05%,

07/15/61

.................

82,278

SS&C

Technologies,

Inc.,

5.50%,

09/30/27

(b)

492

514,140

Veritas

US,

Inc.,

7.50%,

09/01/25

(b)

......

563

582,705

VMware,

Inc.

1.40%,

08/15/26

.................

180

176,901

2.20%,

08/15/31

.................

590

579,495

ZoomInfo

Technologies

LLC,

3.88%,

02/01/29

(b)

175

173,495

9,900,787

Specialty

Retail

—

0.5%

Arko

Corp.,

5.13%,

11/15/29

(b)

.........

66,671

Asbury

Automotive

Group,

Inc.

4.50%,

03/01/28

.................

23,460

4.75%,

03/01/30

.................

31,504

5.00%,

02/15/32

(b)

................

62,262

Carvana

Co.

(b)

5.50%,

04/15/27

.................

132

130,680

4.88%,

09/01/29

.................

80,010

Global

Finance

plc,

6.75%,

02/07/25

(b)

400

405,000

Group

Automotive,

Inc.,

4.00%,

08/15/28

(b)

27,895

GYP

Holdings

III

Corp.,

4.63%,

05/01/29

(b)

90,225

Home

Depot,

Inc.

(The)

0.90%,

03/15/28

.................

150

143,119

2.70%,

04/15/30

.................

100

104,924

4.25%,

04/01/46

.................

49,782

3.90%,

06/15/47

.................

87,620

4.50%,

12/06/48

.................

120

155,148

3.35%,

04/15/50

.................

190

207,207

Ken

Garff

Automotive

LLC,

4.88%,

09/15/28

(b)

39,049

Brands,

Inc.,

6.88%,

11/01/35

........

101,885

LBM

Acquisition

LLC,

6.25%,

01/15/29

(b)

...

198

195,772

LCM

Investments

Holdings

LLC,

4.88%,

05/01/29

(b)

....................

111

114,072

Lithia

Motors,

Inc.,

3.88%,

06/01/29

(b)

.....

51,045

Lowe's

Cos.,

Inc.

3.70%,

04/15/46

.................

237

259,783

4.55%,

04/05/49

.................

87,734

5.13%,

04/15/50

.................

33,828

3.00%,

10/15/50

.................

235

231,757

Murphy

Oil

USA,

Inc.,

4.75%,

09/15/29

....

35,785

National

Vision

Holdings,

Inc.,

2.50%,

05/15/25

(e)

....................

153,813

Penske

Automotive

Group,

Inc.

3.50%,

09/01/25

.................

14,315

3.75%,

06/15/29

.................

25,773

PetSmart,

Inc.,

7.75%,

02/15/29

(b)

.......

503

546,384

Sonic

Automotive,

Inc.,

4.63%,

11/15/29

(b)

23,219

Specialty

Building

Products

Holdings

LLC,

6.38%,

09/30/26

(b)

...............

78,605

SRS

Distribution,

Inc.

(b)

4.63%,

07/01/28

.................

199

199,746

6.13%,

07/01/29

.................

166

169,174

6.00%,

12/01/29

.................

131

131,655

Staples,

Inc.

(b)

7.50%,

04/15/26

.................

409

420,247

10.75%,

04/15/27

................

63,148

White

Cap

Buyer

LLC,

6.88%,

10/15/28

(b)

305

317,963

White

Cap

Parent

LLC,

8.25%,

(8.25%

Cash

9.00%

PIK),

03/15/26

(b)(i)

...........

74,642

5,034,901

BlackRock

Managed

Income

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Technology

Hardware,

Storage

Peripherals

—

0.2%

Apple,

Inc.

1.20%,

02/08/28

.................

USD

130

126,279

2.20%,

09/11/29

.................

61,412

4.50%,

02/23/36

.................

94,096

4.38%,

05/13/45

.................

25,220

4.65%,

02/23/46

.................

325

426,298

3.85%,

08/04/46

.................

230

272,542

3.75%,

09/12/47

.................

130

151,987

2.65%,

05/11/50

.................

120

117,976

2.65%,

02/08/51

.................

135

132,733

2.70%,

08/05/51

.................

110

108,814

Dell

International

LLC

6.02%,

06/15/26

.................

167

193,027

8.35%,

07/15/46

.................

63,176

HP,

Inc.,

1.45%,

06/17/26

(b)

...........

555

544,010

2,317,570

Textiles,

Apparel

Luxury

Goods

—

0.0%

(b)

Crocs,

Inc.

4.25%,

03/15/29

.................

53,325

4.13%,

08/15/31

.................

73,313

Kontoor

Brands,

Inc.,

4.13%,

11/15/29

....

37,000

Levi

Strauss

Co.,

3.50%,

03/01/31

.....

38,746

William

Carter

Co.

(The),

5.50%,

05/15/25

9,337

Wolverine

World

Wide,

Inc.,

4.00%,

08/15/29

36,946

248,667

Thrifts

Mortgage

Finance

—

0.2%

BPCE

(b)

2.38%,

01/14/25

.................

500

508,684

(SOFR

1.09%),

2.05%,

10/19/27

(a)

...

375

371,778

Enact

Holdings,

Inc.,

6.50%,

08/15/25

(b)

...

353

385,652

Home

Point

Capital,

Inc.,

5.00%,

02/01/26

(b)

65,852

Ladder

Capital

Finance

Holdings

LLLP

(b)

4.25%,

02/01/27

.................

67,438

4.75%,

06/15/29

.................

53,300

MGIC

Investment

Corp.,

5.25%,

08/15/28

54,600

Nationstar

Mortgage

Holdings,

Inc.

(b)

6.00%,

01/15/27

.................

52,085

5.13%,

12/15/30

.................

30,612

5.75%,

11/15/31

.................

36,815

Rocket

Mortgage

LLC,

2.88%,

10/15/26

(b)

70,468

1,697,284

Tobacco

—

0.4%

Altria

Group,

Inc.

2.35%,

05/06/25

.................

340

347,981

4.80%,

02/14/29

.................

130

146,632

2.45%,

02/04/32

.................

71,206

5.38%,

01/31/44

.................

130

150,051

5.95%,

02/14/49

.................

455

567,809

4.00%,

02/04/61

.................

28,668

BAT

Capital

Corp.

3.22%,

08/15/24

.................

40,534

2.79%,

09/06/24

.................

510

525,425

3.56%,

08/15/27

.................

257

269,542

2.26%,

03/25/28

.................

300

292,330

2.73%,

03/25/31

.................

100

97,042

4.39%,

08/15/37

.................

79,024

3.73%,

09/25/40

.................

195

187,305

4.76%,

09/06/49

.................

96,638

Philip

Morris

International,

Inc.,

1.50%,

05/01/25

.....................

250

250,233

Reynolds

American,

Inc.

4.45%,

06/12/25

.................

250

269,999

Security

Par

(000)

Par

(000)

Value

Tobacco

(continued)

7.00%,

08/04/41

.................

USD

129,157

3,549,576

Trading

Companies

Distributors

—

0.4%

Air

Lease

Corp.

3.88%,

07/03/23

.................

300

310,703

4.25%,

02/01/24

.................

350

368,746

2.30%,

02/01/25

.................

100

101,374

3.38%,

07/01/25

.................

195

203,467

2.88%,

01/15/26

.................

490

505,406

1.88%,

08/17/26

.................

830

816,261

Aviation

Capital

Group

LLC

(b)

3.88%,

05/01/23

.................

110

113,231

1.95%,

09/20/26

.................

445

432,221

Beacon

Roofing

Supply,

Inc.,

4.13%,

05/15/29

(b)

37,980

Fortress

Transportation

Infrastructure

Investors

LLC

(b)

6.50%,

10/01/25

.................

24,810

9.75%,

08/01/27

.................

15,680

5.50%,

05/01/28

.................

107

109,044

Foundation

Building

Materials,

Inc.,

6.00%,

03/01/29

(b)

....................

64,845

H&E

Equipment

Services,

Inc.,

3.88%,

12/15/28

(b)

....................

15,880

Herc

Holdings,

Inc.,

5.50%,

07/15/27

(b)

....

94,640

Imola

Merger

Corp.,

4.75%,

05/15/29

(b)

....

202

207,262

WESCO

Distribution,

Inc.

(b)

7.13%,

06/15/25

.................

160

169,600

7.25%,

06/15/28

.................

248

271,870

3,863,020

Wireless

Telecommunication

Services

—

0.7%

America

Movil

SAB

CV,

4.38%,

04/22/49

400

486,075

Connect

Finco

SARL,

6.75%,

10/01/26

(b)

...

1,050

1,103,812

Ligado

Networks

LLC,

15.50%,

(15.50%

Cash

15.50%

PIK),

11/01/23

(a)(b)(i)

........

122

95,847

Rogers

Communications,

Inc.

4.30%,

02/15/48

.................

29,710

4.35%,

05/01/49

.................

67,212

3.70%,

11/15/49

.................

64,026

Sprint

Corp.

7.88%,

09/15/23

.................

25,329

7.13%,

06/15/24

.................

29,189

7.63%,

03/01/26

.................

69,635

T-Mobile

USA,

Inc.

1.50%,

02/15/26

.................

766

756,658

2.25%,

02/15/26

.................

265

265,663

2.25%,

02/15/26

(b)

................

320

320,800

4.75%,

02/01/28

.................

12,630

2.63%,

02/15/29

.................

89,635

3.88%,

04/15/30

.................

21,875

2.88%,

02/15/31

.................

124

122,462

3.50%,

04/15/31

(b)

................

137

142,532

3.50%,

04/15/31

.................

185

192,470

4.38%,

04/15/40

.................

215

245,785

3.00%,

02/15/41

.................

39,052

4.50%,

04/15/50

.................

120

140,448

3.30%,

02/15/51

.................

155

151,380

3.40%,

10/15/52

(b)

................

260

258,801

Vmed

Financing

plc,

4.75%,

07/15/31

(b)

400

405,000

Vodafone

Group

plc

6.15%,

02/27/37

.................

125

169,451

5.25%,

05/30/48

.................

166

216,214

4.88%,

06/19/49

.................

31,527

(USD

Swap

Semi

Year

4.87%),

7.00%,

04/04/79

(a)

...................

515

622,881

2021

BlackRock

Annual

Report

Shareholders

BlackRock

Managed

Income

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Wireless

Telecommunication

Services

(continued)

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.45%),

3.25%,

06/04/81

(a)

..............

USD

265

259,827

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.07%),

5.12%,

06/04/81

(a)

..............

67,485

6,503,411

Total

Corporate

Bonds

—

39.1%

(Cost:

$378,592,788)

.............................

383,950,211

Equity-Linked

Notes

—

6.2%

Air

Freight

Logistics

—

0.0%

Barclays

Bank

plc

(United

Parcel

Service,

Inc.),

11.70%, 02/03/22

................

222,018

BNP

Paribas

(FedEx

Corp.),

14.85%, 02/07/22

................

—

(k)

121,854

343,872

Airlines

—

0.1%

Credit

Suisse

(Delta

Air

Lines,

Inc.),

17.75%, 01/14/22

................

578,590

Automobiles

—

0.1%

BNP

Paribas

(General

Motors

Co.),

19.52%, 02/02/22

................

148,209

Societe

Generale

(Ford

Motor

Co.),

19.03%, 02/02/22

................

624,729

772,938

Banks

—

0.4%

Barclays

Bank

plc

(First

Republic

Bank),

15.30%, 01/14/22

................

126,409

BNP

Paribas

(Bank

America

Corp.),

12.65%, 01/18/22

(b)

...............

586,319

BNP

Paribas

(Citizens

Financial

Group,

Inc.),

14.56%, 01/20/22

.............

111,615

BNP

Paribas

(JPMorgan

Chase

Co.),

10.94%, 01/18/22

(b)

...............

591,062

Credit

Suisse

(Citizens

Financial

Group,

Inc.),

12.90%, 01/20/22

.............

198,750

Goldman

Sachs

International

(JPMorgan

Chase

Co.),

11.00%, 01/13/22

......

707,402

Royal

Bank

Canada

(JPMorgan

Chase

Co.),

11.67%, 01/18/22

(b)

............

425,808

Royal

Bank

Canada

(Truist

Financial

Corp.),

13.59%, 01/19/22

(b)

...............

129,155

Societe

Generale

(Bank

America

Corp.),

7.65%, 01/20/22

.................

305,523

Societe

Generale

(Citigroup,

Inc.),

7.54%, 01/18/22

.................

252,516

Toronto-Dominion

Bank

(The)

(Fifth

Third

Bancorp),

16.63%, 01/21/22

.........

89,356

3,523,915

Beverages

—

0.0%

JPMorgan

Structured

Products

(Coca-Cola

Co.

(The)),

5.81%, 02/11/22

(b)(h)

.......

308,813

Biotechnology

—

0.1%

(b)

JPMorgan

Structured

Products

(AbbVie,

Inc.),

15.19%, 02/03/22

(h)

...........

279,471

Royal

Bank

Canada

(AbbVie,

Inc.),

19.82%, 02/03/22

................

223,945

503,416

Security

Par

(000)

Par

(000)

Value

Building

Products

—

0.1%

Credit

Suisse

(Owens

Corning),

16.50%, 02/17/22

................

USD

131,962

Societe

Generale

(Johnson

Controls

International

plc),

10.94%, 01/25/22

....

521,616

653,578

Capital

Markets

—

0.2%

BNP

Paribas

(S&P

Global,

Inc.),

10.33%, 02/08/22

(b)

...............

620,474

Credit

Suisse

(Bank

New

York

MellonCorp.

(The)),

11.55%, 01/19/22

...

89,515

Goldman

Sachs

International

(Nasdaq,

Inc.),

11.95%, 01/27/22

................

—

(k)

90,457

JPMorgan

Structured

Products

(Goldman

Sachs

Group,

Inc.

(The)),

13.30%, 01/19/22

(b)(h)

..............

307,014

Royal

Bank

Canada

(Goldman

Sachs

Group,

Inc.

(The)),

14.45%, 01/19/22

(b)

.......

253,583

Royal

Bank

Canada

(Morgan

Stanley),

9.27%, 01/20/22

(b)

................

505,163

Societe

Generale

(S&P

Global,

Inc.),

9.07%, 02/09/22

.................

—

(k)

172,293

Toronto-Dominion

Bank

(The)

(State

Street

Corp.),

16.45%, 01/19/22

...........

89,536

2,128,035

Chemicals

—

0.2%

BNP

Paribas

(LyondellBasell

Industries

NV),

17.53%, 01/27/22

................

160,587

JPMorgan

Structured

Products

(DuPont

Nemours,

Inc.),

11.32%, 01/07/22

(b)(h)

...

353,346

Royal

Bank

Canada

(LyondellBasell

Industries

NV),

12.05%, 01/27/22

(b)

.....

134,064

Societe

Generale

(Dow,

Inc.),

13.68%, 01/28/22

................

179,719

Societe

Generale

(Ecolab,

Inc.),

7.63%, 02/16/22

.................

220,426

Societe

Generale

(Mosaic

Co.

(The)),

13.41%, 01/13/22

................

489,570

Societe

Generale

(Sherwin-Williams

Co.

(The)),

8.32%, 01/28/22

............

220,290

1,758,002

Construction

Engineering

—

0.0%

JPMorgan

Structured

Products

(Vinci

SA),

10.13%, 03/18/22

(b)(h)

..............

—

(k)

91,907

Construction

Materials

—

0.1%

(b)

JPMorgan

Structured

Products

(Martin

Marietta

Materials,

Inc.),

11.93%, 01/07/22

(h)

239,436

Royal

Bank

Canada

(Martin

Marietta

Materials,

Inc.),

11.39%, 02/07/22

......

275,947

515,383

Consumer

Finance

—

0.1%

Credit

Suisse

(Synchrony

Financial),

16.95%, 01/28/22

................

132,180

Royal

Bank

Canada

(Capital

One

Financial

Corp.),

11.08%, 01/27/22

(b)

..........

172,452

Societe

Generale

(Ally

Financial,

Inc.),

15.79%, 01/20/22

................

340,726

Societe

Generale

(Discover

Financial

Services),

12.72%, 01/20/22

.........

89,122

734,480

Diversified

Consumer

Services

—

0.6%

Barclays

Bank

plc

(Russell

2000

Index)

8.40%,

01/17/22

.................

—

(k)

1,077,935

8.06%,

03/11/22

.................

1,438,228

BlackRock

Managed

Income

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Diversified

Consumer

Services

(continued)

BNP

Paribas

(Berkshire

Hathaway),

5.72%, 02/28/22

(b)

................

USD

872,822

Credit

Suisse

(Russell

2000

Index),

8.05%, 02/22/22

.................

1,139,022

Goldman

Sachs

International

(Russell

2000

Index)

9.05%,

01/06/22

.................

—

(k)

1,029,846

8.77%,

02/03/22

.................

—

(k)

739,884

6,297,737

Diversified

Telecommunication

Services

—

0.1%

Citigroup

Global

Markets

Holdings,

Inc.

(Verizon

Communications,

Inc.),

6.88%, 01/25/22

(b)

................

813,749

Toronto-Dominion

Bank

(The)

(AT&T,

Inc.),

15.06%, 02/17/22

................

114,044

927,793

Electric

Utilities

—

0.0%

Royal

Bank

Canada

(NextEra

Energy,

Inc.),

8.78%, 01/27/22

(b)

................

180,345

Electronic

Equipment,

Instruments

Components

—

0.0%

BNP

Paribas

(Zebra

Technologies

Corp.),

14.70%, 02/11/22

................

—

(k)

75,885

Goldman

Sachs

International

(Flex

Ltd.),

17.14%, 02/02/22

................

86,309

Royal

Bank

Canada

(Zebra

Technologies

Corp.),

12.44%, 01/07/22

(b)

..........

—

(k)

231,450

393,644

Energy

Equipment

Services

—

0.0%

Royal

Bank

Canada

(Halliburton

Co.),

15.17%, 01/24/22

(b)

...............

88,350

Entertainment

—

0.1%

Royal

Bank

Canada

(Netflix,

Inc.),

9.98%, 01/19/22

(b)

................

—

(k)

178,247

Societe

Generale

(Netflix,

Inc.),

14.40%, 01/19/22

................

557,785

736,032

Equity

Real

Estate

Investment

Trusts

(REITs)

—

0.1%

BNP

Paribas

(Invitation

Homes,

Inc.),

13.60%, 02/16/22

................

136,820

Goldman

Sachs

International

(VICI

Properties,

Inc.),

11.96%, 02/02/22

.............

283,807

JPMorgan

Structured

Products

(Crown

Castle

International

Corp.),

14.64%, 01/27/22

(b)(h)

..............

—

(k)

91,944

Merrill

Lynch

International

Co.

(Prologis,

Inc.),

10.77%, 01/26/22

................

226,432

739,003

Food

Staples

Retailing

—

0.1%

Bank

Montreal

(Kroger

Co.

(The)),

16.86%, 03/04/22

................

89,755

Royal

Bank

Canada

(Walmart,

Inc.),

8.94%, 01/18/22

(b)

................

550,106

Societe

Generale

(Walgreens

Boots

Alliance,

Inc.),

14.41%, 01/07/22

......

92,444

732,305

Food

Products

—

0.0%

BNP

Paribas

(Mondelez

International,

Inc.),

7.57%, 01/28/22

.................

160,869

JPMorgan

Structured

Products

(Kraft

Heinz

Co.

(The)),

10.51%, 02/11/22

(b)(h)

......

175,654

Security

Par

(000)

Par

(000)

Value

Food

Products

(continued)

Royal

Bank

Canada

(Archer-Daniels-Midland

Co.),

8.40%, 01/26/22

(b)

............

USD

132,801

469,324

Health

Care

Equipment

Supplies

—

0.1%

Credit

Suisse

(Boston

Scientific

Corp.),

13.40%, 02/03/22

................

135,727

Merrill

Lynch

International

Co.

(Abbott

Laboratories),

13.61%, 01/27/22

......

363,323

Societe

Generale

(Align

Technology,

Inc.),

13.67%, 02/02/22

................

545,255

1,044,305

Health

Care

Providers

Services

—

0.1%

BNP

Paribas

(Laboratory

Corp.

America

Holdings),

17.89%, 02/11/22

.........

—

(k)

133,844

BNP

Paribas

(McKesson

Corp.),

15.18%, 02/01/22

................

—

(k)

81,482

Royal

Bank

Canada

(Anthem,

Inc.),

13.82%, 02/17/22

(b)

...............

—

(k)

118,916

Societe

Generale

(UnitedHealth

Group,

Inc.),

9.47%, 01/20/22

.............

916,842

1,251,084

Hotels,

Restaurants

Leisure

—

0.2%

BNP

Paribas

(Wendy's

Co.

(The)),

16.54%, 03/03/22

................

81,142

BNP

Paribas

(Yum!

Brands,

Inc.),

8.11%, 02/07/22

.................

90,796

Goldman

Sachs

International

(Aramark),

16.14%, 01/18/22

................

139,413

Goldman

Sachs

International

(Starbucks

Corp.),

10.14%, 01/26/22

...........

796,153

JPMorgan

Structured

Products

(McDonald's

Corp.),

6.60%, 01/28/22

(b)(h)

..........

308,650

Societe

Generale

(Domino's

Pizza,

Inc.),

14.18%, 02/24/22

................

—

(k)

136,324

1,552,478

Household

Durables

—

0.1%

BNP

Paribas

(Tempur

Sealy

International,

Inc.),

20.31%, 02/10/22

.............

137,268

Royal

Bank

Canada

(Netwealth

Group

Ltd.),

12.24%, 02/14/22

(b)

...............

86,986

Societe

Generale

(DR

Horton,

Inc.),

14.96%, 01/13/22

................

470,717

694,971

Household

Products

—

0.0%

Royal

Bank

Canada

(Kimberly-Clark

Corp.),

4.29%, 01/27/22

(b)

................

88,422

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

JPMorgan

Structured

Products

(AES

Corp.

(The)),

8.51%, 01/10/22

(b)(h)

..........

274,112

Industrial

Conglomerates

—

0.0%

(b)

Royal

Bank

Canada

(3M

Co.),

5.71%, 01/26/22

.................

131,056

Royal

Bank

Canada

(General

Electric

Co.),

10.43%, 01/26/22

................

176,939

307,995

Insurance

—

0.0%

BNP

Paribas

(MetLife,

Inc.),

12.84%, 02/03/22

................

157,634

Interactive

Media

Services

—

0.4%

Royal

Bank

Canada

(Alphabet,

Inc.)

7.96%,

01/25/22

(b)

................

—

(k)

613,549

12.64%,

02/03/22

(b)

...............

—

(k)

964,756

2021

BlackRock

Annual

Report

Shareholders

BlackRock

Managed

Income

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Interactive

Media

Services

(continued)

Royal

Bank

Canada

(Meta

Platforms,

Inc.),

11.10%, 01/25/22

(b)

...............

USD

626,093

Societe

Generale

(Alphabet,

Inc.),

12.70%, 02/02/22

................

—

(k)

1,127,077

Societe

Generale

(Meta

Platforms,

Inc.),

13.02%, 01/27/22

................

868,600

4,200,075

Internet

Direct

Marketing

Retail

—

0.2%

BNP

Paribas

(Amazon.com,

Inc.),

9.29%, 01/14/22

.................

—

(k)

755,166

Societe

Generale

(Amazon.com,

Inc.),

15.70%, 02/02/22

................

—

(k)

1,306,759

2,061,925

Services

—

0.2%

BNP

Paribas

(Global

Payments,

Inc.),

16.64%, 02/07/22

................

200,925

Credit

Suisse

(Visa,

Inc.),

9.45%, 01/25/22

623,563

JPMorgan

Structured

Products

(Mastercard,

Inc.),

11.75%, 01/28/22

(b)(h)

..........

367,562

Royal

Bank

Canada

(Block,

Inc.),

19.97%, 02/24/22

(b)

...............

—

(k)

57,114

Royal

Bank

Canada

(Fidelity

National

Information

Services,

Inc.),

12.29%, 02/17/22

(b)

...............

72,751

Royal

Bank

Canada

(Fiserv,

Inc.),

11.33%, 02/17/22

(b)

...............

78,530

Toronto-Dominion

Bank

(The)

(PayPal

Holdings,

Inc.),

16.07%, 02/17/22

......

279,802

1,680,247

Life

Sciences

Tools

Services

—

0.2%

JPMorgan

Structured

Products

(Danaher

Corp.),

12.21%, 01/28/22

(b)(h)

.........

448,648

JPMorgan

Structured

Products

(Thermo

Fisher

Scientific,

Inc.),

8.31%, 01/31/22

(b)(h)

789,922

Societe

Generale

(Charles

River

Laboratories

International,

Inc.),

13.67%, 01/13/22

................

305,054

1,543,624

Machinery

—

0.1%

BNP

Paribas

(Caterpillar,

Inc.),

16.28%, 02/02/22

................

366,713

Credit

Suisse

(Deere

Co.),

16.40%, 02/18/22

................

266,157

Royal

Bank

Canada

(Cummins,

Inc.),

11.92%, 01/07/22

(b)

...............

382,164

Royal

Bank

Canada

(Otis

Worldwide

Corp.),

8.13%, 02/01/22

(b)

................

219,952

1,234,986

Media

—

0.1%

BNP

Paribas

(Charter

Communications,

Inc.),

10.27%, 01/14/22

.............

446,185

Societe

Generale

(Comcast

Corp.),

12.54%, 01/28/22

................

514,820

UBS

(Omnicom

Group,

Inc.),

14.10%, 02/18/22

................

178,244

1,139,249

Metals

Mining

—

0.0%

Societe

Generale

(Freeport-McMoRan,

Inc.),

16.01%, 01/26/22

.............

187,203

Multiline

Retail

—

0.0%

Royal

Bank

Canada

(Kohl's

Corp.),

12.36%, 01/18/22

(b)

...............

343,939

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

Consumable

Fuels

—

0.2%

BNP

Paribas

(ConocoPhillips),

14.64%, 02/01/22

(b)

...............

USD

458,835

BNP

Paribas

(Exxon

Mobil

Corp.),

11.71%, 02/01/22

(b)

...............

439,614

BNP

Paribas

(Williams

Cos.,

Inc.

(The)),

15.22%, 02/24/22

(b)

...............

74,750

Goldman

Sachs

International

(Chevron

Corp.),

7.12%, 01/24/22

.................

442,057

Royal

Bank

Canada

(Chevron

Corp.),

11.31%, 01/21/22

(b)

...............

403,307

1,818,563

Personal

Products

—

0.1%

Royal

Bank

Canada

(Estee

Lauder

Cos.,

Inc.

(The)),

11.13%, 01/07/22

(b)

..........

678,348

Pharmaceuticals

—

0.1%

JPMorgan

Structured

Products

(Merck

KGaA),

17.62%, 02/03/22

(b)(h)

.........

230,402

Merrill

Lynch

International

Co.

(Bristol-Myers

Squibb

Co.),

10.35%, 02/17/22

.......

119,466

Merrill

Lynch

International

Co.

(Pfizer,

Inc.),

23.43%, 02/03/22

................

235,765

Societe

Generale

(Eli

Lilly

Co.),

11.50%, 01/28/22

................

216,029

801,662

Road

Rail

—

0.2%

Barclays

Bank

plc

(Ryder

System,

Inc.),

14.89%, 01/10/22

................

101,824

Goldman

Sachs

International

(Union

Pacific

Corp.),

13.71%, 01/26/22

...........

789,632

JPMorgan

Structured

Products

(Uber

Technologies,

Inc.),

14.18%, 01/25/22

(b)(h)

538,546

Royal

Bank

Canada

(XPO

Logistics,

Inc.),

11.91%, 02/07/22

(b)

...............

212,453

1,642,455

Semiconductors

Semiconductor

Equipment

—

0.5%

Credit

Suisse

(Applied

Materials,

Inc.),

14.65%, 02/11/22

................

812,110

Goldman

Sachs

International

(QUALCOMM,

Inc.),

15.31%, 01/26/22

.............

791,377

Merrill

Lynch

International

Co.

(Advanced

Micro

Devices,

Inc.),

14.52%, 01/25/22

674,153

Nomura

Holdings,

Inc.

(KLA

Corp.),

15.91%, 02/02/22

................

560,977

Royal

Bank

Canada

(NVIDIA

Corp.),

12.33%, 01/18/22

(b)

...............

726,459

Societe

Generale

(Lam

Research

Corp.),

12.65%, 01/25/22

................

845,223

4,410,299

Software

—

0.4%

Credit

Suisse

(Microsoft

Corp.),

13.30%, 01/26/22

................

2,249,544

Credit

Suisse

(ServiceNow,

Inc.),

15.30%, 01/26/22

................

787,886

Royal

Bank

Canada

(Microsoft

Corp.)

7.65%,

01/25/22

(b)

................

779,704

10.25%,

02/17/22

(b)

...............

386,888

4,204,022

Specialty

Retail

—

0.2%

Bank

Montreal

(AutoZone,

Inc.),

10.99%, 03/02/22

................

—

(k)

179,331

Bank

Montreal

(Signet

Jewelers

Ltd.),

29.73%, 03/18/22

................

131,155

BlackRock

Managed

Income

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

(continued)

Bank

Montreal

(Ulta

Beauty,

Inc.),

18.43%, 03/09/22

................

USD

—

(k)

177,420

BNP

Paribas

(O'Reilly

Automotive,

Inc.),

13.50%, 02/10/22

................

—

(k)

135,416

Royal

Bank

Canada

(Advance

Auto

Parts,

Inc.),

10.88%, 01/18/22

(b)

...........

360,609

Royal

Bank

Canada

(Home

Depot,

Inc.

(The)),

10.94%, 01/18/22

(b)

..........

792,470

Royal

Bank

Canada

(TJX

Cos.,

Inc.

(The)),

8.71%, 01/18/22

(b)

................

560,782

2,337,183

Technology

Hardware,

Storage

Peripherals

—

0.3%

BNP

Paribas

(Apple,

Inc.),

10.10%, 01/04/22

................

812,020

Credit

Suisse

(Apple,

Inc.),

10.25%, 01/26/22

................

1,644,072

Toronto-Dominion

Bank

(The)

(Apple,

Inc.),

11.94%, 02/17/22

................

410,108

2,866,200

Textiles,

Apparel

Luxury

Goods

—

0.0%

BNP

Paribas

(Ralph

Lauren

Corp.),

17.83%, 02/01/22

(b)

...............

256,002

Goldman

Sachs

International

(Deckers

Outdoor

Corp.),

15.65%, 02/04/22

...........

—

(k)

89,827

Goldman

Sachs

International

(Skechers

USA,

Inc.),

20.01%, 02/04/22

.............

90,629

436,458

Trading

Companies

Distributors

—

0.0%

Societe

Generale

(United

Rentals,

Inc.),

13.06%, 02/02/22

................

382,866

Wireless

Telecommunication

Services

—

0.1%

Merrill

Lynch

International

Co.

(T-Mobile

US,

Inc.),

8.09%, 02/07/22

.............

540,139

Total

Equity-Linked

Notes

—

6.2%

(Cost:

$60,046,927)

..............................

60,357,906

Floating

Rate

Loan

Interests

—

13.6%

Aerospace

Defense

—

0.5%

(a)

Atlas

Acquisition

Corp.,

1st

Lien

Term

Loan

(LIBOR

USD

Month

4.25%),

5.00%

05/25/28

.................

1,136

1,136,715

Atlas

Acquisition

Corp.,

1st

Lien

Term

Loan

(LIBOR

USD

Month

4.25%),

5.00%

05/25/28

.................

231

231,163

Cobham

Ultra

Co.,

Term

Loan,

11/17/28

(l)

68,720

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B1,

(LIBOR

USD

Month

3.50%),

3.72%

04/06/26

.................

480

466,776

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B2,

(LIBOR

USD

Month

3.50%),

3.72%

04/06/26

.................

258

250,955

Peraton

Corp.,

1st

Lien

Term

Loan

(LIBOR

USD

Month

3.75%),

4.50%

02/01/28

1,498

1,496,970

Peraton

Corp.,

2nd

Lien

Term

Loan

B1,

(LIBOR

USD

Month

7.75%),

8.50%

02/01/29

281

284,161

Sequa

Mezzanine

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

6.75%),

7.75%

11/28/23

.................

64,663

TransDigm,

Inc.,

Term

Loan

(LIBOR

USD

Month

2.25%),

2.35%

12/09/25

.....

114

112,311

Security

Par

(000)

Par

(000)

Value

Aerospace

Defense

(continued)

TransDigm,

Inc.,

Term

Loan

(LIBOR

USD

Month

2.25%),

2.35%

08/22/24

.....

USD

503

496,719

4,609,153

Air

Freight

Logistics

—

0.0%

AIT

Worldwide

Logistics

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

4.75%),

5.50%

04/06/28

(a)

................

111

110,493

Airlines

—

0.3%

(a)

AAdvantage

Loyality

Ltd.,

Term

Loan,

(LIBOR

USD

Month

4.75%),

5.50%

04/20/28

.................

509

526,540

Air

Canada,

Term

Loan,

08/11/28

(l)

.......

525

522,842

American

Airlines,

Inc.,

Term

Loan,

01/29/27

(l)

383

359,479

American

Airlines,

Inc.,

Term

Loan

(LIBOR

USD

Month

2.00%),

2.11%

12/15/23

11,940

Kestrel

Bidco,

Inc.,

Term

Loan,

(LIBOR

USD

Month

3.00%),

4.00%

12/11/26

......

338

327,016

United

AirLines,

Inc.,

Term

Loan

(LIBOR

USD

Month

3.75%),

4.50%

04/21/28

765

766,258

2,514,075

Auto

Components

—

0.2%

(a)

Adient

LLC,

Term

Loan

B1,

(LIBOR

USD

Month

3.50%),

3.60%

04/10/28

.....

82,499

Clarios

Global

LP,

1st

Lien

Term

Loan,

04/30/26

(l)

......................

912

905,958

Truck

Hero,

Inc.,

Term

Loan,

01/31/28

(l)

....

458

454,891

Wand

Newco

Inc.,

1st

Lien

Term

Loan

B1,

02/05/26

(l)

......................

796

783,397

2,226,745

Automobiles

—

0.1%

Dealer

Tire

LLC,

Term

Loan

B1,

(LIBOR

USD

Month

4.25%),

4.35%

01/01/38

(a)

....

654

653,067

Building

Products

—

0.2%

(a)

CHI

Overhead

Doors,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.50%),

4.50%

07/31/25

.................

167

166,617

Cornerstone

Building

Brands,

Inc.,

Term

Loan

(LIBOR

USD

Month

3.25%),

3.75%

04/12/28

.................

213

212,620

Atlas

Buyer,

Inc.,

Term

Loan

11/23/27

(l)

734

730,157

Iris

Holdco

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.25%

10/02/28

(c)

................

113

113,120

CPG

International

LLC,

Term

Loan,

(LIBOR

USD

Month

2.50%),

3.25%

05/05/24

106

105,873

Jeld-Wen,

Inc.,

Term

Loan,

(LIBOR

USD

Month

2.25%),

2.35%

07/28/28

.....

151

150,550

Windows

and

Doors

LLC,

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.50%

12/18/27

.................

164

164,236

Wilsonart

LLC,

Term

Loan

(LIBOR

USD

Month

3.50%),

4.50%

12/31/26

.....

785

784,635

2,427,808

Capital

Markets

—

0.1%

(a)

Azalea

TopCo,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.50%

07/24/26

.................

89,166

Cogeco

Communications

Finance

LP,

Term

Loan

(LIBOR

USD

Month

2.50%),

3.00%

09/01/28

.................

590

586,867

2021

BlackRock

Annual

Report

Shareholders

BlackRock

Managed

Income

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Focus

Financial

Partners

LLC,

Delayed

Draw

Term

Loan,

(LIBOR

USD

Month

1.50%),

4.75%

06/30/28

.................

USD

48,119

Focus

Financial

Partners

LLC,

Term

Loan

B4,

(LIBOR

USD

Month

2.50%),

3.00%

06/30/28

.................

209

207,995

Greenhill

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

Month

3.25%),

3.35%

04/12/24

(c)

...

115

114,586

1,046,733

Chemicals

—

0.4%

(a)

Alpha

BV,

Term

Loan,

(LIBOR

USD

Month

2.50%),

3.00%

03/18/28

..........

720

718,579

ARC

Falcon

Inc.,

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.25%

09/30/28

.....

231

230,094

Aruba

Investments

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.50%

11/24/27

.................

52,603

Ascend

Performance

Materials

Operations

LLC,

Term

Loan,

08/27/26

(l)

..........

178

179,280

CPC

Acquisition

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.50%

12/29/27

.................

54,746

Ecovyst

Catalyst

Technologies

LLC,

Term

Loan,

(LIBOR

USD

Month

2.75%),

3.25%

06/09/28

.................

257

256,250

Element

Solutions,

Inc.,

Term

Loan

B1,

(LIBOR

USD

Month

2.00%),

2.09%

01/31/26

349

347,593

Greenrock

Finance,

Inc.,

1st

Lien

Term

Loan

(LIBOR

USD

Month

3.50%),

4.50%

06/28/24

.................

50,528

Herens

Holdco

SARL,

Facility

Term

Loan

(LIBOR

USD

Month

4.00%),

4.75%

07/03/28

.................

125

125,200

Lummus

Technology

Holdings

LLC,

Term

Loan

06/30/27

(l)

................

158

156,491

Messer

Industries

GmbH,

Term

Loan

B1,

01/01/38

(l)

......................

376

373,020

Momentive

Performance

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.25%),

3.36%

05/15/24

...........

479

478,059

Nouryon

Finance

BV,

Term

Loan,

(LIBOR

USD

Month

3.00%),

3.10%

10/01/25

....

13,883

Oxea

Holding

Vier

GmbH,

Term

Loan

B2,

(LIBOR

USD

Month

3.25%),

3.38%

3.44%

10/14/24

.................

219

217,143

SCIH

Salt

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

03/16/27

(l)

...................

125

123,201

Sparta

HoldCo

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.50%),

4.25%

08/02/28

.................

265

265,082

Grace

Holdings

LLC,

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.25%

09/22/28

99,074

3,740,826

Commercial

Services

Supplies

—

0.5%

(a)

Allied

Universal

Holdco

LLC,

Term

Loan,

05/12/28

(l)

......................

648

645,236

Aramark

Intermediate

HoldCo

Corp.,

Term

Loan

B3,

(LIBOR

USD

Month

1.75%),

1.85%

03/11/25

.................

42,422

Aramark

Intermediate

HoldCo

Corp.,

Term

Loan

B5,

(LIBOR

USD

Month

2.50%),

2.60%

04/06/28

.................

181

179,504

Security

Par

(000)

Par

(000)

Value

Commercial

Services

Supplies

(continued)

Asplundh

Tree

Expert

LLC,

Term

Loan,

09/07/27

(l)

......................

USD

247

246,327

Brand

Energy

Infrastructure

Services,

Inc.,

Term

Loan,

06/21/24

(l)

..............

1,129

1,102,325

Clean

Harbors,

Inc.,

Term

Loan,

(LIBOR

USD

Month

2.00%),

2.10%

10/08/28

.....

190

189,645

Covanta

Holding

Corp.,

Term

Loan

11/30/28

(l)

......................

217

217,094

Covanta

Holding

Corp.,

Term

Loan

11/30/28

(l)

......................

16,262

GFL

Environmental,

Inc.,

Term

Loan,

(LIBOR

USD

Month

3.00%),

3.50%

05/30/25

27,090

KAR

Auction

Services,

Inc.,

Term

Loan

B6,

09/19/26

(c)(l)

.....................

178

174,813

LABL,

Inc.,

Term

Loan,

(LIBOR

USD

Month

5.00%),

5.50%

10/29/28

...........

274

273,315

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

Month

2.75%),

3.50%

09/23/26

...........

112

111,797

Spring

Education

Group,

Inc.,

1st

Lien

Term

Loan,

07/30/25

(l)

.................

333

320,587

Tempo

Acquisition

LLC,

Term

Loan

(LIBOR

USD

Month

3.25%),

3.75%, 11/02/26

...............

1,016

1,017,058

(LIBOR

USD

Month

3.00%),

3.50%, 08/31/28

...............

88,000

TruGreen

Ltd.,

Partnership,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

4.00%),

4.75%

11/02/27

.................

124

123,661

Viad

Corp.,

Term

Loan,

07/30/28

(l)

........

159

158,108

4,933,244

Construction

Engineering

—

0.2%

(a)

Pike

Corp.,

Term

Loan,

(LIBOR

USD

Month

3.00%),

3.11%

01/21/28

............

375

373,356

SRS

Distribution,

Inc.,

Term

Loan,

06/02/28

(l)

984

980,398

USIC

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.50%),

4.25%

05/12/28

.................

395

393,816

1,747,570

Construction

Materials

—

0.1%

(a)

American

Builders

Contractors

Supply

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

Month

2.00%),

2.10%

01/15/27

...........

414

410,871

Forterra

Finance

LLC,

Term

Loan,

(LIBOR

USD

Month

3.00%),

4.00%

10/25/23

....

71,849

Foundation

Building

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.25%),

3.75%

01/31/28

.................

308

305,788

Standard

Industries,

Inc.,

Term

Loan,

(LIBOR

USD

Month

2.50%),

3.00%

09/22/28

303

303,606

TAMKO

Building

Products

LLC,

Term

Loan,

(LIBOR

USD

Month

3.00%),

3.10%

05/29/26

.................

166

165,321

1,257,435

Containers

Packaging

—

0.3%

(a)

Charter

NEX

US,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.50%

12/01/27

.................

1,131

1,132,431

Flex

Acquisition

Co.,

Inc.,

Term

Loan,

03/02/28

(l)

......................

273

271,959

Mauser

Packaging

Solutions

Holding

Co.,

Term

Loan,

04/03/24

(l)

.................

870

857,298

BlackRock

Managed

Income

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Containers

Packaging

(continued)

Pactiv

Evergreen,

Inc.,

Term

Loan

B2,

(LIBOR

USD

Month

3.25%),

3.35%

02/05/26

USD

246

244,033

Pregis

TopCo

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

4.00%),

4.10%

07/31/26

136

135,480

Tosca

Services

LLC,

Term

Loan,

08/18/27

(l)

261

259,835

Trident

TPI

Holdings,

Inc.,

Delayed

Draw

Term

Loan

B3,

09/15/28

(l)

...............

11,601

Trident

TPI

Holdings,

Inc.,

Term

Loan

B3,

(LIBOR

USD

Month

4.00%),

4.50%

09/15/28

.................

203

202,943

3,115,580

Distributors

—

0.0%

PAI

Holdco,

Inc.,

1st

Lien

Term

Loan

(LIBOR

USD

Month

3.50%),

4.25%

10/28/27

(a)

102

101,765

Diversified

Consumer

Services

—

0.3%

(a)

Ascend

Learning

LLC,

1st

Lien

Term

Loan,

12/11/28

(l)

......................

509

507,834

Ascend

Learning

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

Month

5.75%),

6.25%

12/10/29

.................

111

111,185

Bright

Horizons

Family

Solutions

LLC,

Term

Loan

(LIBOR

USD

Month

2.25%),

2.75%

11/24/28

.................

184

183,540

Frontdoor,

Inc.,

Term

Loan

(LIBOR

USD

Month

2.25%),

2.35%

06/17/28

.....

114

113,853

Midas

Intermediate

Holdco

LLC,

Term

Loan,

(LIBOR

USD

Month

6.75%),

7.50%

12/22/25

.................

691

655,426

Mileage

Plus

Holdings

LLC,

Term

Loan,

06/21/27

(l)

......................

571

601,593

Research

Now

Group,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

5.50%),

6.50%

12/20/24

.................

112

109,920

Reynolds

Consumer

Products

LLC,

Term

Loan,

(LIBOR

USD

Month

1.75%),

1.85%

02/04/27

.................

15,689

SIRVA

Worldwide,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

5.50%),

5.60%

08/04/25

(c)

................

109

98,471

Sotheby's,

Term

Loan,

01/15/27

(l)

........

301

301,158

Voyage

Australia

Pty

Ltd.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.50%),

4.00%

07/20/28

.................

118

117,594

2,816,263

Diversified

Financial

Services

—

1.3%

(a)

Acuris

Finance

US,

Inc.,

Term

Loan,

(LIBOR

USD

Month

4.00%),

4.50%

02/16/28

167

167,597

Advisor

Group

Holdings,

Inc.,

Term

Loan

B1,

(LIBOR

USD

Month

4.50%),

4.60%

07/31/26

.................

476

477,049

Alchemy

Copyrights

LLC,

Term

Loan,

(LIBOR

USD

Month

3.00%),

3.50%

03/10/28

(c)

247

246,860

APi

Group

DE,

Inc.,

Term

Loan,

(LIBOR

USD

Month

0.00%),

2.85%

12/18/28

.....

145

144,793

Belron

Finance

LLC,

Term

Loan,

(LIBOR

USD

Month

2.25%),

2.44%

10/30/26

....

77,779

Belron

Group

SA,

Term

Loan,

(LIBOR

USD

Month

2.75%),

3.25%

04/13/28

.....

393

392,022

Castlelake

Aviation

One

DAC,

Term

Loan,

10/22/26

(l)

......................

439

436,882

Connect

Finco

SARL,

Term

Loan,

(LIBOR

USD

Month

3.50%),

4.50%

12/11/26

....

1,487

1,486,557

Security

Par

(000)

Par

(000)

Value

Diversified

Financial

Services

(continued)

Deerfield

Dakota

Holding

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.75%

04/09/27

.................

USD

1,080

1,080,559

Deerfield

Dakota

Holding

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

Month

6.75%),

7.50%

04/07/28

.................

183

186,203

Delta

Topco,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.50%

12/01/27

784

784,342

Delta

Topco,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

Month

7.25%),

8.00%

12/01/28

40,162

Gainwell

Acquisition

Corp.,

1st

Lien

Term

Loan

(LIBOR

USD

Month

4.00%),

4.75%

10/01/27

.................

978

979,745

Genuine

Financial

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.75%),

3.85%

07/11/25

.................

177

176,057

LBM

Acquisition

LLC,

1st

Lien

Term

Loan,

12/17/27

(l)

......................

597

591,258

LEB

Holdings

(USA),

Inc.,

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.50%

11/02/27

206

206,234

Mercury

Borrower,

Inc.,

1st

Lien

Term

Loan,

08/02/28

(l)

......................

674

670,461

Mercury

Borrower,

Inc.,

2nd

Lien

Term

Loan,

08/02/29

(l)

......................

103

103,055

OLA

Singapore

PTE.

Ltd.,

Term

Loan,

(LIBOR

USD

Month

0.00%),

0.00%

01/01/38

(c)

159

159,795

PECF

USS

Intermediate

Holding

III

Corp.,

Term

Loan,

12/15/28

(l)

.................

307

307,212

Radiate

Holdco

LLC,

Term

Loan,

(LIBOR

USD

Month

3.25%),

4.00%

09/25/26

....

461

459,128

RVR

Dealership

Holdings

LLC,

Term

Loan,

(LIBOR

USD

Month

4.00%),

4.75%

02/08/28

.................

70,425

Setanta

Aircraft

Leasing

DAC,

Term

Loan,

(LIBOR

USD

Month

2.00%),

2.14%

11/05/28

.................

264

263,670

SMG

Midco

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

2.50%),

2.60%

01/23/25

.................

219

212,205

Sotera

Health

Holdings

LLC,

1st

Lien

Term

Loan,

12/11/26

(l)

.................

210

209,015

Travelport

Finance

(Luxembourg)

SARL,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

5.00%),

6.99%

05/29/26

...........

501

414,885

Travelport

Finance

(Luxembourg)

SARL,

Term

Loan,

(LIBOR

USD

Month

1.50%),

2.50%

02/28/25

.................

98,904

UPC

Financing

Partnership,

Facility

Term

Loan

AX,

(LIBOR

USD

Month

3.00%),

3.11%

01/31/29

.................

64,743

Veritas

US,

Inc.,

Term

Loan

(LIBOR

USD

Month

5.00%),

6.00%

09/01/25

.....

1,096

1,094,722

Buyer

LLC,

Term

Loan,

02/28/27

(l)

.....

725

720,799

White

Cap

Buyer

LLC,

Term

Loan,

(LIBOR

USD

Month

4.00%),

4.50%

10/19/27

248

247,937

Ziggo

Financing

Partnership,

Facility

Term

Loan

(LIBOR

USD

Month

2.50%),

2.61%

04/30/28

.................

213

210,514

12,781,569

Diversified

Telecommunication

Services

—

0.5%

(a)

Altice

Financing

SA,

Term

Loan

(LIBOR

USD

Month

2.75%),

2.87%, 07/15/25

...............

14,852

2021

BlackRock

Annual

Report

Shareholders

BlackRock

Managed

Income

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

(LIBOR

USD

Month

2.75%),

2.87%, 01/31/26

...............

USD

508

502,171

Altice

France

SA,

Term

Loan

B13,

(LIBOR

USD

Month

4.00%),

4.12%

08/14/26

....

983

977,225

Cablevision

Lightpath

LLC,

Term

Loan,

(LIBOR

USD

Month

3.25%),

3.75%

11/30/27

35,551

Consolidated

Communications,

Inc.,

Term

Loan

B1,

(LIBOR

USD

Month

3.50%),

4.25%

10/02/27

.................

54,137

Frontier

Communications

Holdings

LLC,

Term

Loan

(LIBOR

USD

Month

3.75%),

4.50%

05/01/28

.................

170

170,078

Iridium

Satellite

LLC,

Term

Loan

B2,

(LIBOR

USD

Month

2.50%),

3.25%

11/04/26

320

319,854

Level

Financing,

Inc.,

Term

Loan

(LIBOR

USD

Month

1.75%),

1.85%

03/01/27

169

166,676

Orbcomm,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

4.25%),

5.00%

09/01/28

170

169,493

Virgin

Media

Bristol

LLC,

Facility

Term

Loan

(LIBOR

USD

Month

3.25%),

3.36%

01/31/29

.................

144

143,843

Zayo

Group

Holdings,

Inc.,

Term

Loan,

03/09/27

(l)

......................

1,994

1,965,740

4,519,620

Electric

Utilities

—

0.0%

(a)

Calpine

Construction

Finance

Co.

LP,

Term

Loan

(LIBOR

USD

Month

2.00%),

2.10%

01/15/25

.................

33,815

Edgewater

Generation

LLC,

Term

Loan,

(LIBOR

USD

Month

3.75%),

3.85%

12/13/25

.................

105

98,866

132,681

Electrical

Equipment

—

0.2%

(a)

Arcline

Holdings

LLC,

1st

Lien

Term

Loan,

06/23/28

(l)

......................

292

290,993

Graftech

International

Ltd.,

Term

Loan,

(LIBOR

USD

Month

3.00%),

3.50%

02/12/25

31,434

Sub

LLC,

1st

Lien

Term

Loan,

09/13/24

(l)

1,391

1,383,190

1,705,617

Electronic

Equipment,

Instruments

Components

—

0.0%

II-VI,

Inc.,

Term

Loan

12/08/28

(a)(l)

......

295

294,262

Entertainment

—

0.3%

(a)

AMC

Entertainment

Holdings,

Inc.,

Term

Loan

B1,

04/22/26

(l)

...................

196

176,089

City

Football

Group

Ltd.,

Term

Loan,

07/21/28

(c)

(l)

............................

278

275,915

Kingpin

Intermediate

Holdings

LLC,

1st

Lien

Term

Loan,

07/03/24

(l)

..............

422

419,307

Live

Nation

Entertainment,

Inc.,

Term

Loan

B4,

(LIBOR

USD

Month

1.75%),

1.88%

10/19/26

.................

607

589,296

Playtika

Holding

Corp.,

Term

Loan

B1,

(LIBOR

USD

Month

2.75%),

2.85%

03/13/28

413

410,642

Renaissance

Holding

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.25%),

3.35%

05/30/25

.................

38,782

William

Morris

Endeavor

Entertainment

LLC,

1st

Lien

Term

Loan

B1,

05/18/25

(l)

.....

850

830,991

WMG

Acquisition

Corp.,

Term

Loan

01/20/28

(l)

......................

290

288,764

3,029,786

Security

Par

(000)

Par

(000)

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

(a)

Cushman

Wakefield

Borrower

LLC,

Term

Loan,

(LIBOR

USD

Month

2.75%),

2.85%

08/21/25

.................

USD

208

206,808

RHP

Hotel

Properties

LP,

Term

Loan

(LIBOR

USD

Month

2.00%),

2.11%

05/11/24

37,396

244,204

Food

Staples

Retailing

—

0.1%

(a)

H-Food

Holdings

LLC,

Term

Loan

B2,

05/23/25

(l)

......................

251

250,128

Foods

Holding

Corp.,

Term

Loan

(LIBOR

USD

Month

2.75%),

2.85%

2.86%

11/22/28

.................

299

298,824

Foods,

Inc.,

Term

Loan

(LIBOR

USD

Month

2.00%),

2.10%

09/13/26

.....

372

367,571

916,523

Food

Products

—

0.5%

(a)

1011778

Unlimited

Liability

Co.,

Term

Loan

B4,

(LIBOR

USD

Month

1.75%),

1.85%

11/19/26

.................

531

523,091

8th

Avenue

Food

Provisions,

Inc.,

1st

Lien

Term

Loan,

10/01/25

(l)

..............

287

282,653

B&G

Foods,

Inc.,

Term

Loan

B4,

(LIBOR

USD

Month

2.50%),

2.60%

10/10/26

....

24,286

Chobani

LLC,

Term

Loan,

(LIBOR

USD

Month

3.50%),

4.50%

10/25/27

.....

1,103

1,104,701

Froneri

International

Ltd.,

Facility

1st

Lien

Term

Loan

B2,

(LIBOR

USD

Month

2.25%),

2.35%

01/29/27

.................

715

705,326

Hostess

Brands

LLC,

1st

Lien

Term

Loan

(LIBOR

USD

Month

2.25%),

3.00%

08/03/25

.................

249

247,706

JBS

USA

Lux

SA,

Term

Loan,

(LIBOR

USD

Month

2.00%),

2.10%

05/01/26

.....

41,145

Nomad

Foods

Ltd.,

Facility

Term

Loan

B4,

05/15/24

(l)

......................

264

262,425

Sovos

Brands

Intermediate,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.50%

06/08/28

.................

200

199,380

Triton

Water

Holdings,

Inc.,

1st

Lien

Term

Loan,

03/31/28

(l)

......................

1,150

1,136,220

Utz

Quality

Foods

LLC,

1st

Lien

Term

Loan,

01/20/28

(l)

......................

347

346,387

4,873,320

Health

Care

Equipment

Supplies

—

0.1%

(a)(l)

Chariot

Buyer

LLC,

1st

Lien

Term

Loan,

11/03/28

.......................

469

468,414

Insulet

Corp.,

Term

Loan

05/04/28

.....

93,472

Medline

Borrower

LP,

Term

Loan,

10/23/28

667

666,455

1,228,341

Health

Care

Providers

Services

—

0.4%

(a)

Azalea

TopCo,

Inc.,

1st

Lien

Term

Loan,

07/24/26

(l)

......................

556

553,242

CHG

Healthcare

Services,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.50%),

4.00%

09/29/28

.................

209

209,266

Electron

Bidco,

Inc.,

1st

Lien

Term

Loan,

11/01/28

(l)

......................

449

447,935

Envision

Healthcare

Corp.,

Term

Loan,

(LIBOR

USD

Month

3.75%),

3.85%

10/10/25

419

335,768

EyeCare

Partners

LLC,

1st

Lien

Term

Loan

(LIBOR

USD

Month

3.75%),

3.97%, 02/18/27

...............

165

163,479

BlackRock

Managed

Income

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

Services

(continued)

(LIBOR

USD

Month

3.75%),

4.25%, 11/15/28

...............

USD

69,691

EyeCare

Partners

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

Month

6.75%),

7.25%

11/15/29

(c)

................

78,415

Femur

Buyer,

Inc.,

1st

Lien

Term

Loan,

03/05/26

(l)

......................

137

126,580

Medical

Solutions

Holdings,

Inc.,

1st

Lien

Term

Loan,

11/01/28

(l)

.................

484

483,378

Medical

Solutions

Holdings,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

Month

7.00%),

7.50%

11/01/29

.................

110

108,534

Ortho-Clinical

Diagnostics,

Inc.,

Term

Loan,

(LIBOR

USD

Month

3.00%),

3.10%

06/30/25

.................

426

425,586

PetVet

Care

Centers

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.50%),

4.25%

02/14/25

.................

3,955

Unified

Womens

Healthcare

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

4.25%),

5.00%

12/20/27

.................

259

258,994

WCG

Purchaser

Corp.,

1st

Lien

Term

Loan,

01/08/27

(l)

......................

303

303,162

CityMD

Bidco

LLC,

Term

Loan,

(LIBOR

USD

Month

3.25%),

3.75%

12/22/28

471

470,476

4,038,461

Health

Care

Technology

—

0.2%

(a)

athenahealth,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

Month

4.25%),

4.40%

02/11/26

.................

27,762

Change

Healthcare

Holdings,

Inc.,

Term

Loan,

03/01/24

(l)

......................

77,507

GoodRx,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

2.75%),

2.85%

10/10/25

....

244

243,168

Polaris

Newco

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

4.00%),

4.50%

06/02/28

.................

794

793,617

Verscend

Holding

Corp.,

Term

Loan

B1,

(LIBOR

USD

Month

4.00%),

4.10%

08/27/25

497

496,260

1,638,314

Hotels,

Restaurants

Leisure

—

0.5%

(a)

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.75%),

3.85%

02/02/26

.................

57,401

Aristocrat

Leisure

Ltd.,

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.75%

10/19/24

67,210

Bally's

Corp.,

Facility

Term

Loan

(LIBOR

USD

Month

3.25%),

3.75%

10/02/28

251

250,895

Boyd

Gaming

Corp.,

Term

Loan

(LIBOR

USD

Month

2.25%),

2.35%

09/15/23

38,805

Caesars

Resort

Collection

LLC,

Term

Loan

12/23/24

(l)

......................

161

160,374

Caesars

Resort

Collection

LLC,

Term

Loan

B1,

(LIBOR

USD

Month

3.50%),

3.60%

07/21/25

.................

504

504,093

Churchill

Downs,

Inc.,

Term

Loan

(LIBOR

USD

Month

2.00%),

2.11%

03/17/28

66,984

Flutter

Entertainment

plc,

Term

Loan,

(LIBOR

USD

Month

2.25%),

2.47%

07/21/26

232

230,899

Four

Seasons

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

2.00%),

2.10%

11/30/23

.................

74,053

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

Leisure

(continued)

Golden

Nugget

Online

Gaming,

Inc.,

Term

Loan,

(LIBOR

USD

Month

12.00%),

13.00%

10/04/23

(c)

...............

USD

11,765

Golden

Nugget,

Inc.,

Term

Loan

(LIBOR

USD

Month

2.50%),

3.25%

10/04/23

556

552,214

IRB

Holding

Corp.,

Term

Loan,

(LIBOR

USD

Month

3.25%),

4.25%

12/15/27

.....

1,067

1,065,961

IRB

Holding

Corp.,

Term

Loan

(LIBOR

USD

Month

2.75%),

3.75%

02/05/25

....

511

509,491

Packers

Holdings

LLC,

Term

Loan,

(LIBOR

USD

Month

3.25%),

4.00%

03/09/28

555

550,737

Playa

Resorts

Holding

BV,

Term

Loan,

(LIBOR

USD

Month

2.75%),

3.75%

04/29/24

123

119,964

Scientific

Games

International,

Inc.,

Term

Loan

B5,

(LIBOR

USD

Month

2.75%),

2.85%

08/14/24

.................

50,733

Station

Casinos

LLC,

Facility

Term

Loan

B1,

(LIBOR

USD

Month

2.25%),

2.50%

02/08/27

.................

309

306,136

Whatabrands

LLC,

Term

Loan

(LIBOR

USD

Month

3.25%),

3.75%

08/03/28

....

421

419,084

5,036,799

Household

Durables

—

0.1%

(a)

ACProducts

Holdings,

Inc.,

Term

Loan,

05/17/28

(l)

......................

719

708,594

Snap

One

Holdings

Corp.,

Term

Loan,

12/08/28

(l)

......................

220

218,979

SWF

Holdings

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

4.00%),

4.75%

10/06/28

.................

160

158,400

Weber-Stephen

Products

LLC,

Term

Loan

(LIBOR

USD

Month

3.25%),

4.00%

10/30/27

.................

137

137,036

1,223,009

Household

Products

—

0.1%

(a)

Diamond

(BC)

BV,

Term

Loan

(LIBOR

USD

Month

3.00%),

3.50%

09/29/28

.....

490

487,702

Pilot

Travel

Centers

LLC,

Term

Loan

(LIBOR

USD

Month

2.00%),

2.10%

08/04/28

193

191,210

Spectrum

Brands,

Inc.,

Term

Loan,

(LIBOR

USD

Month

2.00%),

2.50%

03/03/28

42,518

721,430

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

(a)

Calpine

Corp.,

Term

Loan,

(LIBOR

USD

Month

2.00%),

2.10%

08/12/26

.....

53,685

ExGen

Renewables

LLC,

Term

Loan,

(LIBOR

USD

Month

2.50%),

3.50%

12/15/27

.................

272

271,823

325,508

Industrial

Conglomerates

—

0.1%

Filtration

Group

Corp.,

Term

Loan,

(LIBOR

USD

Month

3.00%),

3.10%

03/31/25

(a)

...

857

848,726

Insurance

—

0.5%

(a)

Alliant

Holdings

Intermediate

LLC,

Term

Loan,

(LIBOR

USD

Month

3.25%),

3.35%

05/09/25

.................

421

416,345

Alliant

Holdings

Intermediate

LLC,

Term

Loan

B4,

(LIBOR

USD

Month

3.50%),

4.00%

11/05/27

.................

957

954,728

2021

BlackRock

Annual

Report

Shareholders

BlackRock

Managed

Income

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

AmWINS

Group,

Inc.,

Term

Loan,

02/19/28

(l)

USD

521

516,641

AssuredPartners,

Inc.,

Term

Loan

(LIBOR

USD

Month

3.50%),

3.60%, 02/12/27

...............

287

284,068

(LIBOR

USD

Month

3.50%),

4.00%, 02/12/27

...............

69,116

Asurion

LLC,

2nd

Lien

Term

Loan

B3,

(LIBOR

USD

Month

5.25%),

5.35%

01/31/28

(c)

559

560,397

Asurion

LLC,

2nd

Lien

Term

Loan

B4,

(LIBOR

USD

Month

5.25%),

5.35%

01/20/29

289

287,616

Asurion

LLC,

Term

Loan

B6,

(LIBOR

USD

Month

3.13%),

3.23%

11/03/23

......

23,008

Asurion

LLC,

Term

Loan

B7,

(LIBOR

USD

Month

3.00%),

3.10%

11/03/24

......

430

427,858

Hub

International

Ltd.,

Term

Loan,

04/25/25

(l)

326

321,608

Hub

International

Ltd.,

Term

Loan

B3,

(LIBOR

USD

Month

3.25%),

4.00%

04/25/25

369

369,023

NFP

Corp.,

Term

Loan,

(LIBOR

USD

Month

3.25%),

3.35%

02/15/27

...........

49,988

Ryan

Specialty

Group

LLC,

Term

Loan,

(LIBOR

USD

Month

3.00%),

3.75%

09/01/27

102

101,560

Sedgwick

Claims

Management

Services,

Inc.,

Term

Loan

12/31/25

(l)

.....................

392

388,246

(LIBOR

USD

Month

4.25%),

5.25%, 09/03/26

...............

29,261

USI,

Inc.,

Term

Loan,

05/16/24

(l)

.........

385

382,125

5,181,588

Interactive

Media

Services

—

0.2%

(a)

Adevinta

ASA,

Facility

Term

Loan

B2,

06/26/28

(l)

......................

412

411,773

Arches

Buyer,

Inc.,

Term

Loan,

(LIBOR

USD

Month

3.25%),

3.75%

12/06/27

.....

333

330,247

Camelot

Acquisition

Co.,

Term

Loan,

(LIBOR

USD

Month

3.00%),

4.00%

10/30/26

.................

434

433,394

Grab

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

Month

4.50%),

5.50%

01/29/26

.....

1,027

1,028,776

2,204,190

Internet

Direct

Marketing

Retail

—

0.1%

(a)

CNT

Holding

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.50%),

4.25%

11/08/27

.................

653

653,201

Pug

LLC,

Term

Loan

B2,

(LIBOR

USD

Month

4.25%),

4.75%

02/12/27

..........

49,563

702,764

Services

—

0.5%

(a)

Applied

Systems,

Inc.,

1st

Lien

Term

Loan,

09/19/24

(l)

......................

238

237,660

Applied

Systems,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

Month

5.50%),

6.25%

09/19/25

.................

48,300

Camelot

Acquisition

Co.,

Term

Loan,

10/30/26

(l)

......................

1,390

1,379,667

Epicor

Software

Corp.,

2nd

Lien

Term

Loan,

(LIBOR

USD

Month

7.75%),

8.75%

07/31/28

.................

132

134,861

Epicor

Software

Corp.,

Term

Loan

(LIBOR

USD

Month

3.25%),

4.00%

07/30/27

245

244,931

FleetCor

Technologies

Operating

Co.

LLC,

Term

Loan

B4,

04/28/28

(l)

...........

413

408,208

Security

Par

(000)

Par

(000)

Value

Services

(continued)

Daddy

Operating

Co.

LLC,

Term

Loan

B4,

(LIBOR

USD

Month

2.00%),

2.10%

08/10/27

.................

USD

288

285,261

Ion

Trading

Finance

Ltd.,

Term

Loan,

(LIBOR

USD

Month

4.75%),

4.97%

04/01/28

167

167,392

Maximus,

Inc.,

Term

Loan

(LIBOR

USD

Month

2.00%),

2.50%

05/28/28

.....

170

169,579

Pug

LLC,

Term

Loan

02/12/27

(l)

.......

610

594,953

SS&C

Technologies

Holdings,

Inc.,

Term

Loan

B3,

(LIBOR

USD

Month

1.75%),

1.85%

04/16/25

.................

16,118

TierPoint

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.50%

05/05/26

175

174,463

Trader

Interactive

LLC,

Term

Loan,

(LIBOR

USD

Month

4.00%),

4.50%

07/28/28

(c)

109

108,455

Trans

Union

LLC,

Term

Loan

B5,

(LIBOR

USD

Month

1.75%),

1.85%

11/16/26

....

168

166,499

Venga

Finance

SARL,

Term

Loan,

12/04/28

(l)

117

114,294

Virtusa

Corp.,

Term

Loan

(LIBOR

USD

Month

3.75%),

4.50%

02/11/28

......

164

164,172

WEX,

Inc.,

Term

Loan

(LIBOR

USD

Month

2.25%),

2.35%

03/31/28

..........

105

104,548

ZoomInfo

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.00%),

3.10%

02/02/26

40,050

4,559,411

Leisure

Products

—

0.0%

Fender

Musical

Instruments

Corp.,

Term

Loan,

12/01/28

(a)(c)(l)

....................

134

133,832

Life

Sciences

Tools

Services

—

0.3%

(a)

Avantor

Funding,

Inc.,

Term

Loan

B4,

(LIBOR

USD

Month

2.00%),

2.50%

11/21/24

40,183

Avantor

Funding,

Inc.,

Term

Loan

B5,

11/08/27

(l)

517

515,896

Catalent

Pharma

Solutions,

Inc.,

Term

Loan

B3,

(LIBOR

USD

Month

2.00%),

2.50%

02/22/28

.................

396

396,446

eResearchTechnology,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

4.50%),

5.50%

02/04/27

.................

809

810,840

ICON

Luxembourg

SARL,

Term

Loan

(LIBOR

USD

Month

2.25%),

2.75%, 07/03/28

...............

564

563,329

Maravai

Intermediate

Holdings

LLC,

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.75%

10/19/27

.................

164

164,987

Phoenix

Newco,

Inc.,

1st

Lien

Term

Loan,

11/15/28

(l)

......................

658

657,344

3,149,025

Machinery

—

0.5%

(a)

Albion

Financing

SARL,

Term

Loan,

07/31/26

(l)

......................

340

340,126

ASP

Blade

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

Month

4.00%),

4.50%

10/13/28

122

121,899

Clark

Equipment

Co.,

Term

Loan,

(LIBOR

USD

Month

2.25%),

2.47%

05/18/24

....

204

203,987

Columbus

McKinnon

Corp.,

Term

Loan,

(LIBOR

USD

Month

2.75%),

3.25%

05/14/28

63,335

Filtration

Group

Corp.,

Term

Loan,

(LIBOR

USD

Month

3.50%),

4.00%

10/21/28

....

222

221,933

Gates

Global

LLC,

Term

Loan

B3,

(LIBOR

USD

Month

2.50%),

3.25%

03/31/27

....

249

248,421

Husky

Injection

Molding

Systems

Ltd.,

Term

Loan,

03/28/25

(l)

.................

1,531

1,503,691

BlackRock

Managed

Income

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Machinery

(continued)

Ingersoll-Rand

Services

Co.,

Term

Loan

B1,

(LIBOR

USD

Month

1.75%),

1.85%

03/01/27

.................

USD

88,044

Madison

IAQ

LLC,

Term

Loan,

(LIBOR

USD

Month

3.25%),

3.75%

06/21/28

.....

1,050

1,048,097

Elevator

Midco

GmbH,

Facility

Term

Loan

B1,

07/30/27

(l)

...................

289

289,195

Vertiv

Group

Corp.,

Term

Loan

(LIBOR

USD

Month

2.75%),

2.84%

03/02/27

....

790

784,003

Zurn

LLC,

1st

Lien

Term

Loan

(LIBOR

USD

Month

2.25%),

2.75%

10/04/28

....

28,991

4,941,722

Media

—

0.5%

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B1,

03/03/25

(a)(l)

.....................

797

729,873

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B3,

5.00%

10/15/26

(m)

................

93,391

Charter

Communications

Operating

LLC,

Term

Loan

B1,

(LIBOR

USD

Month

1.75%),

1.86%

04/30/25

(a)

................

130

129,627

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

08/21/26

(a)(l)

...............

1,518

1,496,322

CSC

Holdings

LLC,

Term

Loan

(a)

(LIBOR

USD

Month

2.25%),

2.36%, 07/17/25

...............

31,486

04/15/27

(l)

.....................

422

415,962

DirectTV

Financing

LLC,

Term

Loan,

08/02/27

(a)

(l)

............................

612

612,550

Eagle

Broadband

Investments

LLC,

Term

Loan,

(LIBOR

USD

Month

3.00%),

3.75%

11/12/27

(a)

................

155

154,936

Scripps

Co.

(The),

Term

Loan

B3,

(LIBOR

USD

Month

3.00%),

3.75%

01/07/28

(a)

55,784

Intelsat

Jackson

Holdings

SA,

Term

Loan,

07/13/22

(a)(l)

.....................

7,880

Intelsat

Jackson

Holdings

SA,

Term

Loan

B3,

(LIBOR

USD

Month

4.75%),

8.00%

11/27/23

(a)

................

19,942

Learfield

Communications

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.25%),

4.25%

12/01/23

(a)

................

441

416,062

Lions

Gate

Capital

Holdings

LLC,

Term

Loan

(LIBOR

USD

Month

2.25%),

2.35%

03/24/25

(a)

................

210

207,962

Terrier

Media

Buyer,

Inc.,

1st

Lien

Term

Loan

(LIBOR

USD

Month

3.50%),

3.60%

12/17/26

(a)

................

191

189,562

Trader

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.00%),

4.00%

09/28/23

(a)(c)

668

666,330

Virgin

Media

Bristol

LLC,

Facility

Term

Loan

(LIBOR

USD

Month

2.50%),

2.61%

01/31/28

(a)

................

133

131,710

5,359,379

Metals

Mining

—

0.1%

(a)

Ball

Metalpack

Finco

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

4.50%),

4.68%

07/31/25

.................

179

179,450

Equinox

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

03/08/24

(l)

......................

1,001

948,472

1,127,922

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

Consumable

Fuels

—

0.1%

(a)

Ascent

Resources

Utica

Holdings

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

Month

9.00%),

10.00%

11/01/25

...........

USD

49,603

Group

Ltd.,

Facility

Term

Loan,

(LIBOR

USD

Month

4.00%),

4.22%

02/07/25

580

577,418

Freeport

LNG

investments

LLLP,

Term

Loan,

12/21/28

(l)

......................

32,647

659,668

Personal

Products

—

0.1%

Sunshine

Luxembourg

VII

SARL,

Facility

Term

Loan

B3,

(LIBOR

USD

Month

3.75%),

4.50%

10/01/26

(a)

................

992

994,903

Pharmaceuticals

—

0.2%

(a)

Amneal

Pharmaceuticals

LLC,

Term

Loan,

(LIBOR

USD

Month

3.50%),

3.63%

05/04/25

.................

315

311,915

Bausch

Health

Cos.,

Inc.,

Term

Loan,

06/02/25

(l)

......................

336

333,826

Elanco

Animal

Health,

Inc.,

Term

Loan,

(LIBOR

USD

Month

1.75%),

1.85%

08/01/27

266

262,246

Grifols

Worldwide

Operations

Ltd.,

Term

Loan

(LIBOR

USD

Month

2.00%),

2.10%

11/15/27

.................

198

195,227

Jazz

Pharmaceuticals

plc,

Term

Loan,

(LIBOR

USD

Month

3.50%),

4.00%

05/05/28

363

364,334

Organon

Co.,

Term

Loan,

(LIBOR

USD

Month

3.00%),

3.50%

06/02/28

.....

241

241,092

Precision

Medicine

Group

LLC,

Term

Loan,

11/18/27

(l)

......................

250

248,232

Prestige

Brands,

Inc.,

Term

Loan

B5,

(LIBOR

USD

Month

2.00%),

2.50%

07/03/28

(c)

74,528

2,031,400

Professional

Services

—

0.3%

(a)

AlixPartners

LLP,

Term

Loan,

02/04/28

(l)

....

472

469,852

CoreLogic,

Inc.,

1st

Lien

Term

Loan,

06/02/28

(l)

856

854,143

Dun

Bradstreet

Corp.

(The),

Term

Loan,

(LIBOR

USD

Month

3.25%),

3.35%

02/06/26

.................

813

809,360

Trans

Union

LLC,

Term

Loan

B6,

12/01/28

(l)

574

572,134

2,705,489

Road

Rail

—

0.1%

Uber

Technologies,

Inc.,

Term

Loan,

(LIBOR

USD

Month

3.50%),

3.60%

02/25/27

(a)

1,046

1,045,417

Semiconductors

Semiconductor

Equipment

—

0.1%

(a)

MKS

Instruments,

Inc.,

Term

Loan,

10/20/28

(l)

507

505,606

Semiconductor

Corp.,

Term

Loan

B4,

(LIBOR

USD

Month

2.00%),

2.10%

09/19/26

.................

31,307

Synaptics,

Inc.,

Term

Loan,

(LIBOR

USD

Month

2.25%),

2.75%

12/02/28

.....

114

113,431

650,344

Software

—

1.8%

(a)

Barracuda

Networks,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.50%

02/12/25

.................

831

832,831

Boxer

Parent

Co.,

Inc.,

Term

Loan,

10/02/25

(l)

657

651,983

CCC

Intelligent

Solutions,

Inc.,

Term

Loan,

(LIBOR

USD

Month

2.50%),

3.00%

09/21/28

.................

327

326,490

Cloudera,

Inc.,

1st

Lien

Term

Loan,

10/08/28

(l)

767

764,124

2021

BlackRock

Annual

Report

Shareholders

BlackRock

Managed

Income

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Software

(continued)

Cloudera,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

Month

6.00%),

6.50%

10/08/29

(c)

USD

276

275,310

ConnectWise

LLC,

Term

Loan,

(LIBOR

USD

Month

3.50%),

4.00%

09/29/28

.....

221

220,251

Cornerstone

OnDemand,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.25%

10/16/28

.................

232

231,088

DTI

Holdco,

Inc.,

Term

Loan

B1,

(LIBOR

USD

Month

4.75%),

5.75%

09/29/23

.....

227

222,426

E2open

LLC,

Term

Loan,

(LIBOR

USD

Month

3.50%),

4.00%

02/04/28

..........

46,882

Greeneden

Holdings

LLC,

Term

Loan,

(LIBOR

USD

Month

4.00%),

4.75%

12/01/27

.................

1,343

1,346,911

Helios

Software

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

Month

3.75%),

3.97%

03/11/28

.................

292

290,231

Informatica

LLC,

Term

Loan,

10/27/28

(l)

....

1,236

1,230,487

Instructure

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

Month

2.75%),

3.25%

10/30/28

139

138,305

Magenta

Buyer

LLC,

1st

Lien

Term

Loan,

07/27/28

(l)

......................

1,084

1,080,553

Magenta

Buyer

LLC,

2nd

Lien

Term

Loan,

07/27/29

(l)

......................

545

539,965

McAfee

LLC,

Term

Loan

(LIBOR

USD

Month

3.75%),

3.85%

09/30/24

.....

259

259,448

Sub

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.75%

09/13/24

595

595,123

Sub

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

Month

6.25%),

6.35%

02/23/29

283

284,296

Netsmart,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

4.00%),

4.75%

10/01/27

218

217,829

Planview

Parent,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

4.00%),

4.75%

12/17/27

.................

553

553,193

Proofpoint,

Inc.,

1st

Lien

Term

Loan,

08/31/28

(l)

858

853,779

RealPage,

Inc.,

1st

Lien

Term

Loan,

04/24/28

(l)

2,090

2,082,531

Severin

Acquisition

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.00%),

3.10%

08/01/25

.................

987

981,392

Sophia

LP,

1st

Lien

Term

Loan

(LIBOR

USD

Month

3.50%),

4.25%

3.72%

10/07/27

1,071

1,069,703

SS&C

Technologies

Holdings,

Inc.,

Term

Loan

B4,

(LIBOR

USD

Month

1.75%),

1.85%

04/16/25

.................

13,084

TIBCO

Software,

Inc.,

2nd

Lien

Term

Loan,

03/03/28

(l)

......................

583

584,198

UKG

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.25%),

3.75%

05/04/26

.....

410

407,091

UKG

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

Month

5.25%),

5.75%

05/03/27

.....

376

376,247

UKG,

Inc.,

1st

Lien

Term

Loan,

05/04/26

(l)

1,097

1,093,240

17,568,991

Specialty

Retail

—

0.3%

(a)

Group

Ltd.,

Facility

Term

Loan,

(LIBOR

USD

Month

4.25%),

4.75%

03/31/26

(c)

168

169,212

Fanatics

Commerce

Intermediate

Holdco

LLC,

Term

Loan,

(LIBOR

USD

Month

3.25%),

3.75%

11/24/28

.................

140

139,125

Mavis

Tire

Express

Services

Topco

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

4.00%),

4.75%

05/04/28

...........

499

499,490

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

(continued)

MED

ParentCo.

LP,

1st

Lien

Term

Loan,

08/31/26

(l)

......................

USD

212

211,073

Optiv,

Inc.,

1st

Lien

Term

Loan,

02/01/24

(l)

224

221,342

PetSmart

LLC,

Term

Loan,

02/11/28

(l)

.....

1,179

1,179,488

Restoration

Hardware,

Inc.,

Term

Loan,

(LIBOR

USD

Month

2.50%),

3.00%

10/20/28

209

208,847

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.50%

12/21/27

.................

262

261,592

2,890,169

Technology

Hardware,

Storage

Peripherals

—

0.0%

Electronics

for

Imaging,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

5.00%),

5.10%

07/23/26

(a)(c)

...............

278

270,638

Trading

Companies

Distributors

—

0.2%

(a)

Beacon

Roofing

Supply,

Inc.,

Term

Loan,

05/19/28

(l)

......................

176

174,654

Core

Main

LP,

Term

Loan

07/27/28

(l)

...

1,297

1,288,141

TMK

Hawk

Parent

Corp.,

Term

Loan

(LIBOR

USD

Month

7.50%),

8.50%

05/30/24

35,154

TMK

Hawk

Parent

Corp.,

Term

Loan

(LIBOR

USD

Month

3.50%),

4.50%

08/28/24

120

103,043

1,600,992

Transportation

Infrastructure

—

0.0%

(a)

KKR

Apple

Bidco

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.00%),

3.50%

09/22/28

.................

110

109,541

KKR

Apple

Bidco

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

Month

5.75%),

6.25%

09/21/29

.................

45,493

155,034

Wireless

Telecommunication

Services

—

0.1%

(a)

Digicel

International

Finance

Ltd.,

1st

Lien

Term

Loan

05/27/24

(l)

................

473

459,210

Gogo

Intermediate

Holdings

LLC,

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.50%

04/30/28

.................

124

123,607

MetroNet

Systems

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.50%

06/02/28

.................

102

101,437

SBA

Senior

Finance

LLC,

Term

Loan,

(LIBOR

USD

Month

1.75%),

1.86%

04/11/25

290

286,216

970,470

Total

Floating

Rate

Loan

Interests

—

13.6%

(Cost:

$133,866,349)

.............................

133,762,275

Foreign

Agency

Obligations

—

0.1%

Mexico

—

0.1%

Petroleos

Mexicanos,

7.69%

01/23/50

....

360

345,600

Saudi

Arabia

—

0.0%

Saudi

Arabian

Oil

Co.,

2.25%

11/24/30

(b)

...

200

194,688

Total

Foreign

Agency

Obligations

—

0.1%

(Cost:

$533,587)

................................

540,288

BlackRock

Managed

Income

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Value

Investment

Companies

—

18.9%

(n)

BlackRock

Allocation

Target

Shares-

BATS

Series

.......................

6,885,757

68,719,858

BlackRock

Floating

Rate

Income

Portfolio,

Class

..................

2,031,332

20,171,128

iShares

Core

Dividend

Growth

ETF

......

370,283

20,580,329

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

(o)

........................

228,619

19,892,139

iShares

iBoxx

Investment

Grade

Corporate

Bond

ETF

......................

71,134

9,426,678

iShares

MBS

ETF

..................

295,536

31,749,432

iShares

U.S.

Real

Estate

ETF

(o)

.........

131,319

15,251,389

Total

Investment

Companies

—

18.9%

(Cost:

$180,078,620)

.............................

185,790,953

Par

(000)

(

000)

Preferred

Securities

—

2.1%

Capital

Trusts

—

2.0%

Banks

—

0.8%

(a)(g)

Bank

America

Corp.,

Series

JJ,

(LIBOR

USD

Month

3.29%),

5.12%

...........

USD

900

941,625

Citigroup,

Inc.

Series

(SOFR

3.81%),

5.00%

.....

1,063

1,094,890

Series

(SOFR

3.23%),

4.70%

.....

300

303,060

Series

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.60%),

4.00%

......................

225

226,687

Series

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.00%),

4.15%

......................

10,163

JPMorgan

Chase

Co.

Series

FF,

(SOFR

3.38%),

5.00%

....

1,369

1,406,648

Series

HH,

(SOFR

3.13%),

4.60%

....

490

502,862

PNC

Financial

Services

Group,

Inc.

(The),

Series

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.60%),

3.40%

........................

800

787,392

Bancorp,

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.54%),

3.70%

........................

380

379,924

Wells

Fargo

Co.

Series

(LIBOR

USD

Month

3.11%),

5.90%

......................

570

601,430

Series

(LIBOR

USD

Month

3.99%),

5.87%

......................

375

409,687

Series

BB,

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.45%),

3.90%

......................

925

950,438

7,614,806

Capital

Markets

—

0.5%

(a)(g)

Bank

New

York

Mellon

Corp.

(The),

Series

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.35%),

3.70%

775

792,437

Charles

Schwab

Corp.

(The)

Series

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.17%),

4.00%

......................

1,100

1,122,000

Series

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.08%),

4.00%

................

760

767,600

Goldman

Sachs

Group,

Inc.

(The)

Series

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.62%),

5.50%

......................

275

290,125

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Series

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.22%),

4.95%

......................

USD

284

294,650

Series

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.97%),

3.80%

......................

600

597,000

Series

(LIBOR

USD

Month

3.83%),

5.30%

......................

600

653,250

4,517,062

Consumer

Finance

—

0.3%

(a)(g)

Ally

Financial,

Inc.,

Series

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.87%),

4.70%

.............

1,200

1,245,000

Discover

Financial

Services,

Series

(LIBOR

USD

Month

3.08%),

5.50%

.......

725

774,844

General

Motors

Financial

Co.,

Inc.,

Series

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

5.00%),

5.70%

631

719,340

2,739,184

Diversified

Financial

Services

—

0.1%

Voya

Financial,

Inc.,

Series

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.36%),

6.13%

(a)(g)

...........

475

493,748

Electric

Utilities

—

0.1%

Edison

International,

Series

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.70%),

5.38%

(a)(g)

...........

1,250

1,309,500

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

Vistra

Corp.,

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

5.74%),

7.00%

(a)(b)(g)

.....................

95,212

Insurance

—

0.1%

MetLife,

Inc.,

Series

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.58%),

3.85%

(a)(g)

...............

950

969,000

Multi-Utilities

—

0.0%

Sempra

Energy,

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.55%),

4.88%

(a)(g)

......................

450

481,851

Oil,

Gas

Consumable

Fuels

—

0.1%

(a)(g)

Energy

Transfer

Series

(LIBOR

USD

Month

4.16%),

6.63%

......................

200

189,484

Series

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

5.31%),

7.13%

......................

1,200

1,218,000

EnLink

Midstream

Partners

LP,

Series

(LIBOR

USD

Month

4.11%),

6.00%

68,692

1,476,176

Total

Capital

Trusts

—

2.0%

(Cost:

$19,254,513)

..............................

19,696,539

Preferred

Stocks

—

0.1%

Consumer

Finance

—

0.0%

SLM

Corp.,

Series

(LIBOR

USD

Month

1.70%),

1.90%

(a)(g)

................

2,500

146,250

Insurance

—

0.0%

Allstate

Corp.

(The),

Series

5.10%

(g)

....

15,000

406,800

2021

BlackRock

Annual

Report

Shareholders

BlackRock

Managed

Income

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(continued)

December

31,

2021

Security

Value

Oil,

Gas

Consumable

Fuels

—

0.1%

Energy

Transfer

LP,

Series

(LIBOR

USD

Month

5.16%),

7.60%

(a)(g)

..........

25,000

633,750

Total

Preferred

Stocks

—

0.1%

(Cost:

$1,170,581)

..............................

1,186,800

Trust

Preferreds

—

0.0%

Commercial

Services

Supplies

—

0.0%

ILFC

E-Capital

Trust

(30Y

CMT

1.55%),

3.37%, 12/21/65

(a)(b)

...............

100,000

82,500

Total

Trust

Preferreds

—

0.0%

(Cost:

$95,250)

................................

82,500

Total

Preferred

Securities

—

2.1%

(Cost:

$20,520,344)

..............................

20,965,839

Security

Value

Warrants

—

0.0%

Oil,

Gas

Consumable

Fuels

—

0.0%

California

Resources

Corp.

(Issued/exercisable

10/23/20,

for

warrant,

Expires

10/27/24,

Strike

Price

USD

36.00)

(d)

....

645

Total

Warrants

—

0.0%

(Cost:

$0)

....................................

645

Total

Long-Term

Investments

—

95.7%

(Cost:

$916,852,358)

.............................

938,746,652

Short-Term

Securities

—

7.3%

(n)(p)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.00%

...................

35,824,234

Liquidity

Series,

LLC,

Money

Market

Series,

0.15%

(q)

.......................

35,549,781

35,553,336

Total

Short-Term

Securities

—

7.3%

(Cost:

$71,378,366)

..............................

71,377,570

Total

Investments

—

103.0%

(Cost:

$988,230,724

)

.............................

1,010,124,222

Liabilities

Excess

Other

Assets

—

(3.0)%

............

(29,514,248)

Net

Assets

—

100.0%

..............................

980,609,974

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

the

effective

interest

rate

period

end.

Security

description

also

includes

the

reference

rate

and

spread

published

and

available.

(b)

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

(c)

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(d)

Non-income

producing

security.

(e)

Convertible

security.

(f)

Zero-coupon

bond.

(g)

Perpetual

security

with

stated

maturity

date.

(h)

This

security

may

resold

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

the

Securities

Act

1933.

(i)

Payment-in-kind

security

which

may

pay

interest/dividends

additional

par/shares

and/or

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(j)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

decrease

(step-down

bond)

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

effect.

(k)

Rounds

less

than

1,000.

(l)

Represents

unsettled

loan

commitment

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

the

settlement

date,

including

coupon

rate.

(m)

Fixed

rate.

(n)

Affiliate

the

Fund.

(o)

All

portion

this

security

loan.

(p)

Annualized

7-day

yield

period

end.

(q)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

BlackRock

Managed

Income

Fund

Schedule

Investments

Schedule

Investments

(continued)

December

31,

2021

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the

year

ended

December

31,

2021

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Affiliated

Issuer

Value

12/31/20

Purchases

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

12/31/21

Held

12/31/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

23,028,605

12,795,629

—

35,824,234

5,242

—

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

357,289

35,201,761

—

(4,918)

(796)

35,553,336

35,549,781

297,310

(b)

—

BlackRock

Allocation

Target

Shares-

BATS

Series

.....

46,574,822

22,274,317

—

(129,281)

68,719,858

6,885,757

1,480,406

72,328

BlackRock

Floating

Rate

Income

Portfolio,

Class

...

11,008,080

21,765,307

(12,689,086)

403,874

(317,047)

20,171,128

2,031,332

779,080

—

BlackRock

GNMA

Portfolio,

Class

(c)

.............

25,564,430

144,080

(25,519,229)

(44,576)

(144,705)

—

157,986

—

BlackRock

High

Yield

Bond

Portfolio,

Class

(c)

1,215,777

14,742

(1,233,718)

23,497

(20,298)

—

22,509

—

iShares

Core

Dividend

Growth

ETF

..................

13,569,748

3,045,242

—

3,965,339

20,580,329

370,283

396,855

—

iShares

Emerging

Markets

Dividend

ETF

(c)

..........

1,076,431

—

(1,123,554)

(64,473)

111,596

—

65,873

—

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

......

29,486,186

—

(9,499,116)

255,127

(350,058)

19,892,139

228,619

899,801

—

iShares

iBoxx

Investment

Grade

Corporate

Bond

ETF

......

10,240,130

—

(406,422)

20,752

(427,782)

9,426,678

71,134

221,307

—

iShares

MBS

ETF

..........

—

32,097,338

—

(347,906)

31,749,432

295,536

5,573

—

iShares

U.S.

Real

Estate

ETF

—

14,515,228

—

736,161

15,251,389

131,319

149,348

—

589,283

3,075,223

257,168,523

4,481,290

72,328

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

fees

and

collateral

investment

expenses,

and

other

payments

and

from

borrowers

securities.

(c)

period

end,

the

entity

longer

held.

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

one

the

industry

sub-classifications

used

one

widely

recognized

market

indexes

rating

group

indexes,

and/or

defined

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

2021

BlackRock

Annual

Report

Shareholders

BlackRock

Managed

Income

Fund

Schedule

Investments

(continued)

December

31,

2021

Derivative

Financial

Instruments

Categorized

Risk

Exposure

Derivative

Financial

Instruments

Outstanding

Period

End

Futures

Contracts

Description

Number

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

500

E-Mini

Index

......................................................

03/18/22

17,606

234,439

U.S.

Treasury

Year

Note

....................................................

03/31/22

1,309

(428)

234,011

Short

Contracts

GBP

Currency

............................................................

187

03/14/22

15,814

(342,934)

JPY

Currency

............................................................

03/14/22

761

9,388

U.S.

Treasury

Year

Note

...................................................

645

03/22/22

84,062

471,816

U.S.

Treasury

Long

Bond

....................................................

105

03/22/22

16,793

(83,027)

U.S.

Treasury

Ultra

Bond

....................................................

03/22/22

8,041

(127,907)

U.S.

Treasury

Year

Note

....................................................

289

03/31/22

34,935

(50,520)

(123,184)

110,827

Centrally

Cleared

Credit

Default

Swaps

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

the

Fund

Payment

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

CDX.NA.IG.37.V1

...................

1.00

Quarterly

12/20/26

USD

3,460

(85,675)

(40,732)

(44,943)

Balances

Reported

the

Statement

Assets

and

Liabilities

for

Centrally

Cleared

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Centrally

Cleared

Swaps

(a)

.........................................................

—

(40,732)

—

(44,943)

(a)

Includes

cumulative

appreciation

(depreciation)

centrally

cleared

swaps,

reported

the

Schedule

Investments.

Only

current

day’s

variation

margin

reported

within

the

Statement

Assets

and

Liabilities

and

net

any

previously

paid

(received)

swap

premium

amounts.

period

end,

the

fair

values

derivative

financial

instruments

located

the

Statement

Assets

and

Liabilities

were

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

futures

contracts

(a)

.....

—

234,439

9,388

471,816

—

715,643

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

futures

contracts

(a)

.....

—

342,934

261,882

—

604,816

Swaps

—

centrally

cleared

Unrealized

depreciation

centrally

cleared

swaps

(a)

—

44,943

—

44,943

—

44,943

—

342,934

261,882

—

649,759

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

futures

contracts

and

centrally

cleared

swaps,

any,

are

reported

the

Schedule

Investments.

the

Statement

Assets

and

Liabilities,

only

current

day's

variation

margin

reported

receivables

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

included

accumulated

earnings

(loss).

BlackRock

Managed

Income

Fund

Schedule

Investments

Schedule

Investments

(continued)

December

31,

2021

For

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

the

Notes

Financial

Statements.

For

the

period

ended

December

31,

2021,

the

effect

derivative

financial

instruments

the

Statement

Operations

was

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

—

(60,796)

504,935

5,717,124

—

6,161,263

Options

purchased

(a)

....................

—

(634,277)

—

(634,277)

Options

written

........................

—

481,390

—

481,390

Swaps

..............................

—

29,892

—

29,892

—

29,892

(213,683)

504,935

5,717,124

—

6,038,268

Net

Change

Unrealized

Appreciation

(Depreciation)

Futures

contracts

.......................

—

52,512

(90,047)

(176,505)

—

(214,040)

Options

purchased

(b)

....................

—

47,053

—

47,053

Options

written

........................

—

(24,747)

—

(24,747)

Swaps

..............................

—

(47,280)

—

(47,280)

—

(47,280)

74,818

(90,047)

(176,505)

—

(239,014)

(a)

Options

purchased

are

included

net

realized

gain

(loss)

from

investments

—

unaffiliated.

(b)

Options

purchased

are

included

net

change

unrealized

appreciation

(depreciation)

investments

—

unaffiliated.

Average

Quarterly

Balances

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

contracts

—

long

..................................................................................

15,410,501

Average

notional

value

contracts

—

short

.................................................................................

121,669,613

Options

Average

value

option

contracts

purchased

................................................................................

236,535

Average

value

option

contracts

written

...................................................................................

112,125

Credit

default

swaps

Average

notional

value

—

buy

protection

...................................................................................

2,470,500

Average

notional

value

—

sell

protection

...................................................................................

118,750

2021

BlackRock

Annual

Report

Shareholders

BlackRock

Managed

Income

Fund

Schedule

Investments

(continued)

December

31,

2021

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund's

financial

instruments

into

major

categories

disclosed

the

Schedule

Investments

above.

Level

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

....................................

—

71,213,818

2,000,000

73,213,818

Common

Stocks

Banks

...............................................

3,572,332

1,739,097

—

5,311,429

Beverages

...........................................

—

2,397,382

—

2,397,382

Biotechnology

.........................................

2,829,725

—

2,829,725

Building

Products

.......................................

2,497

—

2,497

Capital

Markets

........................................

2,471,707

—

2,471,707

Consumer

Finance

......................................

1,219,268

—

1,219,268

Diversified

Telecommunication

Services

........................

2,156,198

—

2,156,198

Electric

Utilities

........................................

—

2,086,171

—

2,086,171

Electrical

Equipment

.....................................

—

1,550,353

—

1,550,353

Electronic

Equipment,

Instruments

Components

.................

1,377,198

—

1,377,198

Energy

Equipment

Services

..............................

616,634

—

616,634

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

1,200,420

—

1,200,420

Food

Staples

Retailing

..................................

851,421

—

851,421

Gas

Utilities

...........................................

—

910,538

—

910,538

Health

Care

Equipment

Supplies

...........................

2,235,348

—

2,235,348

Health

Care

Providers

Services

............................

2,682,934

—

2,682,934

Household

Durables

.....................................

—

822,310

—

822,310

Household

Products

.....................................

—

1,755,934

—

1,755,934

Insurance

............................................

2,808,633

2,015,275

—

4,823,908

Services

...........................................

5,030,657

666,696

—

5,697,353

Leisure

Products

.......................................

2,086,999

—

2,086,999

Machinery

............................................

1,772,310

—

1,772,310

Media

...............................................

1,447,541

—

1,447,541

Oil,

Gas

Consumable

Fuels

...............................

23,596

—

23,596

Personal

Products

......................................

1,360,115

2,180,515

—

3,540,630

Pharmaceuticals

.......................................

—

7,259,976

—

7,259,976

Professional

Services

....................................

—

2,654,920

—

2,654,920

Semiconductors

Semiconductor

Equipment

....................

1,921,452

3,048,169

—

4,969,621

Software

.............................................

4,588,049

—

4,588,049

Technology

Hardware,

Storage

Peripherals

....................

—

671,521

—

671,521

Textiles,

Apparel

Luxury

Goods

............................

—

4,193,563

—

4,193,563

Tobacco

.............................................

1,378,925

—

1,378,925

Trading

Companies

Distributors

............................

—

1,774,136

—

1,774,136

Wireless

Telecommunication

Services

.........................

—

804,202

—

804,202

Corporate

Bonds

........................................

—

383,950,211

—

383,950,211

Equity-Linked

Notes

......................................

—

60,357,906

—

60,357,906

Floating

Rate

Loan

Interests

Aerospace

Defense

....................................

—

4,609,153

—

4,609,153

Air

Freight

Logistics

....................................

—

110,493

—

110,493

Airlines

..............................................

—

2,514,075

—

2,514,075

Auto

Components

......................................

—

2,226,745

—

2,226,745

Automobiles

..........................................

—

653,067

—

653,067

Building

Products

.......................................

—

2,314,688

113,120

2,427,808

Capital

Markets

........................................

—

932,147

114,586

1,046,733

Chemicals

............................................

—

3,740,826

—

3,740,826

Commercial

Services

Supplies

.............................

—

4,758,431

174,813

4,933,244

Construction

Engineering

................................

—

1,747,570

—

1,747,570

Construction

Materials

....................................

—

1,257,435

—

1,257,435

Containers

Packaging

..................................

—

3,115,580

—

3,115,580

Distributors

...........................................

—

101,765

—

101,765

Diversified

Consumer

Services

..............................

—

2,717,792

98,471

2,816,263

Diversified

Financial

Services

...............................

—

12,374,914

406,655

12,781,569

Diversified

Telecommunication

Services

........................

—

4,519,620

—

4,519,620

BlackRock

Managed

Income

Fund

Schedule

Investments

Schedule

Investments

(continued)

December

31,

2021

Level

Total

Electric

Utilities

........................................

—

132,681

—

132,681

Electrical

Equipment

.....................................

—

1,705,617

—

1,705,617

Electronic

Equipment,

Instruments

Components

.................

—

294,262

—

294,262

Entertainment

.........................................

—

2,753,871

275,915

3,029,786

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

—

244,204

—

244,204

Food

Staples

Retailing

..................................

—

916,523

—

916,523

Food

Products

.........................................

—

4,873,320

—

4,873,320

Health

Care

Equipment

Supplies

...........................

—

1,228,341

—

1,228,341

Health

Care

Providers

Services

............................

—

3,960,046

78,415

4,038,461

Health

Care

Technology

..................................

—

1,638,314

—

1,638,314

Hotels,

Restaurants

Leisure

..............................

—

5,025,034

11,765

5,036,799

Household

Durables

.....................................

—

1,223,009

—

1,223,009

Household

Products

.....................................

—

721,430

—

721,430

Independent

Power

and

Renewable

Electricity

Producers

............

—

325,508

—

325,508

Industrial

Conglomerates

..................................

—

848,726

—

848,726

Insurance

............................................

—

4,621,191

560,397

5,181,588

Interactive

Media

Services

...............................

—

2,204,190

—

2,204,190

Internet

Direct

Marketing

Retail

............................

—

702,764

—

702,764

Services

...........................................

—

4,450,956

108,455

4,559,411

Leisure

Products

.......................................

—

133,832

Life

Sciences

Tools

Services

..............................

—

3,149,025

—

3,149,025

Machinery

............................................

—

4,941,722

—

4,941,722

Media

...............................................

—

4,693,049

666,330

5,359,379

Metals

Mining

........................................

—

1,127,922

—

1,127,922

Oil,

Gas

Consumable

Fuels

...............................

—

659,668

—

659,668

Personal

Products

......................................

—

994,903

—

994,903

Pharmaceuticals

.......................................

—

1,956,872

74,528

2,031,400

Professional

Services

....................................

—

2,705,489

—

2,705,489

Road

Rail

...........................................

—

1,045,417

—

1,045,417

Semiconductors

Semiconductor

Equipment

....................

—

650,344

—

650,344

Software

.............................................

—

17,293,681

275,310

17,568,991

Specialty

Retail

........................................

—

2,720,957

169,212

2,890,169

Technology

Hardware,

Storage

Peripherals

....................

—

270,638

Trading

Companies

Distributors

............................

—

1,600,992

—

1,600,992

Transportation

Infrastructure

...............................

—

155,034

—

155,034

Wireless

Telecommunication

Services

.........................

—

970,470

—

970,470

Foreign

Agency

Obligations

.................................

—

540,288

—

540,288

Investment

Companies

....................................

117,071,095

—

117,071,095

Preferred

Securities

Banks

...............................................

—

7,614,806

—

7,614,806

Capital

Markets

........................................

—

4,517,062

—

4,517,062

Commercial

Services

Supplies

.............................

—

82,500

—

82,500

Consumer

Finance

......................................

146,250

2,739,184

—

2,885,434

Diversified

Financial

Services

...............................

—

493,748

—

493,748

Electric

Utilities

........................................

—

1,309,500

—

1,309,500

Independent

Power

and

Renewable

Electricity

Producers

............

—

95,212

—

95,212

Insurance

............................................

406,800

969,000

—

1,375,800

Multi-Utilities

..........................................

—

481,851

—

481,851

Oil,

Gas

Consumable

Fuels

...............................

633,750

1,476,176

—

2,109,926

Warrants

..............................................

645

—

645

Short-Term

Securities

.......................................

35,824,234

—

35,824,234

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

344

—

344

Liabilities

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

(83)

(57)

(140)

197,716,733

702,602,114

5,532,385

905,851,232

Investments

valued

NAV

(b)

......................................

104,273,194

—

1,010,124,426

—

Derivative

Financial

Instruments

(c)

Assets

Equity

contracts

...........................................

234,439

—

234,439

Foreign

currency

exchange

contracts

............................

9,388

—

9,388

Interest

rate

contracts

.......................................

471,816

—

471,816

Liabilities

Credit

contracts

...........................................

—

(44,943)

—

(44,943)

2021

BlackRock

Annual

Report

Shareholders

BlackRock

Managed

Income

Fund

Schedule

Investments

(continued)

December

31,

2021

See

notes

financial

statements.

Level

Total

Foreign

currency

exchange

contracts

............................

(342,934)

—

(342,934)

Interest

rate

contracts

.......................................

(261,882)

—

(261,882)

110,827

(44,943)

—

65,884

(a)

Unfunded

floating

rate

loan

interests

are

valued

the

unrealized

appreciation

(depreciation)

the

commitment.

(b)

Certain

investments

the

Fund

were

fair

valued

using

NAV

per

quoted

market

value

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(c)

Derivative

financial

instruments

are

swaps

and

futures

contracts.

Swaps

and

futures

contracts

are

valued

the

unrealized

appreciation

(depreciation)

the

instrument.

Statement

Assets

and

Liabilities

December

31,

2021

Financial

Statements

BlackRock

Managed

Income

Fund

ASSETS

Investments,

value

—

unaffiliated

(a)

(b)

.......................................................................................

752,955,699‌

Investments,

value

—

affiliated

(c)

.........................................................................................

257,168,523‌

Cash

.............................................................................................................

748,500‌

Cash

pledged:

–‌

Futures

contracts

....................................................................................................

3,180,000‌

Centrally

cleared

swaps

................................................................................................

278‌

Foreign

currency,

value

(d)

..............................................................................................

1,176,214‌

Receivables:

–‌

Investments

sold

....................................................................................................

1,753,803‌

Securities

lending

income

—

affiliated

......................................................................................

31,515‌

Capital

sold

...................................................................................................

2,388,212‌

Dividends

—

affiliated

.................................................................................................

223,649‌

Dividends

—

unaffiliated

...............................................................................................

92,937‌

Interest

—

unaffiliated

.................................................................................................

4,932,871‌

From

the

Manager

...................................................................................................

53,579‌

Variation

margin

futures

contracts

.......................................................................................

449‌

Unrealized

appreciation

on:

–‌

Unfunded

floating

rate

loan

interests

.......................................................................................

344‌

Prepaid

expenses

.....................................................................................................

118,682‌

Total

assets

.........................................................................................................

1,024,825,255‌

LIABILITIES

Collateral

securities

loaned

.............................................................................................

35,559,687‌

Payables:

–‌

Investments

purchased

................................................................................................

5,128,519‌

Administration

fees

...................................................................................................

1,146‌

Capital

redeemed

...............................................................................................

2,615,989‌

Income

dividend

distributions

............................................................................................

42,996‌

Investment

advisory

fees

..............................................................................................

253,145‌

Trustees'

and

Officer's

fees

.............................................................................................

2,077‌

Other

affiliate

fees

...................................................................................................

280‌

Service

and

distribution

fees

.............................................................................................

111,903‌

Variation

margin

futures

contracts

.......................................................................................

54,977‌

Variation

margin

centrally

cleared

swaps

..................................................................................

49,054‌

Other

accrued

expenses

...............................................................................................

395,368‌

Unrealized

depreciation

on:

–‌

Unfunded

floating

rate

loan

interests

.......................................................................................

140‌

Total

liabilities

........................................................................................................

44,215,281‌

NET

ASSETS

........................................................................................................

980,609,974‌

NET

ASSETS

CONSIST

Paid-in

capital

........................................................................................................

957,694,151‌

Accumulated

earnings

..................................................................................................

22,915,823‌

NET

ASSETS

........................................................................................................

980,609,974‌

(a)

Investments,

cost

—

unaffiliated

........................................................................................

736,773,738‌

(b)

Securities

loaned,

value

..............................................................................................

34,791,928‌

(c)

Investments,

cost

—

affiliated

..........................................................................................

251,456,986‌

(d)

Foreign

currency,

cost

...............................................................................................

1,167,786‌

See

notes

financial

statements.

Statement

Assets

and

Liabilities

(continued)

December

31,

2021

BlackRock

Annual

Report

Shareholders

BlackRock

Managed

Income

Fund

NET

ASSET

VALUE

Institutional

Net

assets

........................................................................................................

447,217,743‌

outstanding

.................................................................................................

43,396,546‌

Net

asset

value

....................................................................................................

10.31‌

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

0.001

Investor

Net

assets

........................................................................................................

401,137,734‌

outstanding

.................................................................................................

38,924,217‌

Net

asset

value

....................................................................................................

10.31‌

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

0.001

Investor

Net

assets

........................................................................................................

29,564,656‌

outstanding

.................................................................................................

2,867,641‌

Net

asset

value

....................................................................................................

10.31‌

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

0.001

Class

Net

assets

........................................................................................................

102,689,841‌

outstanding

.................................................................................................

9,938,867‌

Net

asset

value

....................................................................................................

10.33‌

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

0.001

See

notes

financial

statements.

Statement

Operations

Year

Ended

December

31,

2021

Financial

Statements

See

notes

financial

statements.

BlackRock

Managed

Income

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.................................................................................................

4,183,980‌

Dividends

—

unaffiliated

...............................................................................................

1,846,792‌

Interest

—

unaffiliated

................................................................................................

24,153,318‌

Securities

lending

income

—

affiliated

—

net

.................................................................................

297,310‌

Foreign

taxes

withheld

................................................................................................

(57,413‌)

Total

investment

income

.................................................................................................

30,423,987‌

EXPENSES

Investment

advisory

..................................................................................................

2,984,780‌

Service

and

distribution

—

class

specific

....................................................................................

1,113,413‌

Transfer

agent

—

class

specific

..........................................................................................

508,527‌

Accounting

services

..................................................................................................

396,620‌

Administration

.....................................................................................................

353,623‌

Administration

—

class

specific

..........................................................................................

170,546‌

Professional

.......................................................................................................

166,909‌

Registration

.......................................................................................................

147,222‌

Custodian

.........................................................................................................

92,350‌

Trustees

and

Officer

..................................................................................................

9,849‌

Miscellaneous

......................................................................................................

139,702‌

Total

expenses

.......................................................................................................

6,083,541‌

Less:

–‌

Administration

fees

waived

—

class

specific

..................................................................................

(161,114‌)

Fees

waived

and/or

reimbursed

the

Manager

...............................................................................

(1,305,250‌)

Transfer

agent

fees

waived

and/or

reimbursed

—

class

specific

.....................................................................

(138,067‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................................

4,479,110‌

Net

investment

income

..................................................................................................

25,944,877‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

18,479,635‌

Net

realized

gain

(loss)

from:

–‌

Investments

—

affiliated

.............................................................................................

589,283‌

Investments

—

unaffiliated

...........................................................................................

14,677,276‌

Capital

gain

distributions

from

underlying

funds

—

affiliated

......................................................................

72,328‌

Foreign

currency

transactions

.........................................................................................

(132,207‌)

Futures

contracts

..................................................................................................

6,161,263‌

Options

written

...................................................................................................

481,390‌

Swaps

.........................................................................................................

29,892‌

21,879,225‌

Net

change

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

.............................................................................................

3,075,223‌

Investments

—

unaffiliated

...........................................................................................

(6,192,594‌)

Foreign

currency

translations

..........................................................................................

3,644‌

Futures

contracts

..................................................................................................

(214,040‌)

Options

written

...................................................................................................

(24,747‌)

Swaps

.........................................................................................................

(47,280‌)

Unfunded

floating

rate

loan

interests

.....................................................................................

204‌

(3,399,590‌)

Net

realized

and

unrealized

gain

...........................................................................................

18,479,635‌

NET

INCREASE

NET

ASSETS

RESULTING

FROM

OPERATIONS

..................................................................

44,424,512‌

Statements

Changes

Net

Assets

2021

BlackRock

Annual

Report

Shareholders

See

notes

financial

statements.

BlackRock

Managed

Income

Fund

Year

Ended

December

31,

2021

2020

INCREASE

(DECREASE)

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

25,944,877‌

19,551,200‌

Net

realized

gain

(loss)

..............................................................................

21,879,225‌

(968,267‌)

Net

change

unrealized

appreciation

(depreciation)

..........................................................

(3,399,590‌)

15,970,983‌

Net

increase

net

assets

resulting

from

operations

.............................................................

44,424,512‌

34,553,916‌

DISTRIBUTIONS

SHAREHOLDERS

(a)

Institutional

....................................................................................

(21,513,873‌)

(9,566,525‌)

Investor

.....................................................................................

(17,731,220‌)

(7,243,709‌)

Investor

.....................................................................................

(1,196,903‌)

(659,196‌)

Class

.......................................................................................

(5,017,403‌)

(2,796,268‌)

Decrease

net

assets

resulting

from

distributions

shareholders

...................................................

(45,459,399‌)

(20,265,698‌)

CAPITAL

TRANSACTIONS

Net

increase

net

assets

derived

from

capital

transactions

...................................................

292,417,674‌

202,030,655‌

NET

ASSETS

Total

increase

net

assets

.............................................................................

291,382,787‌

216,318,873‌

Beginning

year

....................................................................................

689,227,187‌

472,908,314‌

End

year

........................................................................................

980,609,974‌

689,227,187‌

(a)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

outstanding

throughout

each

period)

Financial

Highlights

(a)

Based

average

outstanding.

(b)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

distributions.

(d)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(e)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

follows:

See

notes

financial

statements.

BlackRock

Managed

Income

Fund

Institutional

Year

Ended

December

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

year

..............................

10.28‌

10.08‌

9.56‌

10.02‌

9.95‌

Net

investment

income

(a)

.....................................

0.33‌

0.35‌

0.39‌

0.40‌

0.37‌

Net

realized

and

unrealized

gain

(loss)

............................

0.24‌

0.21‌

0.52‌

(0.46‌)

0.15‌

Net

increase

(decrease)

from

investment

operations

....................

0.57‌

0.56‌

0.91‌

(0.06‌)

0.52‌

Distributions

(b)

–

From

net

investment

income

..................................

(0.34‌)

(0.39‌)

(0.38‌)

(0.37‌)

From

net

realized

gain

.......................................

(0.20‌)

(0.02‌)

—‌

(0.02‌)

(0.08‌)

Total

distributions

...........................................

(0.54‌)

(0.36‌)

(0.39‌)

(0.40‌)

(0.45‌)

Net

asset

value,

end

year

...................................

10.31‌

10.28‌

10.08‌

9.56‌

10.02‌

Total

Return

(c)

5.61%

5.78%

9.63%

(0.57)%

5.29%

Based

net

asset

value

......................................

5.61%

5.78%

9.63%

(0.57)%

5.29%

Ratios

Average

Net

Assets

(d)

Total

expenses

.............................................

0.61%

0.62%

0.59%

0.72%

1.03%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.40%

0.38%

0.34%

0.27%

0.38%

Net

investment

income

.......................................

3.17%

3.51%

3.90%

4.09%

3.74%

Supplemental

Data

Net

assets,

end

year

(000)

....................................

447,218‌

317,679‌

199,220‌

117,904‌

51,542‌

Portfolio

turnover

rate

(e)

.......................................

45%

76%

71%

79%

68%

Year

Ended

December

31,

2021

2020

2019

2018

2017

Portfolio

turnover

rate

(including

equity-linked

notes)

....................

88‌%

94‌%

91‌%

100‌%

96‌%

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

2021

BlackRock

Annual

Report

Shareholders

(a)

Based

average

outstanding.

(b)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

any

sales

charges

and

assumes

the

reinvestment

distributions.

(d)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(e)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

follows:

See

notes

financial

statements.

BlackRock

Managed

Income

Fund

Investor

Year

Ended

December

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

year

..............................

10.28‌

10.08‌

9.56‌

10.02‌

9.95‌

Net

investment

income

(a)

.....................................

0.30‌

0.32‌

0.36‌

0.38‌

0.35‌

Net

realized

and

unrealized

gain

(loss)

............................

0.24‌

0.22‌

0.52‌

(0.46‌)

0.15‌

Net

increase

(decrease)

from

investment

operations

....................

0.54‌

0.88‌

(0.08‌)

0.50‌

Distributions

(b)

–

From

net

investment

income

..................................

(0.31‌)

(0.32‌)

(0.36‌)

(0.35‌)

From

net

realized

gain

.......................................

(0.20‌)

(0.02‌)

—‌

(0.02‌)

(0.08‌)

Total

distributions

...........................................

(0.51‌)

(0.34‌)

(0.36‌)

(0.38‌)

(0.43‌)

Net

asset

value,

end

year

...................................

10.31‌

10.28‌

10.08‌

9.56‌

10.02‌

Total

Return

(c)

5.36%

5.51%

9.36%

(0.82)%

5.03%

Based

net

asset

value

......................................

5.36%

5.51%

9.36%

(0.82)%

5.03%

Ratios

Average

Net

Assets

(d)

Total

expenses

.............................................

0.82%

0.83%

0.80%

0.95%

1.26%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.65%

0.62%

0.59%

0.52%

0.63%

Net

investment

income

.......................................

2.91%

3.27%

3.65%

3.83%

3.45%

Supplemental

Data

Net

assets,

end

year

(000)

....................................

401,138‌

261,322‌

190,848‌

107,314‌

59,591‌

Portfolio

turnover

rate

(e)

.......................................

45%

76%

71%

79%

68%

Year

Ended

December

31,

2021

2020

2019

2018

2017

Portfolio

turnover

rate

(including

equity-linked

notes)

....................

88‌%

94‌%

91‌%

100‌%

96‌%

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

Financial

Highlights

(a)

Based

average

outstanding.

(b)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

any

sales

charges

and

assumes

the

reinvestment

distributions.

(d)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(e)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

follows:

See

notes

financial

statements.

BlackRock

Managed

Income

Fund

Investor

Year

Ended

December

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

year

..............................

10.29‌

10.09‌

9.56‌

10.03‌

9.96‌

Net

investment

income

(a)

.....................................

0.23‌

0.25‌

0.29‌

0.31‌

0.28‌

Net

realized

and

unrealized

gain

(loss)

............................

0.23‌

0.21‌

0.53‌

(0.48‌)

0.14‌

Net

increase

(decrease)

from

investment

operations

....................

0.46‌

0.82‌

(0.17‌)

0.42‌

Distributions

(b)

–

From

net

investment

income

..................................

(0.24‌)

(0.29‌)

(0.28‌)

(0.27‌)

From

net

realized

gain

.......................................

(0.20‌)

(0.02‌)

—‌

(0.02‌)

(0.08‌)

Total

distributions

...........................................

(0.44‌)

(0.26‌)

(0.29‌)

(0.30‌)

(0.35‌)

Net

asset

value,

end

year

...................................

10.31‌

10.29‌

10.09‌

9.56‌

10.03‌

Total

Return

(c)

4.50%

4.72%

8.65%

(1.67)%

4.24%

Based

net

asset

value

......................................

4.50%

4.72%

8.65%

(1.67)%

4.24%

Ratios

Average

Net

Assets

(d)

Total

expenses

.............................................

1.59%

1.60%

1.58%

1.74%

1.95%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

1.40%

1.37%

1.34%

1.28%

1.38%

Net

investment

income

.......................................

2.18%

2.54%

2.89%

3.11%

2.75%

Supplemental

Data

Net

assets,

end

year

(000)

....................................

29,565‌

26,419‌

23,347‌

11,983‌

4,122‌

Portfolio

turnover

rate

(e)

.......................................

45%

76%

71%

79%

68%

Year

Ended

December

31,

2021

2020

2019

2018

2017

Portfolio

turnover

rate

(including

equity-linked

notes)

....................

88‌%

94‌%

91‌%

100‌%

96‌%

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

2021

BlackRock

Annual

Report

Shareholders

(a)

Based

average

outstanding.

(b)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

distributions.

(d)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(e)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

follows:

See

notes

financial

statements.

BlackRock

Managed

Income

Fund

Class

Year

Ended

December

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

year

..............................

10.30‌

10.11‌

9.58‌

10.05‌

9.97‌

Net

investment

income

(a)

.....................................

0.34‌

0.36‌

0.39‌

0.41‌

0.38‌

Net

realized

and

unrealized

gain

(loss)

............................

0.23‌

0.20‌

0.53‌

(0.47‌)

0.16‌

Net

increase

(decrease)

from

investment

operations

....................

0.57‌

0.56‌

0.92‌

(0.06‌)

0.54‌

Distributions

(b)

–

From

net

investment

income

..................................

(0.34‌)

(0.35‌)

(0.39‌)

(0.38‌)

From

net

realized

gain

.......................................

(0.20‌)

(0.02‌)

—‌

(0.02‌)

(0.08‌)

Total

distributions

...........................................

(0.54‌)

(0.37‌)

(0.39‌)

(0.41‌)

(0.46‌)

Net

asset

value,

end

year

...................................

10.33‌

10.30‌

10.11‌

9.58‌

10.05‌

Total

Return

(c)

5.66%

5.72%

9.78%

(0.61)%

5.45%

Based

net

asset

value

......................................

5.66%

5.72%

9.78%

(0.61)%

5.45%

Ratios

Average

Net

Assets

(d)

Total

expenses

.............................................

0.52%

0.50%

0.64%

0.87%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.35%

0.33%

0.29%

0.22%

0.33%

Net

investment

income

.......................................

3.22%

3.58%

3.97%

4.10%

3.76%

Supplemental

Data

Net

assets,

end

year

(000)

....................................

102,690‌

83,808‌

59,493‌

59,030‌

59,555‌

Portfolio

turnover

rate

(e)

.......................................

45%

76%

71%

79%

68%

Year

Ended

December

31,

2021

2020

2019

2018

2017

Portfolio

turnover

rate

(including

equity-linked

notes)

....................

88‌%

94‌%

91‌%

100‌%

96‌%

Notes

Financial

Statements

Notes

Financial

Statements

ORGANIZATION

BlackRock

Funds

II (the

“Trust”)

registered

under

the

Investment

Company

Act

1940,

amended

(the

“1940

Act”),

open-end

management

investment

company.

The Trust

organized

a Massachusetts

business

trust.

BlackRock

Managed

Income

Fund

(the

"Fund")

series

the

Trust.

The

Fund

classified

diversified.

The

Fund

offers

multiple

classes

shares.

All

classes

have

identical

voting,

dividend,

liquidation

and

other

rights

and

are

subject

the

same

terms

and

conditions,

except

that

certain

classes

bear

expenses

the

shareholder

servicing

and

distribution

such

shares.

Institutional

and

Class K

are

sold

only

certain

eligible

investors.

Investor

and

Investor

bear

certain

expenses

shareholder

servicing

such

shares,

and

Investor

also

bear

certain

expenses

the

distribution

such

shares.

Investor

and

Investor

are

generally

available

through

financial

intermediaries.

Each

class

has

exclusive

voting

rights

with

respect

matters

relating

its

shareholder

servicing

and

distribution

expenditures

(except

that

Investor

shareholders

may

vote

material

changes

the

Investor

distribution

and

service

plan).

(a)

Investor

may

subject

CDSC

for

certain

redemptions

where

initial

sales

charge

was

paid

the

time

purchase.

(b)

CDSC

1.00%

assessed

certain

redemptions

Investor

made

within

one

year

after

purchase.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

BlackRock

Advisors,

LLC

(the

"Manager") or

its

affiliates,

included

complex

open-end

equity,

multi-asset,

index

and

money

market

funds

referred

the

BlackRock

Multi-Asset

Complex.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

conformity

with

accounting

principles

generally

accepted

the

United

States

America

(“U.S.

GAAP”),

which

may

require

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

the

financial

statements,

disclosure

contingent

assets

and

liabilities

the

date

the

financial

statements

and

the

reported

amounts

increases

and

decreases

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

considered

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

investment

companies.

Below

summary

significant

accounting

policies:

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income and

capital

gain

distributions,

any,

are recorded

the

ex-dividend

dates.

Non-cash

dividends,

any,

are

recorded

the

ex-dividend

dates

fair

value. Dividends

from

foreign

securities

where

the

ex-

dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Fund

informed

the

ex-dividend

dates.

Under

the

applicable

foreign

tax

laws,

withholding

tax

various

rates

may

imposed

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

portion

the

dividend

income

received

from

real

estate

investment

trust

may

redesignated

reduction

cost

the

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

premiums

and

discounts

debt

securities,

recognized

daily

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

each

class

based

its

relative

net

assets.

For

convertible

securities,

premiums

attributable

the

debt

instrument

are

amortized,

but

premiums

attributable

the

conversion

feature

are

not

amortized.

Foreign

Currency

Translation:

The

Fund’s

books

and

records

are

maintained

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

the

trading

the

New

York

Stock

Exchange

(“NYSE”)

Purchases

and

sales

investments

are

recorded

the

rates

exchange

prevailing

the

respective

dates

such

transactions.

Generally,

when

the

U.S.

dollar

rises

value

against

foreign

currency,

the

investments

denominated

that

currency

will

lose

value;

the

opposite

effect

occurs

the

U.S.

dollar

falls

relative

value.

The

Fund

does

not

isolate

the

effect

fluctuations

foreign

exchange

rates

from

the

effect

fluctuations

the

market

prices

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

changes

exchange

rates

investments

are

not

segregated

the

Statement

Operations

from

the

effects

changes

market

prices

those

investments,

but

are

included

component

net

realized

and

unrealized

gain

(loss)

from

investments.

The

Fund

reports

realized

currency

gains

(losses)

foreign

currency

transactions

components

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Fund

may

subject

foreign

taxes

portion

which

may

reclaimable)

income,

stock

dividends,

capital

gains

investments,

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

the

foreign

jurisdictions

which

the

Fund

invests.

These

foreign

taxes,

any,

are

paid

the

Fund

and

are

reflected

its

Statement

Operations

follows:

foreign

taxes

withheld

source

are

presented

reduction

income,

foreign

taxes

securities

lending

income

are

presented

reduction

securities

lending

income,

foreign

taxes

stock

dividends

are

presented

“Foreign

taxes

withheld”,

and

foreign

taxes

capital

gains

from

sales

investments

and

foreign

taxes

foreign

currency

transactions

are

included

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

deferred

December

31,

2021

any,

are

disclosed

the Statement

Assets

and

Liabilities.

The

Fund

files

withholding

tax

reclaims

certain

jurisdictions

recover

portion

amounts

previously

withheld.

The

Fund

may

record

reclaim

receivable

based

collectability,

which

includes

factors

such

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statement

Operations

includes

tax

reclaims

recorded

well

professional

and

other

fees,

any,

associated

with

recovery

foreign

withholding

taxes.

Class

Initial

Sales

Charge

Contingent

Deferred

Sales

Charge

(“CDSC”)

Conversion

Privilege

Institutional

and

Class

...................................

None

Investor

............................................

Yes

(a)

None

Investor

...........................................

Yes

(b)

Investor

after

approximately

years

Notes

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

Shareholders

Segregation

and

Collateralization:

cases

where the

Fund

enters

into

certain

investments

(e.g.,

futures

contracts

and

swaps)

that

would

treated

“senior

securities”

for

1940

Act

purposes, the

Fund

may

segregate

designate

its

books

and

records

cash

liquid

assets

having

market

value

least

equal

the

amount

its

future

obligations

under

such

investments.

Doing

allows

the

investments

excluded

from

treatment

“senior

security.”

Furthermore,

required

exchange

counterparty

agreement,

the

Fund

may

required

deliver/deposit

cash

and/or

securities

to/with

exchange,

broker-dealer

custodian

collateral

for

certain

investments

obligations.

Distributions:

Distributions

from

net

investment

income

are

declared

daily

and

paid

monthly.

Distributions

capital

gains

are

recorded

the

ex-dividend

dates

and

made

least

annually.

The

character

and

timing

distributions

are

determined

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Indemnifications:

the

normal

course

business,

the

Fund

enters

into

contracts

that

contain

variety

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

unknown

because

involves

future

potential

claims

against

the

Fund,

which

cannot

predicted

with

any

certainty.

Other:

Expenses

directly

to the

Fund

its

classes

are

charged

the

Fund

the

applicable

class.

Expenses

directly

the

Fund

and

other

shared

expenses

prorated

the

Fund

are

allocated

daily

each

class

based

its

relative

net

assets

other

appropriate

methods.

Other

operating

expenses

shared

several

funds,

including

other

funds

managed

the

Manager

are

prorated

among

those

funds

the

basis

relative

net

assets

other

appropriate

methods.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS

Investment

Valuation

Policies:

The

Fund’s

investments

are

valued

fair

value

(also

referred

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

open

for

business

and,

for

financial

reporting

purposes,

the

report

date.

U.S.

GAAP

defines

fair

value

the

price

fund

would

receive

sell

asset

pay

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The

Fund

determines

the

fair

values

its

financial

instruments

using

various

independent

dealers

pricing

services

under

policies

approved

the

Board

Trustees

the

Trust

(the

“Board”).

security’s

market

price

not

readily

available

does

not

otherwise

accurately

represent

the

fair

value

the

security,

the

security

will

valued

accordance

with

policy

approved

the

Board

reflecting

fair

value.

The

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

the

committee

formed

management

develop

global

pricing

policies

and

procedures

and

oversee

the

pricing

function

for

all

financial

instruments.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

establish

the

fair

value

the

Fund’s

assets

and

liabilities:

Equity

investments

traded

recognized

securities

exchange

are

valued

that

day's official

closing

price,

applicable,

the

exchange

where

the

stock

primarily

traded.

Equity

investments

traded

recognized

exchange

for

which

there

were

sales

that

day

may

valued

the

last

available

bid

(long

positions)

ask

(short

positions)

price.

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

current

market

quotations

provided

independent

dealers

third-party

pricing

services.

Floating

rate

loan

interests

are

valued

the

mean

the

bid

prices

from

one

independent

brokers

dealers

obtained

from

third-party

pricing

service.

Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

institutional

round

lot

size,

but

fund

may

hold

transact

such

securities

smaller,

odd

lot

sizes.

Odd

lots

may

trade

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

valuation

models

that

utilize

certain

inputs

and

assumptions

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

securities

may

valued

based

valuation

models

that

consider

the

estimated

cash

flows

each

tranche

the

entity,

establish

benchmark

yield

and

develop

estimated

tranche

specific

spread

the

benchmark

yield

based

the

unique

attributes

the

tranche.

The

amortized

cost

method

valuation

may

used

with

respect

debt

obligations

with

sixty

days

less

remaining

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Investments

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

that

day's

published net

asset

value

(“NAV”).

The

Fund

values

its

investment

Liquidity

Series,

LLC,

Money

Market

Series

(the

“Money

Market

Series”)

fair

value,

which

ordinarily

based

upon

its

pro

rata

ownership

the

underlying

fund’s

net

assets.

Futures

contracts

are valued

based

that

day’s

last

reported

settlement

trade price

the

exchange

where

the

contract

traded.

Swap

agreements

are

valued

utilizing

quotes

received

daily

independent pricing

services

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

number

market

data

factors,

such

discounted

cash

flows,

trades

and

values

the

underlying

reference

instruments.

Generally,

trading

foreign

instruments

substantially

completed

each

day

various

times

prior

the

trading

the

NYSE.

Each

business

day,

the

Fund

uses

current

market

factors

supplied

independent

pricing

services

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

designed

value

such

foreign

securities

fair

value

the

trading

the

NYSE,

which

follows

the

local

markets.

events

(e.g.,

market

volatility,

company

announcement or

natural

disaster)

occur

that

are

expected

materially

affect

the

value

such

investment,

the

event

that application

these

methods

valuation

results

price

for

investment

that

deemed

not

representative

the

market

value

such

investment,

price

not

available,

the

investment

will

valued

the

Global

Valuation

Committee,

its

delegate,

accordance

with

policy

approved

the

Board

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

used

the

Global

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

discounted

cash

flow,

use

market

comparables

and

matrix

pricing

are

types

valuation

approaches

and

are

typically

used

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Global

Valuation

Committee,

its

delegate,

seeks

determine

the

price

that

the

Fund

might

reasonably

expect

receive

pay

from

the

current

sale

purchase

that

asset

liability

arm’s-length

transaction.

Fair

value

determinations

shall

based

upon

all

available

factors

that

the

Global

Valuation

Committee,

its

delegate,

deems

relevant

and

consistent

with

the

principles

fair

value

measurement.

The

pricing

all

Fair

Valued

Investments

subsequently

reported

the

Board

committee

thereof

quarterly

basis.

Notes

Financial

Statements

(continued)

Notes

Financial

Statements

For

investments

equity

debt

issued

privately

held

companies

funds

(“Private

Company”

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

the

Global

Valuation

Committee

and

third-party

pricing

services

utilize

one

combination

of,

but

not

limited

to,

the

following

inputs.

Investments

series

preferred

stock

issued

Private

Companies

are

typically

valued

utilizing

market

approach

determining

the

enterprise

value

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

preferred

and

common

stock

the

same

issuer.

Enterprise

valuation

techniques

such

option

pricing

model

(“OPM”),

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

hybrid

those

techniques

are

used

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation techniques

involve

determination

the

exit

scenarios

the

investment

order

appropriately

allocate

the

enterprise

value

the

company

among

the

various

parts

its

capital

structure.

The

Private

Companies

are

not

subject

the

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by the

Fund.

Typically,

the

most

recently

available

information

Private

Company

date

that

earlier

than

the

date the

Fund

calculating

its

NAV.

This

factor

may

result

difference

between

the

value

the

investment

and

the

price the

Fund

could

receive

upon

the

sale

the

investment.

Fair

Value

Hierarchy:

Various

inputs

are

used

determining

the

fair

value

financial

instruments.

These

inputs

valuation

techniques

are

categorized

into

fair

value

hierarchy

consisting

three

broad

levels

for

financial reporting purposes

follows:

Level

—

Unadjusted

price

quotations

active

markets/exchanges

for

identical

assets

liabilities

that

the

Fund

has

the

ability

access;

Level

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

liabilities

markets

that

are

active,

quoted

prices

for

identical

similar

assets

liabilities

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

liabilities

(such

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

other

market–corroborated

inputs);

and

Level

3 —

Unobservable

inputs

based

the

best

information

available

the

circumstances,

the

extent

observable

inputs

are

not

available

(including

the

Global

Valuation

Committee's assumptions

used

determining

the

fair

value

financial

instruments).

The

hierarchy

gives

the

highest

priority

unadjusted

quoted

prices

active

markets

for

identical

assets

liabilities

(Level

measurements)

and

the

lowest

priority

unobservable

inputs

(Level

measurements).

Accordingly,

the

degree

judgment

exercised

determining

fair

value

greatest

for

instruments

categorized

Level

The

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety. Investments

classified

within

Level

have

significant

unobservable

inputs

used

the

Global

Valuation

Committee

determining

the

price

for

Fair

Valued

Investments.

Level

investments

include

equity

debt

issued

Private

Companies

that

may

not

have

secondary

market

and/or

may

have

limited

number

investors.

The

categorization

value

determined

for

financial

instruments

based

the

pricing

transparency

the financial

instruments

and

not

necessarily

indication

the

risks

associated

with

investing

those

securities.

December

31,

2021,

certain

investments

the

Fund

were fair valued

using

NAV

per

its

equivalent as

quoted

market

value

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

SECURITIES

AND

OTHER

INVESTMENTS

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

pass-through

certificates

debt

instruments.

Asset-backed

securities

issued

pass-through

certificates

represent

undivided

fractional

ownership

interests

underlying

pool

assets.

Asset-backed

securities

issued

debt

instruments,

which

are

also

known

collateralized

obligations,

are

typically

issued

the

debt

special

purpose

entity

organized

solely

for

the

purpose

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

pool

assets

representing

the

obligations

number

different

parties.

The

yield

characteristics

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

that

all

principal

part

the

obligations

may

prepaid

any

time

because

the

underlying

assets

(i.e.,

loans)

may

prepaid

any

time.

result,

decrease

interest

rates

the

market

may

result

increases

the

level

prepayments

borrowers,

particularly

mortgagors,

refinance

and

repay

their

loans.

increased

prepayment

rate

with

respect

asset-backed

security

will

have

the

effect

shortening

the

maturity

the

security.

addition,

fund

may

subsequently

have

reinvest

the

proceeds

lower

interest

rates.

fund

has

purchased

such

asset-backed

security

premium,

faster

than

anticipated

prepayment

rate

could

result

loss

principal

the

extent

the

premium

paid.

For

mortgage

pass-through

securities

(the

“Mortgage

Assets”)

there

are

number

important

differences

among

the

agencies

and

instrumentalities

the

U.S.

Government

that

issue

mortgage-related

securities

and

among

the

securities

that

they

issue.

For

example,

mortgage-related

securities

guaranteed

Ginnie

Mae

are

guaranteed

Standard

Inputs

Generally

Considered

Third-Party

Pricing

Services

Market

approach

........................

(i)

recent

market

transactions,

including

subsequent

rounds

financing,

the

underlying

investment

comparable

issuers;

(ii) recapitalizations

and

other

transactions

across

the

capital

structure;

and

(iii)

market

multiples

comparable

issuers.

Income

approach

..........................

(i)

future

cash

flows

discounted

present

and

adjusted

appropriate

for

liquidity,

credit,

and/or

market

risks;

(ii) quoted

prices

for

similar

investments

assets

active

markets;

and

(iii)

other

risk

factors,

such

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

recovery

rates,

liquidation

amounts

and/or

default

rates.

Cost

approach

............................

(i)

audited

unaudited

financial

statements,

investor

communications

and

financial

operational

metrics

issued

the

Private

Company;

(ii) changes

the

valuation

relevant

indices

publicly

traded

companies

comparable

the

Private

Company;

(iii)

relevant

news

and

other

public

sources;

and

(iv)

known

secondary

market

transactions

the

Private

Company’s

interests

and

merger

acquisition

activity

companies

comparable

the

Private

Company.

Notes

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

Shareholders

the

timely

payment

principal

and

interest

Ginnie

Mae

and

such

guarantee

backed

the

full

faith

and

credit

the

United

States.

However,

mortgage-related

securities

issued

Freddie

Mac

and

Fannie

Mae,

including

Freddie

Mac

and

Fannie

Mae

guaranteed

mortgage

pass-through

certificates,

which

are

solely

the

obligations

Freddie

Mac

and

Fannie

Mae,

are

not

backed

entitled

the

full

faith

and

credit

the

United

States,

but

are

supported

the

right

the

issuer

borrow

from

the

U.S.

Treasury.

Non-agency

mortgage-backed

securities

are

securities

issued

non-governmental

issuers

and

have

direct

indirect

government

guarantees

payment

and

are

subject

various

risks.

Non-agency

mortgage

loans

are

obligations

the

borrowers

thereunder

only

and

are

not

typically

insured

guaranteed

any

other

person

entity.

The

ability

borrower

repay

loan

dependent

upon

the

income

assets

the

borrower.

number

factors,

including

general

economic

downturn,

acts

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

borrower’s

ability

repay

its

loans.

Collateralized

Debt

Obligations:

Collateralized

debt

obligations

(“CDOs”),

including

collateralized

bond

obligations

(“CBOs”)

and

collateralized

loan

obligations

(“CLOs”),

are

types

asset-backed

securities.

CDO

entity

that

backed

diversified

pool

debt

securities

(CBOs)

syndicated

bank

loans

(CLOs).

The

cash

flows

the

CDO

can

split

into

multiple

segments,

called

“tranches,”

which

will

vary

risk

profile

and

yield.

The

riskiest

segment

the

subordinated

“equity”

tranche.

This

tranche

bears

the

greatest

risk

defaults

from

the

underlying

assets

the

CDO

and

serves

protect

the

other,

senior,

tranches

from

default

all

but

the

most

severe

circumstances.

Since

shielded

from

defaults

the

junior

tranches,

“senior”

tranche

will

typically

have

higher

credit

ratings

and

lower

yields

than

their

underlying

securities,

and

often

receive

investment

grade

ratings

from

one

the

nationally

recognized

rating

agencies.

Despite

the

protection

from

the

junior

tranches,

senior

tranches

can

experience

substantial

losses

due

actual

defaults,

increased

sensitivity

future

defaults

and

the

disappearance

one

protecting

tranches

result

changes

the

credit

profile

the

underlying

pool

assets.

Zero-Coupon

Bonds:

Zero-coupon

bonds

are

normally

issued

significant

discount

from

face

value

and

not

provide

for

periodic

interest

payments.

These

bonds

may

experience

greater

volatility

market

value

than

other

debt

obligations

similar

maturity

which

provide

for

regular

interest

payments.

Equity-Linked

Notes:

Equity-linked

notes

seek

generate

income

and

provide

exposure

the

performance

underlying

security,

group

securities

exchange-

traded

funds

(the

“underlying

reference

instrument”).

equity-linked

note,

fund

purchases

note

from

bank

broker-dealer

and

return,

the

issuer

provides

for

interest

payments

during

the

term

the

note.

maturity

when

the

security

sold,

fund

will

either

settle

taking

physical

delivery

the

underlying

reference

instrument

receipt

cash

settlement

amount

equal

the

value

the

note

termination

maturity.

The

use

equity-linked

notes

involves

the

risk

that

the

value

the

note

changes

unfavorably

due

movements

the

value

the

underlying

reference

instrument.

Equity-linked

notes

are

considered

general

unsecured

contractual

obligations

the

bank

broker-dealer.

fund

must

rely

the

creditworthiness

the

issuer

for

its

investment

returns.

Capital

Securities

and

Trust

Preferred

Securities:

Capital

securities,

including

trust

preferred

securities,

are

typically

issued

corporations,

generally

the

form

interest-bearing

notes

with

preferred

securities

characteristics.

the

case

trust

preferred

securities,

affiliated

business

trust

corporation

issues

these

securities,

generally

the

form

beneficial

interests

subordinated

debentures

similarly

structured

securities.

The

securities

can

structured

with

either

fixed

adjustable

coupon

that

can

have

either

perpetual

stated

maturity

date.

For

trust

preferred

securities,

the

issuing

bank

corporation

pays

interest

the

trust,

which

then

distributed

holders

these

securities

dividend.

Dividends

can

deferred

without

creating

event

default

acceleration,

although

maturity

cannot

take

place

unless

all

cumulative

payment

obligations

have

been

met.

The

deferral

payments

does

not

affect

the

purchase

sale

these

securities

the

open

market.

These

securities

generally

are

rated

below

that

the

issuing

company’s

senior

debt

securities

and

are

freely

callable

the

issuer’s

option.

Preferred

Stocks:

Preferred

stock

has

preference

over

common

stock

liquidation

(and

generally

receiving

dividends

well),

but

subordinated

the

liabilities

the

issuer

all

respects.

general

rule,

the

market

value

preferred

stock

with

fixed

dividend

rate

and

conversion

element

varies

inversely

with

interest

rates

and

perceived

credit

risk,

while

the

market

price

convertible

preferred

stock

generally

also

reflects

some

element

conversion

value.

Because

preferred

stock

junior

debt

securities

and

other

obligations

the

issuer,

deterioration

the

credit

quality

the

issuer

will

cause

greater

changes

the

value

preferred

stock

than

senior

debt

security

with

similar

stated

yield

characteristics.

Unlike

interest

payments

debt

securities,

preferred

stock

dividends

are

payable

only

declared

the

issuer’s

board

directors.

Preferred

stock

also

may

subject

optional

mandatory

redemption

provisions.

Warrants:

Warrants

entitle

fund

purchase

specified

number

common

stock

and

are

non-income

producing.

The

purchase

price

and

number

are

subject

adjustment

under

certain

conditions

until

the

expiration

date

the

warrants,

any.

the

price

the

underlying

stock

does

not

rise

above

the

strike

price

before

the

warrant

expires,

the

warrant

generally

expires

without

any

value

and

fund

will

lose

any

amount

paid

for

the

warrant.

Thus,

investments

warrants

may

involve

risk

than

investments

common

stock.

Warrants

may

trade

the

same

markets

their

underlying

stock;

however,

the

price

the

warrant

does

not

necessarily

move

with

the

price

the

underlying

stock.

Floating

Rate

Loan

Interests:

Floating

rate

loan

interests

are

typically

issued

companies

(the

“borrower”)

banks,

other

financial

institutions,

privately

and

publicly

offered

corporations

(the

“lender”).

Floating

rate

loan

interests

are

generally

non-investment

grade,

often

involve

borrowers

whose

financial

condition

troubled

uncertain

and

companies

that

are

highly

leveraged

bankruptcy

proceedings.

addition,

transactions

floating

rate

loan

interests

may

settle

delayed

basis,

which

may

result

proceeds

from

the

sale

not

being

readily

available

for

fund

make

additional

investments

meet

its

redemption

obligations.

Floating

rate

loan

interests

may

include

fully

funded

term

loans

revolving

lines

credit.

Floating

rate

loan

interests

are

typically

senior

the

corporate

capital

structure

the

borrower.

Floating

rate

loan

interests

generally

pay

interest

rates

that

are

periodically

determined

reference

base

lending

rate

plus

premium.

Since

the

rates

reset

only

periodically,

changes

prevailing

interest

rates

(and

particularly

sudden

and

significant

changes)

can

expected

cause

some

fluctuations

the

NAV

fund

the

extent

that

invests

floating

rate

loan

interests.

The

base

lending

rates

are

generally

the

lending

rate

offered

one

European

banks,

such

the

London

Interbank

Offered

Rate

(“LIBOR”),

the

prime

rate

offered

one

U.S.

banks

the

certificate

deposit

rate.

Floating

rate

loan

interests

may

volve

foreign

borrowers,

and

investments

may

denominated

foreign

currencies.

These

investments

are

treated

investments

debt

securities

for

purposes

fund’s

investment

policies.

When

fund

purchases

floating

rate

loan

interest,

may

receive

facility

fee

and

when

sells

floating

rate

loan

interest,

may

pay

facility

fee.

ongoing

basis,

fund

may

receive

commitment

fee

based

the

undrawn

portion

the

underlying

line

credit

amount

floating

rate

loan

interest.

Facility

and

commitment

fees

are

typically

amortized

income

over

the

term

the

loan

term

the

commitment,

respectively.

Consent

and

amendment

fees

are

recorded

income

earned.

Prepayment

penalty

fees,

which

may

received

fund

upon

the

prepayment

floating

rate

loan

interest

borrower,

are

recorded

realized

gains.

fund

may

invest

multiple

series

tranches

loan.

different

series

tranche

may

have

varying

terms

and

carry

different

associated

risks.

Notes

Financial

Statements

(continued)

Notes

Financial

Statements

Floating

rate

loan

interests

are

usually

freely

callable

the

borrower’s

option.

fund

may

invest

such

loans

the

form

participations

loans

(“Participations”)

assignments

(“Assignments”)

all

portion

loans

from

third

parties.

Participations

typically

will

result

fund

having

contractual

relationship

only

with

the

lender,

not

with

the

borrower.

fund

has

the

right

receive

payments

principal,

interest

and

any

fees

which

entitled

only

from

the

lender

selling

the

Participation

and

only

upon

receipt

the

lender

the

payments

from

the

borrower.

connection

with

purchasing

Participations,

fund

generally

will

have

right

enforce

compliance

the

borrower

with

the

terms

the

loan

agreement,

nor

any

rights

offset

against

the

borrower.

fund

may

not

benefit

directly

from

any

collateral

supporting

the

loan

which

has

purchased

the

Participation.

result,

fund

assumes

the

credit

risk

both

the

borrower

and

the

lender

that

selling

the

Participation.

fund’s

investment

loan

participation

interests

involves

the

risk

insolvency

the

financial

intermediaries

who

are

parties

the

transactions.

the

event

the

insolvency

the

lender

selling

the

Participation,

fund

may

treated

general

creditor

the

lender

and

may

not

benefit

from

any

offset

between

the

lender

and

the

borrower.

Assignments

typically

result

fund

having

direct

contractual

relationship

with

the

borrower,

and

fund

may

enforce

compliance

the

borrower

with

the

terms

the

loan

agreement.

connection

with

floating

rate

loan

interests,

the

Fund

may

also

enter

into

unfunded

floating

rate

loan

interests

(“commitments”).

connection

with

these

commitments,

the

fund

earns

commitment

fee,

typically

set

percentage

the

commitment

amount.

Such

fee

income,

which

included

interest

income

the Statement

Operations,

recognized

ratably

over

the

commitment

period.

Unfunded

floating

rate

loan

interests

are

marked-to-market

daily,

and

any

unrealized

appreciation

(depreciation)

included

the

Statement

Assets

and

Liabilities

and

Statement

Operations.

period

end,

the

Fund

had

the

following

unfunded

floating

rate

loan

interests:

Securities

Lending:

The

Fund

may

lend

its

securities

approved

borrowers,

such

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

cash,

irrevocable

letter

credit

issued

bank,

securities

issued

guaranteed

the

U.S.

Government.

The

initial

collateral

received

the

Fund

required

have

value

least

102%

the

current

value

the

loaned

securities

for

securities

traded

U.S.

exchanges

and

value

least

105%

for

all

other

securities.

The

collateral

maintained

thereafter

value

equal

least

100%

the

current

market

value

the

securities

loan.

The

market

value

the

loaned

securities

determined

the

each

business

day

the

Fund

and

any

additional

required

collateral

delivered

the

Fund,

excess

collateral

returned

the

Fund,

the

business

day.

During

the

term

the

loan,

the

Fund

entitled

all

distributions

made

respect

the

loaned

securities,

but

does

not

receive

interest

income

securities

received

collateral.

Loans

securities

are

terminable

any

time

and

the

borrower,

after

notice,

required

return

borrowed

securities

within

the

standard

time

period

for

settlement

securities

transactions.

period

end,

any

securities

loan

were

collateralized

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

the

securities

lending

agent,

BlackRock

Investment

Management,

LLC

(“BIM”),

any,

disclosed

the

Schedule

Investments.

Any

non-cash

collateral

received

cannot

sold,

re-invested

pledged

the

Fund,

except

the

event

borrower

default.

The

securities

loan,

any,

are

disclosed

the

Fund’s

Schedule

Investments.

The

market

value

any

securities

loan

and

the

value

any

collateral

are

shown

separately

the

Statement

Assets

and

Liabilities

component

investments

value

–

unaffiliated

and

collateral

securities

loaned

value,

respectively.

Securities

lending

transactions

are

entered

into

the

Fund

under

Master

Securities

Lending

Agreements

(each,

“MSLA”),

which

provide

the

right,

the

event

default

(including

bankruptcy

insolvency),

for

the

non-defaulting

party

liquidate

the

collateral

and

calculate

net

exposure

the

defaulting

party

request

additional

collateral.

the

event

that

borrower

defaults,

the

Fund,

lender,

would

offset

the

market

value

the

collateral

received

against

the

market

value

the

securities

loaned.

When

the

value

the

collateral

greater

than

that

the

market

value

the

securities

loaned,

the

lender

left

with

net

amount

payable

the

defaulting

party.

However,

bankruptcy

insolvency

laws

particular

jurisdiction

may

impose

restrictions

prohibitions

against

such

right

offset

the

event

MSLA

counterparty’s

bankruptcy

insolvency.

Under

the

MSLA,

absent

event

default,

the

borrower

can

resell

re-pledge

the

loaned

securities,

and

the

Fund

can

reinvest

cash

collateral

received

connection

with

loaned

securities.

Upon

event

default,

the

parties’

obligations

return

the

securities

collateral

the

other

party

are

extinguished,

and

the

parties

can

resell

re-pledge

the

loaned

securities

the

collateral

received

connection

with

the

loaned

securities

order

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

Fund

Name

Borrower

Par

Commitment

Amount

Value

Unrealized

Appreciation

(Depreciation)

Managed

Income

ARC

Falcon

Inc.,

Delayed

Draw

Term

Loan

..............

33,667‌

33,499‌

33,591‌

92‌

Iris

Holdco

Inc.,

Delayed

Draw

1st

Lien

Term

Loan

.......

22,687‌

22,630‌

(57‌)

EyeCare

Partners

LLC,

Delayed

Draw

1st

Lien

Term

Loan

.....

17,506‌

17,423‌

(83‌)

Intelsat

Jackson

Holdings

SA,

Term

Loan

.................

1,578‌

1,558‌

1,576‌

18‌

Medical

Solutions

Holdings,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan

92,269‌

91,883‌

92,072‌

189‌

Precision

Medicine

Group

LLC,

Delayed

Draw

Term

Loan

......

29,555‌

29,366‌

29,398‌

32‌

Trident

TPI

Holdings,

Inc.,

Delayed

Draw

Term

Loan

.......

17,258‌

17,215‌

17,228‌

13‌

period

end,

the

following

table

summary

the

Fund's

securities

loan

counterparty

which

are

subject

offset

under

MSLA:

Counterparty

Securities

Loaned

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

Fair

Value

Net

Amount

Barclays

Capital,

Inc.

..............................

8,092‌

(8,092‌)

—‌

Jefferies

LLC

....................................

1,718,872‌

(1,718,872‌)

—��

—‌

Morgan

Securities

LLC

..........................

19,685,055‌

(19,685,055‌)

—‌

Americas

Securities

LLC

.........................

13,379,909‌

(13,379,909‌)

—‌

34,791,928‌

(34,791,928‌)

—‌

(a)

Collateral

received

excess

the

market

value

securities

loan

not

presented

this

table.

The

total

cash

collateral

received

the

Fund

disclosed

the

Fund's

Statement

Assets

and

Liabilities.

Notes

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

Shareholders

The

risks

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

may

not

return

the

securities

when

due.

mitigate

these

risks,

the

Fund

benefits

from

borrower

default

indemnity

provided

BIM.

BIM’s

indemnity

allows

for

full

replacement

the

securities

loaned

the

extent

the

collateral

received

does

not

cover

the

value

the

securities

loaned

the

event

borrower

default.

The

Fund

could

incur

loss

the

value

investment

purchased

with

cash

collateral

falls

below

the

market

value

loaned

securities

the

value

investment

purchased

with

cash

collateral

falls

below

the

value

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

the

Fund.

Derivative

Financial

Instruments

The

Fund

engages

various

portfolio

investment

strategies

using

derivative

contracts

both

increase

the

returns

the

Fund

and/or

manage

its

exposure

certain

risks

such

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

risk

exposure

are

included

the

Schedule

Investments.

These

contracts

may

transacted

exchange or

OTC.

Futures

Contracts:

Futures

contracts

are

purchased

sold

gain

exposure

to,

manage

exposure

to,

changes

interest

rates

(interest

rate

risk)

and

changes

the

value

equity

securities

(equity

risk)

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded agreements

between

the

Fund

and

counterparty

buy

sell

specific

quantity

underlying

instrument

specified

price

and

specified

date.

Depending

the

terms

contract,

settled

either

through

physical

delivery

the

underlying

instrument

the

settlement

date

payment

cash

amount

the

settlement

date.

Upon

entering

into

futures

contract,

the

Fund

required

deposit

initial

margin

with

the

broker

the

form

cash

securities

amount

that

varies

depending

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

maintained

established

level

over

the

life

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

cash

pledged

for

futures

contracts

the Statement

Assets

and

Liabilities.

Securities

deposited

initial

margin

are

designated

the

Schedule

Investments

and

cash

deposited,

any, are

shown

cash

pledged

for

futures

contracts

the

Statement

Assets

and

Liabilities.

Pursuant

the

contract,

the

Fund

agrees

receive

from

pay

the

broker

amount

cash

equal

the

daily

fluctuation

market

value

the

contract

(“variation

margin”).

Variation

margin

recorded

unrealized

appreciation

(depreciation)

and,

any,

shown

variation

margin

receivable

(or

payable)

futures

contracts

the

Statement

Assets

and

Liabilities.

When

the

contract

closed,

realized

gain

loss

recorded

the

Statement

Operations

equal

the

difference

between

the

notional

amount

the

contract

the

time

was

opened

and

the

notional

amount

the

time

was

closed.

The

use

futures

contracts

involves

the

risk

imperfect

correlation

the

movements

the

price

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

underlying

assets.

Options:

The

Fund

may

purchase

and

write

call

and

put

options

increase

decrease

its

exposure

the

risks

underlying

instruments,

including

equity

risk,

interest

rate

risk

and/or

commodity

price

risk

and/or,

the

case

options

written,

generate

gains

from

options

premiums.

call

option

gives

the

purchaser

(holder)

the

option

the

right

(but

not

the

obligation)

buy,

and

obligates

the

seller

(writer)

sell

(when

the

option

exercised)

the

underlying

instrument

the

exercise

strike

price

any

time

specified

time

during

the

option

period.

put

option

gives

the

holder

the

right

sell

and

obligates

the

writer

buy

the

underlying

instrument

the

exercise

strike

price

any

time

specified

time

during

the

option

period.

Premiums

paid

options

purchased

and

premiums

received

options

written,

well

the

daily

fluctuation

market

value,

are

included

investments

value

–

unaffiliated

and

options

written

value,

respectively,

the

Statement

Assets

and

Liabilities.

When

instrument

purchased

sold

through

the

exercise

option,

the

premium

offset

against

the

cost

proceeds

the

underlying

instrument.

When

option

expires,

realized

gain

loss

recorded

the

Statement

Operations

the

extent

the

premiums

received

paid.

When

option

closed

sold,

gain

loss

recorded

the

Statement

Operations

the

extent

the

cost

the

closing

transaction

exceeds

the

premiums

received

paid.

When

the

Fund

writes

call

option,

such

option

typically

“covered,”

meaning

that

holds

the

underlying

instrument

subject

being

called

the

option

counterparty.

When

the

Fund

writes

put

option,

cash

segregated

amount

sufficient

cover

the

obligation.

These

amounts,

which

are

considered

restricted,

are

included

cash

pledged

collateral

for

options

written

the

Statement

Assets

and

Liabilities.

purchasing

and

writing

options,

the

Fund

bears

the

risk

unfavorable

change

the

value

the

underlying

instrument

the

risk

that

may

not

able

enter

into

closing

transaction

due

illiquid

market.

Exercise

written

option

could

result

the

Fund

purchasing

selling

security

when

otherwise

would

not,

price

different

from

the

current

market

value.

Swaps:

Swap

contracts

are

entered

into

manage

exposure

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Fund

and

counterparty

make

periodic

net

payments

specified

notional

amount

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

the

OTC

market

and

may

entered

into

bilateral

contract

(“OTC

swaps”)

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

swap

premiums

paid

and

swap

premiums

received,

respectively,

the

Statement

Assets

and

Liabilities

and

amortized

over

the

term

the

contract.

The

daily

fluctuation

market

value

recorded

unrealized

appreciation

(depreciation)

OTC

Swaps

the

Statement

Assets

and

Liabilities.

Payments

received

paid

are

recorded

the

Statement

Operations

realized

gains

losses,

respectively.

When

OTC

swap

terminated,

realized

gain

loss

recorded

the

Statement

Operations

equal

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Fund’s

basis

the

contract,

any.

Generally,

the

basis

the

contract

the

premium

received

paid.

centrally

cleared

swap,

immediately

following

execution

the

swap

contract,

the

swap

contract

novated

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Fund’s

counterparty

the

swap.

The

Fund

required

interface

with

the

CCP

through

the

broker.

Upon

entering

into

centrally

cleared

swap,

the

Fund

required

deposit

initial

margin

with

the

broker

the

form

cash

securities

amount

that

varies

depending

the

size

and

risk

profile

the

particular

swap. Securities

deposited

initial

margin

are

designated

the

Schedule

Investments

and

cash

deposited

shown

cash

pledged

for

centrally

cleared

swaps

the

Statement

Assets

and

Liabilities. Amounts

pledged,

which

are

considered

restricted

cash,

are

included

cash

pledged

for

centrally

cleared

swaps

the

Statement

Assets

and

Liabilities.

Pursuant

the

contract,

the

Fund

agrees

receive

from

pay

the

broker

variation

margin.

Variation

margin

recorded

unrealized

appreciation

(depreciation)

and

shown

variation

margin

receivable

(or

payable)

centrally

cleared

swaps

the

Statement

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

the

contract

and

recorded

realized

gains

(losses)

the

Statement

Operations,

including

those

termination.

Notes

Financial

Statements

(continued)

Notes

Financial

Statements

Credit

default

swaps

—

Credit

default

swaps

are

entered

into

manage

exposure

the

market

certain

sectors

the

market,

reduce

risk

exposure

defaults

corporate

and/or

sovereign

issuers

create

exposure

corporate

and/or

sovereign

issuers

which

fund

not

otherwise

exposed

(credit

risk).

The

Fund

may

either

buy

sell

(write)

credit

default

swaps

single-name

issuers

(corporate

sovereign),

combination

basket

single-name

issuers

traded

indexes.

Credit

default

swaps

are

agreements

which

the

protection

buyer

pays

fixed

periodic

payments

the

seller

consideration

for

promise

from

the

protection

seller

make

specific

payment

should

negative

credit

event

take

place

with

respect

the

referenced

entity

(e.g.,

bankruptcy,

failure

pay,

obligation

acceleration,

repudiation,

moratorium

restructuring).

buyer,

underlying

credit

event

occurs,

the

Fund

will

either

(i)

receive

from

the

seller

amount

equal

the

notional

amount

the

swap

and

deliver

the

referenced

security

underlying

securities

comprising

the

index,

(ii)

receive

net

settlement

cash

equal

the

notional

amount

the

swap

less

the

recovery

value

the

security

underlying

securities

comprising

the

index.

seller

(writer),

underlying

credit

event

occurs,

the

Fund

will

either

pay

the

buyer

amount

equal

the

notional

amount

the

swap

and

take

delivery

the

referenced

security

underlying

securities

comprising

the

index

pay

net

settlement

cash

equal

the

notional

amount

the

swap

less

the

recovery

value

the

security

underlying

securities

comprising

the

index.

Swap

transactions

involve,

varying

degrees,

elements

interest

rate,

credit

and

market

risk

excess

the

amounts

recognized

the

Statement

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

liquid

market

for

these

agreements,

that

the

counterparty

the

agreements

may

default

its

obligation

perform

disagree

the

meaning

the

contractual

terms

the

agreements,

and

that

there

may

unfavorable

changes

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

order

define

its

contractual

rights

and

secure

rights

that

will

help

it mitigate its

counterparty

risk, the

Fund

may

enter

into

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

similar

agreement

with

its

counterparties.

ISDA

Master

Agreement

bilateral

agreement

between a

Fund

and

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

the

event

default

and/or

termination

event.

Under

ISDA

Master

Agreement, a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

the

ISDA

Master

Agreement

typically

permit

single

net

payment

the

event

default

including

the

bankruptcy

insolvency

the

counterparty.

However,

bankruptcy

insolvency

laws

particular

jurisdiction

may

impose

restrictions

prohibitions

against

the

right

offset

bankruptcy,

insolvency

other

events.

Collateral

Requirements:

For

derivatives

traded

under

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

the

value

any

collateral

currently

pledged

the

Fund

and

the

counterparty.

Cash

collateral

that

has

been

pledged

cover

obligations

the

Fund

and

cash

collateral

received

from

the

counterparty,

any,

reported

separately

the

Statement

Assets

and

Liabilities

cash

pledged

collateral

and

cash

received

collateral,

respectively.

Non-cash

collateral

pledged

the

Fund,

any,

noted

the

Schedule

Investments.

Generally,

the

amount

collateral

due

from

counterparty

subject

certain

minimum

transfer

amount

threshold

before

transfer

required,

which

determined

the

business

the

Fund.

Any

additional

required

collateral

delivered

to/pledged

the

Fund

the

business

day.

Typically,

the

counterparty

not

permitted

sell,

re-pledge

use

cash

and

non-cash

collateral

receives.

The

Fund

generally

agrees

not

use

non-cash

collateral

that

receives

but

may,

absent

default

certain

other

circumstances

defined

the

underlying

ISDA

Master

Agreement,

permitted

use

cash

collateral

received.

such

cases,

interest

may

paid

pursuant

the

collateral

arrangement

with

the

counterparty.

the

extent

amounts

due

the

Fund

from the

counterparties

are

not

fully

collateralized, the

Fund bears

the

risk

loss

from

counterparty

non-performance.

Likewise,

the

extent

the

Fund

has

delivered

collateral

counterparty

and

stands

ready

perform

under

the

terms

its

agreement

with

such

counterparty, the

Fund bears the

risk

loss

from

counterparty

the

amount

the

value

the

collateral

the

event

the

counterparty

fails

return

such

collateral.

Based

the

terms

agreements,

collateral

may

not

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

netting

arrangements,

any,

the

Statement

Assets

and

Liabilities.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES

Investment

Advisory:

The

Trust,

behalf

the

Fund,

entered

into

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

indirect,

wholly-owned

subsidiary

BlackRock,

Inc.

(“BlackRock”)

provide

investment

advisory

services.

The

Manager

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

monthly

fee

annual

rate

equal

the

following

percentages

the

average

daily

value

the

Fund’s

net

assets:

The

Manager

entered

into a

sub-advisory

agreement

with

BlackRock

International

Limited

(“BIL”),

affiliate

the

Manager. The

Manager

pays

BIL

for

services

it provides

for

that

portion

the

Fund

for

which

BIL

acts

sub-adviser,

monthly

fee

that

equal

percentage

the

investment

advisory

fees

paid

by the

Fund

the

Manager.

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

illion

.........................................................................................................

0.35%

billion

illion

.....................................................................................................

0.34

billion

illion

.....................................................................................................

0.33

Greater

than

illion

...................................................................................................

0.32

Notes

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

Shareholders

Service

and

Distribution

Fees:

The

Trust,

on behalf

the

Fund,

entered

into

Distribution

Agreement

and

a Distribution

and

Service Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

affiliate

the

Manager.

Pursuant

the

Distribution

and

Service

Plan

and

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Fund

pays

BRIL

ongoing

service

and

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

annual

rates

based

upon

the

average

daily

net

assets

the

relevant

class

the

Fund

follows:

BRIL

and

broker-dealers,

pursuant

sub-agreements

with

BRIL,

provide

shareholder

servicing and

distribution

services

the

Fund.

The

ongoing

service

and/or

distribution

fee compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

servicing

and/or

distribution

services

shareholders.

For

the year

ended

December

31,

2021,

the

following

table

shows

the

class

specific

service

and

distribution

fees

borne

directly

each

class

the

Fund:

Administration:

The

Trust,

behalf

the

Fund,

entered

into

Administration

Agreement

ith

the

Manager,

indirect,

wholly-owned

subsidiary

BlackRock,

provide

administrative

services.

For

these

services,

the

Manager

receives

administration

fee

computed

daily

and

payable

monthly,

based

percentage

the

average

daily

net

assets

the

Fund.

The

administration

fee,

which

shown

administration

the

Statement

Operations,

paid

the

annual

rates

below.

addition,

the

Manager

charges

each

the

classes

administration

fee,

which

shown

administration —

class

specific

the

Statement

Operations,

annual

rate

0.02% of

the

average

daily

net

assets

each

respective

class.

For

the

year

ended

December

31,

2021, the

following

table

shows

the

class

specific

administration

fees

borne

directly

each

class

the

Fund:

Transfer

Agent:

Pursuant

written

agreements,

certain

financial

intermediaries,

some

which

may

affiliates,

provide

the

Fund

with

sub-accounting,

recordkeeping,

sub-transfer

agency

and

other

administrative

services

with

respect

servicing

underlying

investor

accounts.

For

these

services,

these

entities

receive

asset-based

fee

annual

fee

per

shareholder

account,

which

will

vary

depending

class

and/or

net

assets.

For

the

year

ended December

31,

2021,

the

Fund

did

not

pay

any

amounts

affiliates

return

for

these

services.

The

Manager

maintains

call

center

that

responsible

for

providing

certain

shareholder

services

the

Fund.

Shareholder

services

include

responding

inquiries

and

processing

purchases

and

sales

based

upon

instructions

from

shareholders.

For

the year

ended

December

31,

2021,

the

Fund

reimbursed

the

Manager

the

following

amounts

for

costs

incurred

running

the

call

center,

which

are

included

transfer

agent

—

class

specific

the

Statement

Operations:

For

the

year ended

December

31,

2021,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

each

class

the

Fund:

Class

Service

Fees

Distribution

Fees

Investor

.................................................................................................

0.25‌%

—‌%

Investor

.................................................................................................

0.25‌

0.75‌

Service

and

Distribution

Fees

Investor

........................................................................................................

835,274‌

Investor

........................................................................................................

278,139‌

1,113,413‌

Average

Daily

Net

Assets

Administration

Fees

First

$500

million

0.0425

$500

million

billion

0.0400

billion

0.0375

billion

0.0350

billion

$13

billion

0.0325

Greater

than

$13

billion

0.0300

Institutional

.......................................................................................................

79,523‌

Investor

........................................................................................................

66,817‌

Investor

........................................................................................................

5,562‌

Class

.........................................................................................................

18,644‌

170,546‌

Institutional

....................................................................................................

539‌

Investor

.....................................................................................................

1,188‌

Investor

.....................................................................................................

415‌

Class

......................................................................................................

120‌

2,262‌

Institutional

.......................................................................................................

330,929‌

Investor

........................................................................................................

159,829‌

Investor

........................................................................................................

17,649‌

Class

.........................................................................................................

120‌

508,527‌

Notes

Financial

Statements

(continued)

Notes

Financial

Statements

Other

Fees:

For

the year

ended December

31,

2021,

affiliates

earned

underwriting

discounts,

direct

commissions

and

dealer

concessions

sales

the

Fund’s Investor

Shares for

total

$24,785.

For

the year

ended

December

31,

2021,

affiliates

received

CDSCs

follows:

Expense

Limitations,

Waivers

and

Reimbursements:

The

Manager

contractuall

agreed

waive

its

investment

advisory

fees

the

amount

investment

advisory

fees

the

Fund

pays

the

Manager

indirectly

through

its

investment

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

June

30,

2023.

The

contractual

agreement

may

terminated upon

days’

notice

majority

the

trustees

who

are

not

"interested

persons"

the

Fund,

defined

the

1940

Act

("Independent

Trustees"),

vote

majority

the

outstanding

voting

securities

the

Fund.

The

amount

waivers

and/or

reimbursements

fees

and

expenses

made

pursuant

the

expense

limitations

described

below

will

reduced

the

amount

the

affiliated

money

market

fund

waiver.

This

amount

included

fees

waived

and/or

reimbursed

the

Manager

the

Statement

Operations.

For

the

year

ended

December

31,

2021,

the

amount

waived

was

$14,220.

The

Manager

has

contractually

agreed

waive

its

investment

advisory

fee

with

respect

any

portion

the

Fund’s

assets

invested

affiliated

equity

and

fixed-income mutual

funds

and

affiliated

exchange-traded

funds

that

have

contractual

management

fee

through

June

30,

2023.

The

contractual

agreement

may

terminated

upon

days’

notice

majority

the

Independent

Trustees,

vote

majority

the

outstanding

voting

securities

the

Fund.

This

amount

included

fees

waived

and/or

reimbursed

the

Manager

the

Statement

Operations.

For

the

year

ended

December

31,

2021,

the

Manager

waived

$327,925

investment

advisory

fees

pursuant

this

arrangement.

The

Manager

contractually

agreed

waive

and/or

reimburse

fees

expenses

order

limit

Other

Expenses

the

Fund,

excluding

dividend

expense,

interest

expense

and

certain

other

fund

expenses.

The

expense

limitations

percentage

average

daily

net

assets

are

follows:

The

Manager

has

agreed

not

reduce

discontinue

the

contractual

expense

limitations

through

June

30,

2023,

unless

approved

the

Board,

including

majority

the

Independent

Trustees,

vote

majority

the

outstanding

voting

securities

of the

Fund. For

the

year

ended

December

31,

2021,

the

Manager

waived

and/

reimbursed

investment

advisory

fees

$963,105

pursuant

this

arrangement,

which

included

fees

waived

and/or

reimbursed

the

Manager

the

Statement

Operations.

addition,

these

amounts

waived

and/or

reimbursed

the

Manager are

included

administration

fees

waived

—

class

specific

and

transfer

agent

fees

waived

and/or

reimbursed

—

class

specific,

respectively,

the

Statement

Operations.

For

the

year

ended

December

31,

2021,

class

specific

expense

waivers

and/or

reimbursements were

follows:

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

exemptive

order

which

permits

BIM,

affiliate

the

Manager,

serve

securities

lending

agent

for

the

Fund,

subject

applicable

conditions.

securities

lending

agent,

BIM

bears

all

operational

costs

directly

securities

lending.

The

Fund

responsible

for

expenses

connection

with

the

investment

cash

collateral

received

for

securities

loan

(the

“collateral

investment

expenses”).

The

cash

collateral

invested

private

investment

company,

Money

Market

Series,

managed

the

Manager

its

affiliates.

However,

BIM

has

agreed

cap

the

collateral

investment

expenses

the

Money

Market

Series

annual

rate

0.04%.

The

investment

adviser

the

Money

Market

Series

will

not

charge

any

advisory

fees

with

respect

purchased

the

Fund.

The

Money

Market

Series

may,

under

certain

circumstances,

impose

liquidity

fee

the

value

withdrawn

temporarily

restrict

withdrawals

for

business

days

during

day

period,

the

event

that

the

private

investment

company’s

weekly

liquid

assets

fall

below

certain

thresholds.

The

Money

Market

Series

seeks

current

income

consistent

with

maintaining

liquidity

and

preserving

capital.

Although

the

Money

Market

Series

not

registered

under

the

1940

Act,

its

investments

may

the

parameters

investments

money

market

fund

that

subject

Rule

2a-7

under

the

1940

Act.

Securities

lending

income

equal

the

total

income

earned

from

the

reinvestment

cash

collateral,

net

fees

and

other

payments

and

from

borrowers

securities,

and

less

the

collateral

investment

expenses.

The

Fund

retains

portion

securities

lending

income

and

remits

remaining

portion

BIM

compensation

for

its

services

securities

lending

agent.

Investor

34,299‌

Investor

4,086‌

Institutional

.............................................................................................................

0.09‌

Investor

..............................................................................................................

0.09‌

Investor

..............................................................................................................

0.09‌

Class

...............................................................................................................

0.04‌

Fund

Name/Share

Class

Administration

Fees

Waived

Transfer

Agent

Fees

Waived

and/or

Reimbursed

Managed

Income

Institutional

....................................................................................

79,515‌

132,243‌

Investor

.....................................................................................

57,395‌

1,950‌

Investor

.....................................................................................

5,562‌

3,754‌

Class

......................................................................................

18,642‌

120‌

161,114‌

138,067‌

Notes

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

Shareholders

Pursuant

the

current

securities

lending

agreement,

the

Fund

retains

82%

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

less

than

70%

the

total

securities

lending

income

plus

the

collateral

investment

expenses.

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock

Multi-Asset

Complex

calendar

year

exceeds

specified

threshold,

the

Fund,

pursuant

the

securities

lending

agreement,

will

retain

for

the

remainder

that

calendar

year

securities

lending

income

amount

equal

85%

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

less

than

70%

the

total

securities

lending

income

plus

the

collateral

investment

expenses.

The

securities

lending

income

earned

the

Fund

shown

securities

lending

income

—

affiliated

—

net

the

Statement

Operations.

For

the year

ended December

31,

2021,

the

Fund

paid

BIM $61,349

for

securities

lending agent

services.

Interfund

Lending:

accordance

with

exemption

order

("the

Order")

from

the

SEC,

the

Fund

may

participate

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

compliance

with

the

terms

and

conditions

the

Order,

and

the

extent

permitted

the

Fund’s

investment

policies

and

restrictions.

The

Fund

currently

permitted

to borrow

under

the

Interfund

Lending

Program.

lending

BlackRock

fund

may

lend

aggregate

15%

its

net

assets

but

may

not

lend

than

its

net

assets

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

from

any

other

source

than

1/3%

its

total

assets

(or

any

lower

threshold

provided

for

the fund’s

investment

restrictions).

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

its

total

assets,

each

its

outstanding

interfund

loans

will

subject

collateralization

least

102%

the

outstanding

principal

value

the

loan.

All

interfund

loans

are

for

temporary

emergency

purposes

and

the

interest

rate

charged

will

the

average

the

highest

current

overnight

repurchase

agreement

rate

available

lending

fund

and

the

bank

loan

rate,

calculated

according

formula

established

the

Board.

During the

period

ended

December

31,

2021,

the

Fund

did

not

participate

the

Interfund

Lending

Program.

Trustees

and

Officers:

Certain

trustees

and/or

officers

the

Trust

are

directors

and/or

officers

BlackRock

its

affiliates.

The

Fund

reimburses

the

Manager

for

portion

the

compensation

paid

the

Trust's

Chief

Compliance

Officer,

which

included

Trustees

and

Officer

the

Statement

Operations.

Other

Transactions:

The

Fund

may

purchase

securities

from,

sell

securities

to,

affiliated

fund

provided

the

affiliation

due

solely

having

common

investment

adviser,

common

officers,

common

trustees.

For

the

year

ended

December

2021,

the

purchase

and

sale

transactions

and

any

net

realized

gains

(losses)

ith

affiliated

fund

compliance

with

Rule

17a-7

under

the

1940

Act

were

follows:

PURCHASES

AND

SALES

For

the year

ended

December

31,

2021,

purchases

and

sales

investments,

excluding

short-term

investments

and

equity-linked

notes, were $603,957,013

and

$338,034,642,

respectively.

For

the

year

ended

December

31,

2021,

purchases

and

sales

equity-linked

notes

were

$383,653,419

and

$381,135,145.

INCOME

TAX

INFORMATION

the

Fund’s

policy

comply

with

the

requirements

the

Internal

Revenue

Code

1986,

amended,

applicable

regulated

investment

companies,

and

distribute

substantially

all

its

taxable

income

its

shareholders.

Therefore,

U.S.

federal

income

tax

provision

required.

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

income

tax

returns

are

currently

under

examination.

The

statute

limitations

the

Fund's

U.S.

federal

tax

returns

generally

remains

open

for

period

three

fiscal

years

after

they

are

filed.

The

statutes

limitations

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

additional

year

depending

upon

the

jurisdiction.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

the Fund

December

31,

2021,

inclusive

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

tax

liability

the

Fund's

financial

statements.

The

tax

character

distributions

paid

was

follows:

Purchases

...............................................................................................................

415,682‌

Sales

...................................................................................................................

—‌

Net

Realized

Gain

..........................................................................................................

—‌

Fund

Name

Year

Ended

12/31/21

Year

Ended

12/31/20

BlackRock

Managed

Income

Fund

Ordinary

income

............................................................................................

38,845,301‌

20,265,698‌

Long-term

capital

gains

........................................................................................

6,614,098‌

—‌

45,459,399‌

20,265,698‌

Notes

Financial

Statements

(continued)

Notes

Financial

Statements

December

31,

2021,

the

tax

components

accumulated earnings

(loss) were

follows:

(a)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

the

tax

deferral

losses

wash

sales,

the

realization

for

tax

purposes

unrealized

gains

(losses)

certain

futures,

amortization

methods

for

premiums

and

discounts

fixed

income

securities,

the

classification

investments

and

the

accounting

for

swap

agreements.

During

the

year

ended

December

31,

2021,

the

Fund

utilized

the

following

amount

its

capital

loss

carryforward.

December

31,

2021, gross

unrealized

appreciation

and

depreciation

based

cost

investments

(including

short

positions

and

derivatives,

any)

for

U.S.

federal

income

tax

purposes

were

follows:

BANK

BORROWINGS

BlackRock

Funds

II,

behalf

the

Fund,

along

with

certain

other

funds

managed

the

Manager

and

its

affiliates

(“Participating

Funds”),

party

364-day,

$2.25

billion

credit

agreement

with

group

lenders.

Under

this

agreement,

the

Fund

may

borrow

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Fund,

can

borrow

aggregate

commitment

amount

$1.75

billion

any

time

outstanding,

subject

asset

coverage

and

other

limitations

specified

the

agreement.

The

credit

agreement

has

the

following

terms:

fee

0.10%

per

annum

unused

commitment

amounts

and

interest

rate

equal

the

higher

(a)

one-month

LIBOR

(but,

any

event,

not

less

than

0.00%)

the

date

the

loan

made

plus

0.80%

per

annum

(b)

the

Fed

Funds

rate

(but,

any

event,

not

less

than

0.00%)

effect

from

time

plus

0.80%

per

annum

amounts

borrowed.

The

agreement

expires

April

2022

unless

extended

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

the

aggregate

commitment

available

them

and

relative

net

assets

Participating

Funds.

During

the

year

ended

December

31,

2021,

the

Fund

did

not

borrow

under

the

credit

agreement.

10.

PRINCIPAL

RISKS

the

normal

course

business,

the

Fund

invests

securities

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

various

risks,

including

among

others,

fluctuations

the

market

(market

risk)

failure

issuer

meet

all

its

obligations.

The

value

securities

other

instruments

may

also

affected

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

well

local,

regional

global

political

and/or

social

instability;

(iii)

regulation,

taxation

international

tax

treaties

between

various

countries;

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

global

events

such

war,

acts

terrorism,

the

spread

infectious

illness

other

public

health

issues,

recessions,

other

events

could

have

significant

impact

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

the

risks

which

the

Fund

subject.

The

Fund

may

exposed

additional

risks

when

reinvesting

cash

collateral

money

market

funds

that

not

seek

maintain

stable

NAV

per

$1.00,

which

may

subject

redemption

gates

liquidity

fees

under

certain

circumstances.

Market Risk:

The

Fund

may

exposed

prepayment

risk,

which

the

risk

that

borrowers

may

exercise

their

option

prepay

principal

earlier

than

scheduled

during

periods

declining

interest

rates,

which

would

force

the

Fund

reinvest

lower

yielding

securities. The

Fund

may

also

exposed

reinvestment

risk,

which

the

risk

that

income

from

the

Fund’s

portfolio

will

decline

the Fund

invests

the

proceeds

from

matured,

traded

called

fixed-income

securities

market

interest

rates

that

are

below

the

Fund

portfolio’s

current

earnings

rate.

outbreak

respiratory

disease

caused

novel

coronavirus

has

developed

into

global

pandemic

and

has

resulted

closing

borders,

quarantines,

disruptions

supply

chains

and

customer

activity,

well

general

concern

and

uncertainty.

The

impact

this

pandemic,

and

other

global

health

crises

that

may

arise

the

future,

could

affect

the

economies

many

nations,

individual

companies

and

the

market

general

ways

that

cannot

necessarily

foreseen

the

present

time.

This

pandemic

may

result

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

fund's

investments.

The duration

this

pandemic

and

its

effects

cannot

determined

with

certainty.

Valuation

Risk:

The

market

values

equities,

such

common

stocks

and

preferred

securities

equity

investments,

such

futures

and

options,

may

decline

due

general

market

conditions

which

are

not

specifically

particular

company.

They

may

also

decline

due

factors

which

affect

particular

industry

industries. The

Fund

may

invest

illiquid

investments.

illiquid

investment

any

investment

that the

Fund

reasonably

expects

cannot

sold

disposed

current

market

conditions

seven

calendar

days

less

without

the

sale

disposition

significantly

changing

the

market

value

the

investment. The

Fund

may

experience

difficulty

selling

illiquid

investments

timely

manner

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

extended

periods

response

company,

market

economic

news.

Markets

also

tend

move

cycles,

with

periods

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

experience

Fund

Name

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Net

Unrealized

Gains

(Losses)

(a)

Total

BlackRock

Managed

Income

Fund

................................................

416,571‌

1,371,008‌

21,128,244‌

22,915,823‌

Fund

Name

Amount

Utilized

BlackRock

Managed

Income

Fund

.........................................................................................

999,067‌

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Managed

Income

Fund

......................................

989,005,190‌

29,016,336‌

(7,941,094‌)

21,075,242‌

Notes

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

Shareholders

significant

increases

decreases

over

short

periods

time.

there

general

decline

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

the

individual

results

the

securities

and

other

instruments

which the

Fund

invests.

The

price the

Fund

could

receive

upon

the

sale

any

particular

portfolio

investment

may

differ

from the

Fund’s

valuation

the

investment,

particularly

for

securities

that

trade

thin

volatile

markets

that

are

valued

using

fair

valuation

technique

price

provided

independent

pricing

service.

Changes

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

exit)

due

the

lack

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

the

Fund’s

results

operations.

result,

the

price

received

upon

the

sale

investment

may

less

than

the

value

ascribed

by the

Fund,

and the

Fund

could

realize

greater

than

expected

loss

lesser

than

expected

gain

upon

the

sale

the

investment. The

Fund’s

ability

value

its

investments

may

also

impacted

technological

issues

and/or

errors

pricing

services

other

third-party

service

providers.

Counterparty

Credit

Risk:

The

Fund

may

exposed

counterparty

credit

risk,

the

risk

that

entity

may

fail

unable

perform

its

commitments

unsettled

open

transactions,

including

making

timely

interest

and/or

principal

payments

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

honor

their

obligations

and

monitoring

the

financial

stability

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

market,

issuer

and

counterparty

credit

risks,

consist

principally

financial

instruments

and

receivables

due

from

counterparties.

The

extent

the

Fund’s

exposure

market,

issuer

and

counterparty

credit

risks

with

respect

these

financial

assets

approximately

their

value

recorded

the

Statement

Assets

and

Liabilities,

less

any

collateral

held

the

Fund.

derivative

contract

may

suffer

mark-to-market

loss

the

value

the

contract

decreases

due

unfavorable

change

the

market

rates

values

the

underlying

instrument.

Losses

can

also

occur

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

options

purchased,

exchange-traded

futures

and

centrally

cleared

swaps,

there

less

counterparty

credit

risk

the

Fund

since

the

exchange

clearinghouse,

counterparty

such

instruments,

guarantees

against

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

the

contract;

therefore,

credit

risk

limited

failure

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, the

Fund

does

not

have

contractual

right

offset

against

clearing

broker

clearinghouse

the

event

default

(including

the

bankruptcy

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

and

centrally

cleared

swaps

with

respect

initial

and

variation

margin

that

held

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

segregate

customer

margin

from

their

own

assets,

the

event

that

clearing

broker

becomes

insolvent

goes

into

bankruptcy

and

that

time

there

shortfall

the

aggregate

amount

margin

held

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

allocated

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

losses

the

Fund.

Concentration

Risk:

diversified

portfolio,

where

this

is appropriate

and

consistent

with

fund's

objectives,

minimizes

the

risk

that

price

change

particular

investment

will

have

material

impact

the

NAV

fund.

The

investment

concentrations

within

the

Fund's

portfolio

are

disclosed

its Schedule

Investments.

The

Fund

invests

significant

portion

its

assets

high

yield

securities.

High

yield

securities

that

are

rated

below

investment-grade

(commonly

referred

“junk

bonds”)

are

unrated

may

deemed

speculative,

involve

greater

levels

risk

than

higher-rated

securities

similar

maturity

and

are

likely

default.

High

yield

securities

may

issued

less

creditworthy

issuers,

and

issuers

high

yield

securities

may

unable

meet

their

interest

principal

payment

obligations.

High

yield

securities

are

subject

extreme

price

fluctuations,

may

less

liquid

than

higher

rated

fixed-income

securities,

even

under

normal

economic

conditions,

and

frequently

have

redemption

features.

The

Fund

invests

significant

portion

its

assets

fixed-income

securities

and/or

uses

derivatives

tied

the

fixed-income

markets.

Changes

market

interest

rates

economic

conditions

may

affect

the

value

and/or

liquidity

such

investments.

Interest

rate

risk

the

risk

that

prices

bonds

and

other

fixed-income

securities

will

increase

interest

rates

fall

and

decrease

interest

rates

rise.

The

Fund

may

subject

greater

risk

rising

interest

rates

due

the

current

period

historically

low

rates.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

LIBOR.

Although

many

LIBOR

rates

will

cease

published

longer

will

representative

the

underlying

market

they

seek

measure

after

December

31,

2021,

selection

widely

used

USD

LIBOR

rates

will

continue

published

through

June

2023

order

assist

with

the

transition.

The

Fund

may

exposed

financial

instruments

tied

LIBOR

determine

payment

obligations,

financing

terms,

hedging

strategies

investment

value.

The

transition

process

away

from

LIBOR

might

lead

increased

volatility

and

illiquidity

markets

for,

and

reduce

the

effectiveness

new

hedges

placed

against

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

the

LIBOR

transition

process

the

Fund

uncertain.

Notes

Financial

Statements

(continued)

Notes

Financial

Statements

11.

CAPITAL

TRANSACTIONS

Transactions

capital

for

each

class

were

follows:

12.

SUBSEQUENT

EVENTS

Management

has

evaluated

the

impact

all

subsequent

events

the

Fund

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

subsequent

events

requiring

adjustment

additional

disclosure

the

financial

statements.

Year

Ended

12/31/21

Year

Ended

12/31/20

Fund

Name/Share

Class

Amount

BlackRock

Managed

Income

Fund

Institutional

sold

.............................................

22,708,323‌

236,175,835‌

24,684,729‌

241,044,536‌

issued

reinvestment

distributions

........................

2,069,994‌

21,453,907‌

965,987‌

9,562,431‌

redeemed

.........................................

(12,287,499‌)

(127,910,759‌)

(14,508,164‌)

(139,835,928‌)

12,490,818‌

129,718,983‌

11,142,552‌

110,771,039‌

Investor

sold

and

automatic

conversion

......................

21,582,431‌

224,980,947‌

15,380,799‌

152,633,118‌

issued

reinvestment

distributions

........................

1,706,724‌

17,686,847‌

729,093‌

7,210,303‌

redeemed

.........................................

(9,784,445‌)

(101,955,327‌)

(9,619,172‌)

(93,859,380‌)

13,504,710‌

140,712,467‌

6,490,720‌

65,984,041‌

Investor

sold

.............................................

813,169‌

8,483,411‌

926,127‌

9,225,445‌

issued

reinvestment

distributions

........................

115,335‌

1,195,073‌

65,043‌

643,147‌

redeemed

and

automatic

conversion

..................

(628,997‌)

(6,550,879‌)

(737,194‌)

(7,217,940‌)

299,507‌

3,127,605‌

253,976‌

2,650,652‌

Class

sold

.............................................

3,303,108‌

34,517,332‌

3,468,249‌

34,614,098‌

issued

reinvestment

distributions

........................

443,099‌

4,602,542‌

231,497‌

2,291,849‌

redeemed

.........................................

(1,940,445‌)

(20,261,255‌)

(1,453,502‌)

(14,281,024‌)

1,805,762‌

18,858,619‌

2,246,244‌

22,624,923‌

28,100,797‌

292,417,674‌

20,133,492‌

202,030,655‌

Report

Independent

Registered

Public

Accounting

Firm

2021

BlackRock

Annual

Report

Shareholders

the

Shareholders

BlackRock

Managed

Income

Fund

and

Board

Trustees

BlackRock

Funds

II:

Opinion

the

Financial

Statements

and

Financial

Highlights

have

audited

the

accompanying

statement

assets

and

liabilities

BlackRock

Managed

Income

Fund

BlackRock

Funds

(the

“Fund”),

including

the

schedule

investments,

December

31,

2021,

the

statement

operations

for

the

year

then

ended,

the

statements

changes

net

assets

for

each

the

two

years

the

period

then

ended,

the

financial

highlights

for

each

the

five

years

the

period

then

ended,

and

the

notes.

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

all

material

respects,

the

financial

position

the

Fund

December

31,

2021,

and

the

results

its

operations

for

the

year

then

ended,

the

changes

its

net

assets

for

each

the

two

years

the

period

then

ended,

and

the

financial

highlights

for

each

the

five

years

the

period

then

ended,

conformity

with

accounting

principles

generally

accepted

the

United

States

America.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

the

Fund’s

management.

Our

responsibility

express

opinion

the

Fund’s

financial

statements

and

financial

highlights

based

our

audits.

are

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

independent

with

respect

the

Fund

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

the

Securities

and

Exchange

Commission

and

the

PCAOB.

conducted

our

audits

accordance

with

the

standards

the

PCAOB.

Those

standards

require

that

plan

and

perform

the

audit

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

material

misstatement,

whether

due

error

fraud.

The

Fund

not

required

have,

nor

were

engaged

perform,

audit

its

internal

control

over

financial

reporting.

part

our

audits

are

required

obtain

understanding

internal

control

over

financial

reporting

but

not

for

the

purpose

expressing

opinion

the

effectiveness

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

express

such

opinion.

Our

audits

included

performing

procedures

assess

the

risks

material

misstatement

the

financial

statements

and

financial

highlights,

whether

due

error

fraud,

and

performing

procedures

that

respond

those

risks.

Such

procedures

included

examining,

test

basis,

evidence

regarding

the

amounts

and

disclosures

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

management,

well

evaluating

the

overall

presentation

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

securities

owned

December

31,

2021,

correspondence

with

the

custodian,

agent

banks,

and

brokers;

when

replies

were

not

received

from

agent

banks

brokers,

performed

other

auditing

procedures.

believe

that

our

audits

provide

reasonable

basis

for

our

opinion.

Deloitte

Touche

LLP

Boston,

Massachusetts

February

24,

2022

have

served

the

auditor

one

BlackRock

investment

companies

since

1992.

Important

Tax

Information

(unaudited)

Important

Tax

Information

The

following

amount,

or maximum

amount

allowable

law, is

hereby

designated

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

December

31,

2021:

The

following

amount,

maximum

amount

allowable

law, is

hereby

designated

qualified

business

income

for

individuals

for

the

fiscal

year

ended

December

31,

2021:

The

Fund

hereby

designates

the

following

amount,

maximum

amount

allowable

law,

capital

gain

dividends,

subject

long-term

capital

gains

tax

rate

not

greater

than

20%,

for

the

fiscal

year

ended

December

31,

2021:

The

following

percentage,

maximum

percentage

allowable

law,

ordinary

income

distributions

paid

during

the

fiscal

year

ended

December

31,

2021

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

The

Fund

hereby

designates

the

following

amount,

maximum

amount

allowable

law,

interest

income

eligible

treated

Section

163(j)

interest

dividend

for

the

fiscal

year

ended

December

31,

2021:

The

Fund

hereby

designates

the

following

amount,

maximum

amount

allowable

law,

interest-related

dividends

and

qualified

short-term

capital

gains

eligible

for

exemption

from

U.S.

withholding

tax

for

nonresident

aliens

and

foreign

corporations

for

the

fiscal

year

ended

December

31,

2021:

Fund

Name

Qualified

Dividend

Income

BlackRock

Managed

Income

Fund

.......................................................................................

3,828,894‌

Fund

Name

Qualified

Business

Income

BlackRock

Managed

Income

Fund

.......................................................................................

19,334‌

Fund

Name

20%

Rate

Long-Term

Capital

Gain

Dividends

BlackRock

Managed

Income

Fund

.......................................................................................

614

098‌

Fund

Name

Dividends-Received

Deduction

BlackRock

Managed

Income

Fund

.......................................................................................

5.39‌%

Fund

Name

Interest

Dividends

BlackRock

Managed

Income

Fund

.......................................................................................

195

808‌

Fund

Name

Interest-Related

Dividends

Qualified

Short-Term

Capital

Gain

Dividends

BlackRock

Managed

Income

Fund

....................................................................

14,035,204‌

224

047‌

Statement

Regarding

Liquidity

Risk

Management

Program

2021

BlackRock

Annual

Report

Shareholders

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

1940,

amended

(the

“Liquidity

Rule”),

BlackRock

Funds

(the

“Trust”)

has

adopted

and

implemented

liquidity

risk

management

program

(the

“Program”)

for

BlackRock

Managed

Income

Fund

(the

“Fund”),

series

the

Trust,

which

reasonably

designed

assess

and

manage

the

Fund’s

liquidity

risk.

The

Board

Trustees

(the

“Board”)

the

Trust,

behalf

the

Fund,

met

November

9-10,

2021

(the

“Meeting”)

review

the

Program.

The

Board

previously

appointed

BlackRock

Advisors,

LLC

BlackRock

Fund

Advisors

(“BlackRock”),

each

investment

adviser

certain

BlackRock

funds,

the

program

administrator

for

the

Fund’s

Program,

applicable.

BlackRock

also

previously

delegated

oversight

the

Program

the

Act

Liquidity

Risk

Management

Committee

(the

“Committee”).

the

Meeting,

the

Committee,

behalf

BlackRock,

provided

the

Board

with

report

that

addressed

the

operation

the

Program

and

assessed

its

adequacy

and

effectiveness

implementation,

including

the

management

the

Fund’s

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

and

any

material

changes

the

Program

(the

“Report”).

The

Report

covered

the

period

from

October

2020

through

September

30,

2021

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing

the

Fund’s

investments

(including

derivative

transactions)

into

one

four

liquidity

buckets.

also

referenced

the

methodology

used

BlackRock

establish

the

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

each

Fund

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

the

imposition

capital

controls

certain

countries.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing

the

Fund’s

liquidity

risk,

follows:

The

Fund’s

investment

strategy

and

liquidity

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether

the

Fund’s

strategy

appropriate

for

open-end

fund

structure

with

focus

funds

with

significant

and

consistent

holdings

less

liquid

and

illiquid

assets.

The

Committee

also

factored

fund’s

concentration

issuer

into

the

liquidity

classification

methodology

taking

issuer

position

sizes

into

account.

Where

fund

participated

borrowings

for

investment

purposes

(such

tender

option

bonds

reverse

repurchase

agreements),

such

borrowings

were

factored

into

the

Program’s

calculation

fund’s

liquidity

bucketing.

Derivative

exposure

was

also

considered

such

calculation.

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

redemption

activity

and

used

this

information

component

establish

the

Fund’s

reasonably

anticipated

trading

size

(“RATS”).

The

Fund

has

adopted

in-kind

redemption

policy

which

may

utilized

meet

larger

redemption

requests.

The

Committee

may

also

take

into

consideration

fund’s

shareholder

ownership

concentration

(which,

depending

product

type

and

distribution

channel,

may

not

available),

fund’s

distribution

channels,

and

the

degree

certainty

associated

with

fund’s

short-term

and

long-term

cash

flow

projections.

Holdings

cash

and

cash

equivalents,

well

borrowing

arrangements

The

Committee

considered

the

terms

the

credit

facility

committed

the

Fund,

the

financial

health

the

institution

providing

the

facility

and

the

fact

that

the

credit

facility

shared

among

multiple

funds

(including

that

portion

the

aggregate

commitment

amount

specifically

designated

for

BlackRock

Floating

Rate

Income

Portfolio,

series

BlackRock

Funds

V).

The

Committee

also

considered

other

types

borrowing

available

the

Fund,

such

the

ability

use

reverse

repurchase

agreements

and

interfund

lending,

applicable.

There

were

material

changes

the

Program

during

the

Program

Reporting

Period

other

than

the

enhancement

certain

model

components

the

Program’s

methodology.

The

Report

provided

the

Board

stated

that

the

Committee

concluded

that

based

the

operation

the

functions,

described

the

Report,

the

Program

operating

intended

and

effective

implementing

the

requirements

the

Liquidity

Rule.

Trustee

and

Officer

Information

Trustee

and

Officer

Information

Independent

Trustees

(a)

Name

Year

Birth

(b)

Position(s)

Held

(Length

Service)

(c)

Principal

Occupation(s)

During

Past

Five

Years

Number

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

Five

Years

Mark

Stalnecker

1951

Chair

the

Board

and

Trustee

(Since

2019)

Chief

Investment

Officer,

University

Delaware

from

1999

2013;

Trustee

and

Chair

the

Finance

and

Investment

Committees,

Winterthur

Museum

and

Country

Estate

from

2005

2016;

Member

the

Investment

Committee,

Delaware

Public

Employees’

Retirement

System

since

2002;

Member

the

Investment

Committee,

Christiana

Care

Health

System

from

2009

2017;

Member

the

Investment

Committee,

Delaware

Community

Foundation

from

2013

2014;

Director

and

Chair

the

Audit

Committee,

SEI

Private

Trust

Co.

from

2001

2014.

RICs

consisting

159

Portfolios

None

Bruce

Bond

1946

Trustee

(Since

2007)

Board

Member,

Amsphere

Limited

(software)

since

2018;

Trustee

and

Member

the

Governance

Committee,

State

Street

Research

Mutual

Funds

from

1997

2005;

Board

Member

Governance,

Audit

and

Finance

Committee,

Avaya

Inc.

(computer

equipment)

from

2003

2007.

RICs

consisting

159

Portfolios

None

Susan

Carter

1956

Trustee

(Since

2019)

Director,

Pacific

Pension

Institute

from

2014

2018;

Advisory

Board

Member,

Center

for

Private

Equity

and

Entrepreneurship

Tuck

School

Business

since

1997;

Senior

Advisor,

Commonfund

Capital,

Inc.

(“CCI”)

(investment

adviser)

2015;

Chief

Executive

Officer,

CCI

from

2013

2014;

President

Chief

Executive

Officer,

CCI

from

1997

2013;

Advisory

Board

Member,

Girls

Who

Invest

from

2015

2018

and

Board

Member

thereof

since

2018;

Advisory

Board

Member,

Bridges

Fund

Management

since

2016;

Trustee,

Financial

Accounting

Foundation

since

2017;

Practitioner

Advisory

Board

Member,

Private

Capital

Research

Institute

("PCRI")

since

2017;

Lecturer

the

Practice

Management,

Yale

School

Management

since

2019;

Advisor

Finance

Committee,

Altman

Foundation

since

2020.

RICs

consisting

159

Portfolios

None

Collette

Chilton

1958

Trustee

(Since

2019)

Chief

Investment

Officer,

Williams

College

since

2006;

Chief

Investment

Officer,

Lucent

Asset

Management

Corporation

from

1998

2006;

Director,

Boys

and

Girls

Club

Boston

since

2017;

Director,

Capital

since

2018;

Director,

David

and

Lucile

Packard

Foundation

since

2020.

RICs

consisting

159

Portfolios

None

Neil

Cotty

1954

Trustee

(Since

2019)

Bank

America

Corporation

from

1996

2015,

serving

various

senior

finance

leadership

roles,

including

Chief

Accounting

Officer

from

2009

2015,

Chief

Financial

Officer

Global

Banking,

Markets

and

Wealth

Management

from

2008

2009,

Chief

Accounting

Officer

from

2004

2008,

Chief

Financial

Officer

Consumer

Bank

from

2003

2004,

Chief

Financial

Officer

Global

Corporate

Investment

Bank

from

1999

2002.

RICs

consisting

159

Portfolios

None

Lena

Goldberg

1949

Trustee

(Since

2016)

Director,

Charles

Stark

Draper

Laboratory,

Inc.

since

2013;

Senior

Lecturer,

Harvard

Business

School,

from

2008

2021;

FMR

LLC/Fidelity

Investments

(financial

services)

from

1996

2008,

serving

various

senior

roles

including

Executive

Vice

President

Strategic

Corporate

Initiatives

and

Executive

Vice

President

and

General

Counsel;

Partner,

Sullivan

Worcester

LLP

from

1985

1996

and

Associate

thereof

from

1979

1985.

RICs

consisting

159

Portfolios

None

Henry

Keizer

1956

Trustee

(Since

2016)

Director,

Park

Indemnity

Ltd.

(captive

insurer)

since

2010;

Director,

MUFG

Americas

Holdings

Corporation

and

MUFG

Union

Bank,

N.A.

(financial

and

bank

holding

company)

from

2014

2016;

Director,

American

Institute

Certified

Public

Accountants

from

2009

2011;

Director,

KPMG

LLP

(audit,

tax

and

advisory

services)

from

2004

2005

and

2010

2012;

Director,

KPMG

International

2012,

Deputy

Chairman

and

Chief

Operating

Officer

thereof

from

2010

2012

and

U.S.

Vice

Chairman

Audit

thereof

from

2005

2010;

Global

Head

Audit,

KPMGI

(consortium

KPMG

firms)

from

2006

2010;

Director,

YMCA

Greater

New

York

from

2006

2010.

RICs

consisting

159

Portfolios

Hertz

Global

Holdings

(car

rental);

Sealed

Air

Corp.

(packaging);

GrafTech

International

Ltd.

(materials

manufacturing);

Montpelier

Holdings,

Ltd.

(publicly

held

property

and

casualty

reinsurance)

from

2013

2015;

WABCO

(commercial

vehicle

safety

systems)

from

2015

2020

Trustee

and

Officer

Information

(continued)

2021

BlackRock

Annual

Report

Shareholders

Name

Year

Birth

(b)

Position(s)

Held

(Length

Service)

(c)

Principal

Occupation(s)

During

Past

Five

Years

Number

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

Five

Years

Cynthia

Montgomery

1952

Trustee

(Since

2019)

Professor,

Harvard

Business

School

since

1989.

RICs

consisting

159

Portfolios

Newell

Rubbermaid,

Inc.

(manufacturing)

from

1995

2016

Donald

Opatrny

1952

Trustee

(Since

2015)

Trustee,

Vice

Chair,

Member

the

Executive

Committee

and

Chair

the

Investment

Committee,

Cornell

University

from

2004

2019;

President,

Trustee

and

Member

the

Investment

Committee,

The

Aldrich

Contemporary

Art

Museum

from

2007

2014;

Member

the

Board

and

Investment

Committee,

University

School

from

2007

2018;

Member

the

Investment

Committee,

Mellon

Foundation

from

2009

2015;

Trustee,

Artstor

Mellon

Foundation

affiliate)

from

2010

2015;

President

and

Trustee,

the

Center

for

the

Arts,

Jackson

Hole

from

2011

2018;

Director,

Athena

Capital

Advisors

LLC

(investment

management

firm)

since

2013;

Trustee

and

Chair

the

Investment

Committee,

Community

Foundation

Jackson

Hole

since

2014;

Member

Affordable

Housing

Supply

Board

Jackson,

Wyoming

since

2017;

Member,

Investment

Funds

Committee,

State

Wyoming

since

2017;

Trustee,

Phoenix

Art

Museum

since

2018;

Trustee,

Arizona

Community

Foundation

and

Member

Investment

Committee

since

2020.

RICs

consisting

159

Portfolios

None

Joseph

Platt

1947

Trustee

(Since

2019)

General

Partner,

Thorn

Partners,

(private

investments)

since

1998;

Director,

WQED

Multi-Media

(public

broadcasting

not-for-

profit)

since

2001;

Chair,

Basic

Health

International

(non-profit)

since

2015.

RICs

consisting

159

Portfolios

Greenlight

Capital

Re,

Ltd.

(reinsurance

company);

Consol

Energy

Inc.

Kenneth

Urish

1951

Trustee

(Since

2019)

Managing

Partner,

Urish

Popeck

Co.,

LLC

(certified

public

accountants

and

consultants)

since

1976;

Past-Chairman

the

Professional

Ethics

Committee

the

Pennsylvania

Institute

Certified

Public

Accountants

and

Committee

Member

thereof

since

2007;

Member

External

Advisory

Board,

The

Pennsylvania

State

University

Accounting

Department

since

founding

2001;

Principal,

Strategic

Wealth

Investment

Advisors,

LLC

since

2013;

Trustee,

The

Holy

Family

Institute

from

2001

2010;

President

and

Trustee,

Pittsburgh

Catholic

Publishing

Associates

from

2003

2008;

Director,

Inter-Tel

from

2006

2007;

Member,

Advisory

Board,

ESG

Competent

Boards

since

2020.

RICs

consisting

159

Portfolios

None

Claire

Walton

1957

Trustee

(Since

2019)

Chief

Operating

Officer

and

Chief

Financial

Officer

Liberty

Square

Asset

Management,

from

1998

2015;

General

Partner

Neon

Liberty

Capital

Management,

LLC

since

2003;

Director,

Boston

Hedge

Fund

Group

from

2009

2018;

Director,

Woodstock

Ski

Runners

since

2013;

Director,

Massachusetts

Council

Economic

Education

from

2013

2015.

RICs

consisting

159

Portfolios

None

Independent

Trustees

(a)

(continued)

Trustee

and

Officer

Information

(continued)

Trustee

and

Officer

Information

Interested

Trustees

(a)(d)

(a)

The

address

each

Trustee

c/o

BlackRock,

Inc.,

East

52nd

Street,

New

York,

New

York

10055.

(b)

Each

Independent

Trustee

holds

office

until

his

her

successor

duly

elected

and

qualifies

until

his

her

earlier

death,

resignation,

retirement

removal

provided

the

Trust’s

by-laws

charter

statute,

until

December

the

year

which

she

turns

75.

Trustee

who

are

"interested

persons,"

defined

the

1940

Act,

serve

until

their

successor

duly

elected

and

qualifies

until

their

earlier

death,

resignation,

retirement

removal

provided

the

Trust’s

by-laws

statute,

until

December

the

year

which

they

turn

72.

The

Board

may

determine

extend

the

terms

Independent

Trustee

case-by-case

basis,

appropriate.

(c)

Following

the

combination

Merrill

Lynch

Investment

Managers,

L.P.

(“MLIM”)

and

BlackRock,

Inc.

September

2006,

the

various

legacy

MLIM

and

legacy

BlackRock

fund

boards

were

realigned

and

consolidated

into

three

new

fund

boards

2007.

addition,

effective

January

2019,

three

BlackRock

Fund

Complexes

were

realigned

and

consolidated

into

two

BlackRock

Fund

Complexes.

result,

although

the

chart

shows

the

year

that

each

Independent

Trustee

joined

the

Board,

certain

Independent

Trustee

first

became

members

the

boards

other

BlackRock-advised

Funds,

legacy

MLIM

funds

legacy

BlackRock

funds

follows:

Bruce

Bond,

2005;

Susan

Carter,

2016;

Collette

Chilton,

2015;

Neil

Cotty,

2016;

Cynthia

Montgomery,

1994;

Joseph

Platt,

1999;

Mark

Stalnecker,

2015;

Kenneth

Urish,

1999;

Claire

Walton,

2016.

(d)

Mr.

Fairbairn

and

Mr.

Perlowski

are

both

“interested

persons,”

defined

the

1940

Act,

the

Trust

based

their

positions

with

BlackRock,

Inc.

and

its

affiliates.

Mr.

Fairbairn

and

Mr.

Perlowski

are

also

board

members

the

BlackRock

Fixed-Income

Complex.

(e)

Mr.

Perlowski

also

trustee

the

BlackRock

Credit

Strategies

Fund.

and

BlackRock

Private

Investments

Fund.

Name

Year

Birth

(b)

Position(s)

Held

(Length

Service)

(c)

Principal

Occupation(s)

During

Past

Five

Years

Number

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

Five

Years

Robert

Fairbairn

1965

Trustee

(Since

2015)

Vice

Chairman

BlackRock,

Inc.

since

2019;

Member

BlackRock's

Global

Executive

and

Global

Operating

Committees;

Co-Chair

BlackRock's

Human

Capital

Committee;

Senior

Managing

Director

BlackRock,

Inc.

from

2010

2019;

oversaw

BlackRock's

Strategic

Partner

Program

and

Strategic

Product

Management

Group

from

2012

2019;

Member

the

Board

Managers

BlackRock

Investments,

LLC

from

2011

2018;

Global

Head

BlackRock's

Retail

and

iShares

businesses

from

2012

2016.

103

RICs

consisting

261

Portfolios

None

John

Perlowski

(e)

1964

Trustee

(Since

2015);

President

and

Chief

Executive

Officer

(Since

2010)

Managing

Director

BlackRock,

Inc.

since

2009;

Head

BlackRock

Global

Accounting

and

Product

Services

since

2009;

Advisory

Director

Family

Resource

Network

(charitable

foundation)

since

2009.

105

RICs

consisting

263

Portfolios

None

Trustee

and

Officer

Information

(continued)

2021

BlackRock

Annual

Report

Shareholders

Officers

Who

Are

Not

Trustees

(a)

The

address

each

Officer

c/o

BlackRock,

Inc.,

East

52nd

Street,

New

York,

New

York

10055.

(b)

Officers

the

Trust

serve

the

pleasure

the

Board.

Further

information

about

the

Trust's

Trustee

and

Officers

available

the

Trust's

Statement

Additional

Information,

which

can

obtained

without

charge

calling

(800)

441-7762.

Name

Year

Birth

(b)

Position(s)

Held

(Length

Service)

Principal

Occupation(s)

During

Past

Five

Years

Jennifer

McGovern

1977

Vice

President

(Since

2014)

Managing

Director

BlackRock,

Inc.

since

2016;

Director

BlackRock,

Inc.

from

2011

2015;

Head

Americas

Product

Development

and

Governance

for

BlackRock’s

Global

Product

Group

since

2019;

Head

Product

Structure

and

Oversight

for

BlackRock's

U.S.

Wealth

Advisory

Group

from

2013

2019.

Trent

Walker

1974

Chief

Financial

Officer

(Since

2021)

Managing

Director

BlackRock,

Inc.

since

September

2019;

Executive

Vice

President

PIMCO

from

2016

2019;

Senior

Vice

President

PIMCO

from

2008

2015;

Treasurer

from

2013

2019

and

Assistant

Treasurer

from

2007

2017

PIMCO

Funds,

PIMCO

Variable

Insurance

Trust,

PIMCO

ETF

Trust,

PIMCO

Equity

Series,

PIMCO

Equity

Series

VIT,

PIMCO

Managed

Accounts

Trust,

PIMCO-sponsored

interval

funds

and

PIMCO-sponsored

closed-end

funds.

Jay

Fife

1970

Treasurer

(Since

2007)

Managing

Director

BlackRock,

Inc.

since

2007.

Charles

Park

1967

Chief

Compliance

Officer

(Since

2014)

Anti-Money

Laundering

Compliance

Officer

for

certain

BlackRock-advised

Funds

from

2014

2015;

Chief

Compliance

Officer

BlackRock

Advisors,

LLC

and

the

BlackRock-advised

Funds

the

BlackRock

Multi-Asset

Complex

and

the

BlackRock

Fixed-Income

Complex

since

2014;

Principal

and

Chief

Compliance

Officer

for

iShares

Delaware

Trust

Sponsor

LLC

since

2012

and

BlackRock

Fund

Advisors

(“BFA”)

since

2006;

Chief

Compliance

Officer

for

the

BFA-advised

iShares

exchange

traded

funds

since

2006;

Chief

Compliance

Officer

for

BlackRock

Asset

Management

International

Inc.

since

2012.

Lisa

Belle

1968

Anti-Money

Laundering

Compliance

Officer

(Since

2019)

Managing

Director

BlackRock,

Inc.

since

2019;

Global

Financial

Crime

Head

for

Asset

and

Wealth

Management

Morgan

from

2013

2019;

Managing

Director

RBS

Securities

from

2012

2013;

Head

Financial

Crimes

for

Barclays

Wealth

Americas

from

2010

2012.

Janey

Ahn

1975

Secretary

(Since

2019)

Managing

Director

BlackRock,

Inc.

since

2018;

Director

BlackRock,

Inc.

from

2009

2017.

Effective

December

31,

2021,

Bruce

Bond

retired

Trustee

the

Trust.

Additional

Information

Additional

Information

Regulation

Regarding

Derivatives

October

28,

2020,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted regulations

governing

the

use

derivatives

registered

investment

companies

(“Rule

18f-4”).

The

Fund

will

required

implement

and

comply

with

Rule

18f-4

August

19, 2022.

Once

implemented,

Rule

18f-4

will

impose

limits

the

amount

derivatives

fund

can

enter

into,

eliminate

the

asset

segregation

framework

currently

used

funds

comply

with

Section

the

1940

Act,

treat

derivatives

senior

securities

and

require

funds

whose

use

derivatives

than

limited

specified

exposure

amount

establish

and

maintain

comprehensive

derivatives

risk

management

program

and

appoint

derivatives

risk

manager.

General

Information

Quarterly

performance,

semi-annual

and

annual

reports,

current

net

asset

value

and

other

information

regarding

the

Fund

may

found

BlackRock’s

website,

which

can

accessed

blackrock.com.

Any

reference

BlackRock’s

website

this

report

intended

allow

investors

public

access

information

regarding

the

Fund

and

does

not,

and

not

intended

to,

incorporate

BlackRock’s

website

this

report.

Householding

The

Fund

will

mail

only

one

copy

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports,

Rule

30e-3

notices

and

proxy

statements,

shareholders

with

multiple

accounts

the

same

address.

This

practice

commonly

called

“householding”

and

intended

reduce

expenses

and

eliminate

duplicate

mailings

shareholder

documents.

Mailings

your

shareholder

documents

may

householded

indefinitely

unless

you

instruct

otherwise.

you

not

want

the

mailing

these

documents

combined

with

those

for

other

members

your

household,

please

call

the

Fund at

(800)

441-7762.

Availability

Quarterly

Schedule

Investments

The

Fund

files

its

complete

schedule

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

exhibit

its

reports

Form

N-PORT.

The

Fund’s

Form

N-PORT is

available

the

SEC’s

website

sec.gov

Additionally,

the

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

each

fiscal

year

available

blackrock.com/

fundreports

Availability

Proxy

Voting

Policies,

Procedures and

Voting

Records

description

the

policies

and

procedures

that

the

Fund

uses

determine

how

vote

proxies

relating

portfolio

securities

and

information

about

how

the

Fund

voted

proxies

relating

securities

held

the

Fund's

portfolio

during

the

most

recent

12-month

period

ended

June

30��is

available

without

charge,

upon

request (1)

calling

(800)

441-

7762

;

(2)

the

BlackRock

website

blackrock.com

;

and

(3)

the

SEC’s

website

sec.gov

BlackRock’s

Mutual

Fund

Family

BlackRock

offers

diverse

lineup

open-end

mutual

funds

crossing

all

investment

styles

and

managed

experts

equity,

fixed-income

and

tax-exempt

investing.

Visit

blackrock.com

for

information.

Shareholder

Privileges

Account

Information

Call

(800)

441-7762

from

8:00

6:00

any

business

day

get

information

about

your

account

balances,

recent

transactions

and

prices.

You

can

also

visit

blackrock.com

for

information.

Automatic

Investment

Plans

Investor

class

shareholders

who

want

invest

regularly

can

arrange

have

$50

automatically

deducted

from

their

checking

savings

account

and

invested

any

the

BlackRock

funds.

Systematic

Withdrawal

Plans

Investor

class

shareholders

can

establish

systematic

withdrawal

plan

and

receive

periodic

payments

$50

from

their

BlackRock

funds,

long

their

account

balance

least

$10,000.

Retirement

Plans

Shareholders

may

make

investments

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

Additional

Information

(continued)

2021

BlackRock

Annual

Report

Shareholders

BlackRock

Privacy

Principles

BlackRock

committed

maintaining

the

privacy

its

current

and

former

fund

investors

and

individual

clients

(collectively,

“Clients”)

and

safeguarding

their

non-public

personal

information.

The

following

information

provided

help

you

understand

what

personal

information

BlackRock

collects,

how

protect

that

information

and

why

certain

cases

such

information

with

select

parties.

you

are

located

jurisdiction

where

specific

laws,

rules

regulations

require

BlackRock

provide

you

with

additional

different

privacy-related

rights

beyond

what

set

forth

below,

then

BlackRock

will

comply

with

those

specific

laws,

rules

regulations.

BlackRock

obtains

verifies

personal

non-public

information

from

and

about

you

from

different

sources,

including

the

following:

(i)

information

receive

from

you

or,

applicable,

your

financial

intermediary,

applications,

forms

other

documents;

(ii)

information

about

your

transactions

with

us,

our

affiliates,

others;

(iii)

information

receive

from

consumer

reporting

agency;

and

(iv)

from

visits

our

websites.

BlackRock

does

not

sell

disclose

non-affiliated

third

parties

any

non-public

personal

information

about

its

Clients,

except

permitted

law

necessary

respond

regulatory

requests

service

Client

accounts.

These

non-affiliated

third

parties

are

required

protect

the

confidentiality

and

security

this

information

and

use

only

for

its

intended

purpose.

may

information

with

our

affiliates

service

your

account

provide

you

with

information

about

other

BlackRock

products

services

that

may

interest

you.

addition,

BlackRock

restricts

access

non-public

personal

information

about

its

Clients

those

BlackRock

employees

with

legitimate

business

need

for

the

information.

BlackRock

maintains

physical,

electronic

and

procedural

safeguards

that

are

designed

protect

the

non-public

personal

information

its

Clients,

including

procedures

relating

the

proper

storage

and

disposal

such

information.

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

19809

Sub-Adviser

BlackRock

International

Limited

Edinburgh,

EH3

8BL

United

Kingdom

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

19809

Custodian

JPMorgan

Chase

Bank,

N.A.

New

York,

10179

Independent

Registered

Public

Accounting

Firm

Deloitte

Touche

LLP

Boston,

02116

Distributor

BlackRock

Investments,

LLC

New

York,

10022

Legal

Counsel

Sidley

Austin

LLP

New

York,

10019

Address

the

Trust

100

Bellevue

Parkway

Wilmington,

19809

Glossary

Terms

Used

this

Report

Glossary

Terms

Used

this

Report

Currency

Abbreviation

GBP

British

Pound

JPY

Japanese

Yen

USD

United

States

Dollar

Portfolio

Abbreviation

CLO

Collateralized

Loan

Obligation

CMT

Constant

Maturity

Treasury

DAC

Designated

Activity

Company

ETF

Exchange-Traded

Fund

LIBOR

London

Interbank

Offered

Rate

MBS

Mortgage-Backed

Securities

MSCI

Morgan

Stanley

Capital

International

PIK

Payment-In-Kind

REIT

Real

Estate

Investment

Trust

S&P

Standard

Poor's

SOFR

Secured

Overnight

Financing

Rate

Want

know

more?

blackrock.com

800-441-7762

This

report

intended

for

current

holders.

not

authorized

for

use

offer

sale

solicitation

offer

buy

the

Fund

unless

preceded

accompanied

the

Fund’s

current

prospectus.

Past

performance

results

shown

this

report

should

not

considered

representation

future

performance.

Investment

returns

and

principal

value

will

fluctuate

that

shares,

when

redeemed,

may

worth

less

than

their

original

cost.

Statements

and

other

information

herein

are

dated

and

are

subject

change.

MIIP-12/21-AR

Item 2 – Code of Ethics –

The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The

registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.

Item 3 – Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Neil A. Cotty

Henry R. Keizer

Kenneth L. Urish

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:

	(a) Audit Fees		(b) Audit-Related Fees¹		(c) Tax Fees²		(d) All Other Fees
Entity Name	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End
BlackRock Managed Income Fund	$59,388	$40,596	$210	$0	$20,300	$20,300	$0	$0

The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):

	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees¹	$0	$0
(c) Tax Fees²	$0	$0
(d) All Other Fees³	$2,032,000	$1,984,000

The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

Non-audit fees of $2,032,000 and $1,984,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g)

The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

Entity Name	Current Fiscal Year End	Previous Fiscal Year End
BlackRock Managed Income Fund	$20,510	$20,300

Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

Current Fiscal Year End	Previous Fiscal Year End
$2,032,000	$1,984,000

These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and

the Affiliated Service Providers

that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 13 – Exhibits attached hereto

(a)(1) Code of Ethics – See Item 2

(a)(2) Section 302 Certifications are attached

section302

(a)(3)

Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4)

Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

section906

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Funds II

By: /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds II

Date: February 24, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds II

Date: February 24, 2022

By: /s/ Trent Walker

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds II

Date: February 24, 2022

BlackRock Funds II N-CSRCertified annual shareholder report (management investment company)